Worker’s Compensation Insurance Laws in Texas

Posted on December 20, 2020December 19, 2020 by Jennifer Brazer

What about the Employers in Texas who are “Non-Subscribers”?

You may not know it, but in Texas, companies are not required to have insurance that protects their employees if they are injured at work. Some companies have insurance covering any personal injury or property damage that may occur while operating their businesses. Unfortunately, this type of insurance, known as the General Commercial Liability Policy, excludes and does not cover personal injuries (employees and equal contractors). This confuses whether the injured worker will receive benefits.

If you are injured at work, these are the possible scenarios in which you may find yourself:

Your employer does NOT have insurance: Generally, this means that, if you are injured due to your employer’s negligence, you could only sue the owner or the company directly, and depending on how the company was bodily established with the state, you can recover the profits and property of the owner or the company.

Your employer has a General Commercial Liability policy: This type of policy does not cover injuries to employees or contractors. This will be the same as not having insurance.

Your employer is a Texas Workers ‘Compensation subscriber and has insurance to cover damages to employees (TEXAS WORKERS’ COMPENSATION). This means that you will receive benefits. But the compensation rules under the state program are very specific, and you may need help to make sure you are receiving the proper treatment and benefits before you return to work.

Your employer is NOT a SUBSCRIBER of Workers Compensation of Texas (NON-SUBSCRIBER). The company has its insurance plan (not the Texas workers’ compensation program) that provides benefits and covers employees’ injuries while they work. These are employers who are not subscribed to the workers’ compensation program. Several companies have insurance plans that cover injuries to employees. Some examples are:

Stripes
Walmart
Home Depot
Target
HEB
The Michoacana
Kroger
Academy

The process of identifying if you have benefits can be difficult, and many times employers are not willing to cooperate and help discover your benefits. Therefore, if you are injured at work, you must take the appropriate steps to ensure that you have not affected your ability to claim your benefits.

Work Injuries under the Non-Subscriber Plan

Have you suffered an accident at work and do not know if you are getting the medical attention you deserve? You may think that you do not need legal representation right now, but in reality, this is the best time for you to seek legal advice about your rights as a worker before the employer and the insurance company causes you harm or fraud.

Understandably, most injured workers wait until they are at a dead end with insurance adjusters to obtain treatment or analysis and pass important exams before seeking the opinion of a lawyer. By that time, the insurance has been able to delay providing an important treatment that will alleviate your injuries and begin the recovery process sooner.

If you suffered an accident at work, you need to follow the steps below to be aware of the rights you have:

The two steps you should follow if you have suffered an injury at work

Suppose your employer has a Plan of Occupational Injuries No Underwriter (Non-Subscriber Work Injury Plan). In that case, the first step is to hire an attorney to advise their treatment under that insurance plan, and you are sure not omitted any Injury diagnosis procedure. In general, if you are injured because your employer was negligent in training you or failed to provide you with labor or equipment to perform your job safely, you may have a potential claim that must be protected.
Suppose your employer has a Plan of Occupational Injuries No Underwriter (Non-Subscriber Work Injury Plan). In that case, the second step is to file a lawsuit or arbitration to ensure that the time allowed for filing the claim is protected. Your lawyer will handle and make sure that all the evidence necessary to support your compensation claim is gathered.

If you have suffered an accident at work, you should contact a personal or work injury lawyer to trust and understand your needs due to the lack of worker’s compensation insurance in Texas. There is no doubt that you may eventually misunderstand your company’s insurance policy, so you will be in a better position to be well represented when that time comes.

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.

6 Reasons You Should Open a Savings Account with an Online Banking Institution

Posted on December 20, 2020December 19, 2020 by Jennifer Brazer

There is a trend of online-only banking institutions sweeping the Internet. These banking institutions are widely used by people who don’t deal in cash, love convenience, and look to ditch the brick and mortar banks due to lower fees and higher interest gains.

In comparison to the brick and mortar banking institutions, online banks have much lower overhead. These banks don’t have the cost of having branch buildings with leases, utilities, and maintenance costs. And due to the transactions being online, the only employees work customer service in the cases where there are issues that cannot be resolved online.

Because the overhead is lower, these banks are appealing because their fees are much lower or non-existent, where brick and mortar institutions have higher fees due to the need for revenue to pay bills. The other attraction is that many of the accounts, both checking and savings, carry higher-yielding interest rates than the same accounts at brick-and-mortar counterparts.

Since most Americans do their banking online and through apps on their various devices, even with brick and mortar banks, this seems a no-brainer that many people are ditching these banks to opt for online banks, offering them more bang for their buck. Lower fees and higher interest rates on the return are attractions even though they cannot make a deposit if a person has cash. If you are still not convinced you should consider an online banking institution, here are a few reasons you should open high-interest savings account with one.

Emergency Savings Account

If you have no other savings account, you should have an emergency fund. This savings account is solely used to cover you in an emergency or cover your income due to job loss. It is suggested that if you don’t have an emergency fund, you first save $1000 to cover emergencies in the immediate future that may or may not occur. It is further suggested that you save towards six months of income to cover you if you should lose your job. Some experts even suggest that you save up to a year of income if your reason for job loss is something that can take longer to overcome.

Security

Security between brick and mortar banks and online banking institutions is secured by the FDIC or Federal Deposit Insurance Corporation. This entity covers account holders in the bank closing, the bank going bankrupt, or if the bank is held up. However, there is a limit to the amount that will be covered, and online banking institutions are less vulnerable to closure, bankruptcy, and theft since they are not high-cost in overhead. Therefore, an online saving or checking account is preferable.

Protects Money from Overspending

Having a savings account can protect you from your overspending. Putting your money into a savings account outside of your emergency fund will help you grow your money if you have a high-yield account in an online banking institution. It will also have an amount set aside that you are not spending frivolously. Most know that if money is out of sight, it is out of mind, so putting money away money in a savings account will keep you from spending outside your means and putting yourself into debt.

Financial Freedom and Control

Almost every economist or financial advisor will give a layout for distributing your income with the same suggestion that you pay yourself first. The idea is that you have an automatic deposit made from your income where you won’t miss it, and then your remaining income will be used for bills, charity, and other allotments as decided through your budget. This type of handling of your income provides great control of your income and leads to financial freedom.

Possible Purchase or Business Opportunities

Those who have a hefty savings account have disposable income that can be used for the purchase, investment, or business opportunities. If you are a person that is looking for investment or business opportunities, that means you need working capital to participate. If you can make purchases outright instead of on credit, it protects you against possible defaults or high-interest rates on loans.

Conclusion

There are endless reasons you should have a savings account. Here a few were highlighted. You should not need to be convinced that having at least one if not multiple savings accounts is in your best interest. You now understand that you should consider online banking institutions due to their low to non-existent fees and higher-yielding savings accounts.

How to Retain Customers in the Competitive World of E-commerce

Posted on December 20, 2020December 19, 2020 by Jennifer Brazer

Any business that does not prioritize customer service is doomed to failure. Quality products, prestigious brand image, and a good advertisement campaign are wasted if not matched with quality and devoted customer service.

In the world of e-commerce, a satisfied customer is a loyal customer. This customer will buy repeatedly and frequently. Furthermore, satisfied customers can recommend products to their contacts, improving the company’s sales and reputation.

To have satisfied customers, it is necessary to review all processes and activities of the different departments that make up the company (marketing, customer service, production). Then, the company must implement a strategy in which customers are the protagonists. This also applies to online sales.

A good way to know the level of customer satisfaction is to establish several indicators. These include distribution, the degree of response by email, SEO, and SEM positioning, as well as the website’s functionality.

Product Information

It is essential to have a detailed file with information about the product or service in question. Lack of information can generate uncertainty in public. The absence of substantial data will make customers look to other websites in which to make their online purchases. Therefore, accurate data can help attract customers. Thus, it is incredibly important to include product photographs, technical data, instructions on how to use the products, product safety regulations, and reviews from other customers.

Let us not forget the price. This should be clearly stated, indicating the corresponding sales taxes and the amount of shipping costs. Likewise, it is important to display the store’s logo so as not to mislead potential buyers. Taking these steps will ensure a well-presented, accurate information, but not so abundant that it overwhelms the customer.

A very important detail is to give visibility to the shopping cart icon. It is crucial that it is always available, as it facilitates the transaction. We recommend placing the icon in the upper right-hand corner.

Communication with clients

Along with offering a good advertisement campaign to publicize the product, marketing staff should also focus on maintaining a good communication policy with their customers. This should facilitate feedback between the company and the buyers.

Obviously, it’s always nice to get positive feedback. In fact, the aspects that the clients indicate favorably should be promoted. However, it is also essential to consider those negative aspects, which can help correct errors and stay one step ahead of the main competitors.

For there to be true feedback, communication with the client is necessary. Possible options to obtain information about customers’ degree of satisfaction include sending surveys, contacting the customer directly by email, telephone calls from the customer service department, and the resolution of doubts and objections through social networks and forums.

When considering the communication process between the company and its clients, it is important to prioritize keeping reviews active. These comments and their corresponding evaluations help future customers to form a first opinion. Having good reviews will encourage potential customers to try the product. A good way to gain reviews is to ask the customer to leave their ratings and comments regarding the purchase.

Differentiation through small details

They say that details make the difference, and this is also the case in e-commerce. Offering small gifts, discounts, offers, and free shipping costs can be details highly valued by the public and differentiate a company from its competitors.

The way questions are answered, thank you emails, or customer compensation for mistakes or bad experiences also help strengthen relationships.

Another option to consider may be the establishment of a 24-hour customer service line. Also, a complimentary after-sales service or a correct and respectful resolution of doubts can help to attract and maintain customers for life.

All in all, detailed product information combined with capturing marketing campaigns, a functional website, and excellent customer service are essential when it comes to improving the company’s reputation and building customer loyalty in the competitive world of e-commerce.

How Does High Investment Risks Guarantee High Returns?

Posted on December 19, 2020December 19, 2020 by Jennifer Brazer

Holdings, or the contents of an investment portfolio, face hazards from time to time known as investment risks. These risks can be both systematic and unsystematic, and they occur in almost every investment ever made. They even exist in the U.S. treasury!

Some examples of systematic risks include recession, inflation, and other hazards that influence a market. Examples of unsystematic risks include regulatory and default risks. Due to these risks being industry and company-specific, they can be mitigated by diversifying your holdings.

It is important to note that it has been shown, through research and observation, that the lower the risk posed by an investment, the lower the returns that will be received. Almost every investment ever made comes with risks of principle. Some investments are less prone to risk than others. However, the trade-off is less earned income returned.

When the risk involved with an investment is lower, your mind is more at ease because you will not suffer as much of a loss. However, you typically will not gain as much money as you would have with an investment that came with a higher risk. In this situation, your biggest risk is the rate of inflation. For instance, in 2009, according to the measurement made by the Consumer Price Index (CPI), the rate of inflation was 2.5%. Here, the return from an investment was less than 0.5%. The investment was low risk, and therefore the return was even less than the inflation rate. With costs constantly increasing, it is exceedingly difficult to suffer this blow.

Therefore, in order to earn much higher returns in comparison to the amount was invested, you must be ready to make higher-risk investments. Corporate bonds, municipal bonds, and short-term government bonds are some low-risk investments. The returns are consistent and have minimal risk. However, this does not mean these returns will be higher than more risky alternatives.

Speaking of bonds, these are the lowest risk options that a person can invest in. Debt security is where the person making the investment gives the money in the form of a loan to the person issuing the bond. The bond takes the form of the return of the interest income. There are many types of bonds that differ in terms of their risk profiles. Some have higher risks than others. Here are some examples:

Government bonds:

These investments are considered the safest, as the country’s government guarantees you the interest and the principal.

Corporate bonds:

These have more risk than government bonds. With these, the interest and the principal are guaranteed by the company issuing the bond, and the financial status of this company determines the rating.

Municipal bonds:

The state or the city issues this bond. Large infrastructure or any other type of improvement is funded. These bonds are rare, but there are some cases of default on these bonds.

To diversify your portfolio, you may allocate money to both low and high-risk investments to earn higher returns. A mixture of stocks and bonds can be chosen with a medium level of investment risk. Your investments will decrease in value with moderate risk investments. There are still chances of higher long-term returns if you remain steadfast and adhere to your portfolio. More aggression is needed if higher returns are desired. If you invest in a fund that is managed professionally, it is much less risky than when you purchase and hold each individual stock. Taking the risk where it is likely that you will lose everything results in fabulous returns. These are called high yield investments.

Carefully consider the risks involved in an investment and decide if the potential return is worth it. As with any major financial decision, do your research. Once you have studied your options, make the decision that is right for your portfolio and goals!

Detect Corruption in Your Business

Posted on December 19, 2020August 19, 2025 by Jennifer Brazer

Uncover Business Corruption: Effective Detection Strategies

Detecting corruption in business requires a comprehensive approach combining traditional auditing methods, advanced technology solutions, and robust reporting mechanisms to identify fraudulent activities before they cause significant damage. Organizations worldwide lose approximately $3.6 trillion annually to corruption, representing over 5% of global GDP, making effective detection strategies critical for protecting business assets and maintaining operational integrity.

Recent statistics paint a sobering picture: the Association of Certified Fraud Examiners found that organizations lose an average of $1.5 million per fraud case, with 53% of cases showing pandemic-related factors that facilitated fraudulent activities. As the CEO of Complete Controller for over two decades, I’ve witnessed firsthand how corruption can devastate businesses across every sector imaginable. This article arms you with proven detection methods ranging from AI-powered analytics to whistleblower programs, helping you build a multi-layered defense system that protects your organization’s financial health and reputation.

What are the most effective ways to detect corruption in business?

The most effective detection methods include internal auditing, whistleblower programs, data analytics, AI-powered monitoring systems, and behavioral analysis tools
Internal auditing provides systematic examination of financial records and operational controls to identify irregularities
Whistleblower programs expose 43% of corporate frauds compared to only 19% detected by professional auditors
Data analytics and AI systems achieve 87-94% detection rates while reducing false positives by 40-60%
Behavioral analysis identifies deviations from normal patterns that indicate potential corrupt activities

Traditional Detection Methods That Still Work

Internal controls and audit functions remain foundational elements in corruption detection despite technological advances. Organizations with comprehensive fraud training programs experience median losses of $100,000 compared to $187,000 for those without training—a 47% reduction in financial impact.

Internal auditors possess intimate knowledge of organizational operations and vulnerabilities, positioning them ideally to spot suspicious activities early. Modern audit approaches have evolved from periodic reviews to continuous monitoring systems that analyze 100% of relevant data in real-time rather than relying on sample-based assessments.

External auditing provides an additional layer of independent verification, bringing broader industry perspective and specialized expertise. External auditors often identify sophisticated corruption tactics that internal teams might miss due to familiarity bias or organizational blind spots.

The combination of internal and external auditing creates comprehensive coverage addressing both day-to-day operational oversight and periodic independent verification. This dual approach significantly increases the likelihood of detecting corrupt practices before they escalate into major financial disasters.

The Power of Whistleblower Programs

Whistleblowing stands out as the single most effective source for detecting corporate fraud, according to multiple studies spanning decades. A PricewaterhouseCoopers study revealed that whistleblowers exposed 43% of fraud in private corporations, saving shareholders billions of dollars through their disclosures.

The Department of Justice’s 2024 Corporate Whistleblower Awards Pilot Program exemplifies growing governmental recognition of whistleblowing effectiveness. The program offers financial incentives ranging from 10-30% of monetary sanctions collected, plus immunity from prosecution for qualifying disclosures.

Anonymous reporting capabilities have revolutionized whistleblowing effectiveness by eliminating fear of retaliation. Organizations implementing 24/7 anonymous hotlines and online reporting systems see substantial improvements in corruption detection rates.

Key elements of effective whistleblower programs include:

Wide publicity and easy accessibility across all stakeholder groups
Prompt response protocols for investigating credible reports
Strong confidentiality protections and anti-retaliation policies
Clear communication about investigation outcomes
Regular program effectiveness assessments and improvements

Research indicates that awareness of whistleblowing programs matters more than legislation quality alone. Organizations must actively promote their reporting mechanisms and educate stakeholders on proper usage to maximize program effectiveness.

AI and Machine Learning Transform Detection

Artificial intelligence has revolutionized corruption detection capabilities, with 74% of financial institutions already using AI for financial crime detection, according to BioCatch’s 2024 survey. These systems achieve detection rates of 87-94% while dramatically reducing false positives that plague traditional rule-based systems.

Machine learning algorithms excel at processing enormous data volumes to identify subtle patterns human investigators would miss. These systems analyze relationships between accounts, entities, and transactions to uncover hidden connections indicating collusive bidding, money laundering, or bribery schemes.

Deep learning architectures demonstrate particular effectiveness in managing complex fraud patterns:

Convolutional Neural Networks achieve 94% accuracy detecting fraudulent transaction sequences
Long Short-Term Memory networks maintain 91% accuracy identifying temporal fraud patterns
Natural Language Processing achieves 87% accuracy spotting social engineering attempts

Predictive analytics capabilities enable organizations to forecast potential fraudulent activities before they occur. By analyzing historical patterns, current risk factors, and emerging trends, these systems identify vulnerabilities and predict where corrupt activities will likely develop.

The integration of AI with traditional detection methods creates powerful hybrid systems combining rule-based logic’s transparency with machine learning’s adaptive capabilities. This combination addresses both known fraud patterns through predefined rules and unknown schemes through learning algorithms.

Data Analytics and Real-Time Monitoring

Data analytics provides the foundation for modern corruption detection, enabling comprehensive analysis across vast datasets to identify both established and emerging fraud patterns. Contemporary analytics platforms integrate multiple data sources—from internal transactions to external regulatory databases—creating holistic views of corruption risks.

Behavioral analytics focuses specifically on identifying operational pattern deviations signaling corrupt activities. These systems establish baselines for normal behavior then flag suspicious deviations in employee activities, vendor relationships, or customer interactions.

Network analysis techniques map relationships between individuals and entities to expose collusive behavior. Graph visualization technology makes hidden connections visible, particularly valuable for uncovering fraud rings involving multiple participants.

Real-time transaction monitoring represents a critical advancement, enabling immediate detection rather than after-the-fact discovery. These systems analyze:

Transaction patterns, amounts, and frequencies
Geographic anomalies and timing irregularities
Relationship networks and communication patterns
Account behavior changes and velocity shifts

Automated monitoring systems operate continuously without human intervention, analyzing incoming data streams against established parameters and risk profiles. Organizations report that increased fraud detection ranks as the primary AI investment driver for 63% of companies surveyed.

Red Flags and Warning Signs to Watch

Financial red flags provide concrete corruption indicators requiring immediate investigation. Unusual payment structures, particularly involving offshore accounts or jurisdictions with banking secrecy, frequently signal attempts to obscure illicit funds.

Contract irregularities often indicate procurement fraud:

Awards without proper due diligence or competitive bidding
Excessive scope or value compared to market rates
Opaque selection processes lacking transparency
Unusual payment terms or advance payment requirements
Vendor relationships with undisclosed conflicts of interest

Documentation gaps represent another critical warning sign. Missing receipts, unexplained accounting adjustments, or patterns of incomplete records suggest attempts to conceal fraudulent activities.

Behavioral indicators also merit attention:

Employees living beyond apparent means
Reluctance to take vacations or delegate responsibilities
Defensive reactions to routine questions
Unusual working hours without clear business justification
Close vendor relationships lacking professional boundaries

Organizations must establish clear protocols for investigating red flags while avoiding premature accusations. Systematic investigation procedures protect both the organization and individuals while maintaining operational continuity.

Building Your Detection Framework

Creating an effective corruption detection framework requires integrating multiple approaches tailored to your organization’s specific risks and operational context. Start by conducting comprehensive risk assessments identifying vulnerabilities across all business functions.

Implement layered detection strategies combining:

Strong internal controls with clear segregation of duties
Comprehensive employee training on fraud awareness
Anonymous reporting mechanisms accessible 24/7
Regular internal and external audit programs
Advanced analytics and AI-powered monitoring systems

Success depends on creating a culture where ethical behavior is valued and corrupt practices are swiftly identified and addressed. Leadership must demonstrate unwavering commitment to integrity while providing resources necessary for effective detection programs.

Regular testing and refinement keep detection systems effective as corruption schemes evolve. Organizations should conduct periodic assessments, update detection parameters based on emerging threats, and incorporate lessons learned from detected cases.

Final Thoughts

Business corruption poses existential threats to organizations worldwide, but comprehensive detection strategies provide powerful defenses against fraudulent activities. The combination of traditional methods with cutting-edge technology creates robust frameworks capable of identifying corrupt practices across all organizational levels.

Success requires commitment, resources, and expertise to implement and maintain effective detection programs. Many organizations struggle with the complexity of building comprehensive anti-corruption frameworks while managing daily operations.

The experts at Complete Controller understand these challenges and stand ready to help protect your organization’s financial integrity. Our team brings decades of experience implementing detection strategies that safeguard businesses across every industry. Contact us today to discover how our expertise can strengthen your corruption detection capabilities and protect your organization’s future.

Frequently Asked Questions About Detecting Corruption in Business

What percentage of business frauds are detected by whistleblowers versus other methods?

Studies show whistleblowers detect 43% of corporate frauds, making them the most effective detection source. Professional auditors detect only 19% of frauds, while management reviews catch 12%, and internal controls identify 10% of fraudulent activities.

How much can AI reduce false positives in fraud detection systems?

Modern AI-powered fraud detection systems reduce false positives by 40-60% compared to traditional rule-based methods. This improvement significantly decreases the time investigators spend reviewing legitimate transactions flagged as suspicious, allowing focus on genuine threats.

What is the average duration of a fraud scheme before detection?

Fraud schemes typically last 12-20 months before detection, depending on the organization’s controls. Companies with employee fraud training programs detect schemes in approximately 12 months, while those without training average 20 months before discovery.

Which business areas are most vulnerable to corruption?

Procurement and vendor management face the highest corruption risks, followed by financial reporting, sales operations, and executive management. Government organizations experience particular vulnerabilities, with median losses of $150,000 per fraud case at the national level.

How quickly should organizations respond to corruption red flags?

Organizations should initiate preliminary investigations within 24-48 hours of identifying credible corruption indicators. Rapid response prevents evidence destruction, limits ongoing losses, and demonstrates organizational commitment to integrity, which encourages further reporting of suspicious activities.

Sources

Association of Certified Fraud Examiners (ACFE). (2024). “Report to the Nations: 2024 Global Study on Occupational Fraud and Abuse.”
BioCatch. (2024). “AI Fraud Financial Crime Survey 2024.”
Commonwealth Secretariat. (2023). “The Economic Cost of Corruption: A Global Analysis.”
Federal Bureau of Investigation (FBI). (2024). “Internet Crime Report 2024.”
PricewaterhouseCoopers. (2023). “Economic Crime Survey 2023.“
U.S. Department of Justice. (2024). “Corporate Whistleblower Awards Pilot Program Guidelines.”
Mastercard. (2024). “Global Fraud Detection Survey.”

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

Jennifer Brazer Founder/CEO

Jennifer is the author of From Cubicle to Cloud and Founder/CEO of Complete Controller, a pioneering financial services firm that helps entrepreneurs break free of traditional constraints and scale their businesses to new heights.

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Discover How to Generate Passive Income in the Digital World

Posted on December 19, 2020December 19, 2020 by Jennifer Brazer

These days, many people have passive income (also referred to as “side-hustles”), which allows them to save, splurge and even plan for retirement! While this may sound like the ideal situation, finding additional revenue ideas may prove to be harder than you think. To better understand the logistics of passive income and to get some new ideas, read on!

Passive income involves generating revenue automatically without exerting any additional time or money. Once the source is established, it should continue to provide income without depleting your resources.

Passive income is divided into two types. The first involves money generating money, regardless of redundancy. For example, establishing returns or interest generated by an investment in the stock market or a Collective Investment Fund (FIC). The second does not depend on the capital you own; it is obtained from creating a product or service that lasts over time and becomes an automatic source of income, such as owning a restaurant.

Why Should You Invest in A Collective Investment Fund?

The Internet has proven to be an infinite source of ideas for passive income. The following are some of these ideas explained. Welcome to the digital world.

Photographs and graphic pieces: Are you a good photographer? There are image banks that receive photographs and graphic pieces. Customers can buy these images while you receive a percentage of the profit.
An online course: This will require your effort only once. You can structure your class and upload it to a web platform that interests you. From there, those who wish to learn must pay to see it.
Publish an audiobook: If you know a lot about a subject, turn that knowledge into money and record an audiobook. You can upload it to platforms such as iTunes or Audible. If the content is well-researched and clearly stated, customers will buy it.
Publish eBooks: The most popular option is to publish an eBook on Amazon. Almost half of the best-selling books on Amazon are self-published.
Social trading: This refers to an investment system that replicates the movements of the largest experts in the stock market. This increases profits, although it is important to note that this system is prone to fluctuation.
Create audio tracks or jingles: Are you a musician? Spend some of your time and talents, creating jingles and audio tracks and upload them to Sound Cloud, Audio Socked, or Song Freedom. Consumers may download them, generating royalties paid to you.
Invest in Crowdfunding organizations: These are platforms where people with business ideas seek resources to finance their ventures. If you are smart and well-researched with your choices, you can receive profits from these investments. You can also serve as a lender to entrepreneurs. Briq, Financial Borrower, Kickstarted, or Inedogogo are some examples of these platforms.

All these examples have something in common: they require a unique effort. Once you have a service or product to offer, it can be monetized without continuing to work on it.

Experts recommend avoiding being persuaded by “easy money.” The best way to reap big benefits from a business that provides passive income is to plan wisely and carefully. Continuing to pursue your current source of income will relieve the pressure of needing immediate results.

All in All

In conclusion, everyone would love to generate more money with minimal effort. It is important to remember that knowledge is worth money; so, what is your specialization? Figure that out and then stick to that area and work your business ideas around it. Also, welcome the digital world; it is the future. Good luck!

Increase Your Accounting Efficiency

Posted on December 18, 2020December 17, 2020 by Jennifer Brazer

There are various tools and techniques designed to increase a company’s account efficiency. In a business sense, the term efficiency refers to the level of performance required for an output corresponding to the most minimal effort. The innovative technology used today has opened many gateways through which you can increase your methodology. One example of this technology is Quickbooks. Quickbooks is a unique software for accountants to improve their accounting skills and efficiency.

When it comes to increasing your accounting efficiency, having the right tools and techniques is vital to steer your efforts in the right direction. With new accounting software being released almost daily, check out our tips to choose the one that fits your unique needs.

The Many Benefits of Accounting Software

In our ever-advancing world, accounting software is consistently improving to help corporate and trade sectors. This software aims to cut downtime and expenses previously spent on manual bookkeeping. However, having the latest and greatest in accounting software comes at a price. It is important to consider the benefits of this software and decide if it makes sense for your business.

Accounting software reduces the time spent on bookkeeping and promotes proficiency in the process. As technology advances, this software has improved in great proportions to encourage security. Accounting software has several features that ensure secured, updated, and accurate bookkeeping. For instance, QuickBooks is a highly advanced accounting software that can be customized to fit any company’s unique accounting standards. Consider the different features found in different accounting software mentioned below.

Features

Accounting software is easy to use.
It eases the process of accounting for an accountant without replacing them.
Easily customizable.
Shares data fluidly with other applications like Microsoft etc.
You can find the feature of online payment. Programs like these allow users to upgrade billing and payments processes through credit cards or simply by bank transfers.
The software allows the user to track cash in and cash out data.
You can easily make any invoices you want without much hassle.
Unpaid charges are separate from the customer.
Invoices can easily be double-clicked to provide complete detail of different accounting activities.
When tax season rolls around, the read-only login and access are given to the accountant to obtain data and prepare the forms.
One accounting software is mostly compatible with the other. For example, Quickbooks is compatible with ‘TurboTax’ software when it comes to generating tax reports.

With these features being so user-friendly, the accountant using them can exponentially increase their accounting efficiency. Amid COVID, companies are looking to cut costs in whatever way possible to focus on their projects and inventory. While this fact remains understandable, it is important to focus capital investing on accounting software that will cut costs in the long game.

Accountants require resources to increase their efficiency. Since the finance department is quite crucial for any company’s survival, it is recommended to strengthen this department as much as possible. However, with accounting software now so readily available, you can easily enhance your accounting efficiency and enjoy a hassle-free accounting method.

Conclusion

When it comes to bookkeeping, accounting software is an easy and innovative way to save on time, money, and effort. Consider investing in one even if you own a small or a medium-sized firm. In case you are still reluctant due to the price, just remember that it is an investment today that will save you time and money tomorrow. The benefits it provides are innumerable, making the software absolutely worth its price.

9 Businesses You Can Start for Little to No Money

Posted on December 18, 2020December 15, 2020 by Jennifer Brazer

With the economy constantly changing, more and more people are looking into starting their own business either to use as a primary income or a side hustle. In many cases, people looking to start a business like this don’t have the capital to start it with and need to launch right away. Here are nine businesses you can start with little to no money.

House Cleaner

Being a house cleaner isn’t as easy as it is a very physical job. However, if you can handle the physical activity required, it is a job you can start doing almost immediately. You may need a little money to run ads on online classifieds such as Craigslist or other sites like it. House cleaning can pay pretty well, and you have control over how many jobs you take on, whether a regular gig or a one and done cleaning.

Pet Sitter

Many working people have difficulty having a pet due to the care they require. If this is the case, a person may want to hire a person to care for their pets while they are at work or out of town. A pet sitter will be responsible for feeding, walking, and giving them attention. They may also be responsible for taking them to the vet or administering medications as needed. Starting a pet sitting business will require running ads, which in some cases may cost a nominal fee.

Running Errands

Disabled and elderly people often need help with errands. A person who runs errands may go grocery shopping, get prescriptions, or pick up other items the client may need. In some cases, they will also be asked to take the person to appointments or on errands with you. This is another job that requires running ads to start, which can be done for little to no cost.

Become an Affiliate

Affiliates will help websites and products with promotion and make money when those promotions lead to sales. You can promote products on your blog or social media platforms. You can also add links to the videos you produce. There are several ways you can promote the products, services, or sites for little to no cost.

English or Language Teacher

If you speak another language, you can tutor or teach online courses. You can also teach English as a second language to those from other countries wanting to learn English. You can use websites to promote the business for little to no cost or set up your own site to offer services that can be done for free.

Business Page and Social Media Management

Some many businesses or individuals don’t have time to run their social media or business pages. You can offer your services to post for them, write blogs, create interesting content throughout the day, and keep all platforms and pages current. While customers or potential clients would like to interact with the owner of the account directly, you are acting on their behalf. You can run ads or post on business sites offering your services for little to no cost.

Consultant

There are different types of consultants. Most people have an area they know a lot about and can consult others to help them improve. Business consultants can help a business become more successful. A beauty consultant can help someone with makeup or clothing. The possibilities are endless, depending on what you find passion in and believe you can help people improve.

Tour Guide

If you live in an area that receives many tourists, you can become a tour guide. You can advertise on tour and travel sites. You can offer tours that are planned and set in schedule or offer a concierge tour that will be tailored to your clients’ desires. You can also do specialty tours such as ghost tours or other interesting hidden gems. The possibilities are as far as your imagination can take you.

Tutor

If you have an area of academics in which you are strong, you can offer to tutor. Tutoring can be done in person or online. With today’s technology, this will open up your client base. If you are strong in multiple areas, you can offer different options for students in need of help. You can also create an online course that people can take at their own pace.

Worker’s Compensation Insurance for Small Businesses

Posted on December 18, 2020December 15, 2020 by Jennifer Brazer

Most states require workers’ compensation insurance, as employers are required by law to purchase this insurance on behalf of their employees, as part of a remedy that is exclusive to the employee in the event of workplace injuries.

However, despite being mandatory in many states, selling is different from state to state. Since most of them allow the sale of these insurances by private companies provided they meet the state’s financial requirements, some states do not allow this practice.

Therefore, each state maintains its regulatory agency that is commonly known as the Office, and its specific functions also vary according to each state, thus dividing itself into monopolistic states and NCCI states.

Monopolistic States and Worker’s Compensation Insurance

Five monopolistic states prohibit the sale of worker’s compensation insurance by private insurers since it must be purchased through a state fund. These are the monopolistic states that makeup Wyoming, Washington, Ohio, and North Dakota. In these states, the state fund performs many of the functions of NCCI offices.

NCCI (National Council on Compensation Insurance) States

The NCCI states subscribe to the National Council on Compensation Insurance and allow private insurers to sell the insurance. Although each of the states operates with its own office and performs several administrative and specific functions, they differ from one state to another. In many states, the NCCI handles the qualification of the experience, develops and maintains the classification system, and creates and publishes the forms and endorsements that the insurers use to issue the insurance policies’ policy.

Independent States

The independent states are eleven, and they do not subscribe to the NCCI (National Council on Compensation Insurance.) They are Wisconsin, Pennsylvania, North Carolina, New York, Massachusetts, Indiana, Michigan, Delaware, and California. These states allow private insurers to sell insurance and use their classification system that often resembles those developed by the NCCI.

Worker’s Compensation Insurance in Texas and Oklahoma

Texas and Oklahoma are the only states that do not require insurance by ls employers but are obligated to buy it if they make a contract with the government. If employers do not buy insurance, they lose important defenses when establishing a judgment by the employers. For example, they cannot defend themselves if the injury has to do with the employee’s negligence or the co-worker who caused the worker’s injury. Therefore when losing a claim, uninsured employers may be liable for punitive damages.

In Oklahoma, a law was passed that allows employers to waive insurance because they can opt-out of benefits. However, it is an opt-out law that is still uncertain.

Major Insurance Companies of Worker’s Compensation Insurance

As for the largest workers’ compensation insurance insurers, Travelers and Hartford initially generated an important premium, but other providers that can be considered leading are Zurich Insurance Group, Am Trust Group, and AIG.

Major insurers cover various lines from small specialties to state insurance funds, such as Travelers, AIG, Zurich and Hartford are some of the largest insurers in the United States that provide a wide variety of insurance coverage most also sell insurance through independent agents.

In the case of Am Trust, it specializes in workers’ compensation and package policies for small and medium enterprises operating in the United States with its headquarters in New York. Other workers ‘compensation specialists are Employers Insurance and Texas Mutual, which offer workers’ compensation coverage and no other insurance type. In the case of Texas Mutual, it only sells policies to employers in Texas, while Employers Insurance covers two-thirds of the states and focuses on small businesses.

Worker’s Compensation Insurance for Work Accidents

Keep in mind that Workers’ Compensation insurance is an insurance policy that helps cover expenses to a worker when they are injured at work. The insurance covers medical care, medical treatments, assists them economically if you need physical therapy, and can also physically prepare you with techniques to return to work.

Work Accidents

Work accidents can cause a wide variety of illnesses, injuries, and injuries, affecting employees of all kinds of professions. Some accidents can be very serious, and employees can end up disabled, disabled, or dead. Well, some common accidents at work can be injuries to the back, fractured bones, tears, shoulder injuries, kneecap injuries, knee injuries, carpal tunnel syndrome, hand, wrist, and elbow injuries, the ankle and foot, amputation, paraplegia, quadriplegia and can also be a fatality in a work accident having been diagnosed brain death by a head injury.

The truth is that every worker who is injured at work is entitled to a reward, but the legal procedures to file a claim are quite complex.

Benefits of the Worker’s Compensation System

The benefits granted by the worker’s compensation tank are several. Among them, the recovery of lost wages due to the injury stands out since the workers can begin to receive the monetary and medical benefits immediately whenever you are eligible for the benefits. It is also beneficial to reimburse the medical bill since the employer will pay for the medical care related to the injury claim. Therefore the employee benefits economically from a disability.

Comparison of Credit Cards for Freelancers

Posted on December 17, 2020December 15, 2020 by Jennifer Brazer

A freelancer is a self-employed person who is hired by companies to work on specific assignments. These individuals may often work for multiple clients at one time and usually make money on a per-job basis. However, they may charge hourly or daily rates, depending on the nature of the work.

Financial institutions are aware of the current needs of freelancers and offer products and credit cards specifically targeting these professionals.

American Express Business Card: charges an annual fee of $97 (with the first year costing around $50) and gives access to a network of American Express customer service employees with special offers and advantages. The card also provides access to the Membership Rewards Club Program, through which the cardholder accumulates points that can be redeemed for prizes. Membership in this program is also accompanied by access to the Business Travel Unit.

American Express is also the Business Gold Card, which has an annual fee of approximately $160 (with the first year costing only $79). This card offers advantages on international flights through the International Airline Program. Both cards come with fraud protection insurance, purchase return insurance, and shopping break insurance.

Professional Mastercard: the first year is free (when you sign up online), and then a renewal fee of $40 is subsequently charged (this may be waived if annual spending exceeds $2,500). The advantages of this card offer a 2% discount in the Repsol Group and a 12% discount for hotels booked through Hotelopia. This card includes accident insurance and access to Star Rewards (cashback).

Capital One also offers a card geared especially towards self-employed workers. Known as the Mastercard Executive Card, it offers the same advantages as the previously mentioned card. The first year is free if you sign up online, and every following year is approximately $97. The card comes with accident and travel assistance insurance and offers 2 Star Rewards points for every $8 spent.

Banco Popular Professional Card: with an APR of 21.55% and a TIN of 1.64%, this card, exclusively for freelancers, does not charge an enrollment fee. However, it does charge an annual renewal fee of $50. With this card, the holder gains access to a series of specialized insurance (for example, lost card, traffic fines, and home assistance). The card also includes temporary work disability and accident insurance and travel assistance for up to $700,000 of coverage. It also provides a 2% discount on fuel.
Santander Business Card: with an APR of 19.56% and a TIN of 1.50%, this card charges an enrollment fee for the first year and a renewal fee of approximately $73. It offers a 1% discount on fuel and includes several related insurances (accidents, purchases, travel assistance, multi-assistance, and fraudulent use).
Bank Credit Professional Card: This card has no registration or maintenance fee if the client has contracted their services without commission for micro and independent businesses. However, usage must exceed $6,000 per year. The is no registration fee, and the maintenance fee is also waived if the client has contracted the service without commissions for micro and independent businesses or if the amount spent exceeds $6,000. In addition, it is always free from the third beneficiary card. Each time the cardholder buys with the card, they automatically receive points that can be exchanged for gifts. Also, it offers a 2% discount at gas stations and includes accident insurance and travel assistance insurance.

All in All

We here at Complete Controller rarely make blanket statements, but we will make an exception. It is essential that freelancers seriously consider a business credit card. We look at it because you are essentially throwing away money by not taking advantage of the benefits available through these various card programs. Set yourself up for success by researching each card, weighing the pros and cons, and applying for one that fits your specific needs.