Category: Content

By: Jennifer Brazer

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

Fact Checked By: Brittany McMillen

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

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

What Are Financial Statements?

Definition and components

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

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

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

Why are financial statements important?

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

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

Advantages of Financial Statements

Insightful analysis for investors

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

Case Study: Netflix

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

Transparency builds relationships

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

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

Compliance and accountability

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

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

Disadvantages of Financial Statements

They can be misleading

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

Complexity for non-experts

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

Not always timely

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

Historical Context: Enron

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

How to Evaluate Financial Statements for Business Decisions

Master key ratios

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

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

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

Find patterns in trends

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

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

Real-Life Impact: How Financial Statements Change Business Trajectories

Walmart’s strategic shift

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

Netflix’s subscription strategy

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

Conclusion

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

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

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

FAQ

What are the main types of financial statements?

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

Why are financial statements useful?

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

Can financial statements be misleading?

Yes, they can, especially if manipulated or misinterpreted.

How can I better understand financial reports?

Learn key ratios and patterns, or consult experienced professionals.

Why do financial statements have delays?

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

Sources 

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

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

By: Jennifer Brazer

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

Fact Checked By: Brittany McMillen

Change Management in Construction: Key Strategies for Success

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

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

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

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

Understanding Change Management in Construction: The Foundation for Success

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

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

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

Core Strategies for Effective Change Management

Proactive change identification

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

A successful change identification framework includes:

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

Case Study: Implementing a Standard Change Control Process

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

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

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

Comprehensive impact assessment

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

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

 

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

Case Example: Mitigating a Design Revision

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

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

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

Advanced Tactics for High-Stakes Change Management

Stakeholder alignment and communication

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

I’ve found these stakeholder engagement strategies particularly effective:

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

 

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

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

Technology-driven change control

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

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

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

 

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

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

Overcoming Implementation Challenges

Risk management in change orders

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

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

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

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

Continuous improvement through post-change analysis

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

Effective monitoring includes tracking key performance indicators:

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

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

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

Final Thoughts: Building Change Resilience

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

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

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

FAQ

What is a change order in construction?

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

How do you minimize the negative impact of change orders?

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

What technology best supports construction change management?

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

How do you handle emergency changes in construction projects?

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

What are the most common causes of construction changes?

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

Sources

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

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

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

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

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

Improved Customer Service and Revenue

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

Expanded Service Scope

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

Enhanced Security

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

Upgraded Payment System

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

High Approval Rates

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

Convenience

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

Valuable Advice

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

Innovation and Diversification

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

Bottom Line

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

Fintech is not only changing the way traditional financial institutions operate but also creating new opportunities for businesses and individuals. Adapting to and incorporating fintech into business plans is becoming increasingly essential in today’s digital economy. About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

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

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

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

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

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

Financial Checkup

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

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

Prequalification

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

Hiring a Real Estate Agent

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

Preapproval for a Mortgage

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

Home Hunting

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

Conclusion

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

Investing in real estate, whether for personal use or as an investment property, carries financial and emotional weight. It is essential to align your objectives with your budget and seek professional guidance. As with any significant financial decision, careful consideration and planning are keys to making the right choice in real estate. About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

As business owners deal with low unemployment and rising wages, small business owners find it challenging to attract competent employees. Moreover, these business owners must train new employees to understand their operational strategies. The training procedures also require time and effort, making it challenging for budding entrepreneurs.

Private venture enlistment can be extreme. There can be significant expenses and numerous obstacles to bounce over. What is more, for a little or recently shaped business, minimizing expenses, however, ability high is essential.

Various kinds of programming have vital devices to encourage independent company enlistment in a major manner. Our top-to-bottom industry information combined with customary and contemporary enrollment administrations empowers us to give our SME customers 100% of their needs.

The challenging facets of recruiting suitable candidates have forced business owners to opt for a referral system within their professional circles. However, this practice limits their horizons to finding a star performer for their organization. Thus, to attract new candidates to your organization, consider the following tips as your blessing in disguise.

Through this guide, we will tell you the best way to redo your recruiting procedure to give you the most apparent opportunity to ensure these extraordinary representatives without the requirement for extravagant enlistment programming or gigantic totals of money.

Mention Your Values!

Social media websites are more than just for marketing your business since you can also portray your company’s values there. It is like giving back to the community by exhibiting your sustainable efforts. Moreover, according to research, people would prefer to try to associate with your company more if you share more values.

Online Recruitment

Everything is online, including the recruiting process! It is a good solution if your startup does not have a recruiter yet. You can use tools like Indeed or LinkedIn to connect with eligible candidates. Moreover, you can also save a lot of steps by tracking down their previous employment and skillsets to compare with your position’s requirements.

Be Mobile-Friendly

Just like everything is online, everyone is on mobile as well. Since the advent of smartphones a few years back, it has been a revolutionary takeover. Thus, for people to find you easily on their mobile phones, you need to make your website mobile-friendly. Ensure that you keep your posts concise enough to convey the complete message. You can add the sharing option by embedding links to other sites.

Deputize Your Current Workforce

Instead of a referral system, you can give responsibilities to your current employees. In other words, you can make them ambassadors and ask them to share your job postings on their social media handles. It can also create a chain that can be fruitful for your organization in acquiring the right candidate. You could further decide on a referral bonus for employees who helped the organization develop an eligible and noteworthy candidate.

For some entrepreneurs, the principal objective regarding enlisting is fundamental: discover enough individuals fit to fill the holes in the Rota as fast as expected under the circumstances and, at that point, return to work.

While this bodes well on paper —the additional time you spend enrolling, the less you spend making your clients grin — this methodology can produce a wide range of cerebral pains sometime later.

That is why we are proposing an elective course for private company enrollment. Instead of concentrating on transient additions, we recommend attempting to amplify the nature of your recruits in any case, utilizing individuals who will both assist your business development and stay with you for a considerable length of time to come, decreasing the requirement for additional enrollment.

To conclude our discussion, we believe that good recruitment can make a massive difference in the success of small businesses. All you must do is adopt a new approach to getting through qualified applicants, and who knows, they can become your organization’s blessing in disguise. 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.

All About Microinsurance

In the US, we are still not used to hearing about them, but in the rest of the world, they sound healthy for many reasons. However, it dramatically impacts industries as microinsurance has solved all risks and coping with a challenge, and this ability has doubled since 2009. More than billions of low-income Americans can’t facilitate quality insurance services. 

Microinsurance is a safety that leverages minimum wealth standards and society’s urbanization so people can connect it directly via their prepaid smartphones. 

The ‘Low Cost’ Insurance Revolution

Microinsurance is a product focused on protecting social segments with a low-income level or operating in an unstable economy that has not accessed the standard insurance market. According to the BIMA Movile report, the insurance penetration rate in developing countries is only 2.9% due to obstacles such as lack of education, inaccessible prices for most of the population, and a scarce distribution network.

Small insurances are the most promising solution you can activate through your mobile phone. 2014, there was a massive penetration in Africa, Asia, Latin America, and the Pacific due to the more significant population percentage of 17 million policies. By using mobile insurance, we will see an increase of 263% over the past year. 

The key to this new business model is to use mobile phones as an electronic purse. It is a feature that is becoming popular in a spectacular way. According to the GSMA Association on Mobile Financial Services study, experts expect to obtain 16 million customers. It is new in 2015 around the world.

Products of Microinsurance

Microinsurance was born with life products. Although they have been extended to other sectors, giving rise to health microinsurance, accidents, and micro pensions, among other products.

They also have specific coverage, such as crop damage or food vouchers. You can sign a contract of it collectively to include an entire community.

Advantages of Microinsurance

The emergence of microinsurance in the panorama entails a series of desirable advantages for the governments of developing countries, their population, and non-governmental organizations. Among other functions, micro-insurance:

They allow access to essential services for these communities, such as healthcare or agricultural aid programs.

• They increase productivity among insured persons since it has been proven that they are more willing to invest if they feel supported. It, in turn, translates into economic growth, improvement of living conditions, and social inclusion.
• Also, insurers can multiply their number of customers exponentially without investing a large amount of money in distribution networks, benefiting from mobile services and informal networks.

And since the sums insured are small, people who make payment claims are usually fast.

Current Challenges

Microinsurance also poses a series of challenges to the insurance sector since management controls are very weak and often occur. Many countries lack a legal framework to regulate this new type of insurance. Consumer protection strategies are usually very scarce, so many doubts and complications accompany their implementation.

If you want micro insurance success, you must have a delicate balance. Under specific situations, such insurance can give you a profit. Products bundled with other services let you consider group insurance schemes that are generally viable. Enhance such usage and reward client loyalty such as fertilizer, loans, smartphone minutes, etc. 

The awareness about microinsurance is at a high peak in some states, such as the Philippines, South Africa, and India. This way, other established countries stay meager in this regard to microinsurance. Adapting modernized methods and systems designed for typical customers to the needs of the minimum-income market can be difficult. Accelerate the insurance market’s development to keep it robust, alleviate poverty, and stimulate business development.  

Practitioners often can’t understand the lessons and experiences of mature marketers. As a result, market development is timeless; that’s why practitioners commit the same mistake. Many states can’t accommodate modern products or optional distribution platforms. 

It is pretty tricky for low-income persons to break out of the poverty cycle as they don’t have a proper plan to manage risks. Sustainable development will grow essentially when low-income people have access to efficient insurance. 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.

We all have the business of our dreams in the head, but the financial issue slows us down. Before throwing yourself into the ring, consider these actions.

We all have in mind the business of our dreams that we want to undertake, but we are afraid to do it for fear of failure, and we lose our heritage. One of the main reasons why people do not undertake is for a financial question: With what money do I start? How do I keep it? How do I manage it? All are vital questions.

According to data from the 2013 Employment Survey, eight out of 10 young Mexicans intend to undertake. Among the reasons are being our bosses because we believe that we will earn more money because we will have freedom of schedules, more flexibility, and we will not deal with a superior, but these conditions can become simple myths.

While the idea of ​​entrepreneurship is attractive, it also relates to fears. Or don’t we all know the story of someone who lost their money from starting a business? Therefore, before you quit your job and throw yourself into the ring to open your business, we give you some tips to help you.

Make a Business Plan

A business plan must be able to decide whether the business is viable or not so as not to play your assets. The plan must contemplate a detailed budget for the first three years of your idea’s life. Here, it should be clear what your brand brings and why it is special. Also, you must have a financial plan in which you know where the money comes from and where it goes.

Set Your Salary

As an entrepreneur, setting a reasonable salary and separating your personal and business finances is essential. Avoid using business funds for personal expenses.

Remember that you are not the “petty cash” of your business, and the business is not the “petty cash” of your family.

Analyze the Competition

Research and understand your market thoroughly. Knowing your competition and your business’s unique selling points is essential for success.

No matter your passion, you must have all the information in your market, your competition, and complete knowledge of what you will offer in your business to avoid problems. Do your homework! That nothing costs you; on the contrary, it will help you finish polishing your business.

Maintain Your Vehicle

Keep driving your car unless you have to stop it. Car business owners must upgrade their vehicles every two or three years but can no longer afford this expense. Take your time with this, and you should purchase a reliable car. Also, make a proper plan for major errands on the same day to reduce parking and fuel expenses.

Avoid Cash Deals

You should steer clear of contracts with extended durations, whether they span ninety days, six months, or a year. If your obligation stretches over such periods, timely payment can become a challenge, potentially resulting in substantial interest rates and financial stress.

Effective Money Management

Once you have your business plan – including the financial part – what follows is how to manage that money. Whether it’s the money you saved for a long time, the money from your partners, a bank loan, etc., you need to tidy it up.

An application that has proven to be an ally of entrepreneurs is the online platform, which helps manage your savings so that you meet your goals.

One of the keys to saving is to have a clear objective. This platform allows you to have several goals and use money with the order. That is, you can open an account to save for the purchase of an apartment while saving to open your business, and you also have an emergency fund. Altogether, but not scrambled.

This way, you will avoid confusing your company’s money with your own, as it will be all through separate bank accounts.

You have to create a profile and indicate that you are saving for a business in the future. It will depend on how long you want to open your company and the risk that the system will recommend you. If you are starting, you better stay in a conservative investment profile to have the money at hand at the right time. 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.

Protecting Your Assets is Securing Your Business

You are an IT consultant, and everything is going well for you. You have just obtained a good mandate with a renowned firm. The customer appreciated the software you created for him so much that he praised its merits to his branch managers. You have generated significant income, which you accumulate in an account. You will take care of it later.

In the meantime, the internal IT team detects a defect in your software. Your client wants to stop working with you and requires you to reimburse its branches.

It is a mistake that many consultants make. Do not take the time to postpone what could be resolved quickly. I am talking about protecting your assets. Your status has its advantages and disadvantages: precariousness, risk of foreclosure in the event of failure, and significant loss of income. These risks are not to be taken lightly, hence the importance of securing your income, especially since insurance does not cover everything.

A decent comprehension of the significance of benefits can assist you with accomplishing likely reserve funds. Sometimes, for instance, renting resources (for example, apparatus, vehicles, or furniture) might be less expensive than getting them through and through.

You should care for your advantages to help diminish hazards to your business. For example, keeping up with creation hardware can help shield your business from well-being and dangers, wastefulness, and lost working time.

First, determine what working capital you want to keep available. It will be used in the event of unforeseen events and will guarantee the operation of your business, even in the event of severe difficulties. Business lawyers or tax lawyers like me specialize in this type of practice. Together, we consider your needs, the realities of your sector, and those of the market.

Once this fund is established, I am interested in the surplus called “excess liquidity.” At this point, I advise you to place and invest in making them grow and improve the profitability of your business.

I clarify to my clients that money should never sleep in an account. As such, it is not actively serving you. It is your interest to use this cash to generate passive income. All this is to say that, as a consultant, you should consider maximizing your income.

How to Ensure the Protection of Its Assets?

Putting your money to work is good, but protecting your performance is better. Consultants often mistakenly believe that asset protection is only justified in areas at high risk of legal action, such as the environment or catering. This risk exists for everyone! If you find yourself bankrupt, the creditor will take everything – business property, investments, and even personal property – to pay off your debts. I could give you many examples: this does not only happen to others, and I predict it will not bring unhappiness. Putting protection strategies in place before being in such a situation is, on the contrary, genuinely relevant. If you are already in a critical position with creditors, they will not be of any recourse to you. Always remember to prevent rather than cure.

Fixed resources can speak to a critical segment of the private company’s total assets caught on the accounting report and are significant in introducing money-related positions. Some fixed resources deteriorate – i.e., they diminish in an incentive as they age. In bookkeeping terms, deterioration permits organizations to pay for fixed resources over their normal lifetime, which recoups the underlying resource costs and can prompt the assessment of investment funds. See the decline of advantages. If you are selling or shutting your business, distinguishing resources and esteeming them effectively will be fundamental in deciding your business’ total assets, regardless of whether they are available to be purchased or for liquidation purposes.

You have, therefore, defined your emergency fund and your excess liquidity. Believe it or not, you have probably done the hard part. Set them up from the start of your business.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud 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.

Achieving the right strategic balance in inventory at the beginning of a new business is not easy. Manufacturing businesses aim to minimize their work to maximize their profitability. Simultaneously, they also look for alternative routes to minimize their production and post-production costs as much as possible to increase their yearly profits. Finding the correct WIP costs is hard for small businesses, such as a bakery, since you cannot anticipate exact labor and overhead costs where ingredients are easily transformed from raw material to a finished product. You can easily calculate WIP through accounting and bookkeeping knowledge with wisdom for big setups.

Here are the differences between work in process and work in progress.

Work In Process

These terms are often used interchangeably because WIP is perceived as the same thing. However, there is a slight difference between these two terms, mainly in the context. Work in process refers to partially completed goods’ production costs, which means the manufacturer’s inventory is not yet completed. It includes different costs like raw materials, labor, and overheads that need to be known to determine the per-unit cost of goods manufactured.

It indicates that work in process speaks more of the inventory side, whereas work in progress involves constructing long–term costs. To lower work-in-process costs, manufacturers must play smart and purchase raw materials from the most affordable vendors.

Also, they need to hire labor for the production shifts at competitive rates and minimize overhead costs as much as possible. The final per-unit price can only be determined if manufacturers know the exact output level from the resources applied.

In short, whatever is consumed on the factory floor for the production of goods, such as the direct cost of raw material, direct costs of labor, and factory overheads for the production period. It will give an exact per-unit cost. The formula for calculating work in process is:

Work in Process = (operating inventory goods in Process + raw material used + direct labor during the period + factory overhead for the period) – ending inventory

Work In Progress

Work in progress involves constructing long-term assets that will be used to produce goods that are not yet completed. Until construction work is completed and the facility starts to manufacture goods, the amount spent on partially completed construction of long-term assets would fall under work in progress. 

The amount spent will be treated as long-term assets under the balance sheet’s plant and equipment section. Construction will no longer be treated as a work in progress when construction wraps up. Depreciation of long-term assets starts as soon as the whole building and infrastructure are operational and produce goods.

Cost Saving Benefits

The key cost-saving benefits of work in process and work in progress are efficiency, accuracy, traceability, and productivity. Every production house strives to minimize the process’s work due to a lack of production or manufacturing knowledge and awareness.

Businesses can’t survive for long if the per-unit price of goods is only based on vague assumptions and mere guesses. Knowing the manufactured product’s actual price is essential for setting the product’s correct price with markup.

For example, if you can determine the exact per-unit price of the product to be $5 and if you expect to sell the product directly to the retailers for $7, which means a markup of $2, you will know exactly how much profit you are earning by selling each unit.

Work In Progress—Done Right!

You may be proficient at manufacturing goods in your production facility, but not cost. For ideal costing, you need to hire an in-house accounting expert to determine and reveal the exact per-unit cost of production. Based on manufacturing and bookkeeping records, the expert will help you place the correct production order for optimal results.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.

Setting up our own business or, simply, registering as freelancers to be able to bill for our services involves a whole associated process. This process must be treated with special care and planning, including management tax, accounting, and labor.

As a freelancer or SME, you must decide how to solve problems related to this process. In this article, we tell you several questions that you must ask yourself when hiring a tax preparation service:

• An online tax advisor or onsite advisor?
• What advisory services do I need to contract?
• Keys and tips to choose your advisor.

Online Advisor or Onsite Advisor?

One of the first decisions is whether we need an onsite consultant or an online service. On the one hand, online tax consulting services provide cheaper rates and time savings on physical trips. However, there are some deficiencies, such as difficulty maintaining fluid communication. 

Onsite tax advisors, meanwhile, allow us to personally meet the professional in charge of managing our business’ tax needs with a closer and more personalized treatment. However, the rates are usually significantly higher, requiring more effort when traveling to clarify issues or deliver documentation. Onsite consultancies allow us to access a more adapted service to our business and expand or reduce it depending on our needs.

What Services Do I need to Contract?

Another fundamental point when choosing our tax advisor is knowing their range of services. First, we must analyze our needs. As a freelance professional who issues two or three monthly invoices to the same companies, it differs from setting up a bar and hiring two servers.

The types of services tax advisors usually provide include:

• Tax services

They usually include both the additions and cancellations in the tax obligations of individuals and companies. The advisor oversees managing and planning the tax obligations derived from the activity according to the chosen regime: objective estimate or direct estimate.

• Labor services

Labor services include the management of procedures for registering and canceling Social Security, payroll and declarations, and payments to Social Security. They also have the calculation of retentions to practice workers, the recommendation on agreements, and issues related to preventing occupational hazards.

• Accounting services

Accounting services usually include, generally, the preparation of the book of income and expenses in the case of the self-employed indirect estimation, of the tax books and the case of companies, of the Official Accounting books, preparation of balance sheets, preparation of annual accounts or planning and implementation of company or business accounting.

• Services for companies

Opting for a corporate structure for your business introduces distinct management requirements pertaining to its establishment, dissolution, endowments, or succession planning.

• Legal services

Legal services are strongly advisable for both corporate entities (in matters related to their formation, bylaws, or partner contracts) and self-employed professionals, as they prove invaluable in tax disputes, administrative affairs, and any other business-related concerns

Selecting the Right Advisor

It is recommended to consider a series of tips when choosing our advisor since this person will manage essential aspects of our company.

• Establish your needs and priorities: Remember that the less time you must dedicate to your business’s fiscal or accounting management, the more resources you can dedicate to other aspects of your company, such as finding new clients or selling more. 
• Search and compare different offers and try to select those that best suit the needs of your business. 
• Find an advisor who explains things and gives you added value, advice, or guidance to help you improve your business. And that it does it periodically, on its initiative, not only when you request it.
• You can make a small investment in the history of the companies or the clients with whom they have worked.
• Start a first contact in which you can clarify your doubts about the services they offer, the deadlines for documentation delivery, the level of availability to solve doubts or the final price of the advisory services.

Finally, an important factor to contemplate before selecting your advisor is the level of rapport between you and your advisor. Effective communication is essential, enabling you to grasp intricate aspects of business management and confidently pose questions on any matter.

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.