Author: Complete Controller

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

Blockchain’s Impact on Our Daily Lives: Discover How It Transforms Us

Blockchain’s impact on our daily lives manifests through secure digital identity management, streamlined cross-border payments, automated smart contracts, and enhanced supply chain transparency. This revolutionary technology is quietly reshaping how we interact with financial systems, verify our identities, and conduct business in ways most people don’t yet recognize.

Over my 20 years as CEO of Complete Controller, I’ve witnessed numerous technological revolutions, but blockchain stands apart for its potential to democratize financial access. With cryptocurrency users surpassing 560 million globally in 2024—adding 40 million new users in late 2024 alone—we’re witnessing adoption rates that mirror the internet’s growth in the 1990s. I’m excited to share these transformative applications that aren’t just theoretical but already creating tangible benefits across industries and daily transactions.

What is blockchain’s impact on our daily lives, and how does it transform us?

• Blockchain technology impacts daily life through secure identity management, streamlined payments, automated contracts, and transparent supply chains
• Digital identity solutions built on blockchain reduce fraud by securing personal data while giving users control over their information
• Smart contracts eliminate middlemen in transactions from real estate to insurance, cutting costs and increasing speed
• Decentralized finance (DeFi) platforms democratize access to financial services for the 1.4 billion unbanked people globally
• Supply chain applications enable tracking products from source to consumer, reducing counterfeiting and enhancing sustainability verification

How Blockchain is Redefining Digital Identity Management

Blockchain technology creates a fundamental shift in how we manage and protect our identities online. Traditional identity systems store our personal information in centralized databases vulnerable to breaches and hacks. Blockchain-based identity solutions flip this model by putting control back in users’ hands through cryptographic security.

Blockchain identity systems could have prevented $17.5 billion in identity theft losses in 2016 by securing personal data like Social Security numbers and birth dates. This staggering figure demonstrates why digital identity remains one of blockchain’s most compelling use cases.

Decentralized control over personal data

Blockchain-powered digital wallets enable users to store credentials like passports, diplomas, and medical records securely while sharing only necessary details with third parties. This selective disclosure gives individuals unprecedented control over their personal information.

The practical benefits extend beyond security. Employers can verify job applicants’ credentials instantly without contacting universities. Healthcare providers can access patient histories securely across institutions. Government agencies can streamline services without duplicating identity verification processes.

Eliminating password fatigue

Blockchain replaces multiple passwords with biometric verification and zero-knowledge proofs, enhancing user convenience and security. This technology allows you to prove your identity without revealing unnecessary personal details.

• Single sign-on solutions built on blockchain eliminate the need to remember dozens of passwords
• Biometric verification paired with blockchain creates multi-factor authentication that’s both secure and convenient
• Self-sovereign identity systems give users control over what information they share and with whom
• Blockchain technology and digital identity verification systems are already being implemented by forward-thinking organizations worldwide

UNICEF’s blockchain-based identity solutions for marginalized communities demonstrate how this technology addresses real human needs. By providing digital identities to refugees and stateless individuals, blockchain helps secure access to essential services and financial inclusion.

Transforming Payments: Speed, Access, and Inclusion

Blockchain technology is fundamentally rewiring how money moves around the world. Traditional cross-border transfers typically take 3-5 business days and cost 5-7% in fees. Blockchain-based payments settle in minutes or seconds at a fraction of the cost, creating tangible benefits for both businesses and consumers.

This efficiency unlocks new possibilities for global commerce and financial inclusion, especially for the 1.4 billion adults worldwide who lack access to basic financial services.

Cross-border transactions for all

Blockchain-based systems like stablecoins enable instant, low-cost global payments. For instance, a merchant in developing nations can accept crypto payments through networks like Ethereum or Ripple, bypassing traditional banking fees and settlement delays.

GMO Trust demonstrated this potential by using Fireblocks’ blockchain tools to launch regulated JPY/USD stablecoins, tripling profitability by enabling 24/7 transactions and reducing manual processes. This case study highlights how blockchain removes friction from cross-border commerce.

How It Works

1. Checkout Integration: Merchants add crypto payment options via providers like BVNK or directly through blockchain wallets
2. P2P Transactions: Customers send funds directly to merchants’ wallets, verified by blockchain nodes
3. Settlement: Transactions confirm within minutes, with no intermediary banks or clearinghouses
4. Optional Conversion: Merchants can automatically convert crypto to local currency if desired

Financial inclusion through DeFi

Decentralized finance for enhanced personal finance management has emerged as one of blockchain’s most transformative applications. DeFi platforms provide financial services without traditional banks, creating opportunities for the unbanked and underbanked worldwide.

• Decentralized lending platforms like MakerDAO provide microloans to individuals without credit histories
• Peer-to-peer insurance models reduce costs while expanding coverage to previously excluded populations
• Yield-generating savings protocols offer interest rates significantly higher than traditional banks
• Decentralized finance explanation and cryptocurrency benefits showcase how these systems operate outside traditional financial frameworks

By mid-2025, Ethereum’s DeFi ecosystem held $62.5 billion in assets, with platforms like Lido and Aave dominating the landscape. This represents real economic activity occurring outside traditional banking systems, demonstrating blockchain’s growing role in everyday financial activities.

Smart Contracts: Automating Agreements in Everyday Life

Smart contracts represent one of blockchain’s most practical applications in daily life. These self-executing agreements with terms directly written into code eliminate middlemen, reduce costs, and increase transaction speed across multiple industries.

Smart contracts for real-world applications of blockchain are transforming everything from real estate transactions to insurance claims processing. By removing human intermediaries, these automated agreements reduce both cost and potential for disputes.

Real-world applications

Smart contracts power numerous practical applications that streamline everyday transactions:

• Rental Contracts: Tenants pay rent automatically via pre-programmed smart contracts when conditions (e.g., occupancy dates) are met, eliminating disputes and simplifying record-keeping
• Supply Chains: IoT sensors trigger payments when products arrive at destinations, cutting fraud in logistics and ensuring timely payments to suppliers
• Insurance Claims: Policy conditions encoded in smart contracts automatically process claims when verifiable conditions are met, speeding payments to policyholders
• Royalty Payments: Musicians and content creators receive immediate, transparent compensation when their work is used or streamed

Real-world applications of smart contracts extend to nearly every industry where agreements between parties occur. The efficiency gains come from removing human processing time and potential errors.

Case study: Blockchain in global shipping

The shipping industry provides a compelling example of blockchain’s practical benefits. Casper Labs reports 12% of enterprises now use blockchain for streamlined operations. For example, Maersk’s blockchain platform tracks container shipments in real time, eliminating paperwork delays and reducing administrative costs.

However, the TradeLens blockchain shipping platform, created by Maersk and IBM, ended in 2023 due to lack of industry-wide collaboration. This case highlights an important lesson: blockchain adoption requires cooperative standards across industry players to reach its full potential.

Blockchain’s Role in Social Equity and Governance

Blockchain technology offers powerful tools for addressing social inequities and improving governance systems. By creating transparent, tamper-proof records and enabling direct participation, blockchain helps build more inclusive and accountable institutions.

These applications extend beyond financial services to fundamental aspects of civic life, including voting, property rights, and charitable giving.

Transparent voting systems

Blockchain-based voting platforms ensure tamper-proof election results, critical in both established democracies and regions with weaker institutional safeguards. These systems provide cryptographic proof that votes are counted accurately while maintaining voter privacy.

• Digital voting systems reduce barriers to participation for disabled voters and those in remote locations
• Immutable blockchain records prevent retroactive tampering with election results
• Cryptographic verification allows voters to confirm their votes were counted correctly
• Public blockchains enable independent verification of election integrity

UNICEF uses blockchain to track donations and ensure aid reaches vulnerable populations, applying similar principles of transparency to humanitarian assistance. This accountability builds trust in charitable organizations and maximizes impact.

Empowering marginalized communities

Blockchain technology creates new pathways to economic participation for marginalized groups. By removing traditional gatekeepers and providing secure digital identity, blockchain empowers those previously excluded from formal economic systems.

• Tokenized assets allow refugees to prove property ownership claims or access microloans without traditional documentation
• Decentralized ID systems help stateless individuals assert their legal existence and access services
• Blockchain-based land registries prevent property theft in regions with weak governance
• Microfinance platforms built on blockchain provide capital to entrepreneurs in developing regions

These applications demonstrate blockchain’s potential to address systemic inequities by creating secure, verifiable systems that operate independently of existing power structures.

Blockchain’s Future: Energy Efficiency and Innovation

Early criticisms of blockchain centered on energy consumption, particularly for Bitcoin mining. However, the technology has evolved rapidly to address these concerns while expanding into new applications across industries.

With 56% of Fortune 500 executives confirming active blockchain projects in 2024, enterprise adoption continues to accelerate. These implementations focus on practical business problems rather than speculative cryptocurrency investments.

Sustainability efforts

Modern blockchain networks have dramatically improved their environmental footprint through innovative consensus mechanisms:

• Proof-of-stake consensus models (e.g., Ethereum 2.0) reduce energy consumption by 99% compared to traditional proof-of-work blockchains
• Layer-2 scaling solutions batch transactions to minimize computational resources
• Enterprises adopt hybrid networks to balance security and efficiency while minimizing environmental impact
• Carbon-neutral blockchain initiatives offset remaining emissions through verified sustainability projects

These advancements address one of the primary criticisms of early blockchain implementations, making the technology viable for environmentally conscious organizations.

Emerging trends by 2025

Trend	Impact
Tokenized Loyalty Systems	Retailers reward customers with NFT-based perks that can be traded or redeemed across partner networks
AI-Blockchain Synergy	Predictive analytics combine with blockchain verification for enhanced fraud detection and automated compliance
Regulatory Clarity	Government frameworks balance innovation with consumer protection, creating standardized rules for blockchain implementation
Institutional Adoption	Traditional financial institutions integrate blockchain for settlement, custody, and trading infrastructure

 

Blockchain’s growth mirrors internet adoption in the 1990s, which reached 400 million users by 2000. Both technologies achieved mass adoption in under 30 years, suggesting blockchain’s transformative impact may be approaching an inflection point.

Final Thoughts: Embracing Blockchain’s Transformative Potential

Blockchain technology has moved beyond hype to deliver tangible benefits across industries and daily life applications. From securing our digital identities to democratizing financial access and streamlining global commerce, blockchain’s impact continues to expand in practical, measurable ways.

As the founder of Complete Controller, I’ve witnessed how emerging technologies transform business operations and personal financial management. Blockchain represents the next frontier in this evolution—a tool that simultaneously increases security, reduces costs, and creates new opportunities for individuals and organizations alike.

The blockchain revolution isn’t about replacing humans with technology; it’s about removing friction from systems to enhance human connection and opportunity. By automating trust through code, blockchain frees us to focus on innovation, creativity, and building meaningful relationships.

To learn more about how blockchain and other financial technologies can benefit your business or personal finances, reach out to our team at Complete Controller. We’re committed to helping you navigate the changing landscape of digital finance with confidence and clarity.

FAQ

How does blockchain affect everyday transactions?

Blockchain reduces transaction costs by eliminating intermediaries, speeds up processing through automated verification, and enhances security through cryptographic protection. For example, cross-border payments that traditionally take days complete in minutes through blockchain networks, while smart contracts automate agreements without requiring third-party enforcement.

What are the benefits of smart contracts compared to traditional agreements?

Smart contracts provide automated enforcement without requiring trust between parties, significantly reduce legal costs by eliminating intermediaries, and offer real-time transparency for all participants. They execute automatically when predefined conditions are met, preventing disputes and delays that occur with traditional paper contracts.

Can blockchain really solve identity theft problems?

Yes, blockchain addresses identity theft by enabling self-sovereign identity management where individuals control their personal data instead of storing it in vulnerable centralized databases. Cryptographic security makes altering or stealing information nearly impossible, while selective disclosure allows sharing only necessary information with third parties, minimizing exposure risk.

How does decentralized finance (DeFi) help unbanked populations?

DeFi provides financial services to the 1.4 billion unbanked adults worldwide by removing traditional banking requirements like physical branches, minimum balances, and credit histories. Through blockchain-based platforms, anyone with internet access can save, borrow, lend, and transfer money without permission from centralized institutions, creating pathways to economic participation previously unavailable.

Is blockchain environmentally sustainable given concerns about energy consumption?

Modern blockchain networks have addressed environmental concerns through new consensus mechanisms like proof-of-stake, which reduces energy consumption by 99% compared to early proof-of-work systems. Ethereum’s transition to proof-of-stake in 2022 demonstrated that blockchain can operate efficiently at scale, while carbon offset programs and renewable energy mining further improve sustainability.

Sources

• 101Blockchains. (2020, January 19). “How Blockchain Changes the World.” URL: blockchain101.com/articles/how-blockchain-changes-world
• Bit2Me News. (2025, May). “DeFi on Ethereum Sees Record TVL Growth.” URL: news.bit2me.com/en/defi-ethereum-crecimiento-tvl-2025
• Building Brands Marketing. (2024, November 15). “Why Blockchain Technology Matters in 2025.” URL: buildingbrands.com/blockchain-2025
• BVNK Blog. (2025, March 13). “Blockchain in Cross-Border Payments: 2025 Guide.” URL: bvnk.com/blog/blockchain-payments-guide
• Cherry Bekaert. (2025, April 29). “Cryptocurrency Trends for 2025.” URL: cherrybekaert.com/insights/crypto-trends-2025
• Coinbase. (2024, June). “Fortune 500 Firms Fuel Crypto Adoption.” URL: cryptobriefing.com/fortune-500-blockchain-growth
• CrustLab. (2025, February 13). “Blockchain Future in 2025: Predictions and Opportunities.” URL: crustlab.com/blockchain-future
• Fireblocks. (2025). “Customer Story: GMO Trust.” URL: fireblocks.com/customers/gmo-trust
• Investopedia. “Decentralized Finance (DeFi) Explanation.” URL: investopedia.com/terms/d/defi-decentralized-finance.asp
• LNCT Group. (2025). “Future of Blockchain by 2025: Retail and Loyalty.” URL: lnct.com/blockchain-future
• Maersk Newsroom. (2022, November). “Discontinuation of TradeLens.” URL: maersk.com/news/articles/2022/11/29/maersk-and-ibm-to-discontinue-tradelens
• Nokhbeh Zaeem & K. S. Barber. (2020). “How Much Identity Management with Blockchain Would Have Saved Us?” University of Texas. URL: identity.utexas.edu/sites/default/files/2020-10/How%20Much%20Identity%20Management%20with%20Blockchain%20Would%20Have%20Saved%20Us%3F.pdf
• Statista. (2025, May). “Crypto Users Worldwide 2016-2025.” URL: statista.com/statistics/1202503/global-cryptocurrency-user-base
• UNICEF Venture Fund. (2025, March 24). “Blockchain in 2025: Beyond Transactions.” URL: unicef.org/innovation/blockchain-2025
• Webisoft. (2025). “40 Blockchain Applications for 2025.” URL: webisoft.com/blockchain-applications
• Wikipedia. “Blockchain Technology.” URL: wikipedia.org/wiki/Blockchain
• Wikipedia. “Smart Contracts.” URL: wikipedia.org/wiki/Smart_contract

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.

Inheritance comes under the category of state tax. You must pay this tax when you have wealth or have owned property from your ancestors. The beneficiary of the inherited assets must pay federal estate tax rather than the estate. In 2019, six countries imposed this tax even though citizens are exempt from paying this tax. Lowa, Kentucky, Maryland, Nebraska, New Jersey, and Pennsylvania are those states. States’ laws change with time. You will have to check with your country’s tax agency.

Inheritance tax is a headache when we receive an inheritance. As a tax transferred to the autonomous communities, each sets different conditions. It means that you will pay for the same concept depending on where the deceased person has lived for the last five years. So, you do not get lost in this fiscal labyrinth, and we share a complete guide to the inheritance tax by communities.

Inheritance and Donations Tax

The Inheritance and Donations Tax, its full name, taxes the increases in equity obtained for profit. In other words, it is a direct tax: it applies to inheritances and donations received by natural persons. You must pay it in the first six months after accepting the estate.

How Does Inheritance Tax Work?

Before explaining the inheritance tax by communities, you must know how it works. The first is to calculate the tax base on the net hereditary mass. To calculate the absolute value of the goods and rights plus the household goods (for example, that table stretcher you never liked), you must subtract the charges, debts, and deductible expenses. For instance, you inherit a property with household goods worth $200,000 from your father but also a deficit of $50,000. Therefore, the net hereditary mass amounts to $150,000.

When the divided assets go to the beneficiaries, the concept of inheritance tax emerges. Each beneficiary separates the calculated amount of tax from the other. Hence, the tax payment becomes compulsory. For instance, a country charges a 5% tax for overall inheritance greater than two million dollars. If your grandfather leaves five million dollars in his will, you must pay only $3 million tax, which is $150,000. The country would need you to write this information on an inheritance tax form.

Reductions

Reductions can be applied to the tax base depending on the autonomous community, the degree of kinship, the nature of the assets, and other factors. Once you have calculated this reduction, you finally get the amount over which the percentage of inheritance tax by communities.

As a result of applying the rate, you get the inheritance fee. And although it seems incredible, the calculations are still ongoing. But do not worry, we will help you make them. Now it is time to apply the multiplier coefficients: they change depending on your assets before inheriting and your kinship group with the deceased.

What are Kinship Groups?

There are four kinship groups:

• Group I: descendants and adopted children under 21 years.
• Group II: descendants and adopters of 21 or more years, spouses, ascendants, and adopters.
• Group III: brothers, third grade (nephews, uncles), and ascendants and descendants by affinity.
• Group IV: cousins, more distant and strange degrees.

Once you are clear about the group you belong to and your heritage before inheritance, you cross the data in the table of Article 22 of the Law and obtain the multiplier coefficient that you must apply to the quota. We should see it with our example, in which you inherited a net mass of $150,000 from your father, which yields a fee of $31,875. Consider that you have an estate before inheritance of $90,000. If we cross the data in the table, we get a multiplier coefficient of one. That is, the quota is not modified.

Finally, now that you know how to calculate inheritance tax, it is time to see the differences between communities. Also, those with no relation with descendent will have to pay higher inheritance tax.

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 case, pre-agreed financial protection or compensation is granted to the debts or relatives of a person if he dies under the circumstances.

Life insurance, therefore, has a personal connotation. It implies a desire to ensure economic stability for loved ones in case of the premature death of the contractor.

Life insurance is a tool that they consider necessary because, through this type of policy, their families would have a source of income that would allow them to exist in the absence of who contributes the payment to the family. It would protect them against debt obligations left by the deceased.

However, knowing the advantages and disadvantages of life insurance before buying one is essential, as there are particularities, costs, and risks that You should not take lightly. We will then explain what life insurance is and its advantages and disadvantages.

Types of Life Insurance

You can purchase life insurance in diverse types, coverage amounts, and conditions, as can be done with any other kind of loss or damage insurance in the market. In the United States, the varieties sold most frequently are Term Life Insurance and the one known as Cash Value Life Insurance.

The Life Insurance Cash Value characterized premiums will pay part of the insurance cost, but a part of the investment instruments attached grow over time. Products related to this type of policy include variable life, whole life, universal life, and paid insurance.

Despite minor differences, these insurance plans are the same. All Life Value Cash Insurance policies include a death benefit and a cash account when a customer makes a premium payment.

On the other hand, Term Life Insurance is significantly different from the previous rate. It is the most basic of all existing life insurance.

In this model, the interested party chooses how much the policy’s coverage will be and how years it will be valid. You can hire policies with a duration of 1 to 30 years. In policies equal to or less than five years, it is possible to renew it for longer when it expires or change the amount of economic coverage.

In Term Life Insurance, premiums will only pay the cost of coverage. As the name implies, it only covers a specific time. If a term life insurance policy expires before the contractor dies, it must acquire another approach to remain covered.

Advantages of Buying Life Insurance

Both cash-value life insurance and term life insurance have their advantages. In the case of Cash Value life insurance, the most important benefit is its ability to offer coverage throughout the life of the insured, which is remarkably interesting for young people with families in training or adults in full productive age.

In fact, in the United States, young people must acquire these policies, taking advantage of the durability advantage of this type of insurance. Young people get insured because premiums will be ridiculously cheap in a youthful and good health contractor, even if you choose a significantly high coverage amount.

For example, buying insurance with high coverage in the United States with initial monthly premiums of just US $20 to US $30 is possible.

In this case, one of the advantages is that with this small monthly expense, an individual could protect his family at the time of death and must cover financial debts acquired over the next 2 or 3 decades for things like purchase loans of vehicles, mortgages, and payment of education of their children.

In addition, cash value accounts linked to these insurances may also be subject to partial withdrawals or collection during the policy term, which gives a possibility of income for the insured at any time they need it.

Another advantage is that the insured pays taxes on interest or earnings attached to the cash value accounts of these insurances. Finally, companies and entire families can buy these insurances for all their members.

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.

A budget is a vital source that helps you organize your finances well. Budgeting lets you track your expenses and learn how to save your money. You must know how to develop your budget well and how it works. So, here we go by defining what a budget is.

What is a Budget?

A budget is a company’s plan of operations and resources; you can also express it in monetary terms.

Preparing a budget allows companies to establish priorities and evaluate the achievement of their objectives. It also serves to do the projects with the required advisors, always looking for new alternatives.

An important aspect is that they are beneficial when measuring and reducing risks. As a result, you can review the tactics and policies taken by the companies.

Here you have a video that you will indeed find extremely useful. Benefits and limitations of making a budget. You can find four great benefits when planning and making budgets:

• It facilitates the fair use of resources.
• Provides efficiency in operations
• It helps to achieve the proper planning of the companies.
• It shows precise results.

However, budgeting helps run a business, which is not all. It also has limitations because they are estimates on projections, and if they do not do this well, no results will benefit.

We must remember that budgets should constantly adapt and update, or we could risk throwing all the work away.

Main Characteristics of a Budget

A budget must comply with elements. These characteristics must be well defined and specified so that the work plan of superior results allows order and control.

It must be inclusive. Inclusivity indicates that it considers all the areas and activities of the company. They are directed to each of the regions to contribute to the achievement of the global objective.

It is indisputable that the plan or budget of a company’s department is not functional if you cannot identify it with the total objective of the organization. This process is known as the head budget, formed by the different areas that comprise it.

Help coordinates. It means that the plans for the company’s departments must be prepared jointly and harmoniously.

In monetary terms, you must express it in monetary units.

Specifies the Operations: One of the budget’s primary objectives is determining the income. It aims to obtain as well as control the expenses that are going to occur. It would be best if you elaborated on this information most straightforwardly.

Resource Planning: It is not enough to know the income and expenses of the future. The company must plan the necessary resources to conduct its operation plans, which is achieved with financial planning that includes:

• Cash Budget
• The budget for the addition of assets

The Best Way of Using the Budget

Track your monthly expenses after setting up your budget. Use a budgeting spreadsheet or app to calculate your expenditures and total income. Your daily records will prevent overspending and let you identify unnecessary spending. Remember, you must keep all your expenses equal to or lower than your monthly income.

Budgeting Tricks

Personalize your budget as per your financial aims and situations. So, here are beneficial budgeting tricks.

1. Being aggressive in saving during the market is slow to help cover time.
2. If a monthly payment person has cash flow issues, they should pay all dues every week. You should save the remaining cash in a separate account for later in the upcoming weeks until you require it.
3. Try to use budgeting hacks like switching to a cash-only budget. You can overspend this in specific categories.
4. Make your budget by considering your saving goals before you increase your expenses. It can only happen when you try to reduce your expenditures than your income.

Learn financial skills to boost your business education. It will help you in earning money and encourage you to work hard.

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.

For some, it is a childhood dream. For others, a New Year’s resolution. Buying your first home is one of life’s most personal decisions; as such, you should take it easy, especially if you are abroad and want to invest in Colombia. How to recognize the moment to take the next step? Here are five questions that you must answer with sincerity.

Do You Have the Necessary Qualifications?

Buying your first home requires financial, work, and emotional stability to commit to becoming an owner. The scenario changes depending on the time of life you are in and your intention to buy, so the path of a single person starting his career will be different from that of parents who have been saving money for years to fulfill their dream. Financial and labor stability are two essential components in the equation; since they depend on whether the number saved for the down payment is sufficient. Moreover, you have the necessary income to access a mortgage and an additional fund to face the costs associated with the purchase: taxes, insurance, and repairs.

Have You Contemplated All 

If the conclusion of this evaluation is not satisfactory, you can contemplate other alternatives, such as housing leasing. Leasing is an option in which the bank owns the property; hence, you pay a monthly lease fee for a specific time, and in the end, you can exercise the purchase option for a previously agreed value. Furthermore, it is still not enough if you already have an amount destined to buy your first home. You can believe in preconstruction, which allows you to separate your home with 5% of its total value and finance the rest of the initial installment in installments from 3 to 24 months.

Why Do You Want to Buy Your First Home?

The motivations of each buyer are different, as are the roads they must take to reach their goal. It is not the same to buy your first house with the idea of ​​living in it or that your relatives in Colombia do it, to do it as an investment, and even these two purposes include variables. Do you want to benefit from the value of your home to earn money? Are you looking for a property that you can rent and eventually use? Or are you preparing to return to Colombia? Your purchase intention will be the road map to choosing a property with the right size, location, features, and price.

If this is going to be your home or that of your family, living in it for at least 3 and 5 years is advisable to avoid losing money with the costs generated by the sale and a new move. If you are a Colombian abroad, your goal is to invest in further development to benefit from their profitability. If you want a safe place to rent while you return, you must ensure that the area of your potential home is attractive, along with good demand and recovery potential.

Do You Have the Help You Need? 

In addition to examining conscience and wallet, buying your first home requires research, paperwork, and clear information to avoid surprises. Good advice from experts in the field can make significant differences when investing in these dimensions: find the property that suits your needs and expectations, the credit that benefits you most, and an accompanying principle so that the process is simple and agile. Moreover, you must acquire the right workers to do the job for you! So, search well before you go through with it.

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.

For the past few months, the universe has been confined. De-escalation levels have evolved in separate ways, and although it seems contradictory, this situation has encouraged people to create their future. The lack of opportunities and the alarm situation produced by the coronavirus caused businesses to reinvent themselves.

You also want to try your luck and start an adventure. Check out these five profitable business ideas that respond to market trends to envision the sectors with the most significant growth potential.

Five Profitable Ideas to Start a Business 

Quality homemade food at home

The first of our profitable businesses is fast food, a lifestyle we can no longer run. It is the answer to the dynamics of work and rhythm of life that has been created, especially in large cities, in the last decade. However, the arrival of the coronavirus has forced restaurant businesses to have home delivery and collection services on site. Until now, it has been the only way they have had to survive. On the other hand, localization apps, search engines, and the digitization of businesses themselves have been vital to adapting their firms during confinement and the new normal.

Organization and supply chain

According to the Nielsen consultancy, online purchases have increased by 86% and have reached one million households. There has also been an increase in demand for e-commerce companies such as Amazon, which has announced that it will hire 100,000 more workers in the United States due to the rise in orders.

Opportunities to do profitable businesses such as 5G, IoT, blockchain, and robotics have also been identified to help link multiple buyers with suppliers reliably through a ‘mesh’ of supply chains.

Sell ​​second-hand items

The key to these profitable businesses is accumulating a stock with a face and eyes and exposing it as if it were a new product. That is, do not accept any item or display it in any way in the store because you cannot sell it, and it will scare your customers away. For example, if, as a customer, I go into a second-hand store thinking about buying a television and see a row of televisions from when my grandmother or mother was born. Not interested in buying it even if they sell it to me for one dollar because it is not practical for my needs. Selling televisions 5 or 7 years old for about $200 or $300 is preferable. Then yes, I would buy it since a similar TV from Firsthand would cost me %500 or more.

One of the problems that accompany this business that makes the profitable companies of 2020 related to security is the control of illegal practices. These businesses will resell the stolen product. That is, you need proper protocol; When you buy an item from someone, this item becomes part of a list sent to the police. During the following 15 days, you cannot sell or display the thing until the police check that none of the products on the list match the object’s description.

Franchises

Having a franchise is a step with a little less risk since you have the advantage of opening a business that already has a reputation. It is easier to start generating sales and profits quickly. In addition, to buy a brand, making an excessive investment at the beginning of the business is not necessary. There are different alternatives to finance yourself, and, most importantly, the brand provides you with initial capital in cases. On the other hand, the most apparent disadvantage is that you do not have total freedom in organizing the business; There will be guidelines that the brand in question asks you to follow, especially concerning the company’s image. Keep reading more about profitable companies.

Legal consultants in digital interactions

Another growing sector is Legal Tech, which is why it deserves a position on our list of profitable businesses. Due to the number of digital companies that are growing at an unstoppable rate, they need technologies, software, and legal advice services.

If you work in the legal sector, one of your opportunities is as a digital legal advisor. There are also opportunities to help companies deal with the Right to be forgotten on the Internet, communications, or data processing.

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 our daily lives, the assistance of professional advisers plays a crucial role in the effective management and decision-making process. We rely on lawyers to clarify legal questions and tax advisors to help us with the complexities of VAT returns. However, in the past, the importance of seeking financial advice from a trusted advisor regarding the investment of our hard-earned savings was often overlooked. Such advice is invaluable in achieving our long-term financial goals and securing our economic future. Therefore, it is highly recommended that we seek the guidance of a qualified financial advisor to ensure that we make informed investment decisions that align with our objectives and risk tolerance.

According to magazines, the leading company in financial advising, hiring an independent finance professional ─ without linking to financial entities─ is an upward trend that can have multiple benefits for the personal economy. Here are the main advantages:

Objectivity in the Information

The only interest of the consultant is to look for the best product or plan since it has no other interest than to benefit its client. Being free of the conditions of a financial institution, the advisor can, based solely on the client’s circumstances, offer the plan that suits him best.

We independently analyze multiple investment options in the national or international market to make the client a unique investment proposal according to their objectives.

 Global Analysis of the Economic Situation

The independent professional focuses not only on the investment but on the general financial situation of the client. “We are a kind of ‘financial doctor.’ In the analysis of the financial health of the client, there are multiple analyzes. We study the life of the patient globally, the investor. We are not a buyer of products, nor a broker, nor an investor to use, but an adviser of the life of our client in the economic field that acts with previous knowledge of his family situation, the children, his expectation of future expenses, studies”, they indicate from the company. 

Multi-Year Tax Planning

When the end of the year approaches, all of us are in a hurry to optimize the income statement that we will have to present in June of next year. Invite the client to be abstract from this slavery of the urgent and plan what is essential, providing ideas, strategies, and advice so you can make a tax planning of your savings income, not only for this exercise but in a natural way and consistent, extended to years.

Acquisition of Low-Cost Financial Products

For an efficient negotiation, personalized analysis of each client is essential, and establishing a “global negotiation” with the financial entities. This negotiation entails studying each item, intermediation commissions, and transfer expenses. “With this, we seek to have more negotiation strength if we join more clients, resulting in a reduction of” bank costs “with an average of more than 50%, and thanks to this intermediation, the portfolios obtained an increase in yield of 0.50. % Annual. “, explains from the company.

Exact Control of the Expenses of Economic Management

Often, investment decisions are conditioned by what we read in the news or by the comments of friends and acquaintances. As mentioned in famous magazines, the reality is that most people do not have a plan about what they want to do with their savings.

“From the EAFI Independent Financial Counseling Company, we guide clients to set their objectives and help them fulfill them. It is about drawing up a long-term plan that is frequently remembered.” This plan includes a situation about the current value of our investment assets, the expenses and the possible financial costs of today and tomorrow, their future evolution, and how our heritage will respond to the current and expected level of life, “the experts declare.

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.

Whenever a business venture is possible, the masses typically focus on the business and ignore how they would do it, i.e., the business plan. Planning is a critical factor whenever we consider business. From SWOT analysis to strategic planning to goal setting – every aspect of business planning plays an essential role before starting a business. Knowing the importance of planning in a business is crucial to consider the advantages of planning.  

Firstly, planning helps a business venture to foresee the future. That gives an incident a better picture of the product, market, and targets. It further allows an experience with investment analysis and how You should break down the investment. It stems from the idea of SWOT: where planning a venture’s strengths, weaknesses, opportunities, and threats are analyzed. More importantly, strategies help smaller experiences create a distinct set of identities to help them make a target for their product. Smaller ventures, in some instances, must tailor their products to target a specific niche instead.

Importance of Planning

Planning before starting a venture helps set goals, which later sets the priorities. It would revolve around the allocation of time, effort, and resources. Moreover, a successful business organization can adapt to change and have leaders who can cope. Therefore, having to plan – creates strategies that eventually give an organization a leader who can manage change. An organization that can cater to change is better adaptable to change in its surrounding but is more global.

When discussing planning, we also must consider that good planning leads to better accountability. You can compare the planning results alongside the actual performance, leading to better accountability. The results can vary from being over-satisfied to being utterly disappointing. Still, no matter the circumstance – the tracked result is because planning always helps in the growth of a venture.

Planning helps whenever it comes to monetary issues. As a business venture deals with the idea of profit and deals around investment, expenditures, and assets, it is essential to plan how the cash would flow. It helps in inventory management, profitability and would help in predicting a potential loss. Therefore planning how the cash flows help manage the cash and, in turn, benefit the organization monetarily.

With planning, one can achieve strategic alignment – the day-to-day workflow matches a venture’s tactics that eventually suit the strategies. It would help plan a daily workflow within an experience that would help set a schedule and task list for employees, helping an organization grow or achieve its main aims.

 

I am Setting Up and Achieving Milestones

As mentioned, planning helps set goals and eventually achieves the objectives – a milestone. You can plan these milestones against conditions – long or short. Reaching them would help boost a company’s performance and create employee satisfaction. The more satisfied the employee is – the happier they make the customer. The more comfortable a customer is – the happier they are. The more delighted a customer is – the better they trust a business venture and trust an experience – the more a venture grows.

The number of sales, the amount of web traffic, and the number of calls are potential milestones. They may help drive employees to achieve milestones but do not function as milestones. It means that to reach a crossroads – a premise must be set for it to be a metric, and only You can measure it. X number of satisfied callers would be a milestone only if it were planned that in the upcoming year, the venture targets to have Y number of satisfied callers where Y < X. Had the metric was not set up – the milestone would not be achievable.

Lastly, there are tasks that a business venture undergoes daily – be it client-based or management-based. In that occurrence, priorities must be focused on. A loss of importance would result in a loss of quality and, in turn, affect the venture. Therefore, planning helps set up regular reminders that help focus on achieving an organization’s priorities.

To summarize, having a plan before starting a venture is recommended, but it is highly effective. Careful planning is essential when an organization can operate globally from a microscopic scale. It could deem better results than a venture poorly planned.

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.

It is essential to introduce digital technology for the betterment of your company. It not only helps in brand recognition but also helps in customer building. The more famous the brand is, it will create more awareness in the customer base. Once people start recognizing your brand, they will come rushing to make a purchase. It would help if you started using digital technologies to attain a distinguishing factor in brand recognition.

Propose Quality Content Wisely

Faced with the increasing use of innovative technologies and the possibility of consumers accessing brand content, companies tend to increase content publication on all platforms. However, this marketing strategy may prove counterproductive, which aims to be omnipresent in customers’ minds and offer them content adapted to the context. Internet users and mobile users are increasingly solicited and drowned in the mass of information addressed to them (mobile notifications, textual and visual content on Facebook, Twitter, Instagram, and all networks, and advertisements of all kinds).

It is a matter of considering that consumers use supports (including their smartphone, their PC, and interactive kiosks in stores) in their purchasing process. It becomes more difficult for a company to stand out in this context, and consumers tend to ban brands from polluting their news feeds or mailbox. Therefore, the vital thing no longer becomes to produce “chain” content, but to use the various digital strategy tools sparingly, to focus on the quality of communication and information to be disseminated. Such content will be more likely to interest consumers and increase their engagement with the brand.

Human resource management, therefore, becomes another major issue: you must identify the skills the company needs and find the talents that have them. Also, marketing teams should have knowledge of the technical language and the use of analysis tools, the specifics of each digital medium; indeed, even if they are not the ones who will conduct the development, they must be aware of the opportunities that digital offers them and the technical obstacles that they will not be able to overcome. Solutions are then available to companies: recruit digital marketing specialists. They will join the current marketing team, conduct training to update their knowledge, or go through providers, for example, to develop a mobile application.

Also, the choice of influencer must depend on the target audience, its popularity, and the quality and frequency of the content it publishes. It would be unwise to collaborate with an ambassador who is a fan of the brand but does not produce sufficiently interesting content or does not concern the company’s customers and prospects.

Use of Technology

Employees must understand that the technology used on work premises is for work and to learn related purposes. Laptops or computers may be assigned to individuals, but it is not intended to be used as a personal device in nature, like,

• We share photos, music, video, audio files, and more.
• Gaming and installing them is not accepted or appropriate. You should not use the internet for gaming or participation in contests.
• If you practice all that, you may lose the precious storage space you could use for work-related documents and files and their actual purposes.

If you are unsure, ask your supervisor or manager to help you understand the use of your device. Since different companies and workplaces have other work policies and rules, it is appropriate to ask the team leader.

What if our interactive terminals allow you to take your digital communication into a new dimension? Building a solid brand image and enhancing your client portfolio are classic goals for managers. Today, the internet is a powerful medium for accomplishing these missions, regardless of the company’s size and specialties.

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 job of an entrepreneur is to put the best idea and turn it into reality. Making your dreams come true is only achievable with passion, courage, and the constant thought of not quitting. Entrepreneurship is a dedication to achieving a goal no matter what happens. Creating away when there is no way is the work of an entrepreneur, and finally, putting everything together for business.

What is Essential for an Entrepreneur?

People have the same thought about being an entrepreneur; to be an entrepreneur, an individual must produce something big that is true. To be an entrepreneur, a person must develop an idea that works and is implementable. The idea must be so solid that it fits these three questions:

1. Do people need it?
2. Do people want it?
3. Will people invest in it?

Producing something scalable is essential to be kept in mind by an entrepreneur while working on an idea. Becoming a successful entrepreneur is a step-by-step process that includes the following:

• Firstly, it is essential to recognize the flaws and weaknesses associated with an individual’s plan. Nothing is better than pointing out mistakes and troubles that might occur with the idea. Every successful entrepreneur knows that without failure, no one can see the taste of victory.
• The next crucial step is to understand the purpose and mission behind the idea that an entrepreneur is pursuing. Belief plays a vital role when it comes to entrepreneurship, as without thought, nothing is achievable. Having the critical sense of what is worth it will lead to accomplishing the idea that an individual carries.
• Belief must come with a touch of reality. Only believing will not be of help when an idea is not achievable. Fact plays a crucial role in the road to success as (rational) people only believe in what they see.
• Finding a way when there is no way should be included in an entrepreneur’s skill as it helps generate a push force that leads toward achieving the goal.
• Having the courage to speak out is something an entrepreneur must carry all the time. Knowing where to stand up for the team should be in the veins of the entrepreneur.
• Learning the art of “acting out of your comfort zone” is most important for any entrepreneur as it is the only thing that can make any plan achievable.
• Entrepreneurship is an internal process that carries the tasks an individual performs, which includes doing what an individual has never done before and finding the courage to move towards goal achievement.

Personality Traits of an Entrepreneur

Out of everything first thing in the making of an entrepreneur is the personality that an individual must carry. You must find five traits in any entrepreneur:

1. Passion Motivation
2. Optimism
3. Creativity 
4. Risk takers

What to Keep in Mind as an Entrepreneur?

If a new idea were the only thing needed for a successful business, everyone would have been living large. The reason people fail is that they are not able to convert their idea into reality. As there is confusion between what can happen and what cannot, most people fail, and people quit after failure and stop trying repeatedly. 

Finally, the things essential for an individual learning the art of entrepreneurship must ask these questions:

• Why is the company being started?
• Is the idea going to change the world?
• Is the idea being implemented to make money?
• Is the reason behind implementing the idea to create a business?

The only person behind the success of a business is the passion and force an entrepreneur puts into creating the company’s base.

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.