Author: Jennifer Brazer

We often hear about the importance of saving and getting advice on investing to contribute to your company’s 401(k). Though all of the professional advice is important, there are other ways you can save money that no financial advisor will suggest. Saving money by being thrifty is easy and can, in some cases, be fun because it involves shopping. Here are five ways to be thrifty and boost your savings.

Shop Second Hand for Clothing

Most clothing snobs would never consider buying clothing second-hand, and maybe they can afford to pay full price for new clothing as needed. But every fashionista on a budget will tell you that you can get amazing clothing that looks new and cost you pennies on the dollar. When you are in a clothing shopping mood or need an outfit for a specific event, it’s time to hit the ATM and map out yard sales and swing into thrift stores as you go. This type of second-hand clothing shopping can net some name brand clothing or clothing that, in some cases, was never worn before given up at deeply discounted prices. Often daily thrift stores will have additional savings for certain clothing types or tag colors. You can walk out with brand new, name brand clothing in some cases for less than a dollar.

You may not always find what you are looking for if you have a specific need, but you can find exactly what you need or a better choice in many cases. Not to mention hunting for the perfect bargain outfit can be a fun process. Yard sales often offer a similar treasure trove of great clothing for deeply discounted prices. However, yard sales don’t offer a wide variety of sizes, like a thrift store.

Used Furniture

You can shop online or through apps that offer used furniture for a steal. Often the furniture is in great shape for a fraction of the cost. If items are in rough shape, you can generally refurbish or repurpose them for minimal cost and have a great new piece. You can also find great used furniture while you are clothing shopping at the thrift store. Thrift stores have various used items and can be a one-stop shopping experience that will have you fulfilling a variety of needs or wants for a fraction of the cost for new items.

Pawn Shop Treasures

If you have never stepped foot in a pawn shop, you miss out on amazing used items for deep discounts. While you are purchasing everything from electronics to jewelry as is, pawnshops will allow you to try items to make sure they work before you walk out the door. In some cases, if you are good at fixing things, you can get items in need of repair for an extremely low cost. Do yourself a favor and go check out the nearest pawn shop as soon as possible; you will be addicted to the savings and amazing items you leave to take home.

Sales

Sales are not a surprise on this thrifty list, but sometimes we need reminding that we should hit up sales as much as possible. It is not suggested you hit up sales for the sake of the sale, but if you need the sale fulfills, you shouldn’t pay full price for that need. The idea behind being thrifty is that you fulfill your needs or wants the least expensive way possible. If you only need one item, take a friend with you to a buy one get one sale and split the total cost for your two items. Being thrifty doesn’t mean you have to sacrifice the enjoyment of shopping. You may even find the challenge of how much you can get for the least amount of fun.

Coupons

Coupons can save you a few dollars on every shopping trip, but if you become a professional couponer, you can end up with many free items that you can save for future use or donate. Many who dedicate themselves to professional level couponing say it is fun and exciting to see how little they pay for many items. Some are so strategic they walk out of the store with multiple baskets of items, having spent less than $100. If you don’t have that kind of dedication, don’t worry. You can still save a lot by using coupons on items you were already purchasing. Many stores have apps that allow you to electronically clip coupons is an easy way to save that can add up.

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

Most people have heard of life insurance, and many of those have heard the terms whole life and term life insurance. When choosing life insurance, you must know what you need before you speak with an insurance agent. Most agents, while keeping your best interest in mind, will are at their core salespeople. For this reason, you need to understand life insurance and know what you need, so you don’t buy needless insurance that doesn’t work for you.

When deciding which type of insurance to purchase, you should base your decision on your financial goals and your needs along with those of your beneficiaries. Life insurance isn’t just something that will cover your loved ones after your death. It also has some financial advantages you can utilize while you are alive. Here is an overview of both term life and whole life insurance and the comparison of what each one of them includes so you can make an educated decision on what you need before you meet with an agent.

Features of Term Life Insurance

• Only provides death benefits
• Only pays if you die while the term of the policy is in effect
• Most affordable life insurance to buy
• Purchased for a specific period or terms such as 5, 10, 15, or 30 years
• It is more expensive as you age
• Once your term ends, you must renew a new term
• Used as additional coverage with a whole life insurance policy
• It can be converted to whole life insurance

Features of Whole Life Insurance

• It covers you for life
• Provides death benefits
• Cash value that builds an accumulation for the lifetime of the policy
• Sometimes requires a health examination
• It can sometimes be purchased without a health examination
• It takes several years to build value
• Cash value is based on the rate of the return value
• During the life of the policy, it can be borrowed against
• It is initially more expensive, but premiums reduce over the years

Reasons to Convert Your Term Life Policy

• You are over fifty, and your term life insurance is about to expire
• You still need life insurance, but due to age or other circumstances, term life is too expensive
• Estate taxes are a concern, or you are hoping to set up your estate and need whole life
• You are establishing or changing your will to include a trust
• You need a non-taxable investment option

Should Carry Both Whole Life and Term Life Insurance?

In most cases, you will want to choose one insurance over the other, but there is an argument for having both at the same time. This is especially beneficial since term life policies have an endpoint, while whole life insurance covers your lifespan.

The Benefits of Having Both Whole and Term Life Insurance

• You need more coverage but can’t afford to add to your whole life policy
• You need more coverage only for a period and not whole life
• You have term life and can’t afford to convert to whole life completely

Conclusion

You should know the differences between term life and whole life insurance so that no matter which one you decide to take, it is the one that is right for you. The main thing to remember is that you must have life insurance. This insurance, while beneficial to you while you are alive such as with financial benefits you can take before death, but the main reason you take out life insurance is to benefit your loved ones after your death.

Many times, life insurance covers funeral and debt expenses, gives your beneficiaries income to cover after death expenses, and takes care of them for life. To choose the right kind of life insurance, you must consider the benefits of both and choose the best one you can afford that will cover what you need.

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

Most people don’t like risks but choose to take risks when the rewards are too tempting to be ignored. ‘Risk’ is a four-letter word that often has a negative connotation. But the fact is that risk is natural and is present in almost everything we do. No matter how careful and responsible you plan and manage things. You cannot guarantee that the risks will be eliminated. So, you need to know how to cope with risk and make plans to minimize it.

As an entrepreneur, you have to make many high-risk business decisions, particularly regarding business growth. Many of these risks turn out to be a success for your business, while other risks give birth to traumatic situations. As a business owner, you must understand which financial risks you should take and which ones you should avoid. Understanding the concept of risk and reward is what separates a great entrepreneur from an average one.  This understanding will make wiser business decisions by preparing to take advantage of the ups and surviving the downs. Here are three of the main risks every small business owner takes and how to survive them.

Financial Risk

As a business owner, you are more likely to invest in risky assets to get potential financial rewards. For example, if you invest in emerging nations fund or a startup, you will probably lose most of what you have invested, at least initially. Emerging startups take a lot of time to generate revenue and to become a success story. As soon as you get older, you cannot afford such types of risks as you need to save money to spend a comfortable, relaxed life ahead. But as a youngster, even if you lose some money taking risks, you will earn it back again. You need to carefully consider investment risks, knowing what you have behind if the risk goes wrong.

Time Risk

Investing time is itself a major risk factor. For instance, if you can become poor after spending five years of your life investing in your business or career, you still haven’t earned anything. If you don’t manage your time and make it produce value, you have unknowingly added to the more obvious risks. Time risk is easily identified and managed and essentially an unnecessary risk that you don’t need to take.

Investment Risk

Most people are aware of stock investments’ financial risks, but most don’t understand there are risks in gold and unknowingly invest without understanding them. Because of this fact, gold should not be a replacement for a diversified portfolio. Contrary to popular belief, gold isn’t a safe or secure investment as gold prices fluctuate as much as currency or stocks. It may be slightly safer as the number of fluctuations is lesser on average than found in stocks, but in no way should it be considered a safe or secure investment. Investing in gold may not always be the right investment for you as one needs to consider all other options before making any investment decision.

Conclusion

An entrepreneur needs to be prepared to deal with all types of financial risks and challenges. You need to take proper measures and plan accordingly because running a business encompasses multiple risks (both internal and external.) Before making any financial decisions, make sure to consult with your financial advisor. They will guide you in wise investments and share financial experiences that will give you insight into sound business decisions by understanding risks.

Every person, whether a business owner or not, has to face risks in life and finances. Managing risks and using your understanding of them will guide you in making sound financial decisions that will help you succeed in business and 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.

Financial debt is something that many have to deal with at some time or another in their life. Due to poor spending habits or taking out loans for larger purchases, you need to work to overcome debt. Paying down debt is possible, but there are some mistakes that many people make when it comes to debt. Here are six debt making mistakes you should stop making.

No Negotiation

It is surprisingly easy to negotiate your credit card debts. Most people don’t even think about negotiating the terms of their debts and payments, but it is one of the easiest things to do. In most cases, you merely need to pick up the phone and call your bank and ask if a lower interest rate is possible. Though this is an easy task, many people don’t do it. One call could save you thousands of dollars in some circumstances, so make that call.

Failing to Plan

Most people don’t think it is necessary to have a planned budget to pay off their debts. This could not be further from the truth. You need to have a planned budget that shows you exactly where you’re spending, so you know where to make changes and cuts.  The most important thing to remember is that you need to create a strategy and stick to it. While you may have to do without some luxuries for a little while, it will be worth it when you are debt-free because of your efforts.

Failure to Prioritize

Many people don’t prioritize debt. If there is difficulty with making payments in some cases, they ignore the debt and allow it to grow or default. Once you make your debt a priority, you must put the debt that carries interest first, such as credit cards or loans. Paying off the highest interest debt first will save you money as the interest rates can make the debt grow and possibly become unmanageable.

Paying Bills Late

When people fail to pay their bills on time, the amount increases after the due date because of late fees. It means that you are just giving away your money in late fees to credit card companies, banks, and landlords. Paying late on some bills also affects your credit score, so you not only get hit with the fees but also decrease your purchasing power. To fix this problem, you need to budget and live within your means and pay your bills on time. If you are consistently late, you need to find where the problem is and fix it.

Not Asking for Help

Pride is a tough thing to deal with, but many people have it when It comes to finances. While it is not suggested that you ask for financial assistance to pay your bills or make ends meet regularly, there are times when it could be the difference between peace of mind or dire issues. You need a roof, electricity, water, and food. If any of those are threatened and don’t have the means to cover them, you can ask for help. In some cases, you may have a friend or family member that can give you a no-interest loan you can use to consolidate and pay down debts so you can start on an even field. Put aside that pride and ask. The worst they can say is no.

No Emergency Fund

Having an emergency fund saved is so vital that a whole article could be dedicated to it. If you have no other savings, account you should at least have an emergency fund. Start small and save $1,000 in as large increments as you can afford without hardship. Once you have reached this goal, start saving towards equal to six months of your income. Once you have this saved, you can decide if this is enough padding for you or save to twelve months of income.

Some important things to remember while building an emergency fund. Don’t focus on any other savings until your emergency fund is complete. Use the highest interest savings account you can find for these savings, so it grows. Money market accounts are notoriously great for this type of savings because of interest and ease of access without being too easy to access that you are tempted to spend for non-emergency expenditures. Have a trusted friend or family member named on the account or power-of-attorney to someone if you are incapacitated so it can be accessed to take care of everything during those times.  

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.

Technology has changed the way we function. It has modernized everything, and banking is no exception. Through online banking, you can now access your accounts through a cell phone or a computer. Online banking or internet banking is an online payment system that allows the customers of a financial institution or a bank to conduct a wide range of financial operations through the bank’s website.  Online banking has revolutionized the way financial transactions are being conducted today. It is much more convenient and easier than its post-technology counterpart, branch banking. Through online banking, banks have reduced costs as online banking only has a virtual presence.

Thanks to online banking, now you don’t have to visit the bank in person and wait in painstakingly long lines. You can access your account through your cell phone and carry out all your important transactions while staying in the comfort of your own house. The advantages of online banking don’t stop there. Here are seven things you can do via online banking.

Pay Bills

You can pay your utility bills through your cell or your computer thanks to online banking. This saves you both time and energy that you would have otherwise wasted with a trip to the bank. You can even access all your payment history for each account you pay through online banking.

Make Deposits

Through internet banking, you can deposit checks by simply entering the amount on the check and taking a picture of both the front and back of the check through a secure app. The app will use the phone’s camera, but these photos will not be saved on your phone for security purposes.

Research Your Payment History

You can search your payment history for any specific payment transaction. Not only is this easy, but perfect for times when you lose track of your bill and want to check when was the last time you made a payment.

Review Your Account

You can review your account balance and activity through internet banking. Online banking allows you to check your account’s details 24/7, which offers convenience to those who don’t have the opportunity to get to a bank during business hours.

Make Transfers

If you happen to more than one account in a bank, you can make online money transfers. Your funds get transferred instantly and only takes a few seconds of your time.

Get Notification

You can get notified through text and mail alerts for any account activity. This keeps you up-to-date with your account balance, and this is perfect for those who have their paychecks deposited directly. Email alerts also help keep your account secure as they warn you of any fraudulent activity.

Send Money

Sending money to a friend or a family member has never been easier. Most banks offer a wire-transfer service through which you can instantly send money to anyone for a small fee.

Online Banking Security

Banks take special precautions to keep your account information secure. So, yes, online banking is secure. However, there are certain things you can do to keep your account secure. These include:

• If you ever happen to receive an email claiming to be from the bank and are asked for personal information, then chances are it’s not from the bank. These are scams that can leave you bankrupt. Also, don’t ever click on any of the links found in such emails.
• Never leave your account without logging out. If you are using the app, it will automatically log you out, but you have to do it manually if you are using your browser.
• Don’t access your account using public wi-fi unless you have VPN coverage, as this can lead to your account being hacked. Always use a secure wi-fi connection like the one at your office or home. These are protected connections.
• Keep your computer updated with anti-virus software.
• In case you notice any suspicious transactions make sure to inform the bank immediately.

With its rising popularity, online banking is the future. Many banks have even started shutting down their smaller branches and only offer online banking. If you haven’t started online banking, then do it today. It’s easy, it’s hassle-free, and it saves time.

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

Every startup business requires capital to fund the initial set up and operational needs. These needs include funding for product development, acquiring new inventory and equipment, and initial rollout efforts to pay your employees or fund general operations. Entrepreneurs need to know how to utilize and manage their business finances to run their new business smoothly.

Raising capital for a startup business can be challenging but not impossible. There are several ways to acquire startup capital, but they aren’t all necessarily reliable. If you have the perfect business idea but lack enough funds to start the business, it doesn’t necessarily mean you have to abandon the business idea. There are several funding options you can opt to make your business a successful one.

The first thing you should do is develop a reliable and thorough business plan and figure out the finances needed to start and operate your new business. Once you have a clear idea of the costs to start and operate your business, you can look for ways to finance your business. Here are five smart ways to fund your startup business that is tried and true.

Fund the Business Yourself

Today it is estimated that over 90% of startups are self-funded. This type of funding is known as bootstrapping. Unless you have a windfall or substantial savings, this option can take time as it takes a long time to save a large sum of money. The major advantage of financing your business yourself is that you would not be required to give up any control of your business or its equity.

Pitch to Friends and Family

Once you have a solid business plan, you should develop a presentation to pitch your business idea in front of your family and friends. If they don’t believe in you, then do not expect that outsiders will support your idea. Outside of self-funding, friends or family buy-in is the second most common way that small business owners obtain capital to start their business.

Business Grants

Business grants are government or privately given funds that are completely free with no expectation of return or payback. Grants typically require your business plan, but you are expected to submit to a long application process. If you don’t need the money immediately to get started, these grants can come months after startup.

Angel Investors

Angel investors are similar to venture capitalists. Angel investors are generally wealthy individuals or firms with a heart for the startup business and don’t want to be involved in business operations or expect anything in return. This, like the grant, allows you to keep complete control of your business and equity. These can also be difficult or take time to get because angel investors are constant.

Venture Capitalist

While venture capitalists are similar to angel investors in that they invest in small or startup businesses with potential, they differ in that angel investors do not expect any return on their investment. Venture capitalists are in it for the potential business ideas that will give them the greatest possibility for high returns on their investment.

Startup Accelerator

While this is not actual startup or operational capital, startup acceleration offers free business and financial consulting, free office or business space, or other startup business needs such as equipment and materials. These free essentials for a startup business will help the business get started until they can fund their revenue.

Strategic Customer Partnership

Strategic customer partnership is when a customer or business that will use your goods or services funds your startup to start production and initial operations. Essentially they are prepaying for future products and services they will receive. These partners will hold no other control or equity in your business.

Trade Equity

Trade equity is just as it sounds. This is where you trade goods or services for essential startup goods and services. This type of trading has been a recognized way to start and operate a business. Bartering business needs with others who need what you have to offer or your skills can go a long way in getting the business up and running.

Small Business Loans

While many small business owners often go to this stream of startup capital first, it should be your last choice for several reasons. Getting a business loan approved in itself is a long process; moreover, you need to report to the bank where each penny of that loan will be spent. If you’re a first-time business owner, they might consider your business as a risk element, and in this case, your loan application will not be approved or will carry high-interest rates. This option also starts your business in debt.

Credit Cards

If you have an awesome credit score, then you can use it specifically designed for business use. However, using credit cards is a high-risk factor as non-payment can lead to expensive penalties and super high-interest rates compared to other loan options. This is another option that starts your business in debt and should be a last resort. The biggest advantage is that if you pay the balance off quickly, you can quickly build your new business credit.

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 this article, you will learn how to use Facebook Messenger, the chat feature on the site, to increase your business’ sales. You will also be presented with the steps you must take to use Messenger as a channel to grow your customer base without an online marketing consultant’s assistance.

Social networks as sales channels

Today, Facebook Messenger has become an essential channel for communication between people. In fact, it has become a platform for automatic robots employed by companies to advertise their business and products. In this way, if someone enters the pop-up window and asks something, automatic responses are generated that are programmed through utilities that we will discuss later. The main objective of this “bot” is to improve your business’ sales.

In this article, we will discuss the following details that are part of effective Messenger management in order to grow awareness of your brand. Some of our talking points will include:

• How to use Messenger to get more customers.
• Messenger chat and customer satisfaction.
• What is a “bot,” what is it for, where to install it, and what are its’ functionalities?
• Tools to create a “bot” and how to measure the results it provides.

Get More Customers

Facebook is an extremely popular social network platform that can be utilized by your brand in order to generate more business for your company.

Facebook Messenger facilitates increasing sales by building a relationship with users. When it comes to your followers and your fans, communicating with them regularly allows you to attract, build loyalty, and convert more consumers into long-term customers.

Customer Satisfaction

Facebook is the virtual platform to grow your client base because customers can refer their friends and family to your page. There they can learn about your business while being assured by the recommendations of their social circles.

The platform serves as a channel to interact with consumers, thus humanizing your brand. Moreover, with more consumers using social media to conduct their business, capitalizing on this opportunity is essential.  

As a business owner, it is up to you to make your business stand out. Most experts believe that the best way to use social media platforms is to make your strategies customer-centric. This way, business owners can learn how their customer thinks and feels in order to devise their future strategies accordingly.

Everything you Must Know About a Bot

What is the Facebook bot?

A bot is a systematized program that combines several automatic tasks effectively in order to interact with users and give them more information about your brand. These bots can also be an effective solution to keep your consumers engaged.

Remember, every customer counts! So, if you want to expand your target market worldwide, employing a Facebook bot is an efficient way of doing so!

Advantages of using the Facebook bot?

With a bot, your customer service will improve remarkably. Through personalized interactions, you can retain more customers by ensuring they are satisfied and happy due to an open and direct communication channel. By having the knowledge of what your customers need and providing them with viable solutions to any issues, your website’s traffic will increase.

Where to install the Facebook bot?

You can install a Facebook bot directly onto your web page. This way, even if the client leaves the site, you can still contact them because you are already connected.

Also, by customizing the welcome message, your approach to customers will be more deliberate. This concrete strategy will allow your company to feel more connected with the end customer.

Functionalities of a bot

An important functionality that accompanies the chat on Facebook is to introduce ads. This will allow you to promote more products and services than costly campaigns. When you insert ads into a chat, you can personally reach a larger number of customers and generate more purchases.

All in all, Facebook is a social media platform that is continuously growing in the contemporary era. Moreover, ever since its affiliation with WhatsApp, more customers can be reached cost-effectively. Not to mention that it is now part of a bigger game: mobile-centric marketing.

As business owners desire to expand their horizons in this fast-paced business world, social media platforms can be a driving force for success.

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.

Having a competent bookkeeper can make a world of difference to you and your business. Utilizing an effective bookkeeper can either steer your business towards new heights or allow it to spiral down and crash. It does not matter whether your bookkeeper is an accountant who worked for renowned financial organizations or a fresh graduate; they must perform well.

However, for business owners who have a lot on their minds, it’s hard to know whether your bookkeeper is performing well or not. So, let us highlight a few signs to help determine whether your bookkeeper is up to industry standards.

Fail to Provide Helpful Reports

One of the most important roles of a bookkeeper is to provide helpful reports that facilitate the streamlining of your transactions. An efficient bookkeeper prepares timely reports that help ensure that your business achieves growth.

Failing to Understand Basic Bookkeeping Terminologies

Avoid employing a bookkeeper who is scrambled at the end of the month. A good bookkeeper knows how to meet deadlines consistently. Failure to do so is a clear indicator that your bookkeeper is not equipped to handle your business’s demands.

They Keep their Books Hidden

Occasionally, bookkeepers can be very secretive about the work they do. This secrecy is an indicator of shady procedures regarding your books that you may not be aware of. A good bookkeeper will want you to see progress; he/she will prioritize delivering accurate and complete reports on time. A bad bookkeeper, on the other hand, will keep you in the dark!

Passing the Blame onto Someone Else

A good bookkeeper will like things to stay moving in the right direction and will accept their mistakes if they occur. On the other hand, if your bookkeeper is blaming other colleagues for consistently occurring mistakes, then you should consider finding someone who can take accountability for their mistakes and use them to grow.

They Don’t Ask Questions

Nobody is perfect! Even if your bookkeeper has two decades of experience, he or she must ask questions. You can never be too sure of how your transactions vary every month. Due to this, a good bookkeeper asks questions to understand your business further to cut costs extensively.

A Constant Hassle

Keep in mind, the reason you hired a bookkeeper is to avoid the extra hassle. Therefore, if you must deal with consistent mistakes month after month; then, what is the point of having one? In this scenario, it may be time to get a new one!

Lack of Input in Financial Reports

Your bookkeeper must provide feedback on your financial reports. Or they should at least give you some kind of comment on your business financials. Only an inexperienced bookkeeper will fail to provide you with their perspective on your financial reports.

Unresponsive on Emails

If you are running your business remotely, you want your bookkeepers to be always available to you. Even if you have outsourced your bookkeeping services, a lack of response to emails can be frustrating and could halt your business’ outcomes.

Knowledge of both Cash and Accrual

There are many bad bookkeepers out there. However, even some good ones fail to understand the concept between cash and accrual. Your bookkeeper should not only know about both concepts, but they should also know which one to use in what situations.

Lack of Time Management

One of the most important elements a bad bookkeeper lacks is time management. What makes this a serious problem is that bookkeeping requires precision since they usually must pay invoices and bills. Employing a bookkeeper who lacks time management skills can hurt a company – big time.

So, whether you have just started out in the business world or are looking to expand, a bookkeeper is a must. However, if you are willing to spend a hefty amount on hiring a bookkeeper, to care to ensure they do not have the aforementioned habits.

You can also outsource your services. There are many bookkeepers who work for lower rates and have a plethora of experience under their belt. So, what are you waiting for? Get yourself a bookkeeper today and make managing your finances easier for you and your 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.

Winter has arrived! Have you planned to save money for your vacation? If not, here are some savings tips for you to enjoy your days off.

Every plan is based on solid objectives. When you intend to reach a goal, you must draw a road map. Set your goal to save this winter.

If you already know what the holidays are going to cost, for example, $2,000, then calculate how much money you need to reserve each week or month to reach that goal.

If you are looking to save on your vacation without sacrificing quality, the Trade Channel is for you. This service will allow you to enjoy different offers and discounts. We recommend registering to enjoy these advantages.

Winter Vacation Savings Tips

1. Reserve part of your salary to your savings

The best practice is to save first. As soon as you receive your paycheck, make a transfer that ranges between 5% and 10% of your overall salary into your savings account. The remainder should be used for your monthly expenses. Make your own budget plan and stick to it religiously. This way, you will never find yourself short on cash. This does not just apply to travel; you can follow this plan for many other saving purposes.   

Most of the time, we may feel that our monthly expenses are daunting. However, using certain strategies will allow you to save while also paying your bills on-time. You can even ask the Department of Human Resources at your job to deposit part of your paycheck into a savings account each month.

2. Analyze what your monthly expenses are

Identify what your essential expenses are, such as rent, utilities, and invoices. This will allow you to have an approximate idea at the end of each month about the expenses you can cut or do without.

Make sure you have a sound awareness of how much you are spending. If you are spending extra on things that you don’t quite need, try saving and adding that amount to your traveling budget.

3. Draw a budget

Compare the figures for your entertainment expenses with the essentials and establish a weekly budget. Be realistic and organize yourself in order to refine your plan towards your main purpose: SAVING.

With a solid budget, you will clearly see how much you spend on entertaining yourself each week and how many times you can afford to eat out, etc. This will allow you to optimize your standard of living, even beyond the holidays. This will ensure your money does not go to waste.

4. Start practicing saving right now

We suggest taking care to plan for situations that may arise that will consume your holiday funds.

Resolving these issues will allow you to become more efficient with your money. Addressing these small inconveniences now will ensure they do not interfere with your big plans.  

5. APPS to save

There are many apps to help you save money, particularly Let’s Bonus or Groupon. These apps will allow you to entertain yourself on a budget. As far as apps to compare prices between supermarkets, try Your Pantry or Carritus. With these, you can be sure you are getting the best deal with very little effort.  

If you want help to closely monitor your personal finances, as well as prioritize your expenses, utilize apps like Fintonic or Mooverang. These will give you a practical and efficient electronic hand.

All in All

This winter, figure out how much you need in order to travel and draw a savings map. We all deserve a time out; it is natural to get burnt out and take some time to recover. Hit the road, travel, and come back with a fresh and positive mindset. Notice how your productivity improves when you come back home and get back to your career.  

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

When forming a start-up, it is important to create a thoughtful financing concept in the early stages. Depending on the type of company, the self-employed entrepreneur must consider some key factors. Is it necessary to purchase new equipment? When it comes to company vehicles, which is better: leased or financed? How much money should be invested in marketing strategies? When are the first revenues expected?  The only way to minimize the risks involved with setting costs is to start low.  In this article, we mention a few aspects that you may consider to ensure your start-up success.
 

The financing concept: How much capital is needed?

Before forming a company, it is essential to become aware of how high the financing sum must be. In many cases, founders underestimate the actual costs of running a business and set the bar too low. This mistake can be detrimental to your start-up, as well as your personal finances. Rarely are founders able to generate enough income in the first few months to support themselves. It usually takes at least 6 months before a company starts earning profits. It is not hard to understand why most start-ups fail within the first three years. In most cases, not having sufficient capital is the culprit. Below are a few ways to self-finance your startup: 

Bank loans

Your own bank is often the first port of call when it comes to financing self-employment. The on-site advisor can provide information about the maximum loan amount available, the interest rates, and what repayment looks like for the borrower. Often, self-employed people, who do not have a regular income, cannot avoid depositing collateral. This is because not having a steady source of income poses a higher risk of default for banks.

Startup grant

The start-up funding is, for many, the root of self-employment. A start-up grant is designed to end unemployment and enable people to start a new career. In order to receive this grant, the application must be submitted to the Employment Agency before taking up self-employment. The person receiving the loan does not only need to have a start-up plan but must also provide proof of their qualifications. In short, the clerk must be fully persuaded of the start-up idea in order to grant a license. Because the start-up grant will not be awarded to just anyone, the employment office decides on a case-by-case basis. Just because a person allegedly meets all the criteria does not guarantee that the government support will be paid back. Although the start-up grant can be a lifeline to a fledgling business, it is a luxury that is not always attainable.  

Finance with the crowd

Crowdfunding/lending is a form of financing in which many investors, aka “the crowd,” take part in funding a business. This allows for the risks involved in any start-up venture to be spread across many shoulders, instead of just a core investor. This funding principle is as simple as it is ingenious: if everyone contributes a small part, big funding will be obtained. This method is typically presented via the internet. The founder presents their start-up idea, explains the required amount of funding needed, and outlines the time frame that they must obtain the funding. If an investor is impressed by the idea, they can contribute financially to the project. However, this does not mean that the investor is actively integrated into the business. The crowdfunding is divided into four different models:

• In classical crowdfunding, the investor receives consideration in the form of a present. In most cases, this is the product created with the money.
• In crowd investing, the lender acts as a micro-investor and is financially involved in the project.
• Crowdfunding by donation is typically relevant in non-profit organizations. The lender receives no consideration for his financial commitment. Some companies create a thank you certificate or send a small thank-you gift.
• Crowdlending is an alternative to a traditional bank loan. The founder receives a loan from the crowd, with a fixed term and an agreed interest.

Investments of Start-up angels and venture capitalists

In this form of funding, the founder specifically looks for one or more investors to fund his start-up idea.  Private persons with capital and an understanding of how start-ups function have more knowledge to fund and additionally offer support to the start-up with their skills. Being self-employed is ideal not only from a financial standpoint, but it also allows you to gain experience from relations with your investor. A common example for start-ups is the organization “Start-up Angels.”  Through this platform, donors usually participate with, on average, $60,000. However, depending on the start-up model, this number may go into millions.

Funding

It is not possible to finance your start-up through subsidies alone. Grants and profile-raising loans are usually only part of the overall funding. One reason for this is that many grant programs fix the amount of the grant in relation to the amount of your own contribution. If you desire to create a start-up, you must prepare the project so carefully that you are ready to assume the risks on your own. When applying for a loan, if the lender is not convinced of the start-up concept, it will be almost impossible to persuade a government agency to finance it.

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