Author: Jennifer Brazer

There are plenty of options available when considering a loan for your business. The most common are bank loans. The following are some advantages and disadvantages of taking out business loans from banks:

Advantages

1. Easily available

Being an established customer of a bank and the personalized customer service that comes with this may make it easier to ask for a loan. Banks are always available to help you apply for loans, as this is quite a common occurrence. Getting a bank loan may be an easier and smoother process than securing investors in your business.

2. Reasonable Interest Rates

Banks are constantly competing for customers and may offer deals that are similar to those of market competitors. There will always be interest rates attached to business loans, but these rates may also come with healthy profit rates. Nevertheless, the interest rate that you will get from the bank is better than that of a personal loan or other leading agencies. In some cases, the interest that you pay is deducted from your taxes, though this is not always guaranteed.

3. Nonprofit sharing

The most common reasons for taking out a business loan are to grow a business or to take it in a new direction. Both reasons share the common goal of wanting a business to prosper and gain more profit. If you borrow money from an investor, they will demand or expect some percentage of the profit that you make, along with the original money that was loaned. This does not happen when you take out a loan from a bank. The return amount is fixed. The bank does not care about your profit; all it wants is the original sum of money, plus interest.  

4. Flexibility of Use

Unlike investors, a bank does not care how you spend the money that you are loaned, nor will it interfere with how you should run your business. Unless they are only silent partners, investors expect to have a say in how you spend their money on the business. A bank pays no attention to what you do, just as long as you return the money with interest. Business owners usually opt for bank loans in order to make sure that their business stays autonomous. 

Disadvantages

1. Not All Businesses Qualify for a Loan

There are strict criteria that banks follow in order to approve business loan requests. Not all businesses are able to meet these requirements. It is crucial that you read the application thoroughly before applying for the loan. Do not waste your time applying if you know your business has no chance of being approved. Additionally, banks often prefer businesses that are already running, as there is a guarantee of profit, which ensures the money being returned on time.

2. Loans secured against insurance

Most banks secure loans on the real estate owned by the business. Therefore, there is always a risk of your property being seized if you fail to repay your loan. This becomes a big problem when your business is not making as much profit as you had hoped for and you are unable to pay the interest on time.

3. Lengthy application process

The bank verifies all credentials and details in order to make sure that the applicant and their business are eligible for the loan. Therefore, the whole process is very lengthy and exhausting. Banks may have a long list of requirements and conditions that are not always fulfilled by most businesses.

4. Entire amount not permitted

Banks often grant part amount of the money that is requested, as they may think it is unnecessary for the business to get the full amount. More often than not, banks approve only seventy or eighty percent of the required amount. This becomes frustrating for business owners who have already budgeted for how they are going to use the money. This forces them to reduce some expenses and make their plans fit within the parameters of the new amount.

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.

Businesses are constantly looking for ways to drive prospective clients to their products and services. Using conventional print, tv, and sign ads are normally not done for small to mid-sized companies. These businesses opt for more digital-based marketing approaches. One of the most popular tactics is using freelance bloggers to add relevant content to your site to boost search engines’ visibility. Here are five benefits to hiring a freelance blogger.

Boost Site Traffic

Freelance bloggers exist for the sole purpose of digital marketing. If you hire experienced freelance writers, they will offer you content that creates buzz and site traffic flow. The boost of traffic is due to the blogger using highly-searched keywords while providing well-written, relevant content that offers value to the reader. Good freelance bloggers will also be mindful of word counts as the amount of content is important to register on popular search engines like Google. While word totals should be high, the blogger needs to keep the content readable and engaging and with the least amount of unneeded words possible to meet the counts. Check with search engines to pinpoint what the latest ideal word count is for an optimized blog.

Boost Client Base

While freelance bloggers tend to be more focused on exciting content that will land new prospective clients on your site, influencers or bloggers like to focus more on your products and services. Blog posts aim to use highly-searched keywords to boost your site on search engines than using ads and “about” sections of the blog to promote the company’s products and services.  Influencers or bloggers will use social media to emphasize and advertise your products using their impact in particular. Linking your business to somebody who knows how to make their voice and opinions matter to large numbers of prospective clients has huge returns on increasing your client base.

Boost Credibility

Again freelance bloggers are more about getting traffic to your site. On the other hand, influencers can boost your standing, especially if you’re in a highly-competitive business. But both freelance bloggers can have a hand in boosting credibility though in different ways. Freelance bloggers lend credibility to your knowledge as a company. A prospective client will feel safer about making a purchase or booking a service if they believe they are dealing with a specialist. An influencer boosts your credibility by simply sharing your product and service with their social media followers and telling them they like it and why.

Produce Leads

Getting prospective client leads is one of the highly challenging tasks to conquer for a business owner. Having a blogger or influencer bringing traffic to your site will help if you have a call to action when the individual comes to your website. There are also the possibilities for the prospective client to sign up for new blog post notices or to be on a mailing list that could be used as a lead to introduce them to your products or services.

Boost Social Media Publicity

Influencers or bloggers are especially useful for creating more social media publicity since that is their primary source of influence. Most owners have trouble keeping up with social media platforms. At the same time, and will use their influence to publicize your products or services. They can also use social media platforms to influence others and attract prospective clients. Freelance bloggers can also use their social media platforms to promote your blog and their posts.

Conclusion

Hiring freelance bloggers to boost your business is a great way to boost site traffic and your client base, strengthen your credibility, produce leads, and boost social media publicity. Ultimately, hiring good freelance bloggers and influencers will boost your profits.

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.

There are so many rules in life we have to follow, but there should especially be rules for personal finances. When it comes to financial health, every fiscally accountable individual should follow dos and don’ts. Here are six excellent financial rules that, if followed, can save you money.

 

No Credit Cards

Saying no to credit cards is a financial rule that every individual should follow. I know some would say that they are great for difficulties, but a safer idea would be to use the money you save on credit card high-interest costs to start an emergency savings account, one that increases your interest. Credit card debts are a billion-dollar business and primarily from the interest people pay, not the principle. Even if you have a great credit score, say no to a credit card and keep it that way.

 

Buy an Inexpensive Car

While many cars are a status indicator, paying a lot for prestige is not a good financial rule. A good financial rule when it comes to buying a car is the final cost should be less than half of your annual salary. If you can’t pay for a vehicle in cash, buy from a car dealership where you get a reasonable interest rate and inexpensive car payment not to exceed a quarter of your monthly income. When negotiating, make the sales individual gives you the final cost of the car in total with and without interest, don’t allow them only to give you the monthly payment total. This way of offering the cost of the vehicle hides high-interest rates or vehicle prices. Always buy used if you can. You can generally get a great car for a fraction of the cost when buying a used one.

 

Shop Around for Insurance

The financial rule on insurance is only to buy what you require. Insurance is something you pay into in case you need it, so you need to buy intelligently. Some insurance is required by law in certain states. Therefore, get the greatest coverage but look around for the least expensive prices. It could make hundreds of dollars of difference in your overall costs. Health insurance, homeowners, renters, and life insurance are other expenses.

 

The 10/10/80 Rule

Savings must be the priority of every financially sensible individual. There is a rule that says you should save 10%, give 10%, and spend 80% as a straightforward means of allotting your income. While this is an excellent financial rule, this should be a beginning point towards savings and donating. The most crucial thing is that you save, give, and carefully spend. You can alter the allotment calculations to fit your goals and lifestyle. But one financial rule that occurs from the 10/10/80 process is that savings are first, not last. Warren Buffet clarified that you should save first before you spend, not the other way around.

 

The 50/30/20 Rule

50/30/20 is another money allocation financial rule. This financial rule also has savings built-in but happens after the debt is paid off. This rule is 50% of your income for necessities and bills, 30% towards financial objectives such as paying debt and savings, and 20% to wants, which is anything you desire to buy that isn’t in the other two categories. This financial rule can be adjusted according to your lifestyle, but it does not prioritize savings like the 10/10/80 financial rule.

 

Make a 20% Down Payment

The 20% down payment rule applies to anything you will buy on credit. It is the idea that you should have 20% of the total cost saved before the purchase. This rule is generally for those purchasing a home, getting a loan for various reasons, or buying a vehicle. The idea is that paying 20% of the total upfront will lower interest and payments, adding considerable savings when the final payment is made. This rule can be applied to anything you buy on credit, even if the place of purchase doesn’t accept a down payment. If you can pay down 20% of your first payment’s total cost, this will bring you to your payoff date sooner and save you money on interest.

 

Conclusion

Financial health and freedom should be every financially responsible individual’s goal. While there are many things you can do to contribute to your financial health and freedom, using one or more of these rules of thumb will ensure you reach this goal.

More and more professionals are working as freelancers, which creates the need within a business for specialized work.  When it comes to hiring the ideal freelancer, employers must have a realistic understanding of exactly how this independent employee can provide the best results for their business. Below we have compiled a list of some of the most important questions people have about freelancing. 

 

Q: What is the most important question that people always want to ask about Freelancing?

What makes them proud of themselves?

One question typically asked during an interview is, “What is an example of a project that you are proud of?”  An original thinker who is comfortable taking the initiative appreciates, and is motivated by their accomplishments in work, as well as life in general. This question allows the interviewer to get to know the candidate better by understanding what they appreciate in a business. It allows for a closer look into the essence of their inspiration and stimulation. 

 

What is their level of knowledge?

In your initial meeting with a freelancer, one main goal is to establish whether the candidate will be a good fit for your team.  While not technically an employee, the freelancer’s principles should match the overall vision of your company.  To check their level of competency, ask about previous products that they have worked on, as well as their way of handling certain procedures. Ask questions about their methods in order to gain a better understanding of their techniques.

 

How was the last customer?

It’s always good practice to have the potential freelancer evaluate their own performance. This evaluation will prompt them to reflect on a recent project and provide insight into their strengths and weaknesses. Additionally, you should crosscheck their response with previous employers to verify that their measurement of their abilities was accurate. 

 

What did they do prior to this?

In order to predict someone’s future behavior, you must first analyze their past. Before even interviewing the freelancer, it is a good idea to examine their portfolio thoroughly. A reliable and quality freelancer should have a persuasive portfolio showcasing their abilities on past projects. Be sure that their work was satisfactory and that their skillset is suitable for your company.

What is their rating?

When a person is looking to hire an author, they need to know two basic points before they put these people in their chosen freelancer’s category: their work samples and rating. Although we’ve understood that at first, everyone keeps their positions in the rating in secret, but, in the end, we need to know this in order to move on. If freelancers do not provide us with this data, this can become very difficult for a person to consider that as an option for the project because they fail to quantify their value. 

 

How deep is their understanding?

It is always a great practice to ensure a potential freelancer has a thorough understanding of the issues they will be facing, as well as the goals they are working towards if they are hired. It is crucial that you have a discussion involving their problem-solving abilities and exactly how they can contribute to the company goals relevant to their job title.

 

What are their career goals?

After checking their past experiences, portfolio, and abilities (diligence, dedication, commitment, personal goals, etc.), you must then evaluate their individuality pertaining to different situations. It is worth noting that some of the most impressive employees are modest when speaking about their attributes. Conversely, you may find that those employees who are boastful and over-confident are quite lackluster in real life.

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

Meal planning can provide numerous advantages, for example, eating healthier meals while saving time and money. When you make a grocery list in advance, much time is spared that would have been spent aimlessly strolling through the supermarket aisles. This pointless roaming may lead to a cart full of unnecessary, miscellaneous items that may end up being wasted. Additionally, compared to restaurants’ food, cooking at home is often healthier and even a more hygienic choice. Furthermore, many people are not aware of just how much food they waste each day, from uneaten leftovers to decayed fruits and vegetables. Approximately 95% of the food that we discard and throw away winds up in dumps or incineration facilities.

Pre-made meals can provide the following advantages:

Saves time

One of the most recognized advantages of buying pre-made meals is the time it saves by not having to prepare them yourself. You also save on the time and money that you would have spent shopping for the ingredients. Think of pre-made meals like having your own personal chef, without the heavy expense. Since all you must do is warm them up, these meals are a simple solution when you are running short on time and energy. Perhaps the best part is not having to clean up a big mess in the kitchen. That factor alone is sure to persuade most people.

Saves money

Many people do not have the time to prepare a meal every night, and eating out often, while convenient, can really add up. Even cooking at home can be expensive, as the prices of the ingredients are steadily rising. Pre-made meals can be a great incentive to save money.

Reduces food wastage

Pre-made meals decrease the excessive amount of wasted food, particularly for individuals who might only make food for a few people. Cooking for one individual can bring about wastage of food and ingredients due to some ingredients being only available in bulk. This may lead to the spoiling and wasting of food.

Convenient

Pre-made meals can be heated up and eaten quickly at any time of the day. This aspect can be helpful for individuals who work late or have unusual work hours. Pre-made meals provide the convenience of being enjoyed anytime, anywhere. It is also convenient for the people who are taking care of sick family members, or even themselves, as they do not have to worry about cooking. The meals come individually packaged and safe for consumption. Moreover, pre-made meals are available at all times of the year, so you do not have to worry about the scarcity of some ingredients.

Supports your community

Pre-made meals that go uneaten can be donated to the needy and homeless. However, it is important to be cognizant of the expiration date before donating.  The meals will be of no use to anyone if they are no longer safe for consumption.

Stress-free

Cooking food, especially for multiple people, can be a source of frustration. Each person in the family may have different tastes, and preparing food for everyone’s liking can be difficult. Buying pre-made meals can be an easy solution for a family of choosy eaters or those who have food allergies.

Healthier ingredients

Some people believe that pre-made meals cannot provide all the adequate nutrition needed for a healthy body. However, thanks to modern technology and skilled expertise, you and your family will not suffer any major losses in nutrients when choosing a pre-made meal. These meals contain all the necessary nutrients needed to fuel your body properly while remaining a convenient alternative to cooking.

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.

Do your finances seem to be always out of your control? Are you spending too much on credit cards or other lines of credit? Do you struggle in keeping a balance with your spending and savings? If any one or more of these circumstances describe your financial situation, maintaining a budget in place may support you. Creating a solid budget and sticking to it are the very first steps leading to your financial freedom.

Although budgets tend to be great in action, they are hard in theory. If you are not sure where to start on a budget, you aren’t alone.  Whether you have never created a budget in your life or are just having trouble sticking to one, you can create a budget you can stick with. Here are seven ways to create a budget you can stick with.

Set Lofty Financial Goals

When setting up a budget, the first thing to remember is that you shouldn’t center around what you are giving up but rather focus on your financial goals. Identify why you are creating a budget and keep those reasons at the forefront of your mind as you create your budget. Whether it is your retirement, a large purchase, or you want to have better control over your finances, your reasons for creating a budget should always be on your mind.

Identify All Spending

Before creating a budget, you should know how much you spend every month on various items. And to determine this, you have to identify your budget baseline simply by tracking your spending. You can track your real-time spending for a week or a month, depending on how much time it takes for you to identify all of your spendings. You can also go through your recent bank statements of the last three to six months or more to figure out your costs for utilities, food, groceries, housing, transportation, etc. This process allows you to identify areas where you overspend or are not making ends meet. Therefore, you become more aware of your saving patterns, helping you make better financial decisions.

Make the Most of Technology

Technology has made things far easier than most people know. If you have never made any budget before, are unsure where to begin your budgeting, or get frustrated with complex details, using a smartphone app is a good idea. There are many excellent bookkeeping and budgeting apps and software that can help you with everything short of entering in the amounts.

Make Every Dollar Count

When you are making your budget, you need to make sure every dollar you earn has a purpose. You can allocate a bit towards unexpected purchases like lunch for a friend or extra gas, but you need to make sure every dollar left goes into savings.

Set Reasonable Financial Goals

The more specific financial goals you have, the more motivated and excited you are to save, and the more you are motivated to stick to your goals and, thus, your budget. Your goals could be saving for a dream vacation with your family or a down payment on a new home. It could also be to save for an emergency fund.

Allow for Some Fun

After you focus on your basic needs and financial goals, you should allocate a bit of your budget for fun and entertainment. If your budgeting plan makes your life boring, you are less likely to stick with it. You shouldn’t get bogged down in living to work instead of working to live and enjoy life. Those that balance work, duty, and fun are happy overall and satisfied with their life and able to stick to their budget.

Withdraw and Use Cash

Though there are some limitations on places excepting cash, if you set your allowance to be cash-only and no more spending once it is gone, you can easily stay within your budget. If you have your card and impulse spending is available, you are more likely to spend outside your means if you have the card available than if you are carrying limited cash.

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.

Imagine you have a home that you own free and clear, then one day you get a knock on your door and find out you are being evicted. There is a new type of fraud that is becoming more widely done by criminals. Deed fraud and title theft are rising at an alarming rate, and those that have a deed need to take steps to protect themselves.

The Problem

As real estate owners and business experts, we understand the significance of regular upkeep, property insurance, and other regular tasks intended to protect the value of what is, for many of us, our most significant asset. Recent stories in several states indicate that people from all walks of life have discovered that they are no longer the home or real estate owner they knew to be theirs. This can be every property type, from a home to a business or any other property with a title.

How can this type of fraud occur? This is especially difficult to answer when purchases of real estate require identity safeguards that fall under regulations. The protocols in place were intended to ensure that transfers are valid and the title’s chain is preserved. For honest owners, the constraints might seem unnecessary and inconvenient steps to take. However, despite these steps, some criminals can get past them and take over your home.

Deed Basics

All fifty states and the District of Columbia require written documents to transfer real estate property ownership. A review of the requirements show that the following must be on the deed:

• A title stating the nature of the document
• The name of the property owner of record
• A granting clause that states the owners intent to convey the property to the buyer
• The purchaser’s name
• A detailed, formal description of the property
• The signature and printed name of the grantor or an authorized representative
• An acknowledgment by a notarial officer

Forgery

Forgery is the act of illegally making a false document or altering the original document to be used as if not false. Forgery is a criminal offense in the US and, in many states, is a high-degree misdemeanor or even a felony. The criminal charges depend on the details of the crime, including the amount and the document’s nature; forging deeds generally leads to a high-level offense.

Most fraudulent deeds contain more than one forged detail, and in some cases, each separate detail carries a charge. The owner or an authorized person must sign all authentic property deeds so that a fraudulent document may have a fake signature. A fraudster may pose as the real estate owner and sign the deed in a notary presence.

Public Records

If the forged deed containing all the forged and fraudulent information is entered into the public record, the fraudster can now perpetuate the forged deed easily. Once that junk data is in circulation, it becomes an additional issue because now it can be accessed as a real estate purchase, mortgage, title search, and credit check, all the while coming across as authentic.

Risk Factors

Anyone who holds a deed can become a victim of title theft or title fraud, but knowing it can go a long way in preventing it. There are companies that you can pay a monthly fee to monitor activity specifically relating to your deed. Or you can check it regularly to ensure it is still in your name and has the correct information on it.

If you have any elderly family or friends who own their home, you need to protect them against this type of fraud. You also need to keep an eye on documents of your family or loved ones who have passed away because it is common for these criminals to watch for obituaries so they can take over the deeds of the deceased’s properties.

Victims

If you become a victim of title theft, you should contact authorities immediately and quickly gather all the documents and prove that you are the property’s true owner. The key is to act fast when it comes to this type of theft because if you don’t discover you are a victim until you are being evicted from your own home, it could be very difficult to reverse the fraud.

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.

Cutting costs is the priority of every business owner. The ultimate goal is to get the maximum amount of benefits with the lowest possible expense. Due to this, one main objective is to maximize the resources you already have in order to save on costs.

Companies face tough competition while trying to survive in the market. To face these many challenges and overcome financial crises, companies may be forced to downsize to reduce their payroll headcount. However, there is more than one way in which an organization can reduce its number of employees. For example, a layoff. In this kind of downsizing, the terminations of employees are temporary. They may be rehired after a period of time.

Downsizing can be considered a last resort to overcome a financial crisis. An organization tries to strategize every other way to survive a financial crisis. When they cannot overcome this through other methods, they may be forced to downsize. 

Pros of Downsizing:

Pros of downsizing include:

Organizing:

Downsizing makes it possible to scale down a business. An advantage of this is that reducing your business’s size makes it easier to organize and manage. During periods of growth, companies tend to add personnel and equipment that serve immediate business purposes. It is natural that a company’s business model or customer base will shift during the organization’s evolution. Downsizing is your chance to bring your company size down to something that can serve your customers more efficiently while still remaining profitable.

Innovation & Approach: 

When people have limited resources to work with, they must develop innovative approaches to produce with the same level of efficiency. This may take some time, but after downsizing, the remaining employees must figure out new ways to meet their deadlines through careful planning and strategizing.

Financial Savings:

 The main reason that compels a company to downsize and layoff is a financial crisis. A single employee’s expenditures may include salary, medical allowance, transportation, and other fringe benefits. The money that is saved through the termination of nonessential employees should be spent on the development and training of the remaining employees.  

Evaluation:

Downsizing makes evaluation possible. Evaluation is crucial for a business to grow and improve continuously. Evaluation is an inevitable process to progress in your business venture. An organization must periodically recheck itself to search for gaps and the means to fill them to increase productivity. As downsizing reduces the number of employees, evaluating each aspect of your business becomes more practical.

Cons of Downsizing:

There are several issues that a company may face when it decides to downsize. Some of the cons of downsizing are as follows:

Decreased Productivity:

When a company sheds a number of employees, it also reduces the amount of product that will be produced, which may decrease revenue. If a company does not choose an outstanding set of workers for its reserve pool, it may face a deficit in terms of work and productivity. The company not only downsizes its number of employees but it also losses the collective skill set of every employee who gets terminated. Each employee who served the company contributed their time, energy, and professional skills to make the business successful. This is why every employee is crucial, and the loss of even one skilled worker can cause negative repercussions for a company.

 

Loss of Experience:

 Senior employees invest more of their time and energy towards the growth of a company. They know all the pros and cons of their job and how to thrive under pressure and unwanted circumstances. When these employees are lost through downsizing, the company also loses loyal, experienced, and faithful employees on whom the company used to depend. Due to the absence of these veteran employees, the workflow may be poorly affected. This may take some time to correct.

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

In today’s gig market, freelance companies are more common than they used to be. Most people were hesitant to earn money through such an unpredictable means of earning a paycheck. But with the digital world we live in, it is considerably simpler to create and maintain a freelance company that is lucrative and fulfilling. Here are some tips to assist you in being successful in your freelance company.

Choose Your Specialty

Though you might be enticed to do everything freelance, finding your specialty and staying with it will be more lucrative. When you focus on one freelancing kind, you can build your company more effortlessly. There is a place for someone who can do it all, but it is best to master and excel at one business. This will be a benefit, especially in the competitive freelance job market.

Be Clear on What You Offer

Once you have decided on your specialty, it is time to uncover then decide what services you will extend. For example, writing is the specialty for a freelance writer, but they may offer only one writing or several writing kinds. Choose what kind of services you will offer in your specialty, then make them clear for your prospective customers. If you don’t know what services you provide, how can you expect them to be apparent?

Define Your Customer

Knowing who your perfect customer is will assist you with the direction you go on many facets of your freelance company. Defining and having a strong picture of who will get the most from your services will advise your method of gain customers and keeping them. Also, realizing the demographics of your perfect customer will assist with marketing strategies and pitches.

Keep Your Day Job

Freelancing can be so liberating that it will appeal to someone who is not employed for themselves, particularly if they are in a job they hate. Though the urge may be great, start freelancing while you still have your primary source of a paycheck. Once you build your freelance paycheck and flow to be 50-75% of your current paycheck, you can make moves to resign and fill in that last 50-25% with more time to devote to it. Sometimes getting a freelance company to a healthy state can take a long time to build, depending on your work. Also, some kinds of freelance work are heavily saturated, so being competitive can be challenging. Ultimately, only you know when it is safe to quit your job because you will feel comfortable with the decision.

Develop Your Skills

Higher skill levels equal higher rates. There are several ways to distinguish yourself from the competition, but an extremely effective one has a high skill level in your specialty. You can do this in numerous ways. You can take on less significant ventures that might not pay as much but will earn you knowledge and skills. You can also take on ventures for which you will need to learn a new skill to achieve and be cautious. However, if you can’t master the skill, this could be catastrophic to the project. Take virtual classes or watch videos that expand your chosen specialty skills and read books, blogs, and articles by those who have thrived in their freelance company who share their best practices. Building skills will pay off.

Determine Your Pricing

When determining how much to charge, you have to contemplate your skill level and experience. You can’t start at the greatest costs with anything to indicate you are worth the cost. The best suggestion is to set a rate that is the least amount you need to make to pay your bills. Having a bottom line will give you a baseline to jump from when your company builds, and you can ask for higher rates. You must go in knowing what you will and won’t take.

Conclusion

Starting a freelance company can be exciting and freeing and a little scary due to the paycheck’s sporadic nature. Having a foundation using these tips will guarantee success in your highly rewarding freelance company.

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.

Think of a reverse mortgage like a traditional mortgage where the roles are shifted. In a traditional mortgage, a person takes out a loan to buy a home and then repays the bank over time. In a reverse mortgage, the person owns the home, and they borrow against it, getting a loan from a money lender that they may not necessarily ever repay.

Most reverse mortgages are issued through government-insured plans that have strict rules and lending guidelines. There are also private, or exclusive, reverse mortgages issued by private non-reserve lenders, but those are less controlled and have an increased likelihood of being scams.

How Does Reverse Mortgage Work?

Using a reverse mortgage is fairly straightforward: It starts with a mortgagor who already owns a home. The mortgagor either has significant equity in their home (usually at least 50% of the property’s value) or has paid it off entirely. The mortgagor decides they need the financial resources that come with detaching equity from their home, so they work with a reverse mortgage specialist to find a lender and a program.

Reverse Mortgage Eligibility

To qualify for a government-funded reverse mortgage, the owner of a home being mortgaged should be no younger than 62 years old. Borrowers can only borrow against their primary residence. They must also either own their home entirely or have at least 50% equity with no more than one primary lien. Borrowers cannot have a second lien or a second mortgage. If the borrower doesn’t own their home entirely, they have to pay off their existing mortgage with the reverse mortgage’s money.

Only certain properties qualify for government-funded reverse mortgages. Qualified properties include:

• Single-family dwellings
• Multi-unit properties with no more than four units
• Manufactured homes built-in or after June 1976
• Condos or townhomes

In the case of government-sponsored reverse mortgages, borrowers must also attend an information session with an approved reverse mortgage specialist. They also must remain current on property taxes and homeowner’s insurance and keep their property in good condition.

Reverse Mortgage Borrowing Limits

If you get a private reverse mortgage, there are no limits on how much you can borrow. Individual lenders set all limits and restrictions. However, owners are forbidden from borrowing up to their home’s value or the current maximum claim amount when using a government-funded reverse mortgage program. Borrowers can only use a percentage of their property’s worth. Part of the property’s value is used as collateral for loan expenses, and lenders insist on a safeguard if property values decrease. Borrowing limits are adjusted based on the borrower’s age and credit and the loan’s rate of interest.

Reverse Mortgage Costs

There are two primary costs for government-funded reverse mortgages:

Interest rates: Interest rates are generally fixed if you take a lump sum and rates are from under 3.5% to a rate comparable to traditional mortgages and significantly lower than other home equity loans. They are variable based on the London Interbank Offered Rate (LIBOR), with a lender margin.

Types Of Reverse Mortgages

Most reverse mortgages are government-protected loans. This is similar to other government loans, including USDA and FHA loans. These products have rules that traditional mortgages don’t carry because they’re government-protected. These include suitability criteria, underwriting processes, funding options, and, sometimes, restrictions on the uses of funds. There are also exclusive reverse mortgages, which do not have the same strict suitability requirements or lending requirements.

Single-Purpose Reverse Mortgage

Single-purpose loans are normally the least costly type of reverse mortgage. Nonprofits and state and local governments provide these loans for particular purposes imposed by the lender. These loans may be supplied for things like repairs or improvements. However, loans are only available in certain areas.

Home Equity Conversion Mortgage

Home equity conversion mortgages are funded by the U.S. Department of Housing and Urban Development. These mortgages can be more costly than traditional mortgages. However, loan resources can be used for just about anything. Mortgagors can choose to get their money in several different ways, including fixed payments, a line of credit, a lump sum, or a mixture of regular payments and other credit lines.

Proprietary Reverse Mortgage

Proprietary reverse mortgages are exclusive loans that aren’t funded by a government agency. Lenders set their entitlement requirements, rates, fees, terms, and the financing procedure. While these loans can be the simplest to get and the quickest to fund, they’re also known to attract dishonest professionals who use reverse mortgages as an opportunity to scam unsuspecting seniors out of their property’s equity.

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.