Author: Complete Controller

Many individuals believe that they can avoid paying the insurance premium. Suppose you are among those 50 million individuals who believe that avoiding regular premium payments and other expenses related to it would help you save a good amount of buck. In that case, it will cause you trouble only later in life.

1. One of the Biggest Financial Risks: The United States is facing heart attacks as the leading cost of death. An open-heart surgery costs around $324,000. If the money that you are saving by not investing in insurance will be able to keep you from such situations, then you are good to go. It is unwise to opt for a mortgage or loan at that moment instead of investing in insurance now. The mortgage will cost you way more than the insurance premium.
2. Affecting the People Around You: When people are not insured, they avoid going to regular checkups. Such a behavior may put them at risk of a severe situation. Going to the emergency room costs more than a person can afford. When they cannot afford the cost, the unpaid expense is divided by the hospital across the board, hence making other patients pay a fraction of that amount. Such behavior increases the prices of other patients who cannot pay it.
3. Preventive Care: People with health insurance tend to go for regular checkups, which helps them identify the deadly diseases at an early stage. On the other hand, uninsured people avoid going to a doctor at all costs to avoid any expense. This results in the late diagnosis of a disease or mental condition they have.
4. Insurance Premium is Better Than Bankruptcy: it is better to invest in insurance and pay the premium on time rather than getting insured and going bankrupt due to an emergency procedure. Medical emergencies cost way more than the insurance. Avoiding getting a regular checkup to save some money is the worst thing you could do to your body.
5. Affordable Care Act: The recent Affordable Care Act has made it mandatory for individuals to sign up for health insurance to avoid any more cases of people going bankrupt due to the lack of finances to afford hospital bills. However, applying for health insurance through a reliable institution is advisable. Also, read the instructions and key points while applying for health insurance.
6. The Necessity: Individuals consider medical coverage an extravagance. In the event that you are endeavoring to set aside some cash, cut the cable, and drop the gym membership before surrendering your medical coverage. It may wind up costing you more.

In recent times, a growing number of colleges and universities have made it mandatory for students to opt for health insurance before they can enroll. This has become a necessity because of the rising costs of medical services in the United States. Therefore, it is crucial to have medical insurance coverage to protect oneself from unforeseen medical expenses that may 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.

You must prepare a sound plan based on how to deal with getting such traffic. Strive to make it highly influential. 

In this blog, you will learn top social marketing services that will surely improve the following things of your eCommerce:

• Credibility
• Reputation in your niche
• Ultimate income with a sound profit

Remember, potential clients do not purchase due to your popularity. They buy your items according to their quality and the level of services you offer. 

Wallow of Twitter

It is like Twitter’s Yellow Page. You can begin from here if you have infinite followers. Browse via niche sections, but you must sign into the account first. Then, you will follow the same Twitter profile’s personalities. This way, you will get banned from this social media platform and can get followers efficiently. 

There was an automated software that you must pay to activate. People called it Tweet Adder, and its popularity compelled experts to introduce its new version. So, what was its specialty? Using it, you could win millions of Twitter followers, which led to smooth marketing. 

But, despite such fame, it was not as per the Twitter terms & conditions. Hence, when users used it, Twitter banned them. 

Then, the process of extensive followings and the usage of Direct Message (DM) starts for leads & traffic. It would be an alternative to Tweet Adder, so this way, implementing such practices becomes stopped. 

Hootsuite

The Hootsuite source is one of the paid services. It offers extended tasks for social marketing that you can execute mildly and efficiently. 

They are lawful with a 100% guarantee and suitable for the terms & conditions of the social media platforms and multiple websites. 

It automatically shares your blog posts on social media accounts. In this way, it leaves you to do other work. Also, if you have lots of web content, with the help of Hootsuite, you can easily syndicate them on the internet. The syndication process makes this service accessible. 

Add This

It is the services that trigger a social media key. Using it, you can post blogs and content on every social media account automatically if you want to share it promptly. 

Also, with the Add This service, you can add code to your web and blog posts. This service is responsible for everyone can see social media accounts on every web page. 

Master Instagram

 You must know how to use visuals to attract traffic to your site on the internet. And it would be best if you went nowhere when you have one of the finest avenues for visuals: Instagram. With over 80,000,000 photos and videos shared daily, many rivalries exist.

Make Your Content Easily Shareable

 Every business owner or marketer should, by now, know the importance of being mobile-friendly. According to statistics, almost 40% of news is read on a mobile compared to a desktop.

Improve Your SEO

 While you are trying to make it easy for your readers to read and share your material, you also need to make sure that your content is always being shared effectively and correctly since digital marketing has expanded significantly, which explains that at some point, you must contemplate upping your SEO (Search Engine Optimization) best practices.

Know When Your Audience is Listening

 The answer to building follower numbers is all within regularity. The more regular your social media publishing you are, the greater the chance you have of being seen.

 When you start to notice a spike in your social media traffic, you should not decrease the pace of your posting.

In the contemporary world, social marketing is diving deep fast to catch maximum web traffic, especially for eCommerce. So, you do not have to do anything and the infinite referral and viral traffic return to your web within a second. 

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.

When an organization seeks to acquire funds from the market, equity financing can be a viable option. Equity financing is a way of raising funds by issuing shares in the market. In this process, the investors who purchase the shares become part-owners of the company, which can provide several advantages to the organization. One of the primary benefits is that the company is not required to repay the funds acquired from the shareholders through the sale of shares, which can help to reduce the financial burden.

Moreover, the shareholders invest in the company expecting to receive returns on their investment in the form of dividends. Therefore, it is crucial for the company to pay dividends to the shareholders, as it helps to increase their satisfaction level and can lead to a rise in the market value of each share. This can also help attract more investors to the company, further enhancing its financial position.

However, in comparison with debt financing, the dividend payment is not mandatory for the management, as in the case of an interest which must be paid by the management. Equity financing can be more costly for an organization compared to retained earnings. It is evident from the abovementioned ratio that the company has maintained a lower ratio in both 2014 and 2015. Therefore, the company can utilize equity financing, which will ultimately bring a decline in the company’s gearing. However, as it can be seen, equity financing will increase the company’s owners, which will eventually decrease the dilution of the share, or the value of each share decreases with the issuance of every single share.

Capital can be acquired by issuing equity, which can be obtained by selling shares so as to get finance from the public in the market. The owners of the shares or shareholders are considered as the owners of the company. It is one of the constraints that can affect the firms, as owners are provided with voting rights. Therefore, it can influence and affect management decisions. The dividends are supplied on the shares to the company’s shareholders as a return on their investment. The dividend payments are not mandatory for the management. Still, non-payment of it will adversely affect the company’s shareholder satisfaction level, as their main aim is to gain dividends on their investment. However, as shareholders are considered the company’s owners, the investment paid by them is not required to be repaid as in the case of debt, in which repayment is mandatory on the management.

When it comes to generating dividend payments for their shareholders, corporations tend to outperform SMEs. This can make corporate shares more attractive to potential investors, while SMEs may struggle to secure funding through equity. Companies that rely heavily on equity financing, rather than debt, may encounter issues due to the increased number of company owners. As such, many SMEs choose to pursue equity financing to invest in their operations or acquire new assets. Debt financing, on the other hand, is typically used when a firm requires significant funds from the market.

Raising capital through equity financing can be a lengthy and complex process for companies. Unlike using retained earnings, the company is required to invest more time in issuing shares in the market and obtaining an initial public offering. However, equity financing can be a valuable source of funds for organizations looking to acquire land and buildings.

It’s important to consider the advantages and disadvantages of each financing option before making a decision. Equity financing allows companies to increase their financial resources and expand their operations, but it also involves the risk of diluting ownership and control. On the other hand, using retained earnings means that the company retains full ownership and control, but it may limit the amount of available funds for growth and expansion. Therefore, it’s essential to carefully evaluate the merits and demerits of each option before selecting the appropriate financing source.

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.

Supply chain management is the domain that is responsible for dealing with the whole process of the supply chain of raw materials. Who does this work generally? The following personalities send the items to the potential patron,

• Manufacturer
• Wholesaler
• Retailer

However, explicit dynamics live amid corporations in the supply chain, creating errors and jerks of bookings from the reseller to the prime riders. These reasons for activities demand further changes in the supply chain’s flux to make it smooth again.

The distorted information from either end of the supply chain management to the other may lead to significant inefficiency. Excessive inventory investment, lost revenues, poor customer service, misguided capacity plans, missed production schedules, and ineffective transportation.

Running a product-oriented business needs an efficient supply chain system; the bullwhip effect impacts how managers evaluate the supply chain system. You will be able to help managers and business owners avoid inflated pitfalls and maintain a top-notch supply.   

The entire manufacturing flow of a good or service is known as Supply chain management. It handles the raw mechanisms starting to transport the final product to the user. Key processes include managing inventory, ordering, receiving, and authorizing supplier payments.

In other words, supply chain management is a business process linked with a complete chain of manufacturing, retailing, customers, and suppliers. It is the process of synchronizing the flow of goods and information associated with production.

The Forrester result impacts the supply chain directly or obliquely by the segments in the supply chain, such as the following ones:

• Producers
• Suppliers
• Resellers
• Distributors
• Retailers
• Patrons

The Forrester effect transpires when you make the sale request’s shifts amplified in the supply chain. It is because they are responsible for the advancement & rise of the supply chain. 

You can say this process is a Forrester effect because of the vast amount of disruptions in the string processed by a bit of trouble at one edge of the chain. Hence, in a standard supply chain for a buyer item, with some deal fluctuations, there looks to be a bright & notable change in the retailers’ requests to the wholesalers.

What are the Core Reasons for the Forrester Effect?

Request budget renovation

Upstream managers request this work because of the signals of next-item orders. Budgeting typically relies on the booking history of a firm’s ultimate clients or client demand. 

As a regular practice, all supply chain firms often make product budgets for the following purposes:

• Its creation scheduling
• Space planning
• Record control
• Supply-demand plan

Now, it is proved that such signals cause the Forrester effect. 

Product order’s batching

Organizations fix orders with upstream parties in a supply chain process, practicing some record monitoring. The lists are drained when the request comes, and firms may not deal with suppliers concerning orders quickly. 

It often increases the demands before proceeding with the booking system. Hence, organizations may order weekly.

How do such causes impact supply chain management?

It happens in different ways:

• The struggle among supply chain pros
• High interest and supply changes occur in the call for long records to check stock-outs.
• Poor client cooperation when suppliers could not meet the client demand.
• Creation scheduling and space plans become tricky due to extended order waves.
• Brand-new plant increase in adhering to top order.
• Raised prices for corrections-large immediate requests or supply difficulties oblige freight and pay.

Other influences include:

• Collaboration
• Straightforward sales
• More constant re-supply
• Sudden lack of record
• Cost change
• Market behavior
• Stock market dealing
• Information-sharing

So, in short, supply chain management is the flow of goods or services that involves the movement, management, and storage of raw materials of the WIP (work-in-process) inventory to fulfill its purpose from the time of origin to the point of consumption. 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.

In this exploration of debt financing, we delve into the dynamics of acquiring funds from the open market, the impact of interest payments, the concept of debt capacity, and the crucial choice between debt and equity financing. By examining these facets, we aim to provide insights into how organizations navigate the financial landscape, make strategic decisions, and leverage debt financing effectively to support their growth and investment initiatives.

Harnessing Capital through Debt Financing

Organizations can secure capital via debt financing, a process involving borrowing funds from the open market. In this financial maneuver, the general public acts as lenders, entrusting their funds to the company with the expectation of eventual repayment. Significantly, the acquisition of debt does not influence the company’s dilution risk, as it does not increase the number of company owners.

The Burden of Fixed Interest Payments

Conversely, the returns disbursed to debt holders typically take the form of fixed interest payments, which are obligatory for the company to meet. This obligation can inflate the overall cost of acquiring funds and raise the company’s expenditure, potentially impacting its profitability negatively. Furthermore, if the company fails to generate increased profits from its operations, meeting interest payments becomes a financial burden for the management. Notably, non-compliance with interest payments can erode bondholder satisfaction, cascading effects on the company’s reputation in the market.

Debt as a Financial Liability

Debt is procured as a financial liability to secure funds from the market, necessitating the company’s obligation to repay it to debt holders or financial institutions. This commitment is a pivotal constraint, as the company’s inability to meet its debt obligations can substantially impact its standing in the market. Another notable constraint associated with acquiring debt from the market is the requirement to make returns in the form of interest payments. In accordance with Leary and Roberts (2010), interest payments are obligatory for the management to disburse, unlike equity, where dividend payouts to shareholders are not mandatory.

The Critical Limitation of Debt Financing

A critical limitation of employing debt financing lies in its impact on a company’s debt capacity. Companies that heavily favor debt over equity find their debt capacity diminished, which, in turn, poses a heightened risk of potential bankruptcy. Challenges may surface when companies seek debt financing from the general public, primarily focused on securing higher returns. In companies with limited profits, paying interest to bondholders becomes a challenge, given their constrained operations and resulting limitations on profitability. Furthermore, interest payments can amplify a company’s overall costs, adversely affecting its profitability. Consequently, many companies avoid debt financing, instead concentrating on equity, enabling them to bolster profitability through non-mandatory dividends.

Expanding Debt Capacity

Moreover, it has the potential to significantly influence the company’s debt capacity, which expands with each debt issuance in the market. Debt capacity is a critical factor for every company, and any increase therein can ultimately impact the company’s standing and overall morale in the market. Consider the example of an organization; if the company maintains a lower gearing ratio compared to the industrial average, it can harness debt to secure funds from the market effectively. Additionally, with a robust capacity to meet interest payments, as the company’s interest coverage underscores, an organization can strategically employ debt to acquire resources for investments such as land and real estate.

Conclusion

Debt financing allows organizations to raise funds from the general public but comes with mandatory interest payments that can strain finances and harm reputation. The key distinction from equity financing is the obligation for interest payments. Over-reliance on debt can reduce debt capacity and elevate bankruptcy risk, making equity financing more appealing, especially for companies with limited profits. 

However, wise utilization of debt financing can increase debt capacity and enhance market standing when supported by the ability to meet interest payments. Organizations should carefully assess the pros and cons of debt financing to make informed financial decisions. 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.

In the ever-evolving landscape of web–based and digital marketing, one of the most significant mistakes a business can make is launching an unfocused advertising campaign. Without clear objectives, it becomes challenging to gauge the progress of your campaign. This lack of focus can obscure your path, leaving you uncertain whether or not you’ll achieve your goals.

Failure to establish realistic objectives can set your business up for disappointment. Unrealistic goals can be disheartening, regardless of the excellence with which you implement and enhance your digital marketing strategies.

Furthermore, without tracking your objectives, you’re left in the dark about the success of your campaign. You won’t know where you’ve excelled or which areas require improvement. In the contemporary era, digital marketing is an indispensable tool for brand visibility. With individuals spending an average of seven hours daily on the internet, it presents an invaluable opportunity to connect with your target audience.

However, many businesses make the mistake of targeting a vast audience, hoping to reach as many people as possible. This ‘shotgun‘ approach often leads to disappointment, as not everyone resonates with their products or services.

Conversely, some companies believe they understand their target audience, only to find themselves targeting the wrong demographics. This misalignment not only wastes time and money but is entirely avoidable.

Hence, every enterprise aspires to craft a robust digital marketing strategy. Yet, in pursuit of this goal, even renowned brands commit critical errors, some of which we’ll explore in this blog.

So, if you’re keen to discover these pitfalls and how to sidestep them, we invite you to read this blog attentively.

Navigating Without a Clear Marketing Goal

Every endeavor, digital marketing or any task, carries a fundamental ambition that drives its execution. Without this guiding beacon, your efforts lack direction and purpose, leading to potential stagnation.

A clear and well–defined objective is the cornerstone of success in digital marketing. Those who embark without a proper aim expose businesses to substantial risks. Notably, statistics reveal that nearly 476% of thriving businesses owe their success to the presence of a precise purpose, setting them apart from those lacking this essential foundation.

When selecting a goal for your digital marketing strategy, ensuring it aligns with the SMART criteria is vital. This acronym encapsulates the traits that a desirable goal should possess:

• Specific: The goal should be explicit and leave no room for ambiguity.
• Measurable: It must be quantifiable, enabling progress tracking.
• Aspirational: The goal should challenge and inspire, reflecting the desired level of achievement.
• Reaching Pragmatic Goals: It should be realistic and attainable within the scope of your resources.
• Time-bound: A defined timeframe for goal completion is crucial for effective planning and evaluation.

Enhancing User Experience Customization

In the dynamic realm of digital marketing, personalization is paramount. Neglecting to customize the user experience can sever the timeless connections with your audience that are vital for brand loyalty.

For instance, employing generic practices, such as including a recipient’s name in an e-mail sent to a broad list, falls short of the personalization standard. True customization involves a holistic transformation of the user or client experience.

Delving into your customers‘ buying history provides valuable insights into their preferences and dislikes. With this knowledge, you can tailor your recommendations and communications to align with their interests.

Implementing these personalized approaches will foster a deeper connection with your target audience. This results in a more sincere and lasting rapport between your brand and its patrons, ultimately strengthening brand loyalty and engagement.

Neglecting Mobile Accessibility

Recent research findings have underscored the monumental rise in mobile phone traffic, with a staggering 223% increase over the past seven years. As of 2020, smartphones account for approximately 54% of all internet traffic, solidifying their significance as a primary digital gateway.

Given these compelling statistics, businesses must prioritize mobile accessibility within their digital marketing strategies. The following considerations are imperative:

1. Web Optimization: Ensure your website is fully optimized for mobile devices, delivering a seamless and user-friendly experience to the ever-growing mobile audience.
2. Mobile-Ready Content: Tailor your e-mails, newsletters, and content to align with mobile standards, ensuring your messaging is visually appealing and easily navigable on smartphones.
3. Analyzing Mobile Engagement: Monitor and examine the exact proportion of individuals engaging with your digital assets via mobile phones. This data is invaluable for refining your mobile marketing strategies and ensuring their effectiveness.

By heeding these principles, businesses can harness the immense potential of mobile phone access, ultimately enhancing their digital marketing effectiveness and engaging a broader audience in the mobile-driven era.

Conclusion

A successful digital marketing strategy hinges on avoiding common pitfalls, establishing precise objectives, and emphasizing personalization and mobile accessibility. 

Effective digital marketing requires a thoughtful approach, focusing on clear objectives, audience precision, personalization, and mobile readiness. By avoiding common mistakes and embracing these principles, businesses can harness the full potential of digital marketing for brand growth and success.

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

By: Jennifer Brazer

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

Fact Checked By: Brittany McMillen

Understanding the Pros and Cons of Financial Statements: A Comprehensive Guide

Financial statements are much more than numbers on a page—they’re the language of business. They reveal a company’s story, offering insights into past performance, current standing, and future potential. As the founder of Complete Controller, I’ve spent over 15 years helping entrepreneurs decode this language to make strategic decisions. But while financial statements are indispensable, they’re far from perfect. Let’s break down the pros and cons of the financial statements so you can gain clarity, avoid pitfalls, and wield these tools to accelerate your business growth.

What Are Financial Statements?

Definition and components

Consider financial statements your business’s medical report. They describe its financial health with four core documents:

• Balance Sheet: A snapshot of what your business owns (assets), owes (liabilities), and its overall value (equity).
• Income Statement: Tracks revenue and expenses over a period to determine profitability.
• Cash Flow Statement: Shows the movement of cash in and out of your business—essential for ensuring liquidity.
• Statement of Stockholders’ Equity: Details changes in equity over time, incorporating investments, earnings, and losses.

These reports are foundational. When Apple’s Balance Sheet highlights over $60 billion in cash reserves, it doesn’t just impress—it signals financial flexibility and strength.

Why are financial statements important?

These documents aren’t just bookkeeping chores; they’re decision-making superpowers. Whether you’re pitching to investors, planning a budget, or strategizing growth, financial statements are your go-to. Elon Musk famously said, “Numbers rule the day.” Without them, making informed decisions is like navigating without a compass.

And the importance of accuracy? Spot on. Businesses that prioritize accurate financial statement accuracy can secure loans, attract investors, and pursue growth strategies confidently [2].

Advantages of Financial Statements

Insightful analysis for investors

Investors rely on these reports to evaluate where to park their money. Metrics like return on equity (ROE) reveal whether a company delivers value. Warren Buffet’s legendary investment strategy hinges on such analysis. Financial statements offer transparency, helping investors forecast trends and risks.

Case Study: Netflix

A savvy tech investor spotted Netflix’s rising operating cash flow early on. This indicated a scalable model, prompting him to buy stock before others caught on. That decision paid off big—proving the financial statement analysis for investors can be life-changing [1].

Transparency builds relationships

Trust is the cornerstone of every business. Transparent, accurate reporting fosters confidence among stakeholders—be it lenders, shareholders, or customers. Amazon’s meticulous reporting sets the bar high, signifying that detailed financial data isn’t just useful—it’s non-negotiable for businesses thriving today [4].

And when transparency fades, so does trust. The fallout from scandals like Enron reminds us of the dangers of dishonest reporting. To dive deeper into these challenges, refer to financial transparency.

Compliance and accountability

Laws require businesses to file accurate financial statements, and regulators are watching. Compliant reports aren’t just about avoiding penalties—they’re critical to legitimacy. Solid financial statements also instill accountability within your organization. As someone who’s worked with thousands of businesses, I’ve seen firsthand how financial diligence can safeguard reputations.

Remember Enron? Their downfall wasn’t just bad ethics—it was false financial reporting. This cautionary tale underlines the significance of balancing the financial reporting pros and cons.

Disadvantages of Financial Statements

They can be misleading

Numbers can lie, especially when manipulated. Shady accounting practices can distort a company’s true health, luring unwary investors or stakeholders into bad decisions. Enron, anyone? The high-profile manipulation of their financials is why skepticism and scrutiny matter. If you’re unaware of the limitations of financial statements, such risks can snowball [4].

Complexity for non-experts

Let’s be honest: financial statements can look like algebra to the untrained eye. Jargon-laden documents frustrate small business owners and casual investors alike. This gap underscores the need for simplified, digestible reports. Improving understanding of financial statements for investors should be a top priority for businesses aiming to communicate better.

Not always timely

Financial statements are retrospective—they tell you what has happened, but this lag might prove disastrous in fast-moving industries. Want real-time insights? While trends highlight the growing interest in live dashboards, most businesses still rely on periodic financial data. Explore more about the timeliness of financial statements and its limitations.

Historical Context: Enron

Financial manipulation isn’t a new threat. Decades ago, Enron misrepresented its liabilities, causing financial chaos for millions. This scandal steered regulatory efforts like SOX (Sarbanes-Oxley Act), raising reporting standards worldwide [4].

How to Evaluate Financial Statements for Business Decisions

Master key ratios

Simplify the data through ratio analysis. Three critical formulas include:

• Current Ratio: Measures liquidity by dividing current assets by current liabilities.
• Debt-to-Equity Ratio: Evaluates risk with a simple assets-to-debt comparison.
• Gross Margin: Tracks profitability, dividing gross profit by revenue.

These tools make financial health accessible at a glance. Implementing them will transform how you approach evaluating financial statements.

Find patterns in trends

One year of data is a snapshot—the real value comes from spotting patterns over time. For example, Walmart used trend analysis to highlight inefficiencies in their brick-and-mortar model, pivoting to e-commerce for monumental growth [1].

Why does this matter? Recognizing trends prepares your business for seasonal cycles and market shifts, ensuring you’re ready to capitalize on opportunities. These are the core implications of financial statement trends.

Real-Life Impact: How Financial Statements Change Business Trajectories

Walmart’s strategic shift

When Walmart analyzed their financial statements, they identified rising in-store costs eating away at margins. The fix? Digital reinvention. By investing in online storefronts, the retail giant reclaimed its footing against e-commerce rivals [1].

Netflix’s subscription strategy

Netflix built its empire by following its numbers. With subscription cash flows climbing in the early 2010s, they doubled down on original content and global expansion. This case exemplifies the financial statement’s usefulness for stakeholders like investors and executives.

Conclusion

Financial statements are both a mirror and a compass for your business, reflecting past performance while pointing to future opportunities. They’re invaluable, but only if you know how to interpret them wisely. As someone who’s seen these tools transform businesses countless times, I can attest: the combination of insight and action makes all the difference.

Challenges like misleading data and complexity exist, but don’t let that deter you. Leverage financial statements thoughtfully, seek clarity when needed, and always approach them with a discerning eye. Remember, these reports aren’t just documents—they’re the keys to more thoughtful decisions.

Ready to unlock the full potential of your business? Complete Controller is here to guide you.

FAQ

What are the main types of financial statements?

The Balance Sheet, Income Statement, Cash Flow Statement, and Statement of Stockholders’ Equity.

Why are financial statements useful?

They help assess performance, plan effectively, and make informed decisions.

Can financial statements be misleading?

Yes, they can, especially if manipulated or misinterpreted.

How can I better understand financial reports?

Learn key ratios and patterns, or consult experienced professionals.

Why do financial statements have delays?

Preparing comprehensive and accurate statements takes time. Most reflect past performance, not real-time activity.

Sources 

• Complete Controller. (n.d.). Importance of Reconciling Accounting Statements.
• Complete Controller. (n.d.). Financial Statement Analysis for Investors.
• Complete Controller. (n.d.). Evaluating Financial Statements for Business Decisions.
• Chron Small Business. (n.d.). Advantages and Disadvantages of Financial Statement Analysis.
• Farseer. (n.d.). Financial Statement Analysis.
• Investopedia. (n.d.). Financial Transparency.
• Smith, J. (n.d.). “Financial Reporting Challenges.” Journal of Finance.

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

By: Jennifer Brazer

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

Fact Checked By: Brittany McMillen

Change Management in Construction: Key Strategies for Success

Change management in construction refers to the systematic approach for handling modifications to project scope, schedules, or budgets throughout the construction lifecycle. It provides a structured framework for addressing everything from design alterations and regulatory requirements to material substitutions and stakeholder requests.

Over my 20+ years at Complete Controller, I’ve witnessed construction projects of all sizes struggle with change implementation. When you consider that 35% of construction projects experience change orders with cost variations up to 15% per change, effective management becomes non-negotiable. In this article, I’ll share proven strategies to identify changes early, assess their full impact, align stakeholders, and leverage technology—all while maintaining your timeline and budget. My team and I have helped countless construction firms transform chaotic change processes into competitive advantages, and I’m excited to share these battle-tested approaches with you.

What are the key strategies for successful change management in construction?

• Change management in construction requires structured workflows, stakeholder alignment, technology integration, risk mitigation, and continuous monitoring
• Proactive identification systems catch potential changes before they cascade into major issues
• Comprehensive impact assessments evaluate effects on scope, cost, schedule, and risk
• Stakeholder communication frameworks ensure all parties remain aligned during transitions
• Technology-driven solutions streamline documentation, approvals, and implementation tracking

Understanding Change Management in Construction: The Foundation for Success

Construction change management refers to the systematic approach for modifying project scope, schedules, or budgets. It addresses challenges like design modifications, regulatory compliance, or material delays while maintaining project goals.

Construction projects over $50 million average 11.29 change orders throughout their lifecycle, with each change potentially affecting multiple trades, timelines, and budget lines. Without proper management, these modifications can trigger cascading delays and disputes that threaten the entire project’s viability. The construction industry’s traditional fragmentation between designers, contractors, subcontractors, and owners creates natural friction points where changes must be carefully coordinated.

The consequences of poor change management are stark: 90% of construction projects experience cost overruns averaging 28%, with unmanaged changes being a primary culprit. Even pandemic conditions didn’t eliminate changes—while COVID-19 reduced average change costs by 34.9% in 2020, the fundamental need for structured change processes remained.

Core Strategies for Effective Change Management

Proactive change identification

Construction projects that implement early warning systems catch potential changes before they evolve into major disruptions. These systems typically involve daily work log reviews, regular constructability analyses, and real-time dashboard monitoring.

A successful change identification framework includes:

• Regular design review meetings that evaluate drawings against field conditions
• Prompt RFI (Request for Information) tracking to identify potential design conflicts
• Weather impact assessments for outdoor work dependencies
• Supply chain monitoring for critical materials with long lead times

Case Study: Implementing a Standard Change Control Process

A mid-sized commercial contractor reduced change-related delays by 30% after adopting a standardized approach:

1. Roles/Responsibilities Matrix: They clearly defined decision-makers for different change types
2. Streamlined Approval Workflows: Digital portals replaced paper-based processes, cutting approval times from weeks to days
3. Documentation Templates: Pre-built forms ensured consistent information capture across change requests, cost estimates, and approvals

This systematic approach mirrors best practices from industry leaders and demonstrates how even modest process improvements can deliver significant time and cost savings.

Comprehensive impact assessment

Once a potential change is identified, thorough impact analysis prevents the “ripple effect” where seemingly minor modifications cascade into major disruptions. Effective assessment examines four critical dimensions:

Aspect	Assessment Criteria
Scope	Added/removed work, affected trades, quality standards
Cost	Material/labor changes, permit fees, liquidated damages
Schedule	Milestone delays, workflow bottlenecks, critical path impacts
Risk	Safety implications, regulatory compliance, warranty effects

 

This multi-dimensional analysis enables informed decisions about whether to proceed with changes and how to mitigate negative consequences.

Case Example: Mitigating a Design Revision

When a hospital project faced major mechanical system revisions mid-construction, the team saved two months by:

1. Conducting immediate constructability reviews to identify structural and space challenges
2. Negotiating phased approvals with clients to maintain progress on unaffected critical path work
3. Updating resource allocations in real-time via collaborative software to prevent trade stacking

The comprehensive assessment process allowed for targeted interventions rather than the all-too-common “wait and see” approach that amplifies disruptions.

Advanced Tactics for High-Stakes Change Management

Stakeholder alignment and communication

Construction projects involve diverse stakeholders with competing priorities—from owners focused on scope to contractors concerned with feasibility and subcontractors managing resources. Effective communication frameworks prevent misalignment during changes.

I’ve found these stakeholder engagement strategies particularly effective:

Stakeholder	Interaction Strategy
Clients/Owners	Regular progress briefings, visual cost-benefit breakdowns, milestone validation
Subcontractors	Pre-change order workshops, updated schedules, resource reallocation meetings
Regulatory Bodies	Proactive compliance documentation, early permit requests, code interpretation sessions
Design Team	Constructability reviews, field condition updates, value engineering workshops

 

The Panama Canal expansion project offers a cautionary tale of stakeholder misalignment. The 2016 expansion required handling 1,000+ daily change orders, eventually resulting in $5.67 billion in claims. Many of these disputes stemmed from communication breakdowns between the canal authority and the construction consortium regarding geological conditions and labor issues.

In my experience, using 3D visualization tools during stakeholder meetings reduces miscommunication by nearly 40%. When stakeholders can literally see the implications of changes, alignment happens naturally.

Technology-driven change control

Digital tools have transformed change management from a paper-based nightmare into a streamlined, transparent process. The right technology stack provides real-time visibility, automates approvals, and creates audit trails.

Leading platforms offer distinct advantages for different aspects of change management:

Platform	Key Features
Procore	Centralized change orders, automated approvals, budget impact visualization
QuickBase	Custom workflows, real-time dashboards, stakeholder-specific views
Mastt	Budget tracking, resource allocation tools, compliance documentation
BIM 360	Design change visualization, clash detection, spatial coordination

 

When implementing construction process optimization technology, I recommend starting with approval workflow automation. This area typically offers the fastest ROI, as it reduces the average time from change identification to implementation by 60-70%.

Modern tools also enable field-level change management—allowing superintendents and foremen to document potential changes on tablets or smartphones before issues compound. This capability alone can reduce the cost impact of changes by identifying alternatives before work proceeds incorrectly.

Overcoming Implementation Challenges

Risk management in change orders

Even with perfect processes, construction changes carry inherent risks that require active management. Implementing risk management in construction protects projects from schedule delays, cost overruns, and quality compromises.

Effective risk management in construction includes both preventive and responsive strategies:

• Preventive Strategies
  • Reserve 5-10% of budgets as change contingency funds
  • Identify alternative material suppliers during early planning
  • Develop decision trees for common change scenarios
• Responsive Strategies
  • Include clear change order clauses in original contracts
  • Document all client communications for audit trails
  • Establish expedited approval protocols for time-sensitive changes

New York’s One57 skyscraper provides a relevant case study in change risk management. The project faced 30% cost overruns (reaching $2 billion final cost) due to design changes and luxury material upgrades. While some changes were unavoidable, the absence of a robust risk management framework amplified their impact, causing significant schedule delays despite strong market demand for the luxury units.

Continuous improvement through post-change analysis

The most sophisticated construction firms treat each change as a learning opportunity by implementing structured post-change reviews. This practice transforms reactive change management into a proactive improvement cycle.

Effective monitoring includes tracking key performance indicators:

• Percentage of approved vs. denied changes
• Time-to-approval averages by change type
• Cost variations between estimated and actual change impacts
• Root cause categorization (design issues, field conditions, etc.)

This data enables targeted process improvements rather than generic “do better next time” mandates.

Post-project audits should analyze recurring change triggers, update standard operating procedures, and refine contingency planning for future projects. Companies that systematically perform these reviews report reducing change-related costs by 15-20% on subsequent similar projects.

Final Thoughts: Building Change Resilience

Effective construction change management requires structured processes, stakeholder collaboration, and technology integration. By implementing these strategies, construction firms can transform changes from disruptions into opportunities for enhanced project outcomes.

The construction industry’s complexity guarantees that changes will occur—but your response to those changes determines whether they strengthen or weaken your projects. I’ve witnessed companies using advanced construction change control procedures reduce disputes by 40%, accelerate schedules by weeks, and protect profit margins despite significant scope modifications.

Ready to transform your approach to construction changes? The Complete Controller team specializes in financial systems that support effective change management in construction projects. Contact us today to discuss how our expertise can help you implement these strategies in your specific construction context.

FAQ

What is a change order in construction?

A change order is a formal document that modifies the original construction contract by altering scope, cost, or schedule. It requires client approval and becomes a legally binding amendment detailing specific revisions, their justification, cost implications, and timeline adjustments.

How do you minimize the negative impact of change orders?

Minimize change order impacts by implementing proactive identification systems, conducting thorough impact assessments, maintaining clear documentation, establishing streamlined approval processes, and ensuring transparent stakeholder communication throughout the change lifecycle.

What technology best supports construction change management?

The most effective technologies include integrated project management platforms (like Procore), BIM coordination tools, automated approval workflow systems, cloud-based document management, and mobile solutions that enable real-time field documentation of potential changes.

How do you handle emergency changes in construction projects?

Handle emergency changes by establishing pre-approved rapid response protocols, designating emergency decision-makers with defined authority limits, documenting verbal approvals followed by formal documentation, and conducting post-emergency reviews to prevent recurrence.

What are the most common causes of construction changes?

The most frequent change triggers include design errors or omissions, unforeseen site conditions, client-requested modifications, regulatory requirement updates, material availability issues, and coordination conflicts between different building systems or trades.

Sources

• AIA Contract Documents. (2023). “The Truth About Change Orders.” https://learn.aiacontracts.com/wp-content/uploads/2023/07/The-Truth-About-Change-Orders.pdf
• Beam. (2024). “Construction Cost Overruns.” https://www.trybeam.com/resources/construction-cost-overruns
• CoConstruct. (2021). “Volume of Change Orders in Construction Declined in 2020.” https://www.coconstruct.com/blog/volume-of-change-orders-in-construction-declined-in-2020
• Downsizing Government. (2015). “Federal Government Cost Overruns.” https://www.downsizinggovernment.org/government-cost-overruns
• El País. (2017). “Sacyr to Claim €5.4B in Panama Canal Cost Overrun Battle.” https://english.elpais.com/elpais/2017/01/09/inenglish/1483955596_909778.html
• Mastt. (2025). “What is Change Control in Project Management?” https://mastt.com
• MIT Civil and Environmental Engineering. “Construction Management Resources.” https://cee.mit.edu
• OSHA. “Construction Industry Guidelines.” https://www.osha.gov/construction
• Procore. (2024). “Successfully Navigating Change Management in Construction.” https://procore.com
• RIB Software. (2024). “A Blueprint For Effective Change Management.” https://rib-software.com
• Wikipedia. “Change Management.” https://en.wikipedia.org/wiki/Change_management

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.

Fintech, short for economic and financial technology, is an emerging field and is now a financial revolution through the tech-savvy. It is innovative technology’s progress to make traditional institutions like insurance companies and banks uplift their economic and financial services. The procedure is monetizing money and digitalizing information or data to adjust to the digitized world.

Fintech solutions have significant potential advantages for all companies, particularly new and small businesses. Medium and small size enterprises are essential for employment and economic maturity. However, others might need help to get the financing they require to thrive and survive. We will discuss the benefits that fintech recommends for startups, financial service providers, businesses, and banks.

Here are some benefits of financial technology or fintech on the economic sector.

Improved Customer Service and Revenue

By enhancing and optimizing efficiency and increasing productivity, fintech improves the quality of traditional economic institutions. More opportunities arise as credit unions and banks see fintech organizations as allies in this way rather than some companies selling products. Furthermore, by giving modern and better services, the client retention rates of organizations increase, resulting in more revenue.

Expanded Service Scope

Fintech permits organizations to utilize new technology to extend their areas and reach of service. Financial technology organizations are making good use of mobile connectivity. This can boost the number of people using this service and enhance convenience and transaction quality. With clients having the option of using tablets and smartphones to handle their finances, an organization can streamline its operations.

Enhanced Security

Economic institutions expect to give clients the most high-end and advanced monetary services. When trying to ensure that more people are confident in utilizing financial services, using the latest security methods is significant. Using innovative mobile technology has resulted in considerable security investment to ensure customer data is secure. Biometric data, data encryption, and tokenization are some of the latest security solutions businesses use in this field.

Upgraded Payment System

A fascinating advantage of fintech is making businesses more effective at collecting payments and issuing invoices with higher correctness. It offers more professional service and improves customer relations, growing the productivity of them returning as regular buyers.

High Approval Rates

In various small business ventures, the united states have started using alternative investors involved in fintech because of its capability to grow to boost the approval for finance rate and increase accessibility. In some cases, the application time and process to receive the capital can be in a day.

Convenience

The organizations that interact with financial technology use mobile connectivity. It might increase the number of people who avail of the services and enhance the convenience and adeptness of transactions. Furthermore, the possibility of a business updating its services with a better all-around client experience also gets higher if the clients share various options to handle their finances, like tablets and smartphones.

Valuable Advice

Training or guiding people on their economics, various latest systems are based on robot advice. The low cost and fast option to have valuable information on investments and lessen the exposure to danger toward a person, these services are unable to provide the most in-depth details that will come from a professional adviser.

Innovation and Diversification

Fintech promotes innovation in the financial sector by introducing new products and services that benefit clients, startups, and small businesses. This innovation contributes to the overall health and adaptability of the financial system.

Bottom Line

In conclusion, fintech is a driving force behind the modernization of the financial industry. It offers numerous benefits, from enhanced customer service and security to expanded services and increased convenience. 

Fintech is not only changing the way traditional financial institutions operate but also creating new opportunities for businesses and individuals. Adapting to and incorporating fintech into business plans is becoming increasingly essential in today’s digital economy. 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.

When comparing various investment forms, real estate is the most essential asset class globally. Real estate trading is the biggest and exceptionally lucrative financial investment for anyone. It is the type of investment that can save one’s wealth from the effects of inflation in the country and generate exceptional profits.

Globalization has made its way into the world and has significantly influenced real estate trading, making it a form of global investment. The international real estate trading market is gaining ground in the investment world. It is becoming a top choice for investors looking for international investment opportunities.

People buy real estate properties for a purpose. They can either live there, use it for corporate purposes, rent it, or lease it. When the primary purpose of a real estate property buyer is to sell the property after a short period to earn profits, this practice is known as real estate trading. A real estate investor can sell the property without using it to their advantage.

It’s everyone’s dream to have a beautiful house they can call home. However, purchasing a house is a challenging task. Even understanding the home purchase process can sometimes be overwhelming. The whole process can be daunting, from knowing the difference between prequalified and preapproved to understanding concepts like escrow and appraisal contingencies.

Add that to the pressure of finding a dream home for yourself, and the whole idea is an emotional rollercoaster. On top of that, a real estate transaction requires expertise in financial matters. So, before you head out to buy a new home, look at the expert-backed guide to buying a new one.

Financial Checkup

The most crucial step before you buy a house is to look at your finances. Remember that you need a home loan to buy a new home unless you’re a famous celebrity. And to acquire that loan, you must find someone willing to lend you money.

Make sure to keep the terms of loan acquisition clear and transparent because it’s not a good feeling to be told that you don’t qualify for a loan. Keep in mind that the average price for a home is over 350,000 in the United States. So, looking into your finances before the bank does is best.

Prequalification

Before searching for a home, you must acquire a prequalification letter. This letter indicates that the lender will lend up to a certain point. This letter works significantly to let the real estate agents know that you’re serious about buying. This letter can also help you set your finances and narrow those homes in your price range.

Hiring a Real Estate Agent

As a potential home buyer, you’ll want to hire a real estate agent who can make strong referrals to mortgage brokers and real estate attorneys. Most importantly, it would help if you had an agent who listens to you and understands what you want. Remember, a budget and finances already tie you down, so you don’t want a real estate agent who can potentially give you problems.

Preapproval for a Mortgage

Mortgage approval usually takes 30 days or more, but that doesn’t mean you’ll get a loan. It is more of an indicator evidencing your qualification for loan acquisition. The statement will tell you the maximum loan amount you’re qualified for, which gives you an idea of what you can spend on your new home. A mortgage preapproval isn’t mandatory, but it makes things easier for home hunting.

Home Hunting

Now that you have a budget and a professional real estate agent, it’s time to head out for house hunting. Ensure you know your requirements and make an informed decision about house selection.

Conclusion

The process can be intricate for those embarking on buying a home, but it is made more manageable by following a structured approach. Prioritizing financial preparedness, securing prequalification, hiring a proficient real estate agent, and obtaining mortgage preapproval are all crucial steps that set the foundation for a successful home purchase.

Investing in real estate, whether for personal use or as an investment property, carries financial and emotional weight. It is essential to align your objectives with your budget and seek professional guidance. As with any significant financial decision, careful consideration and planning are keys to making the right choice in real estate. 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.