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“It’s okay to be in debt a little bit, isn’t it?” That’s how it started so that unwitting debt continues to grow and accumulate. A little or a lot, you should avoid debt. Naive? Is there a living person who never owes a debt? The answer may be “barely any.” Some even make it a hobby or, rather, a bad habit. It makes no difference for the rich or the poor; debt is just debt.

Isn’t it okay to owe? It’s not like that either. What can’t be if we owe and don’t want to pay? But, if possible, avoid going into debt if it’s just to fulfill a wasteful lifestyle and not an urgent need or productivity goal. Look at the lifestyle we live today. Is a peg bigger than a pole? If so, be careful because it becomes a gap to get to the doors of debt.

If ordinary people are in personal debt or stuck to moneylenders, it’s a different story for those in the socio-economic circle, which is more fortunate. Instead of getting out of debt bondage, even for some, debt is a way of life. Well, how come? Of course, using more subtle language makes them feel like they’re not in debt. Yes, just a magic card – a credit card, swipe anything you want. They feel proud and sometimes show off the magic card. These credit card users seem to be pampering themselves, but without realizing it, credit cards trap them in a pile of debt that will only swell.

For this reason, it is best to avoid debt as much as possible. Why? Perhaps the following reasons will help us understand it;

Debt Drives Us to Spend More Than We can Afford

Debt, especially using a credit card, will eliminate self-control when we face many items that tempt our eyes and shopping desires. We can go crazy because we can obtain everything at a moment’s notice without simultaneously dealing with the pain of parting with money. But in the end, expenses that will catch up with us in the future may even be until the goods we get with the debt are damaged before the debt is paid off. Painful, for sure.

Debt Requires Money

While debt makes us feel free when swiping a card or signing loan documents, it doesn’t set us free. We generally pay the price for each debt we make plus the interest. The higher the interest rate, the bigger the installments we must pay. And the longer it requires to pay off, the higher our debt burden will be. The only exception is interest-free loans.

High-Interest Debt Causes Us to Pay More Than the Principal

It is even possible that the interest to be paid can be greater than the actual debt if the repayment limit exceeds the stipulated time. This interest is detrimental to us as debtors. Being patient to wait for time by saving until the amount of money is sufficient will help us save expenses.

Debt Borrows Our Future Income

Every time we withdraw a loan or charge something on our credit card, we only borrow money we should use for our future. Think about it! Do we want to spend our money paying for something we spent first and not getting other things we should have deserved later?

Debt Keeps Us from Reaching Our Financial Goals

Monthly debt payments limit the money we have to spend on other things that may be more crucial when needed and reduce our opportunities to have fun with the family. The more debt we have, the more monthly payments and the less we can set aside for other needs.

Debt can Hurt a Marriage

Individuals who are married, of course, have different needs from those who are still single. When we get into debt, we often exercise extra restraint and control in the current cash flow. This restricted budget will give birth to conflict in the household, accusing each other of who caused the debt, who was responsible for the accumulating debt, and other things. This debt, of course, drains household finances.

Well, for that you should think again if you want to borrow. If you need to go into debt, carefully calculate the debt you will take on with your regular income. If we can still enjoy life to the best of our abilities, be grateful, and don’t have to force ourselves to live too much like others. Because happy and sad, rich and poor, how we accept and interpret what we have is a gift from God, not in the quantity of material. The value of one thousand rupiahs can make a person rich if he feels he is rich. On the contrary, the value of one billion can make a person poor if he feels inadequate.

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.

An overview of your money matters gives you peace of mind. You also see what you can save if you know how much is coming in and going out.

Avoid Spending Money Without Having Insight into Your Financial Situation

Keep your eyes open to your financial status. Having some vague rules to make sound financial decisions is not enough. So, take the necessary time to map out your financial situation thoroughly: what are your incomes, both the certain (e.g., wages) and the uncertain (e.g., pocket money, money that you get as a gift on your birthday or on public holidays or the money you earn if you occasionally do some weekend work)? What are your fixed costs (e.g., house rent, electricity bill, telephone costs), and what variable costs (e.g., clothing, clothing, supermarket) do you have? Ten steps to put it all together.

Ensure you have a good overview of your total assets, including ALL your income and expenses (and therefore the amount you only have to spend once a year, e.g., the home insurance or the tax). You can use a budget planner to overview your income and expenses (see, e.g., budget planner. be). Also, keep the documents related to your finances (invoices, payment receipts, account statements, insurance contracts) organized and always keep this “paperwork” in order.

Investigate which Expenses You can Save and Spend on Social Rights/Premiums

After you have figured out your financial situation, you can adjust it if necessary. Decide which platform you do not want or cannot save and then save on less essential expenses. You can eliminate some costs while you can look for cheaper solutions for others.

It might also be interesting to schedule some new releases. Also, make sure that you use the premiums you are entitled to. After all, this can cause certain incomes to rise and decrease certain expenses.

Be Prepared for Unforeseen and Significant Expenses

If feasible, keep a piggy bank for unforeseen costs (for example, if your washing machine or automobile breaks down) and significant future purchases. You can build this piggy bank by putting an amount aside every month. Give this amount a place in your budget plan. Inform yourself about the various savings options at the bank and choose the most suitable product for you.

You can insure yourself against various potential setbacks (e.g., hospitalization insurance if you fall ill). Buying used products might be advantageous for significant purchases: you won’t have to empty your savings account!

Think Longer Term

 Do not save on necessary expenses (e.g., hospitalization insurance, family insurance, pension savings) that seem unnecessary in the short term but can be of great use at a particular moment.

Keep in mind that your financial status can change drastically if you or your partner become unemployed or long-term ill if you have children, if you start living together or get married if your relationship breaks down as you get older, and if more medical problems—or health care expenses.

Even if you are young, it is never too early to figure out your pension prospects and, if necessary, adjust them. When making (large) purchases, you should consider many more durable products that involve lower maintenance costs.

Be Sensible When Using Credit Cards

Credit cards are handy, but ensure the installment fits your budget! Be sure to think long-term. For example, consider possible future setbacks: make sure you still have a buffer in case you suddenly have to make urgent payments and pay off the credit. It is cheaper to save for some purchases and only afterward to make the purchase.

Borrowing money is typically highly costly. When using credit cards, be particularly cautious: “plastic money” entails the danger of spending more than you want, and interest rates might be considerable. So, if you don’t have any other options, utilize credit cards.

Avoid Impulse Purchases and be Alert to Temptations

Thinking longer-term also requires you not to get carried away when a salesperson approaches you on the streets or at the doors. An “amazing offer” online or in the supermarket can be less attractive than it seems initially. If you buy something in emotions, there is a high risk of forgetting the financial consequences or purchasing something you do not want or need. And if you go shopping in the supermarket, it is best to take a shopping list with you and not leave with an empty stomach. If you have given in to a whim, you sometimes have a right to cancel the purchase, but you must do this quickly. In concrete terms, you can cancel an online purchase or a purchase through a door-to-door seller within 14 days; this does not apply to purchases in stores, but sometimes the store allows you to return purchased goods.

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.

Know Your Loan Options

If you buy a car for the first time, you may have little to no credit history. So, you’ll probably pay more than the lowest prices you’ve seen in dealership ads. You can get better deals if you spend extra time accumulating credit before buying a car. You can also find deals by having financial companies compete for your business. Compare approximate interest rates online. To do this, you can use Auto Blog and get up-to-date quotes from banks and dealerships. Then, see who can beat the lowest score.

Financing through Bank

• Bank financing involves applying directly to a bank or credit union for car loans. The loaner will give you a quote and a letter of guarantee, which you will provide to the dealer, saving you time when negotiating the contract. As a rule, you will receive pre-approval for a loan before entering the dealership.
• Having a particular approved loan amount on paper can also deter a car dealer from convincing you to include extras you don’t need.
• Depending on the bank or credit union, you can apply for pre-approval online or at your local branch. You may have to provide vehicle information, which may cause delays if you are unsure what you want.
• The interest rate offer from a bank or credit union will be the actual interest rate and will not include any markup that may occur when dealing with a dealer.
• However, as a rule, the price offer you receive is not the final offer. When you go to a car dealership to buy a car, the lender will run a rigorous credit check and review your full credit report before approving your application and setting loan rates.
• Remember that your options may differ depending on whether you are buying a new or used car. Few banks and credit unions have limits on the age and mileage of a vehicle, and new vehicles may have lower interest rates in general.

Financing through a Dealer

• Dealer-arranged financing works the same way as bank financing, the only difference being that the dealer does the work on your behalf.
• Once you select your vehicle, the dealer will ask you to fill out a loan application to send to several lenders. Applying through several lenders lets you compare prices and terms to choose the best option.
• However, in some cases, the dealer may negotiate a higher interest rate with you than the one the lender offers and accept the difference as compensation for managing the finances. In other words, you may not get all the information you need to make the best decision.
• You can usually get low interest rates on a new car through a dealer than on a used car. Some dealers may offer promotional funding for new models, including 0% per annum rates for those who qualify.
• Another form of dealer financing occurs when a dealership provides internal funding. These purchase here, pay here dealerships specialize in dealing with people with or without bad credit. However, these loans’ costs and down payment requirements are high, and there is also a higher likelihood of repossession.

Keep Your Loan Term Short

A longer-term loan will lower your monthly payments but could cost you hundreds or thousands more in interest. You can also get stuck paying for a car that costs less than you owe. Try to shorten the word of the loan—no more than 60 months, preferably less. You will save money in the long run. Of course, one way to reject high monthly payments is to buy a cheaper car.

Know Your Budget

To solve what you can afford, return to your desired monthly payment and look at the car’s total cost. And, if you’re buying a used car to save some money, be sure to budget more than the price. Used vehicles may need maintenance and have little to no warranty left. So, you want to be covered.

Make a Minimum 20% Down Payment

You are investing more money when buying has many benefits. It’ll be easier to qualify for financing, so the lender takes on less risk. You’ll pay less interest on the loan and lower monthly payments. You offset the vehicle’s depreciation, which is even more critical for used cars. And if the vehicle gets into an accident, you’ll owe less to pay it off. You can also save money by paying all taxes and fees at the purchase instead of including them in your monthly payments and paying interest on them.

Find Someone Willing to Sign Your Loan

It will be easier for you to get financing if you can find someone with good credit to sign your loan, which means they are willing to pay it back if you can’t. Remember that your co-signer will be on the hook for payments if you default. 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.

Financial institutions, investment bankers, and stakeholders often resort to the Five Cs of Credit Analysis to approve or disapprove a business loan. These 5 Cs are a testimony of the borrower’s credit records as well as reliability. While the 5 Cs are not officially endorsed by any international body or regarded as a prerequisite for approving loans or investments, lenders usually use them to decide whether to commission a loan for the said individual. 

These 5 Cs include capacity, capital, conditions, character, and collateral. These account for the overall cash flow situation, projected figures, invested capital, total value of company assets, and the borrower’s previous credit history. These parameters help determine an individual’s or business’s creditworthiness and help investors and lenders make a learned decision when it comes to giving loans or investing a generous sum of money in any industry.

In this article, we will explore the 5 Cs of credit analysis and how each one plays a crucial role in the credit analysis of a business or individual. 

Capacity

Capacity accounts for the business’s cash flow statements. For an investor to approve loans, there must be cash-flow statements from the past and present and those based on future projections. These cash flow statements provide a clear insight into the business performance in recent history, areas of strength and weaknesses, and the potential for growth in the coming years. Investors and lenders usually require a cash-flow projection of at least three years to lend money to the business. It is essential to have updated financial statements, including cash flow, income, and balance sheets, to convince lenders of your business capacity.

Capital

Capital accounts for the total amount of personal investment, earnings retained, and any other controlled assets under the business owner’s name. The capital is primarily viewed as an alternate source of making money, either by liquidating these assets if necessary or using them as guarantees. Usually, banks measure the capital as a percentage of the total investment cost. It is more of the lender’s security: the higher the capital, the higher the chances for banks to sanction the loan. 

Conditions

Conditions refer to the requirements of the loan sanctioned itself. They account for economic fluctuation, changes in currency rates, deflation and inflation, and any other factors contributing to the loan deal’s monetary aspects. In addition to these economically dependent conditions, lenders consider interest rates, repayment schedules, and span, as well as principal amounts. The requirements make a formal part of the agreement once the loan is approved. 

Character

Character accounts for the borrower’s previous credit history and record with loans, debts, and payments. The surface reflects the borrower’s reputation in financial dealings and speaks for reliability and honesty. This assessment can be both qualitative and quantitative. In quantitative measures, the character can conveniently decide the repayment schedule promised in previous credit records and credit history score through third-party analysis. Qualitatively, this includes the borrower’s connections and reputation among the business circles. Banks put more weight on the previous credit history and character. If the borrower has filed for bankruptcy or cannot make repayments as per the schedule, he is less likely to get the loan sanctioned from the bank. 

Collateral

Collateral includes any personal guarantees or assets nominated by the borrower in the deal. You can consist of savings or any other investments for individuals. For businesses, collateral includes equipment or assets owned within the premises and any receivable payments in the business accounts. The ease of liquidation by banks usually measures collateral.

Conclusion

In conclusion, understanding the “Five Cs” of credit analysis is paramount for businesses seeking loans or investments. Capacity, examining cash flow, is crucial for showcasing business performance and growth potential. Capital, reflecting personal investment and controlled assets, serves as security for lenders. Conditions encompass economic factors and loan terms, shaping the loan agreement. Based on credit history and reputation, character influences the lender’s trust. Collateral, involving personal guarantees or business assets, determines the ease of liquidation. Each ‘C’ plays a vital role, collectively shaping the creditworthiness assessment and empowering investors and lenders to make informed decisions in the financial landscape.

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.

Accounting Functions for Non-Profit Organizations

Non-profit organizations are for the welfare of the people. People hardly do business out of non-profits, and there is never really a service and profit margin at play. If all that makes you think you will not have to deal with spreadsheets and general ledgers while running a non-profit, you are mistaken.

A proper accounting department is necessary for any organization, be it a non-profit or a for-profit one. Meanwhile, for most for-profit businesses, accounting functionalities may be similar. The non-profit is an entirely different ball game as it involves a lot of funds, grants, scholarships, procurement and distribution of funds, and the regular running of operations. 

Here is a guide on how to set up accounting functions for non-profit organizations from scratch. 

 Accounting Solutions

There are tons of non-profit organizations. You should select one that offers functionalities best suited for a non-profit organization. Some of the best software for non-profits include QuickBooks and Money Minder. If you need clarification on accounting software, use detailed Excel spreadsheets suited for non-profits (templates are readily available online). Alternatively, to save yourself from all the hassle, you could outsource the bookkeeping task to a company specializing in non-profit bookkeeping. Whatever you choose, ensure that you can record all donations and disbursements and keep track of payroll, petty cash, and administrative expenses. 

Facilitate Fund Accounting

Since non-profits usually deal with many incoming donations and grants, scholarships, and funds, it is best to have an accounting solution to facilitate fund accounting. Since the disbursement of money for specific causes must comply with government laws and regulations, it is best to keep pools of cash dedicated for varying purposes in different bank accounts to better account for taxation and disbursement.

Separate Accounts

It is the golden rule of accounting. Be it a business or a non-profit organization, never mingle your bank account with your business or non-profit one. Keep a single account for all the incoming donations and disburse donations for various causes to different secondary accounts from this one. Second accounts help keep the cash flow managed and make tracking contributions dedicated to a particular cause quickly. 

Effective Reconciliation

With multiple accounts and thousands of incoming donations and disbursements, it is essential to have a system that allows you to reconcile all your banking statements. Reconcile the bank statements and ensure the money matches all the incoming donations and disbursements combined. You can do this by comparing all your transactions in the bank statement with your accounting books. If your operations also include purchasing goods, you should use purchase orders to track all your purchases appropriately. Pro tip: Reconcile your books regularly out of practice instead of leaving them for the last minute. 

Recording In-Kind Donations

Small non-profits ignore this, but it is imperative and mandatory as per the law. In-kind donations are services attributed to the organizations by independent individuals. Take the case of a therapist who offers 8 hours of voluntary sessions for an organization for orphaned children. If the therapist usually charges $100/hour, the in-kind donation will be recorded as $3,200/month and disbursed on the books as the therapist’s fee. This in-kind donation is per the IRS laws, but both parties can mutually agree upon anything below $5,000.

Budgeting

Like any regular organization, budgeting is crucial to a non-profit. Create a budget that outlines the sources of income for the fiscal year. Lay down the projects underway and specify the budget for each project. Add operational expenses, such as payroll, coordination, utilities, administrative costs, etc., to the budget. While doing all of this, make sure you use conservative figures to alter the budget later if ever needed. 

Conclusion 

In conclusion, setting up practical accounting functions for a non-profit organization is essential to ensure transparency, compliance with regulations, and responsible financial management. Despite the generous nature of non-profits, the intricate handling of funds, grants, scholarships, and day-to-day operations requires a solid accounting system. Choosing suitable software or outsourcing to specialized bookkeeping services, adopting fund accounting practices, and maintaining separation between personal and organizational bank accounts are critical steps.

Implementing these tips provides a solid foundation for sound financial practices in a non-profit, aligning with the organization’s commitment to making a positive impact while ensuring fiscal responsibility and accountability.

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.

Small Business Accounting Tools to Help You Manage Your Finances

Many small business owners face the challenge of managing their accounts properly and efficiently, as they usually lack information about fundamental accounting principles. This software acts as a time-saving and easy-to-use tool to make bookkeeping trouble-free.

Using accounting tools in a business will help you focus on other essential things to keep it relatively hassle-free. Accounting tools manage a business’s cash flow and invoices and create balance sheets and income statements. As the business will not need a bookkeeper anymore, it will save costs in the industry in the long term as the software is only a one-time investment.
The accounting tools will also decrease the chances of incorrect balances. Accounting tools make tax filing more convenient as they keep all the proportions and invoices to make the calculation effortless. Access to the accounts is also more suitable for the owners as it will be available out of business premises. 

Investing in accounting software is incredibly beneficial for the business to manage its finances smoothly. 

Here are some of the best accounting tools to consider for your business:

Wave Financial 

Wave Financial is a software company offering free financial services tailored for small businesses, presenting a compelling alternative to paid software. This platform eliminates the financial burden associated with traditional paid software options. It efficiently handles crucial tasks such as invoicing, expense tracking, and overall financial management. With Wave Financial, businesses can access essential financial tools without incurring additional costs, making it an attractive and cost-effective solution for small enterprises.

Sage Group 

The Sage Group stands out as a top-tier software solution for small businesses. Renowned for its excellence, Sage facilitates the creation and tracking of invoices, efficiently manages company cash flow, and meticulously records both inflows and outflows of finances. This comprehensive software goes beyond basic functionalities by providing a convenient feature for making payments directly through the platform. Additionally, Sage excels in handling intricate financial systems, making it a reliable and robust choice for businesses seeking advanced financial management capabilities.

FreshBooks

FreshBooks, initially conceived as an invoice and expenses tracker, has evolved into a comprehensive software solution tailored for Small and Medium Enterprises (SMEs). Beyond its origins, FreshBooks now encompasses advanced features such as creating cash flows, seamlessly integrating with bank accounts, and handling intricate financial tasks like payroll processing and business payments. It makes FreshBooks a versatile and robust tool, offering SMEs a holistic solution for effective accounts management and financial operations.

QuickBooks Online

QuickBooks Online is a widely acclaimed and highly regarded accounting software. Renowned for its versatility, it excels in handling various functions and tasks. QuickBooks Online is a comprehensive accountant for businesses, allowing users to concentrate on tasks beyond accounting. Its user-friendly interface makes it accessible for individuals with limited accounting knowledge while providing robust features for professional accountants. Additionally, QuickBooks Online offers seamless synchronization with business credit cards, ensuring that financial records remain up-to-date and accurate. This feature-rich software is a valuable asset for businesses of all sizes.

Xero

Xero, a formidable competitor in the accounting software realm, provides extensive features, from invoice tracking to payment processing and payroll management. Xero stands out for its user flexibility, allowing multiple staff members to access the software at no additional cost. The platform continues to enhance its functionality, ensuring smooth and efficient software operation. This commitment to improvement positions Xero as a versatile and user-friendly solution for businesses, accommodating various accounting and financial management needs.

Gusto Payroll

Gusto Payroll is distinguished by its core capability to calculate staff payroll efficiently. Beyond payroll processing, Gusto Payroll offers additional features, including employee benefits and financial perks. It also provides tools for time tracking and assists in setting up HR processes. This comprehensive suite of functionalities positions Gusto Payroll as a valuable resource for businesses, streamlining payroll management while extending support to various aspects of human resources and employee benefits.

OneUp

OneUp adopts a user-centric pricing strategy, charging users based on the number of people utilizing the software rather than the number of features. This approach makes OneUp an affordable choice for start-up businesses, positioning it as scalable and adaptable to a company’s growth. Particularly well-suited for sole traders and new small businesses, OneUp aims to provide a cost-effective and flexible solution that aligns with the evolving needs of businesses as they expand and develop.

ZipBooks 

ZipBooks is an excellent choice for individuals seeking precise time tracking and record-keeping for invoicing purposes. Notably, the timer feature is prominently displayed on the dashboard, enabling users to efficiently track hours, take notes, and manage timers seamlessly. ZipBooks also offers a convenient record of invoices, complete with payment links for client transactions. The availability of a free plan allows users to explore and evaluate the software before committing, making it a flexible and user-friendly option for those looking to manage their records and billing processes effectively.

Conclusion 

Business software or accounting tools are significant time-saving and cost-saving investments for small businesses that cannot afford a professional accountant with a proprietor who does not have enough knowledge to manage the business’s finances. It is essential to consider all the options of accounting tools to choose the best-suited software for your firm to avoid overspending. Determine what type of software complements your managing accounts to prevent confusion in the operations and bookkeeping.

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.

While often considered tedious, paying taxes is a fundamental responsibility with critical implications. Failure to comply can result in severe consequences. Fortunately, the Internal Revenue Service (IRS) has recognized that a significant portion of taxpayers, precisely 70 percent, are eligible to file federal taxes without incurring any costs. This initiative aims to alleviate the financial burden on a substantial portion of the population, promoting compliance and ensuring that individuals can fulfill their tax obligations without unnecessary financial strain. This acknowledgment by the IRS underscores the importance of providing accessible avenues for taxpayers to perform their duties while emphasizing the potential dangers of neglecting this essential task in the long term.

Here is a comprehensive list of options you can explore to file your taxes for free:

IRS Paper Forms

Out of all the options, filling out the IRS paper tax form and filing it by mail is the simplest. And while the documents and filing are free, the individual still has to pay the stamp price. You can find the suitable tax filing form on the IRS website, in libraries, or at post offices. 

IRS Free File Fillable Forms

Individuals who do their taxes but prefer to avoid working on paper can utilize free–file fillable forms. People can approach these forms through the IRS website. It also shows up with simple guidelines, and as a plus point, there are no limitations to the income of the individuals. 

TurboTax

One way to file federal and state return taxes is through TurboTax’s Federal Free Edition software, in which state tax returns may cost extra to individuals. The individual is supposed to upload the W-2 as a file or photo, and the TurboTax software will fill in the appropriate fields mechanically. TurboTax asks questions to get the return and sends an electronic file. TurboTax is available through Free File Alliance and can electronically file state and federal tax returns for eligible taxpayers for free. Moreover, the TurboTax online help center is accessible to answer queries 24/7. 

H&R Block Free File

You can use H&R Block to file free e-file taxes online. Individuals can file their taxes for federal and state tax returns for free. The H&R Block’s filing process sends the completed return to the Internal Revenue Service. The H&R Block is free for the first time if you utilize it to understand the working process of the software. It is comprehensive in filing the taxes.

eSmart Tax

eSmart Tax provides a simple yet free version for tax returns with free chat support with their experts. Individuals can easily construct their rivals’ W-2 and last year’s tax returns. The individuals can also file last-minute amendments if they want to alter them.

TaxSlayer

TaxSlayer offers systematic guidelines for filing taxes for federal returns for free. Individuals are provided W-2s and can import their PDFs. The state return will cost some money even though the filing is free. It works on all devices and has free email and phone support. 

FileYourTaxes.Com

With the Free File Alliance, FileYourTaxes.com provides free federal returns. FileYourTaxes.com offers filings in the payroll tax, information return, business tax, etc. The simple tax return forms are free, but customer support restricts the questions and answers on the web page. 

FreeTaxUSA’s Software 

The software of FreeTaxUSA offers free-of-cost federal tax returns and assists in small businesses, itemized deductions, rental property, and investments. Free customer service is accessible to the free tax filers. However, audit assistance amended returns and priority support for those who have paid for the upgraded version. 

Jackson Hewitt 

The free version of Jackson Hewitt offers several levels of tax software, including federal and state tax returns. Jackson Hewitt does not necessitate a precise income; however, their free subscription only supports the more straightforward tax return, which comprises interest income, a W-2, and all unemployment income. The upgraded version you must buy includes self-employment, dependents, student loan interest, and numerous extra circumstances.  

1040.com

The free version of 1040.com is available from the IRS website, which assists with more complex returns and comes with stricter requests. 1040.com provides tax preparations through an interview and an automatic state return. The simple federal taxes are filed for free, and to qualify, the individual will have to state that there are no dependents. 

Conclusion

In conclusion, paying taxes is essential; it is a responsibility with far-reaching consequences for those who fail to comply. The Internal Revenue Service (IRS) recognizes the significance of this obligation and has made strides to assist taxpayers by providing free filing options.

Ultimately, this comprehensive guide highlights the importance of tax compliance and emphasizes the dangers of neglecting this essential task in the long term. By providing accessible and cost-free filing options, the IRS encourages taxpayers to fulfill their duties and navigate the tax filing process easily.

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.

What is Supply Chain Analysis? 

Before we look at how and why Supply Chain Analysis improves a business, it is essential to understand what a Supply Chain Analysis is.

Supply Chain Analysis is the structured process by which one can observe every step of a business’s supply chain, from the acquisition of raw materials to the production of tangible goods and services, all the way to delivery to the end consumer. 

What Purpose Does It Serve?

Supply chain analysis plays a vital role in any business; by observing the processes involved in a business’s supply chain, business managers and owners can assess flaws, take the necessary measures to correct them, and find ways to improve the supply chain process. 

A Modern-Day Success Story

Walmart is the best example of a company that rose to greatness primarily by improving its supply chain. When the company was not doing well, they took the time to understand what could be improved in their supply chain process and took the necessary measures.

How did they do this? By removing redundant and unnecessary steps from their supply chain and innovating vendor-managed inventories by building collaborative partnerships with vendors to foster better and faster communication. Lastly, they took advantage of new and improved technologies to make supply chain processes more efficient.

Customer Service

Customer service is the heart and soul of nearly any business. An efficient and well-structured supply chain can improve customer service by decreasing response time in answering a customer’s queries and helping them solve any problem they may face. The best supply-focused businesses operate with high-priority customer service in mind. 

An efficient supply chain can shorten the time it takes for a business’s products and services to reach the market and shorten the time it takes for deliveries to acquire paying customers. It can even prevent inventory shortages and improve the overall quality of products and services. 

Cost-Effectiveness 

A business must operate with cost in mind to be successful for long periods. The most efficient companies produce the best products and services at the lowest possible price. A well-structured supply chain can help cut out unnecessary and cost-ineffective steps in the supply process, thus saving money. Supply chain analysis can improve a business’s cost-effectiveness in terms of transport, procurement, inventory, and waste. 

Third-Party Partners

Most businesses depend on third–party vendors and suppliers to provide the raw materials they produce finished goods or conduct services. The major caveat here is that it is impossible to guarantee the efficiency or quality of another business. It is where a supply chain can start to fall apart. 

Businesses must work closely with their suppliers and maintain long-term positive relationships. Uncertainty can threaten the efficiency and integrity of your business’s supply chain, but collaboration can go a long way in mitigating such threats. 

Customers do not usually consider the various moving parts involved in the supply chain of your business. To them, there is only the business. The most successful companies are those that remain conscious of this fact. Rather than struggle against the customer’s perception, they strive to live up to it by ensuring the same quality standard across every step in the company’s supply process. It is only made possible by a systematic and well-executed supply chain analysis. 

Corporate Responsibility & Ethics

In recent years, more and more companies have become ethically conscious and aware of the more significant obligation their organization has not just to its shareholders and consumers but to the world. This new corporate responsibility and ethics trend has made it more critical than ever for businesses to be aware of every step in their supply chain. A careful supply chain analysis helps companies abolish unethical and socially irresponsible practices from their overall business model. 

A Brand-New World

The global economy is constantly evolving. As newer technologies enter the market, businesses find unique ways to innovate. Such innovation will always play a role in influencing a business’ supply chain. Today, information and physical products can be transported worldwide faster than anyone would have conceived 50 years ago. It is just one example of how supply chains have evolved. As technology changes, businesses need to adapt as well. Supply chain analysis can help keep enterprises future-focused and always looking ahead. 

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.

Strategic Challenges Faced by Small and Medium-Sized Enterprises 

While starting your own business might be all that motivating and progressive, it comes with its fair share of challenges that can often turn into an entrepreneur’s biggest fright, primarily when you begin to consider the impending hurdles. Managing and leading a successful business along this way can be the scariest part. The initial years of a small enterprise can be crucial, and most of them fail to withstand them and succumb to the dynamically evolving and demanding industry. However, the most dedicated ones are wise enough to manage every aspect, from marketing campaigns, employees, admin, accounts, and, most essentially, ensuring they take advantage of all leads.

Every startup requires a little time to pick up the pace with other successful enterprises; undoubtedly, they face many challenges along the way. These challenges for SMEs can be various, as they often face troubles that more prominent organizations are immune to. Here is a list of strategic problems SMEs might face in the budding years.

Funding Errors

Every entrepreneur prioritizes budgeting for a business before considering anything else. Unfortunately, SMEs get to face considerable obstacles in designing a systematic budget. Whether for business purposes or personal references, having enough cash in reserve to cover the expenses is necessary. That is why SMEs initiate with the founders working on a job and building a business simultaneously. While this split focus makes it harder for a company to grow, running out of cash has the same effect.

Client Dependency

If your business is dependent on a single client for more than half of your income, you are more likely to be an independent contractor than an entrepreneur. Unfortunately, this can result in a long-term hindrance because you might act as a sub-contractor for a giant corporation even if you have a professional work staff. In such a situation, a company must diversify its client base for the healthy growth of its business; however, when a client pays well and timely, it might be impossible to ignore them.

State of Fatigue

Fresh entrepreneurs work for hours constantly to make their businesses successful. This work arrangement makes their schedule stressful and tiresome. The fear of lagging with competitors does not let them stay away from work to recharge.

The state of fatigue can lead to complex decision-making, including abandoning the business utterly.

Balancing Growth and Quality

Whether a product or a service, a business must sacrifice to scale up to some extent. Something you might have to let go of is not being able to manage every client’s relationship personally or not examining every widget. Unfortunately, many SMEs fail to maintain the quality of their products and services. A substantial middle ground exists between unhealthy obsession and shoddy work with growth and quality. The business owner must navigate the business’s processes toward a sacrifice that permits development without hurting the brand.

Absence of Social Media

SMEs face another impactful challenge: their absence or inactivity on social media platforms. Whether they have a website, there is still much more to do. Over time, social media has proven to be a versatile tool in assisting in maximizing brand exposure.

A strong online presence means companies can engage with a broader audience, enhancing profits. Indeed, it is a great way to inform the public about all your latest products and services.

Avoiding Burnout

If you are a workaholic, you probably want to manage everything by yourself as you know your product and services better than anyone else. However, you will not be able to handle everything alone, which will surely cost you some points.

Often, stress and work depression make you quit everything utterly, and you cannot concentrate on the ongoing projects. It would be great to distribute your tasks among the most reliable staff members, or you can lend a professional hand for temporary help.

The issues SMEs face are considerable, and one of the worst things a businessperson can do is start a company without considering the obstacles ahead. We have tried to develop effective ways to make these challenges effortless, but there is no way to avoid them.

Conclusion 

In conclusion, the journey of small and medium–sized enterprises is fraught with challenges, from funding errors to client dependency and burnout. Navigating these hurdles requires strategic planning and resilience. While each obstacle presents its complexities, addressing them head-on is crucial for the sustained success of SMEs in the dynamic business landscape.

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 today’s world, online communication and digital marketing transactions are essential. It does not depend upon the size or type of organization you are into unless you have a proper plan and are aware of the digital marketing strategy. This blog is related to digitalization and novel marketing strategies for a business, which are a one-stop solution. 

Before striving for digital marketing innovation, first, you must know why you need digital marketing.

Why Do You Need a Digital Marketing Strategy?

Each company has a specific set of goals. Most of them concentrate on driving sales to their organization. Finding new gateways to success requires awareness of some tasks. Goals are where marketing strategy comes into the picture. To make your company work more efficiently, you must benefit from all the most valuable marketing technologies and resources, so the internet tops the list. Now, collecting some information and planning an appropriate business strategy will help your organization. Therefore, we need a digital marketing strategy for our business.

Here are some of the most exciting and vital trends digital marketers must focus on and consider integrating into their techniques. These will be the starting point of what retains the digital sphere moving in the future.

Artificial Intelligence

It might induce images of the robot boy from a 1980 movie. The field of AI is much broader, even in the context of digital marketing itself. In the context of digital marketing, various artificial intelligence systems do a meta-analysis of the broad-spectrum data or information sets and then utilize that information to make their own decisions.

While technology is still starting, we see some primary examples daily. Automatic or self-driving vehicles are already being sold, for example. Netflix and Amazon already contain built-in AI features that assist with transactions and recommendations. Continually, it uses a range of up-and-coming marketing applications involving voice and face recognition, content creation, chatbots, face recognition, highly targeted marketing strategies, and digital assistants.

Artificial intelligence has become the norm for the digital marketing strategy of its accurate growing ability to examine customer behavior and feed into a more personalized and interactive purchasing experience.

Personal Digital Assistants

You have perhaps become the head of Alexa and Google Assistant by now, artificial intelligence-driven personal assistants designed to stay connected, on a personal level, to people at all points in their daily lives. This industry will double in the future. Devices built by various companies are even able to contact each other for data; yes, they are collaborating. 

Daily users of these devices will watch artificial intelligence change in play on a business or personal level. This technology will continue enhancing some stories, including personalized and voice recognition services, which rely on data analysis of customer behavior.

They also combine different productivity, software, and business programs to help us become more productive.

Blockchain Technology

Blockchain is an evolving topic that is not about to disappear. It refers to a decentralized digital ledger that is the foundation for highly secure and anonymous applications. It is also unfettered, which makes it not a good idea to dip in at a business level, but considering the possible business opportunities here is significant as it develops. 

In business, this technology can be a tremendously practical approach to preventing security and fraud with consumer transactions across almost every industry. For example, it can be used for customer loyalty and brand–building programs, especially in business-to-business when a large and frequent transaction might be standard.

Chatbots

The enhanced and advanced version of artificial intelligence is chatbots. Chatbots will become more able to have honest conversations; this probably excellently enhances the user interface landscape for digital marketers. They will continue growing into more practical, versatile tools for consumers and businesses. The future is promising in terms of mixing chatbots around numerous platforms and industries.

One approach that chatbots are making a splash nowadays is through brand-focused chatbots in social media messaging platforms. The face is busy leading the charges as they make a bot designed for businesses to integrate into their messaging services.

Bottom Line

All digital marketers must stay in the leading position in the list to ensure that their marketing strategy stays competitive. Marketers must have clear goals to incorporate some of these trends.

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.