In bookkeeping, a business needs to record the direct cost, and at the same time, it is also essential to have a record of indirect cost. Overhead costs are additional costs not directly attributable to the primary production, not included in the salaries of key personnel and the cost of raw materials. For a business, such costs are as essential to include in bookkeeping as direct costs, since it allows the entire company to operate.

Unlike direct costs, overhead costs consist of the expenses of raw materials, components and materials, salaries of the staff and insurance premiums, training cost, travel expenses, depreciation expense, and so on. However, it is fundamental for a business to lower the overhead costs to keep the overall cost lower. Therefore, the following are the ways through which a company can reduce its overhead costs to ensure the efficient practice of bookkeeping:

 

1. Management of stocks or inventory

For business, it is essential to manage its inventory properly. It is not advisable for production to be stored for a long time. This means that the company has the capital that has been immobilized in production. This also generates storage costs. The higher the turnover rate of stocks or inventory, the greater the surplus obtained by the activity. We must not forget the defective stocks; they represent an irrecoverable cost for the company, so we must reduce to a minimum the rate of faulty products.

 

2. Management of collections and payments

Usually, businesses are afraid to sell numerous products/services immediately without considering the situation in which they sell their products/services. It leads to severe liquidity concerns since the suppliers had to be paid when the customers had not yet been charged. The ideal situation would be to collect the products sold as soon as possible and delay payment to the maximum, with the temporary difference that is believed to “put money to work” and get some profit.

 

3. Optimization of the logistic cycle

 It is understood as such, the time and processes that take place since the company receives the raw materials until the customer buys the final product. It is necessary to eliminate downtime, as it causes efficiency losses, delays in the delivery of the product. Besides, if the breakage of a machine produces the products/services, they entail repair or replacement costs for the device. Personnel errors can also cause additional costs. The problem is that they are difficult to control, but they can be minimized by encouraging and raising awareness among workers.

 

4. Take advantage of social networks

With the use of social networks, in addition to customer loyalty, you can supply a series of activities that would involve a cost for the business. Depending on the service you want to offer, you can use a social network. For example, a company can enable customer service through Twitter, Facebook, or consultation forums. With these means, you can save time and cost when solving incidents. Similarly, through any social network, you can create small opinion surveys to know the opinion of consumers about the products offered.

 

5. Lower financial expenses

Conceivably, this aspect is the most complicated to attain for a business as it requires bargaining power with the banks and those that do get it to do so under conditions that, in many cases are unacceptable and end up causing the “death” of the company. The help of a professional adviser can be vital to fighting the rates that have established the banks, and that, in principle, is negotiable.

 

6. Save on Telecommunication

This is another area of ​​activity that involves more expenses within the structure of a company i.e., misuse of technologies such as fixed and mobile telephony, hardware, software, wireless networks, printing and digitalization of documents, and so on significantly increases expenses. Therefore, by controlling specific costs, the overall overhead cost can be reduced.

 

7. Focus on profitable products/services

One of the ways to start reducing overhead costs is to review the profitability of the products/services offered. Here, a company should determine which products/services provide maximum benefits. Then, focus on giving efforts on the most profitable products/services and cut those that do not offer a return to your business.

 

8. Spending tracking

If you do not know where your business earnings are going, then you should know where you can cut down or stop spending. Be sure to keep track of all business costs. Regardless of using papers for bookkeeping, you can use a laptop to write all the expenses or use accounting software, and review each area where the overhead cost can be reduced.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing services 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 US based accounting professionals are certified QuickBooks™️ ProAdvisor’s providing bookkeeping, record storage, performance reporting and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay services. 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.

Accounts Payable Automation is a system to manage invoice payments and related transactions on an electronic basis. It prevents the company from using the unnecessary method of manually handling documentary tasks. Instead, it allows using digital inventory methods that are both cost-effective as well as time-effective. Accounts Payable Automation Solutions include easy mobile access, approval of workflow, and data integration. These combined solutions help the business run more smoothly based on the requirements. 

There is a variety of Accountable Payable Automation features available ranging from the user-friendly interface to the data integration process. Below are some automation solutions that allow any organization to handle tasks in a technical way to avoid unnecessary hassles. 

User-Friendly Interface

This kind of Automation features has the following aspects:

– Several methods for generating invoices and other data from and into the system

– Users can revise or review their retrospective as well as current data at any time 

– Quick research could be done through hovers and screen displays without letting anyone move around

– Documents can be handles capably at the transaction or vendor level

The transactional audit log is a process that can record all system as well as user activity simultaneously

 

System Functionality 

System Functionality is another feature, which includes the following aspects: 

• The process of approving invoices that are complex and hassle-free 
• User-based permissions can be placed accordingly through the management structure 
• Availability of flexible payment service for the improvement of the visibility of cash flow 
• Sturdy management of treasuries for bank reconciliation 
• Number of reporting options available ranging from dashboards to report data

 

Improvement of Compliance 

Automation Solutions also facilitates electronic collaboration with others, which is secure throughout the accounts payable process. It also includes automated documenting retention to allow a full and fair audit trail. It integrates with Enterprise Resource Planning (ERP) to ensure the following of consistent processes. 

 

The Decrease in Cycle Times 

Manual handling of invoices results in a delay in payments, and eventually, vendors might get offended. However, Automation Solutions can decrease processing time in handling invoices and bookkeeping entries. You might receive complete invoice data for early payment discounts to prevent late payment fees during the improved relationships with vendors. 

 

Additional features 

Many businesses established the practice of receiving or issuing purchase orders from and to their vendors to acquire goods or services, which are needed to run the business. Automated Solutions use three-matching service by using invoice line items, purchase orders, and receiving a request from the Enterprise Resource Planning (ERP) system. It helps companies maximize their products while focusing on establishing fiscal budgets to assess the profit-loss margins. 

 

Implementation of Accounts Payable Automation System

Resources, which are utilized for doing specific tasks, become much better when they are exploited through the automation system. The provider of automation solutions will be more capable of implementing their solutions for a given task. The company must understand the implementation and methodology of automation solutions for immediate success in business. 

Support in Other Applications 

It is undoubtedly possible for implementers of accounts payable automation solutions to embark on their projects more efficiently; the automation solutions can help businesses utilize its benefits for other applications. There may be some other works where the client is willing to use an automated method to leverage the solutions. Some of the automation solutions could be used for other processes of management applications. It includes such tools that help business professionals to sustain current workflow applications without the inclusion of IT technical expertise. IT will also help mitigate future workflow concerns and increase investment in the business to descry rapid profits that will also improve relationships with the vendors. 

 

Conclusion

The above accounts payable automation solutions are ample to know about the benefits of this technological innovation. It is indeed indispensable for businesses to find quick methods of handling documenting tasks by using automation solutions. It will help companies to make big decisions for the acquisition of more benefits in the future. It will save both time and money of the investor. Choosing software that can also handle user interface programs attracts new companies to benefit from such automation solutions to combat future business challenges. As a whole, this article is highly recommended to look for the best accounts payable automation solutions for rapid business success. 

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing services 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 US based accounting professionals are certified QuickBooks™️ ProAdvisor’s providing bookkeeping, record storage, performance reporting and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay services. 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.

Doing your books allows you to maintain a higher level of control over your finances and cash flow. However, you need to develop a proper framework for ideal results. 

Maintaining your financial books is quite an intimidating task. Most entrepreneurs lack the financial wisdom to tackle complicated business aspects, like debt(s) repayments, tax, legal obligations, financial planning, and forecasting. Therefore, they desire to acquire the services of experienced and well-trained accountants for getting things right—the first time. However, not every startup or even small-scale existing business can afford to spend money on getting their business books and accounts maintained from a professional. Most startups still have to maintain their books on their own.

For Greater Control And Productivity—Do Your Books!

Staying on top of the game is an essential part of running a business. You can’t expect to save time and money for your business if you lack relevant financial skills for getting complicated financial tasks done. Learning the art of managing finances and business books is pivotal to opening the doors to success. Starting a new business venture is undoubtedly exciting, but bookkeeping and accounting are of paramount importance. Bookkeeping may seem like a not so fun aspect of starting your business. However, you need to involve yourself in back-office tasks, especially if you expect to maintain control over your books and finances.

Doing your books doesn’t have to be that complicated either. You need to record each transaction, acquire and record vendor invoices and receipts, and maintain a complete and accurate record of cash flow and finances. As the core of every successful business lies in bookkeeping and accounting, you have to be on your toes to prevent accounting hazards and turmoil. As per the study, most startups fail to create an impact and don’t think out of the box by not effectively removing themselves from menial competitive races and lose out on vital strategically timed aspects of a new business in the first year of the launch. The reason is apparent, they fail to maintain the right strategic balance in managing business books and finances.

Here are the top tips that will help you do your books.

Record Each And Every Business Transaction

Starting a new business is relatively easier than maintaining the daily record of the essential aspects of running a business. Therefore, you must allocate sufficient time to record every business transaction. This means an influx and outflow of cash, receipts and payments, record vendor invoices, and expenses incurred in a specific accounting period. Once you have a clear picture of cash flow and finances, revenue, and costs, you will be able to make critical financial decisions. 

 The back-office task of doing your books becomes much easier if you have a responsive accounting system. However, if you still don’t know how to make optimal use of advanced accounting software, there are options. You can record every transaction on ledger book, excel sheet, and traditionally, using paper and pen.

Attend Online Workshops, And View Tutorials & Videos 

Attending online workshops and viewing bookkeeping and accounting videos are a great way to learn the art of maintaining your books. For dummies, it is an ideal way to learn crucial things before taking on and dealing with difficult tax-related issues and obligations.

Get a system 

Defining an accounting system right from the commencement of a startup is necessary for putting your business on the right path. However, this doesn’t mean you have to choose and employ a sophisticated accounting package such as QuickBooks for making your life easier. It is about defining an accounting system for maintaining your books as per your own will. You can start with a manual system, but it will be wiser to use a computer spreadsheet to do your books.

If You Still Mess Up– Hire A Professional Bookkeeper!

If everything else fails to deliver desired results, consider hiring a professional bookkeeper or accountant for ideal account management. Professionals have relevant accounting skills, knowledge, and expertise. These skills will help them perform specific complicated tasks such as filing tax bills, debt(s) repayments with ease.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing services 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 US based accounting professionals are certified QuickBooks™️ ProAdvisor’s providing bookkeeping, record storage, performance reporting and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay services. 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.

It is essential to determine success rates in the treatment of addiction and mental health because it helps to acknowledge that the addiction of a loved one is going to end soon. There is also the possibility that success rates enable the family members to know which treatment center is best according to its success rate and resolve their issues within days through quality treatment. It has been observed that this determination of success rates can mislead people, as it is not easy to follow any prescribed standard that enables the family about the progress of the treatment center. Those become targets of addiction, and mental health issues require consulting specific treatment centers.

 

Success Rates

In this perspective, it is crucial to follow the study that can reveal those tools with which one can measure the criteria set for success rates. For instance, the outcome study is shared by different independent research organizations that are expensive, and issues link with confidentiality. It has been observed that the outcome study is carried out by various treatment centers themselves, and it is sometimes considered as biased. In this perspective, there are only a few treatment centers that can conduct outcome studies.

 

Medication and Counselling

Addiction and mental health issues are growing day by day, and that can be resolved through proper treatment. In this respect, it is important to acknowledge the fact that the success rates of any specific treatment assure people about the favorable treatment of medication and counseling. These two are effective methods that help in the recovery of the patients who are affected by addiction and mental health problems, but it takes time to recover from the illness. On the other hand, it is essential to maintain their record in the form of bookkeeping to acknowledge their history at the time of treatment.

Self-Medication

Self-medication is the way that can lead one towards the path of addiction. This act takes someone to drugs, alcohol, and sex addiction. In this regard, temporarily, it removes mental health issues and diverts to addiction. It has been observed that the excessive use of drugs and alcohol can cause a person to face a mental health problem. In this respect, issues such as depression and anxiety disorders are common features of addiction. In such a critical situation, the families need to look out for the treatment center that can bring them back on the right track, and allow the addicted people to enjoy life. This success rate of treatment centers assures the credibility of the treatment on which one can rely without any doubt.

 

Treatment of Addiction and Mental Health

Success rates depend on the recovery of both addiction and mental health. The use of alcohol and drugs enhances through self- medication. In this regard, diagnosis and proper treatment methods strengthen the level of success rates in the recovery of those patients who are suffering from mental and addiction problems. The research has shown some essential positive aspects that can reduce 70% to 90% addiction in people, and they can live a healthy life. This outcome is possible through early diagnosis and treatment, which enhances the success rate. It is important to consider the treatment of addiction, and mental health issues must be tackled differently. In this respect, recovery from the addiction does not mean that it can remove the mental health issues.  Some problems related to health are chronic and require proper treatment and strategies that can go on in their life. The treatment is necessary to cure the chronic condition that restricts the recurrence of the addiction. Several treatment methods have been introduced that help to cure mental health and addiction. It has been observed that successful rehabilitation can assure successful treatment of mental health issues.

 

Addiction and Mental Health Recovery Program

If your loved ones are affected by substance abuse and mental health issues, it is vital to make them part of their treatment. They can get support and a positive environment that encourages them to follow the right path and provide them the option of a better life. In this respect, rehab success rates assure the credibility of the treatment that can help the patient to recover from the poor condition. Those who have experienced these treatments are now living addiction-free lives and enjoy the opportunities that life offers to them. On the other hand, mental health issues are recovered from counseling to acknowledge the root cause of the mental disorders that keep them behind, and they hesitate to face the world.   

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing services 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 US based accounting professionals are certified QuickBooks™️ ProAdvisor’s providing bookkeeping, record storage, performance reporting and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay services. 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.

Nowadays, self-storage facilities have become a popular solution for people who look to store various items. Both individuals and businesses use these facilities for a variety of reasons. Self-storage benefits them by providing an affordable means for storing both small and big items. It has achieved many commendations as a valuable commercial real estate investment. You may be thinking about putting a value on the self-storage facility because if you are looking to have a self-storage facility, you should calculate its gross potential as it helps determine the value that is likely to be worth in the market. The following are the few ways through which you can calculate your gross potential for a self-storage facility.

Get the Actual Figures

The emphasis of this type is upon accessing the actual figures related to the payment made for self-storage regarding utilities, maintenance, advertising, and the actual revenue generated associated with the rent from the real estate property. Once you have gained the actual numbers, you go through the necessary calculations to evaluate the gross potential of a self-storage facility. It is imperative to understand that using estimates will not allow you to determine the gross potential of a self-storage facility on an exact and realistic basis. Once all the cost heads have been identified and actual figures have been attained. Then you can calculate the gross and net profits that can be generated by the investment in self-storage. In this method, the gross potential of self-storage potential can be calculated by taking help from the property owner.

Evaluating the gross potential of self-storage facilities can become tedious if the property owners fail to disclose such information. But still, you can get information if you want to calculate the gross potential of self-storage facilities by going through the industry journals and published annual reports of real estate companies. Calculating the gross potential in the self-storage business and bookkeeping both play an essential role as it records the business transactions through which required data can be retrieved.

Determine a Capitalization Rate

Two factors can affect the property value: Net Operating Income (NOI) and the capitalization rate (cap rate). NOI can be calculated in the same way as it has always been. Still, recent chaos in the economy and financial markets have pushed the cap rate higher. That is why identifying capitalization rate is one of the significant steps to calculate the gross potential in a self-storage facility. However, NOI must be calculated for self-storage facilities using industry-standard parameters for other income and operating expenses. It is defined as the money left after all the operating costs are paid, in which the debt services and depreciation are excluded. You can look at the potential monthly rent flows from the annual reports in which other incomes are added and economic vacancy is subtracted. The resulting figure is known as the effective gross income (EGI). To calculate the NOI, the operating expenses are subtracted from EGI.

To estimate a return on investment (ROI), the cap rate should be calculated first. This cap rate may be lower in the areas where tenants with a strong profile are common. A higher cap rate may be fixed in the areas that are low in popularity so that the maintenance and repair services can be covered when required. These features can help you choose a cap rate for any area; however, it is crucial to acquire a property owner because the emphasis has been on the actual figures and not the estimated ones. Fit can also be calculated by using the net operating incomes and the recent sales prices of comparable properties. The calculated rate is then used to calculate the current market value of the self-storage facility. The gross potential or value of the self-storage facility can be determined once you have calculated both operating income and cap rate by putting these figures in the valuation formula. The essential aspects that you must keep in mind include monthly cash flows, value appreciation over time, tax advantages, etc. that are considered significant expenses of a business.

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

Accounting operations cover the financial aspects of running a successful business. Up to date, accounting information is the key to plan, control, and direct operations in a business. Accounting statements must be updated routinely and timely. Operational accounting is the study of day to day activities of a company and its impact on the finances of the company/business. Bookkeeping for day to day activities is recorded and interpreted for further decision making. Big business-oriented companies hire experts in operational accounting who keep a check of daily/routine activities of the company and how that impacts the financial statements of a company. The operational accountant studies the impact of activities on balance sheets and finds difficult areas and inefficiencies.

Operational accounting works on three aspects that plan the activities in a company/business, directing activities of employees, and controlling the activities in a company. These three aspects are collectively called “accounting operations.”

Activity planning in a company is done by comparing previous old trends in the company and their effects on financial statements and balance sheets. A complete analysis is required for planning activities in a company. If a previous activity influenced a balance sheet positively and posed no risk in a further period, such an event can be scheduled for the future too. Income and expenditures are analyzed by using historical records and impacts on the financial status of a company in the long run. A complete analysis requires dividing the report in steps and among departments, or it can be started as a new project in the company. The records of the company foresee future performance, and this is made by planning such activities.

Employees are observed through accounting operations in a business and how they help in reaching the financial goals of the company. Managers use data from the operational accountant to allocate resources where needed. Transfers are made and directed using accounting operations and meeting with an operational accountant. Employee hiring, initiating purchase orders for raw materials, production, and sales are directed through accounting operations.

All the above activities in a business are reviewed and analyzed. Activities are compared with the original plans to achieve fixed goals/targets. Accountants prepare reports that give an accurate picture of impacts on financial statements. Budget, expenses, increased customers and income are some of the indicators that are used in analyzing activities. This step is collectively called ‘controlling activities.’ If a business shows a considerable difference in a negative manner, then costs are controlled and reduced. In-time decisions and correct interpretation of accounting information is key to successful business operation.

Accounting operations have different techniques for analyzing activities and the interpretation of data. The manufacturing industry is concerned with production capacity, market availability of its products, and increasing customers. For this, two separate departments will work under the manufacturing industry to make a financial impact; manufacturing unit and business sales unit. These two units will be analyzed according to the tasks or goals achieved. The manufacturing group will be examined through accounting operations by the manufacturing performance, employees working hours, production rate, etc. The business sales unit will deal with the accounting operations related to net sales, activities done, and building more customers. The marketing department can conduct surveys regarding customer’s satisfaction with their products and customer satisfaction.

Accounting operations ensure that business activities are in line with the goals of the business. Without the accounting department and setting up accounting operations, a company cannot run successfully and smoothly. The income and expense statements, cash flow and balance sheets, and bookkeeping are made through accounting information. On the other hand, the planning, directing, and controlling activities in the business are done through accounting operations. Successful accounting operations make inventory management, managing resources, increasing performance, cost-cutting, or growing decisions.

Conclusion:

No accounting operations means there is no successfully running business. Accounting operations ensure the success and growth of a business.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing services 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 US based accounting professionals are certified QuickBooks™️ ProAdvisor’s providing bookkeeping, record storage, performance reporting and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay services. 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.

Mobile home parks, also known as manufactured housing communities, have long been recognized as an integral part of the housing market, providing affordable and flexible housing options for individuals and families. These communities, characterized by clusters of mobile homes situated on leased land, offer a place to call home and a range of amenities and communal spaces for residents.

In recent years, mobile home parks have emerged as a particularly appealing investment opportunity for savvy investors seeking stable returns and diversification within the real estate market. With relatively low barriers to entry and the potential for consistent rental income, mobile home parks have garnered increasing attention from investors looking to capitalize on this niche market.

In this article, we will explore the dynamics of mobile home park investing, highlighting why it is a compelling option for investors and examining the exciting developments shaping this unique sector’s future. From affordability and passive income potential to sustainability and community-focused initiatives, mobile home parks offer a multifaceted investment opportunity that is both lucrative and socially impactful.

Mobile Home Parks, Why?

A mobile home park is a type of residential community where mobile homes are situated on land typically leased from the park owner. These homes are designed to be moved, but when parked in a mobile home park, they become a permanent residence for the occupants. Mobile home parks are often well-maintained and offer laundry facilities, recreational areas, and community centers. 

Besides providing affordable housing, mobile home parks offer a unique investment opportunity for individuals looking to invest in real estate. The initial investment required to purchase a mobile home park is relatively low compared to other real estate types. They can also provide a steady source of income through lot rentals. This makes them an attractive option for investors who want to diversify their portfolios.

One of the main reasons why mobile home parks are such a wise financial move is that they are incredibly affordable compared to traditional single-family homes. This makes them an attractive option for people looking for affordable housing. This means there is always a high demand for mobile home park rentals.

In addition, mobile home parks offer a unique opportunity for investors to earn passive income. Unlike other real estate types, mobile home parks typically have long-term tenants who pay monthly rent. This means that once you’ve invested in a mobile home park, you can sit back and collect rent checks without worrying about the property’s day-to-day management.

What’s Happening in the World of Mobile Home Parks?

But what’s exciting about mobile home park investing is the new developments and innovations in the industry. For example, mobile home parks are becoming more sustainable and environmentally friendly, with many parks incorporating solar panels and other green technologies to reduce their carbon footprint. This not only helps the environment but can also save park owners a significant amount of money on utility bills.

Another exciting development in mobile home park investing is the rise of co-living communities. These are communities where residents share communal spaces and amenities, such as kitchens, living rooms, and laundry facilities. Co-living communities are becoming increasingly popular among millennials and other young professionals looking for affordable housing options that offer a sense of community and social interaction.

Finally, mobile home parks are also becoming more technologically advanced. Many parks now offer online rent payment systems, mobile apps for residents, and other digital tools to make the rental process more convenient and efficient for everyone involved.

Conclusion

In conclusion, investing in mobile home parks is a wise financial move for various reasons. They offer a unique investment opportunity that requires a relatively low initial investment but provides a steady income stream. Additionally, the mobile home park investing world is constantly evolving and improving, with exciting new developments and innovations happening constantly. So, if you’re looking for a smart, interesting, and profitable investment opportunity, mobile home parks may be just what you’re looking for. 

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.

No matter how much trust your employees may have developed while working with you, the fact is that trusted employees steal more from organizations. According to a study, businesses lose about 9% of their annual revenue to employee theft or fraud. Of these, 85% are trusted employees. Furthermore, severe fraud cases led to 33% of organizations around the globe to file for bankruptcy. These whopping figures reveal that employee theft and fraud are costly to businesses, which may trigger lawsuits and legal proceedings against the employees for the breach of agreement and trust.

A Trusted and Reliable Bookkeeper Is the Need of the Business

People who play with numbers have the technical knowledge, skills, and ability to manipulate financial records and business books with ease. Employee theft detection is quite an intimidating task, especially when your bookkeeper or accountant is the main culprit. As a bookkeeper or an accountant knows the actual financial status of the company, the business can always be at risk of losing sensitive financial data that can lead to a complete disaster. Bookkeeping records, maintained by trusted bookkeepers, can help you with better financial decision-making. Therefore, to prevent fraud of any scale, you must always stay alert and vigilant to warning signs of changing employee behavior.

Change in Employee Habits and Behavior

Employees are the real asset to any company. They can change the entire fate of a business. By remaining honest with their jobs and the company, evolving employee attitude and behavior and the desire to have more salaries and bonuses—if denied, lead to serious crimes. However, it doesn’t mean every employee would be involved in malicious, unlawful, and unethical activities. Only a tiny percentage of employees do such corrupt things.

You need to create a mechanism by which you could know who is stealing from the firm and how to prevent fraud. A sudden change in habits tells almost everything about an employee, like working late hours, coming to the office on weekends, and anything other than average. Hence, professionally, these things must be taken care of by establishing and developing close ties with your employees, especially your bookkeeper. You must keep a regular check on your financial books to have more control over your company.

Other Warning Signs 

Sudden or Unexpected Debts

Personal financial equation plays a pivotal role in defining the moral of an accountant. Unexpected debts can arise at any moment, perhaps due to divorce, gambling, or drinking, which may be the reason for their deceitful behavior. Bookkeeper or an accountant’s financial strains and anxieties may be a potential risk to your business.

Spending More Than Earning

If your accountant is spending more than he’s earning from you, that could be a warning for your organization. It is perhaps one of the most common ways to know and investigate your accountant’s fraudulent behavior. Excessive spending on cars, homes, shopping, and vacation tours by your accountant can raise red flags. Therefore, you must keep a closer watch on your business books and employees to prevent fraud and theft.

What to do to prevent these Fraudulent Activities?

As your business continues to grow, the chances of fraud increases. There is a high possibility that your accountant may try to steal from you and take advantage of the situation. It doesn’t matter whether your business is of small-scale or large—maintaining in-house or back-office control is fundamentally important for businesses. Employee fraud and theft affect not only the finances and image of the company but also the morale. Therefore, if an organization wants to know whether its bookkeeper is stealing, and hopes to prevent fraud, then it

• Must create a mechanism to maintain internal control within the organization for fraud prevention. All business transactions must be accurately documented for future references to prevent fraud and theft.
• Should not rely on one single accountant to manage all the financial affairs of the business.
• Should also integrate some accounting system to process essential procedures of accounting and preventing frauds.
• May also outsource their financial operations to third-party service providers to prevent fraud.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing services 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 US based accounting professionals are certified QuickBooks™️ ProAdvisor’s providing bookkeeping, record storage, performance reporting and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay services. 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 lack of financial education is a big problem in the population. It also affects more certain sectors. Many of these problems are due to ignorance or improper use of services such as paying only the minimum on the card, borrowing without planning to pay for it, etc.

Financial problems

7 out of 10 people face issues in their personal finances. Like not arriving with your salary at the end of the fortnight or always staying in debt. These are some of the reasons.

Bad financial education

The lack of financial literacy is reflected in a bad economy or bad money management. This lack of education is because we do not have the tools or were not given to us at an early age. In addition to this, the institutions do not have clear information about their products and services, which makes understanding the subject more difficult.

On the other hand, this lack of understanding makes people easily fall into frauds such as the pyramids: the flower of abundance, family batches, or loans to people who are not registered and who probably end up taking all their savings. Etc.

Excessive consumerism

Consuming without need, that is to buy objects only by immediate desire, is one of the biggest problems in the population. People seek to satisfy immediate desires without thinking about what consequences this brings in the future.

You should plan your purchases and allocate an exact amount of money, in addition to adjusting to that amount and not exceeding your economic limits. Living a life according to our salary is essential. You should also take care not to get carried away by advertising and do an internal analysis of the things you need and the things you only want.

Possible solutions:

Try to follow the tips to improve your financial problems.

Save and invest

We have mentioned it before, and it is the primary basis for building a good heritage and developing healthy finances. Save 10% of your salary and use this formula: Income – Savings = Expense.

Saving 10% is the basics. However, it is always advisable to save up to 25% of your salary. It would help if you had goals such as percentage for retirement, another percentage for possible vacations, etc. It is also necessary to discipline yourself when you have savings, give value to money. It is not enough to keep it, but we must grow our heritage. By this, we mean the investment.

You can rely on a financial advisor and, of course, research on the subject.

Learn about finance

Although in schools we do not receive education about personal finances, nor at home, as adults, we should be interested in learning from them since they will accompany us for the rest of our lives and depends on them the quality of life we ​​want to lead.

If you have internet access, you can search for tutorials or an online book that you can download. Finance blogs always have useful guidance and advice for you.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing services 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 US based accounting professionals are certified QuickBooks™️ ProAdvisor’s providing bookkeeping, record storage, performance reporting and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay services. With flat rate service plans, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

When given a chance to earn additional, most people would jump at the very first opportunity.
There are numerous benefits of earning extra, which is why everybody would love to make cash other than their regular jobs. Extra money can help stretch the budget a bit. Be that a wedding party or a spa visit, with additional earnings, people can fulfill their wishes, which they cannot due to a tight budget. A good side income can help pay off the debts or add to the vacation fund.

Here are the top crazy and fun ways to earn money in summer for people looking for something to do this summer.

Taking Dogs Out for a Walk

Taking dogs out for a walk for your neighbors, friends, or any other relatives is a fun way to earn some extra money. It can be a perfect job for people who love animals, specifically dogs. These people can make money and spend time with the best companions.

Drive for Uber

People who have time after their shifts can drive with Uber. People can drive any time they want, as this is a facility provided to Uber drivers. It is a great way to kill the extra time to earn some money for the weekend.

Rent Your Car

If you have a car and are not using it very frequently, you can make your vehicle available for rent for people who need a means of transport in town. Renting a car out to tourists can help people earn good money without any effort.

Home Sharing with Users of Airbnb

Anyone with a house in good condition can get it listed for short-term rentals with Airbnb. People with the skills to be a welcoming host and provide services to guests are a great way to make money. Once a house gets a helpful review, more guests try to rent, which will become a perfect side-earning technique.

Personal Shopper

For those who love shopping, being a personal shopper is a great way to earn extra money. People can get paid for something they enjoy doing, and it will not be stressful. Some big companies offer grocery shopping services. One can get registered here and earn good money.

Freelance the Skills

Anyone with hobbies such as photography, writing, reading, graphic designing, video making, or editing can make cash by opting for freelancer work. There are a vast number of freelancing websites that provide a platform where people can get short-term projects for doing a job they love! Baby Sitting
Babysitting is a common way for teenagers and college students to earn extra money. In summer, people go out a lot, and they need babysitters. This way, an individual can play with the kids and get paid for it!

Sell Off the Old Belongings

Another way one can earn extra is by holding a garage sale. They can take out things they do not use anymore, like old clothes, toys, gadgets, and paintings, and put them on sale. It is a way through which people will get paid to clean out the trash from their homes.

Blogging

Those people who like trying unique food, are good writers, are great at talking about issues, or have phenomenal makeup skills can use it to start blogging. Blogging is one of the best ways to earn in summer and year round!

Tutoring

Skills can be beneficial when it comes to earning extra. Anyone proficient in something they do can try their luck in tutoring. There are different platforms where tutors are needed for international students.

Help People with Moving

Moving to a new place is very hectic and stressful for people. Individuals who do not mind doing physical work can use this as a source of extra income.

Housesitting

Summertime means vacation! Many families go on summer vacation and have to leave their homes behind unwatched. People can offer housesitting services by taking care of their home while they are off on their trip. This job can bring some good extra money.

Food Delivery

One can sign up for food delivery in the summer. Not only will you get a salary, but they will also earn some tips! A ride can be a great way to make extra money for anyone with free time.

Virtual Assistant

Virtual assistants are in high demand today. People need help managing social media profiles, data entry, writing and sending emails, scheduling meetings, etc. People who can make time for this can earn some money faster!

Yard Work

Not many people like doing yard work; therefore, it is an excellent opportunity to get hands-on extra earnings!

One can choose to opt for any of these exciting ways to earn some extra cash this summer. It will not only provide them with spare time, but it will also make their summertime a fun adventure. It will also help people discover hidden traits that they can use to create another income stream, providing them some financial security. 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.