Author: Jennifer Brazer

There have been a lot of concerns from consumer advocates about banks not being able to clearly explain the procedure for charging overdraft fees to their customers. Because there is quite a bit of confusion, customers are often unaware of the charged fees and unsure how to tackle or avoid them. However, the Consumer Financial Protection Bureau has taken measures to redesign the forms banks use to explain the fee procedures. The new guidelines are still in the testing phase and will take a considerable amount of time to make it official.

What are Overdraft Fees?

An overdraft happens when there isn’t enough money in your bank account to cover a purchase or bill. However, the bank takes it upon itself to pay it and then charges you a certain overdraft fee, usually $34 per payment, which can increase with the amount they have to pay. This fee has to be paid to the bank in addition to the amount they paid for the original bill.

In the past, these fees were mainly related to checks, but with changing consumer spending patterns and needs, they are now more frequently charged on debit cards. If you have been careless and spent more than you should have, you must prepare to be charged substantial overdraft fees.

Concerns

For a long time, banks have not been regulated in charging these fees, and some have even been heavily fined for deceptive marketing practices that fortified customers to register for overdraft services. However, bankers’ associations and the Protection Bureau have been closely working together to minimize the burden on consumers and regulate the fees.

Now, banks are required to ask for permission from their customers before they pay for the shortfall. Instances related to spending too much or withdrawing more money than they have in the account can be avoided just by rejecting the requested transaction. Banks do not need the customer’s consent to charge overdraft fees on checks and online payments, therefore making it a notable concern for many people.

Apart from all the inconvenience caused by these fees, some customers feel that this is expedient if they miss a sporadic payment. However, most working-class families view these fees as an unnecessary burden, as the ones paying the maximum amount of overdraft fees are only a small percentage. There have been concerns regarding the authenticity of overdrafts affecting the general population. Still, it has been reaffirmed that the figures are derived from 40 million bank accounts, which is quite a large number.

Malpractices

Many banks market these overdrafts as “protection,” a more favorable term. Customers are advised to think before giving their consent to use these services, as they may not be fully aware of the consequences. Also, if you don’t want to opt for extra services, there are no mentioned benefits in the current form. Only the cost of these fees can be relied on, as they are discussed and charged.

How to Avoid Overdraft Fees

Signing up for alerts on your bank account is one of the best ways to know if your account balance is altered. You can also link multiple accounts together, forcing your bank to charge from other bank accounts, and the fees can be avoided. This may cost you a little, but it will be significantly less than you would have paid otherwise. For debit purchases, you always have the option to opt out. If you feel that overdraft services are no longer required, you only need to request that the bank cancel them.

Avoiding overdraft fees can be one of the most vital financial decisions you can make because they could end up costing you way more than you ever expected.

Conclusion

In conclusion, overdraft fees remain a significant concern for consumers due to banks’ lack of clarity in explaining the charging procedures. While efforts from the Consumer Financial Protection Bureau aim to address these issues, concerns persist regarding deceptive marketing practices and the burden placed on consumers. Despite regulations requiring customer permission for overdraft payments, challenges remain concerning fees charged on checks and online transactions.

Consumers are urged to scrutinize their banking options and consider alternatives to avoid unnecessary financial strain. By staying informed, utilizing alerts, and exploring account-linking options, individuals can mitigate the risk of overdraft fees and make sound financial decisions for their 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 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.

Companies are increasingly shifting towards the online trend. Most of their operations, including bookkeeping, are now being conducted online. The two main factors that have driven companies towards adopting the ‘paperless’ office trend are environmental concerns and low setup costs encountered when going virtual.

However, the biggest obstacle to overcome when running a virtual company is efficiently managing remote teams. Michael Watkins of Harvard Business Review states, “Communication on virtual teams is often less frequent and is always less rich than face-to-face interaction, which provides more contextual cues and information about emotional states — such as engagement or lack thereof. The only way to avoid the pitfalls is to be extremely clear and disciplined about how the team will communicate.”

Thanks to technological advancements, you can now effectively manage and communicate with your teams and ensure smooth work operations using several handy tools available online. Here, we have compiled a list of the best tools for keeping all your team members in sync when running a virtual company.

Google Applications for Business

Google Apps enable small business owners to manage their teams and collaborate remotely using Google Docs, Gmail, Calendar, and Chat. Business owners upgrade their email storage when getting a paid subscription to Google Apps. They can better manage contacts, improve security for their online data, and control multiple domains associated with one account and mobile access. Moreover, you can schedule meetings using Google Calendar and easily access documents through Gmail’s inbox-sharing feature.

Highrise

Highrise is an outstanding application that allows you to manage your contacts effectively. It offers smooth tracking of your business proposals and deals and will effectively organize your notes and emails. Moreover, you will receive a text or email when you need to follow up with a particular contact. So, it turns into your virtual secretary.

Highrise is an ideal choice if you are looking for a tool to help you track your conversations efficiently. The Productive Flourishing and Lift Off Retreat co-founder claims, “So much of our business is based upon real interactions with real people, and it’s hard to know who’s talking to whom sometimes. Highrise lets us keep track of conversations across the team using the tools we already use, rather than going to a dedicated CRM and sending emails from it.”

Yammer

Yammer is ‘the boss’ for connecting virtual teams to social media platforms. Giant corporations like 7-Eleven, Groupon, and eBay use Yammer to unite all their groups in different countries and keep them engaged. Engagement, however, does not mean it will not be suitable for small businesses, as Yammer offers a free general subscription while the advanced features come at a small price of around $5 per month.

Yammer comprises the following features:

1. Creation of profiles
2. Private Messaging
3. Creation of groups
4. Microblogging
5. Enhanced Security for Online Data

The Director of Communications at LauraRoeder.com, Sarah Burns, states, “LauraRoeder.com is a completely virtual company with team members working around the globe. With Yammer, we instantly all know what is going on, what we are working on, what is finished, and what needs to happen next. It is our internal status update tool. Best of all, it is very much like one of our favorite social media tools, Twitter, so it’s familiar and easy to use.”

GoToMeeting

If you manage virtual teams and need to meet them frequently to communicate ideas, have tutorials, or conduct training sessions, GoToMeeting will be the perfect choice for your company. GoToMeeting allows you to organize online meetings of up to 15 people simultaneously. You can share applications with your contacts in real time using the web conferencing tools it offers and can save those sessions to view later.

The co-founder of Meylah (a social platform for users to showcase their creativity), Jason Dirks, relies extensively on GoToMeeting to arrange meetings. Jason says, “Our favorite tool that we use to manage our virtual team, other than Dropbox, is GoToMeeting. GoToMeeting allows us to connect and collaborate with our team anytime on the phone or computer.”

Dropbox

Dropbox is an essential tool for virtual companies to effectively manage and share their documents, photos, videos, and audio files with other team members. With the Dropbox application installed on your mobile phone, these files will remain with you wherever you go. Whether using your laptop, computer, iPad, or mobile phone, you can easily access all files – you need an internet connection.

 Moreover, your Dropbox storage will be upgraded by getting a paid subscription, allowing you to store massive files without any restrictions. Tina Su, who manages the ‘Think Simple Now’ and ‘Work Awesome’ blogs, states, “I love Dropbox. It is free (for the first few gigs), quick to set up, easy to share, automatically backs up, and mounts like a hard drive. We use it to store and share documents, software codes, and resources like graphics.”

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.

Starting a new business is an exciting undertaking that can be both thrilling and daunting. However, it’s a journey that requires a lot of careful planning, hard work, and a bit of luck. To succeed, you must deeply understand your target audience, market, and competition. This article will explore the factors that can influence your new business’s success and provide a roadmap to help steer you toward a bright and prosperous future.

Assumption 1: There is a Market Need for Your Product or Service

Before launching your startup, it’s vital to identify a market need for your product or service. Market research can help you determine if there is a demand for your offering. Moreover, you can start by identifying your target audience and conducting surveys or focus groups to understand their needs and preferences. Additionally, analyzing trends and competitors in your industry can help you identify gaps in the market that your business can fill.

Assumption 2: Your Target Customers will Pay for Your Product or Service

Understanding your target customers’ willingness to pay for your product or service is critical. You need to determine the price point for your business to be profitable while still providing value to your customers. Furthermore, conducting a pricing analysis and testing different pricing models can help you identify the optimal price point for your offering.

Assumption 3: Your Product or Service Solves a Problem or Fulfills a Need

Ensuring your product or service solves a problem or fulfills your target customers’ needs is essential. However, it is critical to understand your customers’ pain points and how your offering can alleviate them. Conducting user testing and getting feedback from early adopters can help you refine your product or service and ensure that it provides value to your customers.

Assumption 4: Your Marketing Strategy Will Effectively Reach Your Target Audience

A solid marketing strategy is crucial to the success of any startup. Moreover, you must identify the most effective channels to reach your target audience and develop messaging that resonates with them. Conducting a competitive analysis and testing different marketing tactics can help you determine the most effective strategy for your business.

Assumption 5: Your Team has the Skills and Expertise to Execute Your Business Plan

Having the right team in place is essential for any startup. However, you must ensure your team has the skills and expertise to execute your business plan and bring your vision to life. Conducting a skills and experience analysis can help you identify gaps in your team and develop a plan to address them.

Assumption 6: Your Startup Has Enough Funding to Sustain Itself

Securing funding is critical to the success of any startup. However, you must ensure that your business has enough funding to sustain itself until it becomes profitable. Conducting a financial analysis and developing a realistic budget can help you identify how much financing your business needs and the best funding sources. 

Assumption 7: Your Business Model is Scalable

Finally, it’s essential to ensure that your business model is scalable. Furthermore, you must develop a plan to grow your business and expand into new markets while maintaining profitability. Conducting a scalability analysis and developing a growth strategy can help you identify the best path forward for your business.

Conclusion

In conclusion, launching a successful startup requires making the correct assumptions about your market, customers, and competition. By conducting market research, understanding your customers’ needs, developing a solid marketing strategy, building the right team, securing funding, and developing a scalable business model, you can set your startup on the path to success. Remember, starting a new business is a journey, and it requires hard work, dedication, and a little bit of luck. But you can turn your vision into a reality with the correct assumptions and a solid plan.

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.

Circumnavigating the tax season can prove rough for all companies; nevertheless, small businesses become very vulnerable when we discuss dissecting the issues regarding tax and making optimal decisions regarding the company’s financial health. The time to think about tax season is not at the start of the year; it is throughout the year. The following five strategies will help numerous small businesses plan for a simple tax season.

Invest In Your Retirement Now

If you are a small business owner, you must create a retirement plan that takes complete advantage of the tax deferral rules to maximize your tax savings and all the retirement savings for later. Rather than trying to tackle all of the various ins and outs of setting up your retirement plan on your own, it is advised that you consult a professional in this field. There are multiple options available from which you can choose. Let a professional make this choice for you; not only will they help you with your business finances, but they will also help you.

Make Balancing Taxes Your Priority

Traditional tax planning involves accelerating deductions and credits. This will occur alongside deferring the income. Numerous taxpayers are “cash taxpayers, “meaning that the users get to deduct the expenses when they are all paid and must declare the income once the payment is received. Thus, expediting the expense payments while deferring the income payments might improve your current year’s tax position. You need to bear in mind that the inverse also rings true. If the business anticipates significant revenue in 2018, it is wise to collect the income this year and delay the expenses until 2018.

Find Silver Lining in Loss as Well

Numerous small businesses finish off with a net operating loss during the initial years of the business operation. The net operating loss leads to a tax deduction bigger than the taxable income, mostly when the various business expenses exceed the earnings. Even though this appears to be very bad news, NOLs (net operating loss) might be used to recuperate past tax payments and reduce them. NOLs can create tax relief by applying the loss to the payments and receiving credit by applying the net loss to the future income tax. The rules will vary based on the business; therefore, understanding how to work them will have a considerable impact.

Understanding the Taxable vs. the Nontaxable Fringe Benefits

All fringe benefits, such as a company car, subsidized meals, and insurance, are an amazing way to pay for all the services and decorate an even more appealing employee package. Nevertheless, these various fringe benefits are taxable most of the time. An in-depth knowledge of which fringe benefits lie outside the taxable demand might ease each year’s tax burden. When small businesses appreciate the benefits, you can save money on payroll taxes. The tax rules for every user are somewhat different. Therefore, selecting the correct fringe benefits for your company is important.

Invest in the Counsel to Benefit Small Business

Planning all of your taxes should never be an end-of-year scramble. Instead, it should involve a reliable and yearlong conversation with a tax lawyer or a professional accountant. It is better for the continued health of the business to work with a professional who has been in the industry for a long time and knows its ins and outs. You will also save a lot of money working with a professional.

Conclusion

In conclusion, navigating the complexities of tax season can be challenging, especially for small businesses. However, by implementing strategic tax-saving measures throughout the year, businesses can mitigate their tax burdens and optimize their financial health. From investing in retirement plans to leveraging tax deductions and credits, understanding the nuances of taxable income versus fringe benefits, and seeking professional counsel, these proactive steps can significantly ease the tax season burden for small businesses. Embracing these strategies ensures compliance, maximized savings, and long-term financial stability.

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.

Renting involves various legal issues. That said, we must consider who we are dealing with, keep track of all financial transactions we make, and review the state laws we will be renting in.

Here are some legalities that you should consider whenever you plan to rent.

The Terms of a Lease

The terms of a lease determine how often the renter will pay the rent and define the tenant’s period for paying the rent. There is a difference between leases and rentals. Leases usually last a year, with the rent paid monthly.

Generally, rentals are every month and even occasionally from week to week.

The Obligations and Rights

According to state law, property owners have the right to act against a tenant who is not paying the rent. These lease agreements are usually signed, agreed upon, and bound by both the tenants and the property owner.

For example, if the tenant fails to keep the lawn in good condition, the property owner can take legal action.

Security Deposits

Even without a written lease, property owners can charge a security deposit. The deposit covers any damages that may occur in the household or if the tenant fails to pay the rent. According to California law, the landlord can charge a maximum deposit equal to the rent for two months. The law can vary from state to state.

Security deposits are to be returned to the tenant after the rent period is finished. Any legal deductions are returned to the legal tenant after around 21 days from the day the tenant moves back.

Provisions Related to Leasing

A lease or a rental agreement includes the following:

• Renewal options
• Whether the tenant is subject to any fees 
• Rules regarding keeping pets or pet deposits.
• The time when the landlord may or may not enter the property.
• Responsibilities related to maintenance.

Some of these provisions may not be enforceable. For instance, the landlord may not mention that they can enter the household premises without prior notice or agree that the renter must pay for any damages that take place regardless of the fault.

Roommate Arrangements

The legal rights of the roommate differ from the legal rights of the tenant and the property owner. Similarly, like property owners, roommates do not have to engage in written arrangements.

Roommates can verbally agree on splitting the rent, including the supply of the utilities and bills that come every month. Therefore, an oral contract is formed between the tenant and the roommate, which should be used against the roommate if he violates it. However, getting everything in writing on an official contract is always best.

Checklist of Damages and Issues Before Renting

The lease will designate which party will be responsible for maintenance activities such as lawn mowing or maintaining the yard. Tenants agree to abide by local laws related to noise, nuisance, and enjoyment of the surrounding property. The lease may not allow the tenants to operate a business within the household premises. It is customary that a tenant walks through the house before moving in to document prior damages to the property to not charge for them after their lease term.

Conclusion

Always check the state laws wherever you plan to rent a house, and never make a payment until you are delighted with the landlord and property. Record rent payments, bills, and all money spent on the property in your bookkeeping records so that you have sufficient proof in case legal issues arise. 

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.

Management of Business Credit Lines

Once you get a credit card for your business, the best thing to do is avoid co-mingling. You should use credit cards for business with great responsibility. Pay bills timely and do not take on debt unless those debts will increase revenues. It would help if you manage your cash flow, and good records should be kept by using cash advances only when no other option is left. Save records of the monthly credit card transactions to maintain monthly report files. 

Do Not Mix Personal and Business Expenses

The most challenging thing for a business credit card holder to manage is to mix personal and business expenses. Avoid this co-mingling. You may miss the business payments. This mismanagement may ruin your credit scores and decrease your business card rating. When you use business credit cards responsibly, your rating is improved, and you can get more credit. IRS and creditors expect that you use the credit card of the business line to pay for business expenses only if you are serious about your business.

Stay Updated by Checking Email Regularly

The CARD Act of 2009 is basically for consumers and has less impact on business credit cardholders. Creditors often change policies and update the credit card holders via email. So, keep checking your emails to update yourself on these changes. 

Creditors’ new policies may compel you to switch to your business credit cards because it will affect your business adversely. There may be fees that you do not want to pay. “There are many nuances to small business credit cards,” says Molly Brogan, a spokeswoman for the National Small Business Association, the oldest and largest non-partisan citizen advocacy group representing over 150,000 small businesses. “You need first to understand what protections your card does offer as a small business, and then you’ll understand more clearly what it doesn’t.”

Regular Monthly Reports

Monthly financial statements are critical to understanding your business’s exact financial status. They tell you the amount of capital and credit you have. You can remain updated by reviewing financial statements often and knowing whether you can pay debts.

Avail Rewards Offered by Creditors

You can get maximum benefits from your business credit card by taking advantage of the rewards the creditors offer. Creditors often suggest tips according to the specifications of your business and interests. Keep yourself updated by researching and comparing different cards to see what is best for you and your company. Select the card that gives you maximum rewards and benefits.

Similarly, a credit card protection card protects you against credit card fraud. 

Cash Flow Management

The best way to increase profit margin is to manage cash flow. Make a business plan and formulate a budget. Analyze the month’s cash flow and ask your creditors to recharge your credit cards on the dates when a considerable cash flow is expected.

This responsible use of credit cards prevents you from many adverse situations. You can make payrolls on time. You do not need to offer discounts to vendors for quick payments. Good cash flow management increases your credit card ratings.

Avoid Going into Debt

Debt is the tiger that can kill your business. Debt decreases your rating, and you may be unable to obtain credit when needed. Avoid debt and make it the last option left. Taking debt just for making new purchases for a well-established business is not a good idea.

You can take debt only to increase revenues. For example, suppose your company hires new staff, shifts to another suitable location, or purchases upgraded equipment. In that case, these are situations when you may need to use a business credit card. 

Conclusion

Responsible use of business credit cards is a part of business management and makes you credible to creditors, customers, and suppliers.

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 world of acquiring finances for a small business has changed, and getting a loan can be pretty nerve-racking. Before getting a loan, the initial phase requires knowing which documents to prepare, how much financing to ask for, and, most importantly, which lenders to approach. The following are some of the steps you need to know about to qualify for a small business loan.

Establish Why You Need a Small Business Loan 

Identify why you need the money and pin down the list of reasons for how this loan will help your business. There can be various reasons, such as getting a loan to launch a new business, buying an existing business, purchasing equipment, or using your day-to-day working capital to pay for marketing or human resource costs. Moreover, you may need the loan to cover your cash flow gaps, or perhaps an opportunity has arisen to expand your existing business. The key is recognizing and evaluating your reasons, which will help you decide the lender’s choice and loan type.

Determine How Much Financing You Require and How Much You Can Afford

 A small business loan can be helpful in many ways, but it is essential to know the capital you need to achieve your business goals. It inevitably does not have to match how much you can afford. You can use a business loan calculator that will help you evaluate the monthly expense of your loan, which is essential to know before you sign a loan agreement. Another way to find out how much financing you need and how much you can afford is to conduct a loan performance analysis. By performing this analysis, you can calculate the correct amount for your business loan.

Explore Diverse Types of Business Loans

Find the right loan. Choose a type of business loan based on your needs. The key is to know which kind of loan matches your credit score, budget, and the reasons why you need financing in the first place. You can get small business loans from several locations, including banks, financial institutes, microlenders, and online lenders. 

Furthermore, common types of bank loans include equipment financing, short-term loans for 2-3 years, and long-term commercial loans, which are usually secured by real estate. One of the most common loans among small business owners is a line of credit. They provide a great security net in case of an emergency, thus offering an amount of capital that can serve as a cushion for your cash stream.

Collect All Loan Documents

Once you have compared your options on the different types of business loans, it’s time to put your documents together. Depending on the bank and type of loan, you must submit a combination of business and personal bank statements, tax returns, annual revenue, financial statements (balance sheet, profit loss statements), and other legal business documents. The best thing you can do is sufficiently organize your documents to submit with your loan application and be as prompt as possible.

Apply for Your Business Loan

You can submit your loan application once you have prepared all the documents. You shouldn’t apply for more than one or two loan types, as this will affect your credit score in the long term. After you submit your loan application, it will take a while for your lender to review your documents and verify their authenticity. Once your application is approved, before signing any papers, ensure that your lender informs you about the loan and its complexities. 

For small businesses, getting a business loan is often a difficult obstacle to overcome, primarily due to tight lending principles made by banks. Although applying for and getting approved for loans can be tricky, if you prepare your application well, the probability of receiving the loan amount will be higher.

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.

Hiring the right staff is one of the most difficult decisions an entrepreneur faces. Obtaining quality human capital is the most basic requirement for every start-up—employees need to deliver performance. Productive employees ensure that both the short—and long-term objectives are met.

Create a Hiring Plan

Entrepreneurs grappling with staffing challenges must first establish a comprehensive hiring plan. This plan serves as a roadmap, outlining individuals’ specific roles within the organization. By adhering to this plan, entrepreneurs can select employees who will actively contribute to the company’s growth. Additionally, a well-structured hiring plan is an effective tool for creating job descriptions for vacant positions.

When crafting job descriptions, clearly specifying the employment type is crucial. This includes whether the job is permanent, full-time, or part-time and whether it involves temporary or permanent contracts, casual, fixed-term, probation, or shift work. By providing this information, entrepreneurs can ensure that potential candidates clearly understand the role and its requirements, thereby attracting the right talent. It’s also important to indicate the total number of employees needed to fulfill each role.

Determine Your Needs

A start-up must efficiently address staffing challenges. Staffing is not an easy task for any business, and young entrepreneurs often face many issues when it comes to hiring their new employees. One aspect is determining what kind of experts and professionals your company requires.

Hiring should be based on the tasks and functions needed to take your business to the next level. Initially, it will be hard to predict the tasks each employee will need to perform, and determining the working hours will also be tough. Look at the market leaders and observe their staffing patterns. Design your hiring plan accordingly to reduce your staffing challenges.

Initiate Organizational Culture

When staffing, an essential consideration is choosing and initiating a positive organizational culture. Company culture is the most critical element in a start-up. Your company’s culture will affect morale and the character and essence of your brand. However, keep the type of culture you want in mind and select employees who align with that initiative.

Balance the Cost of Hiring

Finances may be very tight and even insufficient in the beginning months of your start-up. You may be unable to hire a prospective employee demanding a hefty salary. At the same time, having experienced and qualified employees in your start-up from the beginning will benefit you in the long run.

It is essential to strike a suitable balance between an employee’s cost and experience. The best approach at this time will be to choose talent over experience. Given an entrepreneur’s many staffing challenges, balancing adventure and cost is a delicate matter. When hiring, look at an employee’s achievements rather than the years of experience they have under their belt.

Timing of Initial Hiring

The very first hires will be the most challenging decisions you must make regarding your staffing challenges. This is because the initial stages of a new company are in a weak position. You may also be your first time handling a group of employees.

As an entrepreneur, you are in a leadership position and need to coordinate and manage your team well. It would be best to find employees who are not afraid to go out of their comfort zones. You must be precise, open, and honest with your employees, and they are required to be flexible and adaptive.

Flexibility

Once the initial stages have passed, a new start-up will continuously evolve and change over an extended period. Flexibility is another one of many staffing challenges faced by start-ups. It is crucial to be flexible in your role as a leader. The same flexibility must transfer to your employees. Initially, they must have flexibility in their roles and responsibilities. The functions of your employees must be interchangeable.

Talent Retention

Talent retention is one of the most common aspects of hiring. Experts believe that retaining talented employees is a significant staffing challenge, no matter how rigorous the hiring process is.

Even if your employees seem happy with how things are running, they could often replace their jobs in your start-up with a much more established organization. Having good relations with your employees can prevent this from happening. A suitable company culture and flexible working hours will benefit a new company.

Conclusion

Once you overcome these seven staffing challenges, you will have a solid start to your business. Initially, you will formulate, evaluate, and implement HR strategies and policies. These include workplace behavior, remuneration packages, compensation, benefits, and other employee-related leave policies.

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.

Are you struggling to get your finances in order? Is a pencil-and-paper drafted budget or that endless spreadsheet just too time-consuming to manage? If any of these describe your situation, you no longer have to worry! Fortunately, plenty of budgeting and bookkeeping apps allow you to easily track your spending, save money, and pay your household bills using your phone and tablet.

With today’s intelligent personal finance apps, managing your money, sticking to your budget plans, and making investment decisions are far more manageable.

However, every tool out there is neither suitable for your needs nor worth downloading and learning to use. That is why we have come up with our favorite five essential apps that will help you monitor your spending habits, save money, and pay your household bills on the spot and on the go.

Mint: Best Way to Manage Your Finances

Mint is among the essential apps for personal finance. It helps you effortlessly manage your money in one place. It is an effective all-in-one tool for budgeting, tracking your spending and household bills, and getting smarter with your money. In addition to your monthly bills, it allows you to connect all your bank and credit card accounts easily. Thus, with your finances conveniently in one place, you eliminate the hassle of logging into multiple sites.

With Mint, you can create budgets seamlessly, get suggestions based on your spending, schedule payments on the go, get reminders, get specific advice to gain control over your money and budget, and eventually improve your financial outlook. The free credit score is another advantage. Mint is an all-in-one package deal.

Wally: Seamlessly Track Your Money 

Like being organized with your workplace expense reports, Wally is a great choice and a free essential app to stay updated with your expense tracking. With Wally, you can take a picture of your receipts rather than manually logging your expenses. This app also saves time by filling in data when using geo-location on your smart device. This neat, streamlined app is immensely convenient, helping you better understand where your dollars are going.

Digit: Automate Your Savings

If you are looking for ways to automate your savings, Digit is an essential app for saving your ingrained habit. When you connect it to one of your bank accounts, the app analyzes your income and spending patterns. Based on that pattern, the app then puts aside a particular portion of your funds in an FDIC-insured bank account for spending purposes that you can access and take out money conveniently at any time. 

Communicating with Digit is fun and straightforward: open the app or text the bot to see how you are doing. Thus, it is super easy to set up different savings goals. In addition, you earn Digit savings of 1% annually, paid out every quarter and backed by a no-overdraft guarantee. Every morning, you receive a text telling you to check your account balance, another excellent feature. Surprisingly, it offers a 100-day free trial for both iOS and Android users.

Credit Karma: Improve Your Creditworthiness

If you are seeking ways to raise your credit score, Credit Karma is an essential app and an indispensable innovative tool for achieving your goal. Not only does it update you with your Equifax® and TransUnion® credit scores, but it also gives you insightful recommendations to boost your creditworthiness. It can provide you with a complete TransUnion credit report in-app upon request that you can use to view (and dispute) disparaging signs on your account, and you can view a comprehensive breakdown of your credit usage. Fortunately, this is also free. Credit Karma does share your personal information with Equifax and Transunion.

Clarity Money: Monitor Your Credit Score and Cancel Subscriptions

Credit Money is another one of the essential apps you can use to track your credit accounts, which is especially important considering the recent Equifax breach. This nicely designed budgeting tool ensures a more straightforward execution of your routine financial tasks. In addition, it also allows you to set up automated savings for specific goals.

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.

Embarking on a new business venture is an exhilarating experience but can also be daunting. As an aspiring entrepreneur, you may encounter various obstacles in successfully launching your business. However, you need not fret, as we have got you covered. Moreover, our comprehensive article provides invaluable insights and crucial tips to help you jumpstart your business venture easily and quickly. However, with our expert guidance, you can quickly establish your business and confidently pursue your entrepreneurial aspirations with guaranteed success.

Start with a Solid Business Plan

A solid business plan is the foundation of any successful startup. It acts as a roadmap for your business, outlining your goals, strategies, and tactics. Furthermore, a well-written business plan will help you clarify your vision, identify your target audience, and plan your budget. Overall, it will also help you secure funding and attract investors.

Conduct Market Research

Market research is essential to understanding your target audience, competition, and market trends. Moreover, it will also help you identify the needs and preferences of your potential customers and the gaps in the market that you can fill. Furthermore, it will help you develop a unique value proposition that differentiates your business from your competitors.

Choose the Right Business Structure

Choosing the proper business structure is crucial for your business’s legal and financial well-being. It will determine your tax liabilities, legal responsibilities, and personal liability. The most common business structures are sole proprietorship, partnership, limited liability company (LLC), and corporation. However, you must choose the best one that suits your business needs and goals.

Build a Strong Online Presence

In today’s digital age, having a solid online presence is essential for any business. Your website is the face of your business and the first point of contact for your potential customers. It should be well-designed, user-friendly, and optimized for search engines. However, social media platforms are also powerful for reaching your target audience and building brand awareness.

Network and Build Relationships

Networking is a crucial aspect of building a successful business. Attend industry events, join business organizations, and connect with like-minded entrepreneurs. Furthermore, building relationships with potential customers, partners, and investors can help you gain valuable insights, referrals, and business opportunities.

Outsource Non-Core Tasks

Outsourcing non-core tasks can free up time and resources to focus on your core business functions. Tasks like accounting, marketing, and administration can save money and help you operate more efficiently. Moreover, outsourcing can also help you access specialized expertise and technology you may not have in-house.

Secure Funding

Securing funding is one of the biggest challenges of starting a business. Several options include loans, grants, crowdfunding, and angel investors. You must choose the one that best suits your business needs and goals. Overall, be prepared to present a solid business plan and financial projections to convince potential investors or lenders to invest in your business.

Summary

Embarking on starting a business can be a thrilling and gratifying experience for any entrepreneur. Still, it’s essential to acknowledge that there will be challenges along the way. However, I have complete confidence in your abilities and unrelenting determination to establish a thriving enterprise. 

It’s crucial to stay fully engaged and focused during the process while embracing the inevitable highs and lows of being an entrepreneur. With your unwavering dedication and hard work, your business vision will undoubtedly become a reality. I’m excited to witness the incredible feats you will achieve on this journey! I wish you the best of luck on this exciting new path and am eager to see your business thrive! 

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.