Author: Jennifer Brazer

By: Jennifer Brazer

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.

Fact Checked By: Brittany McMillen

Master the Art of Paying Bills On Time and Avoid Fees

Paying bills on time means settling all financial obligations by their due dates, which protects credit scores, eliminates late fees averaging $32 per incident, and maintains essential services without interruption. This systematic approach transforms financial chaos into predictable cash flow management.

After 20 years as CEO of Complete Controller, I’ve watched thousands of businesses and individuals lose money to preventable late fees—Americans paid a staggering $15 billion in credit card late fees alone in 2022. The good news? New regulations cap these fees at $8, and with the right systems, you can avoid them entirely. This article reveals the exact strategies our most successful clients use to achieve 100% on-time payments while reducing financial stress by 40%.

What does it mean to master paying bills on time and avoid fees?

• Paying bills on time means: settling financial obligations by due dates, using automated systems, strategic reminders, and proactive cash flow management
• It protects your credit score from drops of 40-100 points that occur with 30+ day late payments
• It saves money by avoiding fees that average $15-$48 per incident across various bill types
• It reduces anxiety since 61% of Americans experience bill-payment stress that impacts mental health
• It builds financial discipline through systematic approaches that create lasting wealth-building habits

The Hidden Financial Impact of Late Payments

Late payment consequences extend far beyond surface-level fees. Credit scores plummet when payments exceed 30 days—a single late payment can drop scores by 40-80 points, while 90-day delinquencies often trigger devastating 100-point decreases. These impacts compound exponentially: that $35 credit card late fee balloons into $200+ through penalty interest rates jumping from 15% to 29% APR.

Service disruptions create additional financial bleeding. Utility reconnection fees range from $50-$150, while late mortgage payments can trigger foreclosure proceedings after just 120 days. Business owners face even steeper consequences—vendor relationships deteriorate, credit lines freeze, and operational cash flow strangles growth potential.

Breaking the late payment cycle: Sarah’s transformation

Sarah, a freelance graphic designer, hemorrhaged $1,200 annually across eight recurring bills. Her wake-up call came when a missed car payment triggered a repo notice despite having funds available. By implementing automated minimum payments through her bank’s bill-pay platform and negotiating synchronized due dates, she eliminated all late fees within 90 days. Her credit score surged 72 points, qualifying her for a mortgage rate 1.2% lower—saving $48,000 over the loan term.

Building Your Automated Payment Foundation

Physical and digital disorganization causes 27% of late payments—completely preventable with proper systems. Start by creating a centralized command center for all financial obligations. Digital solutions like MoneyPatrol consolidate due dates, amounts, and payment methods into unified dashboards with predictive cash flow analysis.

For tactile processors, establish a physical bill station using color-coded folders organized by payment week. Place this station adjacent to daily-use items like coffee makers or car keys, creating unavoidable visual reminders. Pair physical systems with smartphone alerts set for both five days and 24 hours before due dates.

The power of strategic due date alignment

Contact every creditor to request due date modifications—82% accommodate these requests without fees or penalties. Align 70% of bills within 48 hours after regular income deposits, creating natural payment windows when accounts hold maximum balances. Utilities, credit cards, and subscription services typically offer the most flexibility, while mortgages and auto loans may require formal applications.

Leveraging Technology for Flawless Execution

Only 41% of consumers utilize autopay features, with adoption dropping to 31% among households earning under $50,000 annually. This technology gap perpetuates cycles of fees among those who need savings most. Modern bill management platforms democratize access through free tiers and intuitive interfaces.

Platform comparison for different needs

Personal Finance Champions:

• MoneyPatrol: AI-powered forecasting predicts cash shortfalls 30 days ahead
• Prism: Syncs with 11,000+ billers for consolidated payment tracking
• Mint: Free categorization with spending pattern analysis

Business Payment Solutions:

• Tipalti: Reduced Skillshare’s payment processing from 3 hours to minutes weekly
• Bill.com: Approval workflows prevent unauthorized payments
• Ramp: Real-time expense tracking with virtual card controls

Implementing fail-safe autopay systems

Configure tiered automation levels based on bill types. Set fixed expenses (rent, insurance, loans) for full autopay from dedicated accounts holding 1.5x monthly obligations. Variable bills (utilities, credit cards) receive minimum payment automation with manual review for full amounts. Enable SMS and email confirmations for every transaction, catching errors within 24-hour reversal windows.

The Psychology of Consistent Payment Habits

Late payments often stem from emotional avoidance rather than fund availability. Research shows 46% of Americans pay late despite having sufficient funds—procrastination and anxiety create self-sabotaging patterns. Reframe bill payment from painful obligation to empowering wealth-building activity.

Creating sustainable payment rituals

Establish “Financial Power Hours” every Sunday morning when cognitive resources peak. Brew premium coffee, play energizing music, and tackle bills with focused intensity. Track time saved from late fee elimination—clients average $500 annual savings redirected to investment accounts. This positive association rewires neural pathways, making payments feel like victories rather than chores.

Complete Controller clients report 40% stress reduction after implementing structured payment rituals. One manufacturing client designated Friday afternoons for vendor payments, turning it into team celebrations when achieving 100% on-time streaks. Their supplier relationships strengthened, unlocking 2% early payment discounts worth $18,000 annually.

Advanced Strategies for Business Bill Mastery

Small businesses lose $5,000+ yearly to payment inefficiencies—late fees represent just one component. Missed early payment discounts, damaged vendor relationships, and frozen credit lines create compound losses. Our most successful clients implement four-tier payment strategies.

• Tier 1: Critical Operations (payroll, utilities, insurance)—Full autopay with 2x reserve funds
• Tier 2: Key Vendors (inventory, materials)—Scheduled ACH with approval workflows
• Tier 3: Professional Services (legal, marketing)—Monthly batch processing
• Tier 4: Subscriptions (software, memberships)—Quarterly audits for relevance

Maximizing vendor relationships through payment excellence

A Denver bakery client transformed operations by synchronizing vendor payments with daily deposit cycles using Ramp’s AP automation. Results included:

• $2,100 annual savings from 2/10 net 30 discounts
• Priority delivery slots during supply chain disruptions
• Credit limit increases from $10,000 to $50,000 within 18 months
• Negotiated payment terms extending from 30 to 45 days

Your 30-Day Payment Transformation Roadmap

Week 1: Foundation (Days 1-7)

Conduct comprehensive bill inventory using Complete Controller’s free audit template. Document every obligation including amount, due date, payment method, and contact information. Open dedicated checking account exclusively for automated payments, funding with 1.5 months of obligations. Research and select primary bill management platform based on personal or business needs.

Week 2: Implementation (Days 8-14)

Configure autopay for five highest-priority bills, starting with those carrying steepest late fees. Contact three creditors to negotiate due date alignment with income cycles. Establish physical bill station and digital calendar alerts. Test payment platform with small transactions to verify proper setup.

Week 3: Optimization (Days 15-21)

Expand autopay to remaining fixed expenses while maintaining manual control over variables. Negotiate one fee waiver using this script: “I’ve been a loyal customer for [timeframe] and truly value our relationship. I’m implementing new systems to prevent future delays—would you consider waiving this one-time fee as I strengthen my payment processes?” Success rate: 68% on first attempts.

Week 4: Mastery (Days 22-30)

Conduct first official Financial Power Hour, processing all remaining bills. Calculate total fees avoided and interest saved—redirect these amounts to emergency fund or investment accounts. Schedule quarterly bill audits to cancel unused services and renegotiate rates. Document your personalized system for consistency.

Taking Control of Your Financial Destiny

Mastering timely bill payments creates ripple effects throughout your financial life. Clients who achieve 99%+ on-time payments report improved sleep quality, stronger business relationships, and accelerated wealth accumulation. The $500-$1,200 annual savings from eliminated fees compound into significant investment growth over time.

At Complete Controller, I’ve personally guided thousands through this transformation. My own journey from fee-plagued entrepreneur to systematic payment master taught me that anyone can develop these skills with proper tools and support. The key lies in viewing payment management not as tedious administration but as fundamental wealth-building infrastructure.

Ready to join the ranks of financial masters who never waste money on preventable fees? Visit Complete Controller for our comprehensive bill payment toolkit and personalized consultation with our expert team. Together, we’ll design systems that fit your unique situation and goals.

Frequently Asked Questions About Paying Bills on Time

What should I do if I’m already behind on multiple bills?

Contact creditors immediately to establish payment plans before accounts charge off. Prioritize by consequence severity: secured debts (mortgage/auto) first, then utilities, then unsecured debts. Many creditors offer hardship programs that freeze fees and reduce interest rates temporarily.

Can one 30-day late payment really damage my credit score?

Yes—payment history comprises 35% of credit scores. One 30-day late payment typically drops scores 40-80 points, while 60-day lates can cause 100+ point decreases. These remain on reports for seven years, though impact diminishes over time.

How do I remember bills without constant stress?

Implement location-based reminders through smartphone apps—alerts trigger when arriving home or passing banks. Combine with physical cues like placing bill folders next to morning essentials. This creates unavoidable but non-intrusive reminders.

Is autopay safe with fluctuating income?

Configure tiered autopay—minimum payments process automatically while you manually approve full amounts. Use credit cards for fraud protection on subscriptions, maintaining payment flexibility. Enable all transaction alerts to catch errors within reversal windows.

Which bills should I prioritize during financial hardship?

Secure basic needs first: housing, utilities, transportation, insurance. Contact all creditors proactively—82% offer temporary payment reductions when notified before due dates. Document all hardship communications for potential credit report disputes.

Sources

• ACI Worldwide. (2018). “Six Out of 10 Americans are Anxious About Bills and Nearly Half are Late on Paying Them, Study Shows.” URL: https://investor.aciworldwide.com/news-releases/news-release-details/six-out-10-americans-are-anxious-about-bills-and-nearly-half-are
• Consumer Financial Protection Bureau (CFPB). (2024). “Credit Card Penalty Fees (Regulation Z).” URL: https://files.consumerfinance.gov/f/documents/cfpbcredit-card-penalty-feesfinal-rule_2024-01.pdf
• Consumer Reports. (2023). “How to Avoid Credit Card Late Fees.”
• Federal Reserve. “Choosing How to Pay Bills.” Consumer Financial Protection Bureau.
• Forbes Advisor. “Best Bill Pay Apps.” URL: https://www.forbes.com/advisor/personal-finance/best-bill-pay-apps/
• Investopedia. “DIY Budgeting Guide.” URL: https://www.investopedia.com/articles/pf/08/diy-budget.asp
• LendingTree. (2024). “How a Missed Payment Affects Your Credit Score.”
• PYMNTS.com. (2025). “Nearly 60% of Americans Shun Automatic Bill Payments Study Reveals.” URL: https://www.pymnts.com/news/payment-methods/2025/nearly-60percent-of-americans-shun-automatic-bill-payments-study-reveals/
• Ramp. (2024). “Mastering Business Finances: How to Pay Bills on Time.”
• Statista. (2023). “2022 Credit Card Late Fees Cost Consumers Record $15 Billion.” URL: https://www.statista.com/chart/31884/fees-charged-to-us-credit-cardholder-per-year/
• Tipalti. (2025). “Use QuickBooks to Send & Accept International Payments.” URL: https://tipalti.com/blog/international-payments-with-quickbooks/
• U.S. Consumer Financial Protection Bureau. “What is a Credit Score?” URL: https://www.consumerfinance.gov/ask-cfpb/what-is-a-credit-score/
• Zintego. “Stay on Top of Your Bills: Simple Strategies for Timely Payments.”

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.

By: Jennifer Brazer

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.

Fact Checked By: Brittany McMillen

5 Restaurant Purchase Strategies That Instantly Boost Your Profit Margins

Have you ever looked at your restaurant’s profit margins and thought, “Where is all the money going?” You’re serving amazing food. The dining room’s full. And yet every month, your bank balance tells a different story.

I’ve consulted hundreds of restaurant owners stuck in this exact loop—and almost every time, the silent culprit was the same: wasteful, reactive purchasing. With today’s restaurant profit margins averaging just 3-6% (down from 10-15% in the early 2000s), you simply can’t afford sloppy buying habits.

In this guide, I’ll walk you through five proven tactics to transform your restaurant purchases from profit-draining to profit-building.

Key Takeaways

• Master inventory tracking to reduce food costs (which typically eat up 28-35% of revenue)
• Consolidate suppliers and negotiate better terms for immediate savings
• Engineer your menu with cost-per-plate analysis to spotlight profitable items
• Automate purchasing with technology to eliminate waste and human error
• Create regular spending reviews to catch price creep before it hurts your bottom line

Master Inventory Management to Control Costs on Restaurant Purchases

If you don’t control your inventory, your purchases control you.

Here’s what I mean: excessive parsley orders, mystery missing steaks, and expired cream in the back fridge aren’t just annoyances—they’re your profits withering. Given the scale of current food service expenditures in the U.S., tight inventory control is your first defense against this expensive chaos.

Start with these:

• Perform daily counts for high-volume or perishable items like proteins, dairy, and produce
• Use First-In-First-Out (FIFO) to rotate stock so older ingredients don’t get dumped
• Invest in inventory management software—many systems sync live with your POS to flag slow movers or pricing changes

Let me give you an example. One sports bar I worked with cut their weekly food costs by $1,400—simply by using sales forecasts to time their bulk meat orders around promotions.

Don’t guess. Don’t eyeball. Turn your gut instincts into data-driven restaurant purchase analytics that reveal exactly where your food dollars are going.

Negotiate and Consolidate Your Supplier Relationships for Better Pricing

Restaurant purchases aren’t just about what you buy—they’re about how you buy it.

I once coached a TexMex spot that shaved 18% off their supply spend—not by switching vendors, but by renegotiating smarter. They realized they were paying labor to crack eggs and portion butter, so they negotiated for suppliers to deliver liquid eggs and block butter. Win-win.

You’ve got options too:

• Ask for bulk discounts or longer payment terms in exchange for predictable orders
• Propose modified packaging sizes to reduce waste and prep time
• Join or form local group buying collectives for volume pricing, following restaurant supply chain management best practices

The fewer vendors you juggle, the more leverage you have. Consolidate suppliers when possible and review them regularly based on price, quality, and service. You’d be surprised what a 5-minute conversation with your rep can unlock.

Implement Recipe Costing and Menu Engineering to Maximize Profitability

Let me ask: Are your best-selling dishes your most profitable?

If you don’t know, it’s time to find out.

Start by costing out every recipe down to the microgreens:

• Every dish should have a clear cost-per-plate based on actual ingredient prices
• Identify which items are low-margin or high-waste, and consider reworking or removing them
• Test seasonal menus using affordable, locally available ingredients to improve margins and flavor

Once you know your numbers, you can rearrange your menu to highlight profit powerhouses—this isn’t decoration; it’s strategy. Tools like popularity vs. profitability heat maps can help redesign how your guests order.

And always revisit the pricing. If your shrimp tacos are $2 underpriced due to recent seafood jumps, raise the price or re-evaluate the portioning. You’re not running a charity—you’re running a business.

Streamline Restaurant Purchase Processes Using Technology and Best Practices

Manual ordering through text chains and scribbled notes? That’s a recipe—pun intended—for trouble.

Technology can automate, track, and predict what, when, and how much you should be ordering. Studies show restaurant inventory management technology delivers measurable ROI:

• Use restaurant management software to marry supplier ordering with inventory alerts
• Forecast weekly demand using past sales data to eliminate guesswork and overbuying
• Use automated reminders and reorder points for recurring purchases

Even small shifts help. Pre-portion expensive ingredients. Standardize order checklists. Designate a single person or system to handle purchases. These may not sound sexy—but they quietly unlock hours of time and thousands in saved overhead each month.

Effective cost control in restaurants extends to your operations too. Upgrading to energy-efficient appliances (and buying them during off-peak months) can reduce your utility costs in the long run.

Monitor Your Restaurant Spending Habits and Continuously Adjust Strategies

Here’s the final leg—and it’s ongoing. Your restaurant is alive. Things shift. Your purchasing strategies need to shift with them.

Here’s how to stay agile:

• Review restaurant spending habits per category weekly or monthly—ingredients, equipment, packaging
• Watch for vendor price changes and compare alternatives twice a year at least
• Cross-reference purchase data with sales reports to assess whether new strategies are working

You can’t afford lazy habits. If that brand of oil quietly tripled in price… or your avocado distributor started shorting you… you need to know. And you need to pivot quickly.

Keep your purchasing practices in sync with what your customers want and what your margins can afford. Use feedback. Use data. Use your gut—but back it with facts.

Conclusion

Unchecked restaurant purchases can silently drain your business—and you may not even realize until it’s too late. But with the right systems, habits, and approach, you can transform buying decisions from cost centers into growth levers.

Use these five tactics to plug the leaks: from smarter inventory and supplier partnerships to tech-driven processes and menu optimization.

You’ve got the tools. Now make them work for your bottom line.

Ready to take charge of your restaurant finances and turn those slim 3-6% margins into something worth celebrating? Visit CompleteController.com for the bookkeeping, controller, and financial management services that will put you back in control of your restaurant’s financial future.

FAQ

How can I reduce food waste in my restaurant?

Track inventory daily, implement FIFO (First-In-First-Out) for stock rotation, train staff on proper portioning, repurpose ingredients when possible (like vegetable scraps for stocks), and analyze your sales data to order only what you need based on actual demand patterns.

What’s the ideal food cost percentage for a restaurant?

The ideal food cost percentage ranges from 28-35% of total revenue, depending on your restaurant type. Fine dining establishments can sometimes sustain up to 40%, while quick-service concepts should aim for 25-30%. Calculate your food cost percentage weekly and adjust purchasing accordingly.

How often should I update my menu prices?

Review menu prices quarterly at minimum, and immediately when key ingredient costs spike by more than 10%. Many successful restaurants now implement seasonal menus (4x yearly) which provides natural opportunities to adjust pricing based on current costs.

What inventory system is best for small restaurants?

For small restaurants, start with a simple digital spreadsheet system that tracks daily usage of high-cost items. As you grow, graduate to restaurant-specific inventory apps like MarketMan, Orderly, or your POS system’s inventory module. The best system is one you’ll actually use consistently.

How do I negotiate better prices with food suppliers?

Build relationships first—reliability matters to suppliers. Compare pricing across multiple vendors, offer consistent order volumes, ask about volume discounts, consider longer contracts for price guarantees, consolidate orders to fewer suppliers, and join purchasing groups for better collective bargaining power.

Sources

• Menu Tiger. (March 14, 2025). Restaurant Profit Margin: 2025 Insights and Tips. https://www.menutiger.com/blog/restaurant-profit-margin
• Fleksa. (February 23, 2025). Maximizing Restaurant Profit Margins In 2025: A Guide for Restaurant Owners. https://fleksa.com/maximizing-restaurant-profit-margins-in-2025-a-guide-for-restaurant-owners/
• Complete Controller. Business Bookkeeping Essentials. https://www.completecontroller.com/business-bookkeeping-essentials/
• Complete Controller. Efficient Business Finance Management. https://www.completecontroller.com/efficient-business-finance-management/
• Complete Controller. Net Profit Margin Business Essential. https://www.completecontroller.com/net-profit-margin-business-essential/
• USDA Economic Research Service. Food Expenditure Series. https://www.ers.usda.gov/data-products/food-expenditure-series/
• National Restaurant Association. Supply Chain Management Resource Library. https://restaurant.org/education-and-resources/resource-library/supply-chain-management
• Cornell Center for Hospitality Research. Restaurant Inventory Management Technology Study. https://scholarship.sha.cornell.edu/cgi/viewcontent.cgi?article=1045&context=chrpubs
• Restaurant365. Cost Control.
• NetSuite. Food Expense Strategies.
• DoorDash. Guide to Supplier Negotiation.

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.

Outsourcing or subcontracting is a business practice that took several years in the market to take hold. The essence of outsourcing is simple. One company outsources to another a specific series of products and services.

Outsourcing became almost a dirty word years ago when companies took outsourcing to countries with lower wages and looser labor laws than in the US. These laws include child labor, hours of work, working conditions, and overtime.

Because of these conditions and the loss of jobs in the US, many US workers protested companies that took their labor out of the country for these reasons. However, while the optics on this type of outsourcing made the word controversial, outsourcing is generally a positive move for a company.

There are multiple examples of companies that outsource in the world market. For example, computer companies commission part of their product development to more capable companies. Or cable and internet providers outsource equipment and wiring installation to contractors or other companies. Often, subcontracting labor fulfills needs that a company does not have the human resources or equipment to perform.

The advantages of outsourcing for companies, professionals, and the end customer are many. Still, before deciding to implement outsourcing in your organization, you must look at both the advantages and disadvantages. Here are some pros and cons of outsourcing to help you make a sensible decision on whether to outsource some of your business.

Advantages of outsourcing

1. Outsourcing allows the company to focus its technological and human resources on the essential products or services it commercializes. Subcontracting some responsibilities or production to other qualified companies will make this focus possible.
2. Outsourcing products or services free the contracting company from many organizational and management tasks, training costs, and direct costs in labor.
3. Subcontracting products and services allow the company to convert an essential series of fixed costs into variable costs. From an accounting perspective, outsourcing can be cost-efficient and profitable.
4. The outsourcing process allows companies to grow more quickly in their specific economic sector. If a company does not have enough staff to fulfill production and other company needs, subcontracting can be key to continued growth.
5. Outsourcing leaves time to react more quickly to the demands of a continuously changing globalized market. Giving production and other tasks to another company or individuals can improve overall time management and alleviate stress and missed deadlines.

Disadvantages of outsourcing

1. Subcontractor services or products do not meet the expectations of your client. This customer dissatisfaction will reflect on your company and could cause loss of business and poor reviews on social media. There is less control over the quality and training of staff, which can be potentially harmful to your reputation.
2. Offshore outsourcing to other countries with lower labor costs can lead to job losses in the local market of the contracting company. This con has been one of the most hotly debated issues of outsourcing to other countries. Many qualified in the contracting company’s local market could be laid-off or have their hours affected.
3. Offshore outsourcing to other countries can detriment the product or service quality that eventually reaches the consumer. Quality standards in some countries are far lower than in others. Subcontracting to countries with fewer regulations on standards could potentially lower the standards of your products and services.
4. Offshore outsourcing to other countries can lead to poor communication because of language barriers, differences in cultures, and work practices. Though these differences can be overcome through training and setting standards, communication standards may not be met since the contracting company is not responsible for the staff.

Deciding if outsourcing is right for you or your organization can be a difficult task. Researching the advantages and disadvantages will help you make an informed decision that is right for your company.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud 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.

The asset covers all the accounts that agglutinate the values ​​that the entity has. All elements of the asset are likely to bring money to the company in the future through three different options: its use, sale, or change. The assets are divided into fixed assets (long-term investments), inventories, realizable, and available.

On the contrary, the liability shows all the certain obligations of the entity and the contingencies that must be recorded. These obligations are always economic: loans, purchases with deferred payment, among others.

The net equity can be calculated as the asset minus the liability and represents the contributions of the owners or shareholders plus the undistributed results. In the same way, when negative results (losses) are produced, they will decrease net worth. Net worth or stockholders’ equity also shows the ability of the company to self-finance. They are all those elements that constitute the own financing of the company, for example, the money contributed by the partners the accumulated money of the obtained profits in previous years and the reserves of the company.

The basic accounting equation relates these three concepts: Net worth = Assets – Liabilities.

Balance sheet model

All companies must present a balance sheet, but the type of balance that must be presented varies depending on the kind of company.

A company can present the standard model of the balance sheet or the abbreviated model of the balance sheet.

The abbreviated balance sheet may be made by companies that meet two of the following three circumstances:

• The total asset items do not exceed $4,500,000.00
• The net amount of your annual turnover does not exceed $8,900,000
• The average number of workers employed does not exceed 50.

How to take stock

To be able to take stock of the situation, we must take into account three aspects of the company, already mentioned above, that will help us to have an X-ray of the company:

• Active, which can be circulating (current) or non-circulating (also called fixed, which is the non-current)
• Passive, which can be circulating (current) or non-circulating (also called fixed, which is the non-current)
• Net worth

We are going to see the structure of assets, liabilities, and net worth in the balance sheet to know how a balance is made.

Active

To begin to take stock of the situation, current assets must be recorded and considered. That is all those assets with which the company has a permanent duration and may vary in the short term.

Next, the fixed or immobilized asset, that is, the non-current asset, must be recorded. The fixed asset consists of those assets of the company that has a permanent duration and that are not intended for sale, so they do not vary in the long term, such as machinery and transport vehicles, equipment …

Once we have registered it, we must add the current assets and the fixed assets, which will result in the total assets of the company.

Passive

Similarly, as we have done with the asset, to be able to make the balance of the situation, we are going to record the liabilities of the company, both the current liabilities and the fixed liabilities.

Current liabilities include all the debts that the company must assume as well as the set of obligations that must be met in the short term, such as receipts and invoices payable.

On the other hand, the fixed liabilities are those debts and obligations of the company in the long term, such as loans that the company has requested.

Once we have both parties registered, we calculate the sum of the total liabilities, both current and fixed.

Net worth

Finally, all those funds that the company has, such as the contributions of founders or partners, or the benefits that the company has generated.

Calculate the balance sheet

To calculate the balance sheet, we must take into account the structure that distinguishes assets, liabilities, and net worth, according to the model that Quipu presents us.

If the sum of the total of the asset coincides with the sum of the total liability and net worth, the balance sheet will be well done. Asset = Liability + Net equity.

Balance sheet analysis

From the balance sheet, we can analyze the state of the company and assess the ability to deal with debts or develop their activity.

For example, a good situation for the company is one in which many fixed liabilities are available, as well as a large number of liquid assets, which means that the company will be able to meet short-term debts.

In addition to analyzing the financial status of your business, the balance sheet allows you to see if the company has sufficient working capital, known as working capital.

 

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.

Babies are rare creatures that can smile us in our most distressing moments in the World, right? Their innocence, the skin that smells even more beautiful than the World’s most exquisite perfume, and the good energy that will make you feel great. Of course, the perfection of babies and the arrival in the World as pure as an angel fascinates everyone. 

 From the moment you learn that you are expecting a baby, there is great excitement and an irresistible desire to preserve and protect it already surrounds your whole self. The love you hear of this tiny creature grows stronger from day to day, and your baby has become an enormous world for you.  

In addition to these, when you hear that you are going to have a baby, there are important things you need to think about. For instance, the investments you need to make or do for him, the expenses you need to prepare for your baby, the preparation of the small room of your mini, clothes, bottles, health expenditures, etc. This list is so long that you are amazed at how much this tiny creature costs so much.

To prepare for the process, you and your partner need to start with basic bookkeeping so that all can run smoothly. All new mothers and soon mothers know that having a baby is not cheap. You also cannot avoid the responsibility to make budgeting for the prospective baby. Here are some tips that can be done in preparing the type of budget when welcoming the birth of the baby.

Preparation Pre Labour

Usually, before the birth of their child, the mother and father will prepare many things in detail. Starting with preparing the room, small baby clothes, toys, and also healthy nutrition for its growth later. This preparation also requires a lot of financial preparation. Here are the preparatory qualifications needed.

Medical assistance

Before giving birth, you may have some insurance you deliberately make for future security. After you give birth, you need to see and check the state of insurance. Maybe after all this time, your coverage can be useful, especially if the insurance is in the form of health insurance. When you’ve given birth, it’s time to update your new insurance for your benefit as well as your baby.

Having a baby now costs a lot, even when you have health insurance. Labor costs should be prepared immediately after being declared pregnant. You can start by collecting information on delivery costs at several hospitals in your city. Also, it is necessary to ask clearly about the reimbursement of labor costs with insurance. Find out about reimbursement of funds and care facilities, as well as the claim and procedure needed procedures.

Pre-Paid Budget

Babies come with many costs, so understand how your income will be affected in the coming months. For that purpose, prepare a grocery list for your mother and baby needs, but adjust your budget, so set a limit on the necessary purchases and pick the most important item first, and consider buying used items to stay in control.

Plan your Post-paid Budget

Routine expenses such as diapers, formula, day-care, and supplementary meals will change your household expenses for years to come. 

Budget Equipment and Accessories

There are some essential items you need to buy before the baby is born, i.e., blankets, baby mattresses, toiletries, and other equipment, including baby carriage, baby bag, and car seat, and so on. Of course, this is tailored to your abilities. You need to control yourself and, from time to time, save some of the money you receive either a salary so that the desired needs can still be fulfilled when buying equipment.

Clothing

Children usually grow very fast. Clothing should be part of your monthly budget. 
You can get around the purchase by comparing several children’s clothing stores. Choose a store that offers discounts. But remember you also need to keep yourself from being easily tempted by every discount. Make a schedule when to buy clothes and take care to obey the rules by not buying clothes outside of the schedule you have made. 

Formulizing the Baby Food

The best way to save money is by exclusively breastfeeding in the first six months, but there are still some costs that are required when breastfeeding like breastfeeding instruments. To prepare as much as possible to buy before the birth of a baby.  After six months, your baby may also need additional foods such as formula and baby food. Consider cooking your solid food and do not depend on baby food packaging. Of course, this way is healthier because you know the quality and cleanliness of self-made food. Also, this will save the cost of baby food expenditure. 

Choose a Paediatrician inside Insurance Network

The condition of a baby body that is still vulnerable, making this fee must be included in your list of needs. The appointment of your baby’s first doctor will come in the first week of his life, so you’ll want to choose the right doctor. Talk to friends and family for recommendations, contact your local clinic and ask to interview a pediatrician before you make your choice.
Plan Baby Birth from Now

Preparing finances for a child’s future is the plan we can do as much as we can. All of this is easy to get everything right for your child in the future.

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.

Nine out of every ten individuals appreciate eating out at a restaurant or food spot according to research conducted by the National Restaurant Association. On the other hand, more than half of the people who prefer to eat out say that restaurants are an essential way to enjoy food and have a good time.

If you are an owner of a restaurant or plan to be one, you may have noticed that it is often to stick to a specific cash control plan because of the rapidly changing food prices. Therefore, we have gathered seven rules for you that you can utilize to manage all your food costs, increase revenue and maintain bookkeeping records without hassle so that you can make money do wonders for your eatery.

1-Track Food Prices

When you own a restaurant, regardless of the type of food you serve, you have to buy new food items daily. It is therefore wise to keep a keen check on the food prices daily. Secondly, shop in large quantities on the days the food prices are lower. This way, you will save money and time simultaneously as you will not have to buy and update bookkeeping records daily of the items that you have purchased. 

By following the food costs, you can patch up your menu, so your formulas incorporate more reasonable choices. You should seriously think about more affordable options that will be readily available to you in the market like, for example, go for chicken thighs when buying meat as they prove to be comparatively cheaper.

2- Check and update bookkeeping Inventory daily

Do you know where your food is going? If not, we urge you to check your bookkeeping records frequently and reliably, so you remain aware of the food that is coming in and being sold daily.  

Keep check of the food, refreshments, and other supplies at least once every week. This habit will enable you to keep control of your expenses. When you maintain a constant check on the bookkeeping records, you have a superior thought of what’s being utilized, lost, or maybe even stolen. You can use your consumption rate to choose menu items that cost too much and figure out a plan according to what is beneficial to you and the development of your restaurant.  

3- Join a Buying Group

Purchasing groups prove to be beneficial for saving and cutting down on extra expenses to improve cash control. It is a collaboration of two or more organizations, not limited to restaurants, that purchased items required for the business collaboratively.

Join a buying group to bring down food costs. Another benefit is that because of the total volume of the acquiring power, providers regularly offer lower prices.

4- Try to do more Preparation Work

Sustenance that comes arranged is more costly than nourishment that isn’t. For instance, rather than acquiring cleaved lettuce, purchase lettuce, and cut it yourself. Or then again, rather than buying pre-influenced ground sirloin sandwich patties, make your own.

You can likewise work to lessen costs by cutting your chicken in-house. Slice your chicken bosoms to a similar size, and utilize the remaining bits in different dishes.

When choosing to do this, make sure that you record it in bookkeeping records to ensure it indeed is sparing you cash.

5- Review the Product related Specifications

Always keep a rough idea in your mind of what you pay for. Know what you’re paying for. For example, if you’re making pasta. Do you need marinara sauce, or can you use homemade tomato sauce?

Marinara Sauce is more expensive and saves the time needed for preparing tomato sauce.  Does this matter with pasta? No. So, go ahead, make the tomato sauce, and save a good amount of money! Just know what you are paying for because the grade does matter.

6- Manage waste

Keep a record of all the waste your eatery produces.

Utilize a waste graph and record any of the accompanyings:

By monitoring this, you can track your stock and deal with your food cost rate. Also, at that point, you can do what you can to diminish wasting anything, hence saving you the right amount of cash.

7- Portion Food Appropriately

Wastage of food can gobble up your primary concern rapidly. Your objective must be to serve only the perfect quality of the food you would prefer not to over or underfill plates. Continuously work to improve your menu and refine your fixings’ rundown, so you aren’t stuffing plates and losing cash.

Consider leaving costs the same yet cut back some on the size part to help oversee nourishment costs. It additionally pays to work with your cooks to ensure they measure everything accurately and make sure you maintain your bookkeeping records. Consider them responsible for estimating parcels equitably.

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.

Health Services Research: Advancing Quality Healthcare

Health Services Research (HSR) plays a vital role in shaping healthcare systems by guiding decision-makers—both policymakers and healthcare providers—with valuable insights and data-driven feedback. It examines the effectiveness, efficiency, and quality of healthcare services in the U.S. and globally, striving to enhance patient care and system performance.

The roots of HSR trace back to the 1950s and 1960s when the first research grants focused on evaluating hospital operations. However, its true origins can be linked to Florence Nightingale, who pioneered data collection and analysis to improve patient outcomes. Concerns over healthcare quality and cost first gained serious attention in the 1920s, leading to a landmark investigation by the U.S. Committee on the Cost of Medical Care in 1972. This marked a turning point in systematically analyzing healthcare practices.

The Core Objectives of Healthcare

At its foundation, healthcare is about saving lives and enhancing quality of life. According to the National Academy of Sciences, effective healthcare should embody the following key principles:

Patient safety

A well-functioning healthcare system should minimize risks and prevent harm to patients. Many errors result not from a lack of commitment by professionals but from systemic inefficiencies and the absence of standardized oversight in record-keeping and procedures.

Effective care

Healthcare should be based on scientific evidence and deliver accurate diagnoses, appropriate treatments, and reliable follow-up care.

Timely access

Delays in receiving medical care—whether in a waiting room or for a procedure—can worsen health outcomes. An optimized healthcare system ensures patients receive timely treatment, reducing unnecessary suffering and improving recovery rates.

Patient-centered care

Healthcare should be tailored to patients’ needs, values, and priorities. Families and caregivers should be actively involved in decision-making, ensuring physical comfort and emotional support for the patient.

Assessing Healthcare Quality

Evaluating the quality of healthcare can be complex, but a widely accepted definition states:

“Quality of care is the extent to which health services improve desired health outcomes and align with current professional knowledge.”

HSR evaluates healthcare using three fundamental metrics:

Structure

This refers to the physical and organizational framework of healthcare, including:

• Hospitals and clinics
• Medical staff (doctors, nurses, specialists)
• Technological infrastructure supporting healthcare delivery

Process of care

The process measures how well healthcare providers interact with patients and deliver treatments. Key factors include:

• Effective communication between doctors and patients
• Consistency in care and treatment plans
• Use of advanced medical technology and best practices

Evaluating healthcare processes involves six essential quality indicators:
✅ Patient safety – Protecting patient records and medical history
✅ Timeliness – Avoiding unnecessary delays in treatment
✅ Effective treatment – Ensuring evidence-based care is delivered
✅ Consistency – Maintaining standardized care across providers
✅ Efficiency – Optimizing healthcare services for better patient outcomes
✅ Equity – Providing fair and accessible care to all individuals

Healthcare outcomes

The ultimate measure of quality healthcare is its impact on patients. This includes:

• Recovery rates and treatment success
• Patient satisfaction and feedback
• Cost-effectiveness and financial impact on patients

Leveraging Technology for Better Healthcare Choices

Innovative solutions, such as mobile applications and digital tools, empower patients to make informed decisions about their healthcare. Studies show a stark contrast in patient safety between the best and worst hospitals. For example, among patients undergoing inpatient surgery:

• The best hospitals report only 4.8% avoidable deaths
• The worst hospitals report 16.7% avoidable deaths—four times higher than the best institutions

Hospital selection tools

1️⃣ Hospital Safety Score (by The Leapfrog Group)

• Grades hospitals (A to F) based on safety, infection control, and medical errors
• Data sourced from Medicare, Medicaid, and independent reports

2️⃣ CareChex

• Provides a comprehensive assessment of medical quality, evaluating treatment processes, outcomes, and patient experiences
• Available via desktop but lacks a mobile app

Final Thoughts

Technology has transformed healthcare by providing greater transparency, accessibility, and efficiency. Mobile applications and online resources empower patients to make safer, more informed healthcare choices and ensure that they receive high-quality, patient-centered care.

By leveraging the power of HSR and digital tools, we can continue improving healthcare standards, patient safety, and overall system efficiency—making quality healthcare more accessible and effective for all.

This revised version improves clarity, engagement, and professionalism while making the content easier to read. It also enhances flow, removes redundancies, and strengthens key points with a more dynamic and structured approach. Let me know if you’d like any further refinements!

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.

Parents teach their children new life skills every day. But, when it comes to money, they often prefer not to talk about it at all. While that might seem like a wise decision at the moment, not discussing finances with your kids could rob them of future financial confidence and an understanding of critical concepts.
A 2017 Rowe Price survey showed that almost 70% of parents are hesitant to talk about money with their young ones. Also, only 23% of the kids in the study admitted that they speak to their parents about money.
For parents that think it’s too soon for their kids to know about money matters, it is not! Instead, parents would be wise to hold family meetings, with finances as the primary topic of discussion, creating awareness about how money can be earned, saved, and used. If they do, as the children age, they will have a better understanding of household and personal budgeting and financial goals. They will also be more likely to seek advice before making financial decisions and discuss financial issues openly when they arise.

Tips to Initiate Money Discussions with Kids:

1. Start Slow

Money is a sensitive and complex topic. Parents are smart to keep the pace of financial conversations slower with kids. Starting with an hour-long lecture about money is not what kids need. Instead, involve them in some everyday financial activities. Parents can include the kids when they shop online or take them grocery shopping. A fun and educational game is to have them keep a tally of how much is being spent.

2. Be Honest

When it comes to discussing money, do not sugar coat things. Instead, be open and honest. While it is not necessary to go into detail, a poor financial decision by a parent can turn into a great lesson for the kids. By sharing your mistake, they learn that it’s good to discuss bad decisions with others so they can avoid them. They will also gain insight into how you would have done it differently. Such open and honest discussion helps the kids to become part of the solution.

3. Talk about Value

Many parents are not comfortable discussing the financial figures with their kids, thinking it might stress them out. It is not necessary for the kids to know the dollars and cents of every household bill. It is essential for them to understand the value. A smart way to teach value is by using comparison. Compare several items that cost the same to give them a feel for any item’s value.

4. Set Family Goals

Holding family meetings over financial matters encourages the kids to contribute to the discussion and planning. Make the process of setting and reaching goals a rewarding one. Be sure to celebrate success. If the family has managed to pay off a massive debt, the kids should know it and feel the pride that comes with reaching that goal. It’s very fun to see the kids sacrifice small pleasures to forward the family goals.

5. Fix the Gender Money Gap

Often the son in a family has a better understanding of financial matters, which gives them an advantage over their female siblings. Empower your girls with participation in value exercises, goal setting for debt reduction and savings, and tallying their spending. Encourage the entrepreneurial spirit, for it is in the lemonade stands and lawn mowing services where they will learn about how creativity and hard work leads to opportunity. It is in the home where we begin to close the gender gap. You want your little girls to grow up to be ladies who are valued and paid equally for that value.

6. Avoid Sharing Fears about Money

While it is smart to share strategies and challenges with the kids, it’s essential to approach these conversations without negative emotions. Keep the discussion rational and solution-focussed. Guilt, fear, and shame have no place in these conversations as these negative emotions can cause the kids to internalize the problems and feel personally responsible for the family’s financial struggles. Even if times are tough, keep financial conversations focused on improvement.

Key Learnings

To help kids understand the complexities of financial matters and dealing with money, provide them with short lessons through regular activities. Here is a list of the most important learnings that you will want to deliver.

1. Delayed Gratification

An essential skill that parents should try to instill in their kids is the art of delayed gratification. Parents might think it is easier to just give in to their kids’ impatient demands. But the opposite is true. By delaying the delivery of much-desired gifts and experiences until a special day, they learn that life is not a daily expectation of new thrills and they learn to find joy in the smaller things. They are also much more grateful when they finally receive what they have been hoping for when their birthdays or vacations come around. Similarly, they can be taught about waiting to save enough money to buy something they want. Parents can teach their kids to save at present to get something better in the future. Rather, the opposite habit that destroys so many financial dreams, to pay later for something they want today. Delayed gratification may well be one of the most important lessons a child can be taught. 

2. Wants vs. Needs

Children do not automatically know the difference between wants and needs. Talk about what types of items can be defined as needs and what qualifies as a want. Teach them that it is important to take care of necessities first, and once the needs have been met, wants and desires can be considered. Then save wants for special days. Reinforce those teachings, encouraging self-control. Even if your kid is obstinate, try not to give in to their demands at the checkout line. Doing so will take away the chance for them to learn about self-control. It also makes going grocery shopping a truly miserable experience for mom and dad.

3. Working to Earn

The only way for kids to learn the true value of a dollar is for them to have the experience of earning one. Allowance is a great way to do this. Rather than having allowance be a stipend that parents pay without question each week, make it something to be earned. Better yet, create the opportunity for them to earn more based on the amount of work they put in. Parents should also take time to explain their jobs to their kids and help them understand how they can grow up and find work that they want to do so they can pay their household expenses and meet their own financial goals. Don’t be afraid to talk about money matters with your kids. In fact, embrace opportunities to empower your kids with financial intelligence that will serve them for a lifetime.
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.

A person needs to keep their personal and financial life on track.  However, it is not something that is counted as exciting. Keeping track of the finances can be very dull at times, and this is precisely why most people avoid dealing with it until all that clutter gets out of control.

According to the experts, there are a few important points that might help you decide whether a credit union is the right choice or not. What is the big deal with a credit union?  Are credit unions that different from banks?

The answer to these questions is “yes.”  However, a person should never take anyone’s word for it!  According to writer Devan Goldstein who works for NerdWallet.

Typically, a bank and a credit union offer a similar type of services like inspection and checking of accounts/savings accounts along with private loans and more. Even though they are mostly similar, yet they have their difference. Credit unions are non-profit organizations, are cheaper to afford as they have better rates and fees, have their customer service centers. In contrast, banks charge a lot more but can offer more advanced products along with up-to-date technology.

So what is the best place to put your cash?

Banks:

• Are “For-profit”
• Have a high rate of fees as compared to their interest rates.
• FDIC will insure up to $250,000 of your funds in a bank.
• Limited emphasis on private interactions.
• Lager banks will have a considerable number of branches spread all across the reign, whereas smaller banks will have a limited number of branches.
• Banks, mainly the large ones, will typically be faster when it comes to rolling out new technological advancements.

 

Credit unions:

• Credit unions are not-for-profit organizations.
• Often pay higher interest and charge significantly low rates.
• NCUA will ensure up to $250,000 of your funds in a credit union.
• Focus a lot more on personal interactions.
• Credit unions will usually have fewer branches as compared to banks. Nevertheless, some of them contribute to a free branching network that allows their clients to visit physical sites of a partner credit union.
• Even though individual credit unions are tech-savvy, occasionally, they tend to lag behind banks, when it comes to the implementation of new technology.

What Credit Unions and Banks Offer

The National Credit Union Administration backs money in credit unions, while funds in banks are insured by the Federal Deposit Insurance Corp, though the outcome is almost the same; both the organizations will ensure the amount of $250,000 per individual, per possession category. Banks use the broad ATM and branch system; credit unions have cooperative networks of shared branches and ATMs’ as well.

The customer service of credit unions is often better and more responsive. They also offer better interest rates on deposits and lower rates on their loans, along with the lower overall fee.

The Main Difference: What Happens to Profits

So how a credit union organizations works? Banks and credit unions are both similar kinds of financial organizations providing almost comparable services to their customers. However, credit unions are a non-profit organization, while banks are for-profit institutions. This single difference between these two is the foundation for others. When an organization exists mainly to produce a profit, its core procedures will always be organized around generating maximum profits.

A credit union exists to serve people who are stuck in the bond of association, which can be determined by their geographical region, boss, involvement in another association, faith along with other similar factors.

The primary purpose of the credit union is to help the community by providing financial solutions to its associates with the most promising terms that are easy to afford. Unlike banks, a credit union, do not offer accounts to their clients along with large amounts of dividend to a small group of owners. A credit union will instead offer minor dividends with reduced loan rates, fewer fees, and other rewards to a larger group of members. In that sense, a member of the credit union is both client and owner.

 

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.

As data sharing increases, the development of the global open banking system is setting the outline for security and consumer protection. With the changes in EU finance guidelines, the (OBWG) Open Banking Working Group, which was established in United Kingdome in late 2015, to not only fulfill the standards set by the government but to discover how to push banking into the present era further. Opening doors for new banking models that will help the customers to manage, borrow, save, invest, and lend their money in better, safer ways as compared to before.

 

What is Open Banking and How It works?

In these recent years, the United Kingdome banking has taken many significant steps towards improving their customer service and satisfaction by minimizing cost for customers while reassuring fair bank competition. The present Account Switch Service, which is also known as the Seven-Day Switch service, was introduced in the year 2013, to help encourage customers to change their providers by comparing their services with each other. This idea didn’t work out as they planned, as only two percent of banking customers were able to take advantage of this. Identifying that a lot more needs to be done, Open Banking is a more complete/ broad plan that provides its patrons with even superior control over their financials. In the open banking system, data will be transferred over protected APIs so that client can manage their finances more effectively. This will allow the 3^rd party developers to create helpful tools that a person can efficiently utilize.

Most medium and small size enterprises and businesses are using commercial software system for their bookkeeping purposes. Still, these enterprises have to manage a big part of their business data physically. Working with API banking service providers will allow clients and businesses to manage all of their banking data in real-time. It will also provide them with precise and up to date info regarding the finance market.

This will allow a customer to save and compare their accounts with each other’s and will be able to use modified resources for making better banking-related decisions. It will also allow customers to improved loan terms as 3rd-party lenders. An attempt of such kind will take years to apply. According to the recent news, the Open Banking system is set to be fully implemented by the end of 2019.

 

Open Banking in Other Markets

The use of APIs is an effective cost sufficient system that is becoming increasingly common by banks all across the world. Advanced banking actions taken by the United Kingdom government shows the dedication and commitment they have towards their country and financial market. For example, the Open Banking system has been extremely successful in Germany since 2010. It is now working with the majority of German banks to produce an environment that supports 3rd-party claims for clients.

 

 

Open Banking in The United States

 

In the United States, financial companies such as Mint founded the idea of free financial applications. This idea combined many bank accounts and credit cards to offer their customers a broader financial view along with the ability to compare numerous banking products with each other to see which is better.

 

Some banks of the United States, like J.P. Morgan, have become uncertain about the sharing of banking data for reasons that include data overloading servers. However, but their unwillingness to collaborate with the banking community can also be a well-planned strategic move. The implementation of the Open Banking system will help lessen such problems and recover teamwork along with reestablishing fair competition among the banking industry.

 

 

Open Banking as the Footing for Future Growth

The Open Banking system is reinforcing technology in the modern-day financing system and is a huge footstep a brighter future for both banks and customers. The system will encourage fair competition between financial service providers, secure data sharing, and providing customers with options that will help them manage their finances better.

 

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.