Category: Content

When building your business, you must focus on customer retention. While it is feasible to gain new customers constantly, the most successful businesses retain customers. You can build your customer foundation through brand awareness and loyalty once you get customers in the door.

Whether your business is new or has been in business for years, customer retention has to be a constant goal. Here are eight ways to improve customer retention for your business.  

Let Your Unique Purpose Light The Way

You must highlight your product or service once you find what your business will sell. You will use branding to show your unique purpose in the marketplace. This branding is essential to customer retention as many consumers will find a brand they like and stay with it long-term.

Timely and Great Customer Service

You should always provide services on time or early when possible. This focus on service will help build customer loyalty. If you offer a product, you need excellent customer service when interacting with the customer. Delivering timely and excellent customer service goes a long way to building customer loyalty and retaining them long-term.

Think Outside The Clear-Ad Buys

When launching marketing plans, you must think outside the typical advertising methods for maximum customer retention. It would help if you utilized innovative marketing tools to promote your brand and get potential customers excited about your offer.

You will also retain customers through genuine information and honesty. When creating advertising, you can use traditional methods. However, you should also seek out the latest trends and ways to reach your ideal customers.

Make Your Name in the Media

An effective technique for extending brand awareness is receiving media attention. Exposure in the media or social media is a high-performance approach to acquiring exposure, regardless of whether it is an established business or a startup. Start by creating a relationship with ordinary media reporters and stations. They are searching for fascinating stories to speak up. The key is figuring out how people know about your brand story while linking it to an interesting issue.

Ask for Recommendations and Suggestions

Customers will always feel valued if you value their opinions on improving the products or services. If customers feel their voice is heard, they will return and recommend your products or services to other potential customers.

Create A Following With Attractive Content

Grow your brand awareness and engage new clients by setting up your credibility and expertise through content. Make engaging content that can be posted throughout the social media platforms associated with your business. You will want to create a following and extend your range and effect, thereby growing your client base.

Own Your Area Of Knowledge

Increment your brand awareness by claiming your expertise class, sharing your different or unique perspective, and developing a loyal audience. Give your statements a platform for writing or speaking and enhance the effect of that message through utilized channels. You will raise the noise and be viewed as an expert in your class, empowering you to grow an engaged audience of fans and clients rapidly.

Center Messaging Around Your Unique Product or Service

Brand awareness includes reminding your customers what makes you unique. What sets you apart from other businesses that offer similar products and services? You can begin driving loyal customers to your company and keep them there when you address that question.

Conclusion

Customers and their retention have to be your top priority. Without customers, your business will not exist. Once you attract target consumers, you should make it a priority to retain those customers. Customer retention is not challenging if you follow these eight ideas that will help improve customer retention.

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.

Employee satisfaction is the root of success for any firm, big or small. Your employees are your driving force, and as much as you instruct them, you won’t be able to move forward if they do not provide the results you need.

It has been a topic of conversation for many decades now. Maslow presented the hierarchy of needs model in 1943, proving how long this matter has been sustained. The results you achieve, the growth your company experiences, and the revenue it generates are directly proportional to the productivity of your employees.

Maslow introduced a Hierarchy of Needs, a one-size-fits-all type. When you establish yourself at a new job with new people, you first look for fulfilling necessities. We look for our income to accommodate our basic needs, such as food, water, warmth, and shelter, a roof over our heads. Once we achieve that, we grow slightly confident and move forward.

As we move forward, we become more involved in our work environment and seek job security and safety, confirming that you’ll have money coming in every month. You then move on to greater purposes that focus more on your desires and less on your necessities. It enables confidence and an increase in belief in yourself. When that happens, you grow.

Further, healthy emotional health starts playing a role in this evolution because your emotions are now tied to your job. You start developing an attachment to your workplace. Once this happens, you subconsciously rely on it for support since you spend more of your day with your co-workers.

Attachment to a specific something also leads to some form of expectation. Therefore, it becomes the employer’s job to ensure their employees are doing well emotionally.

Emotional Well-Being

Employee Satisfaction is wired with your employee’s mental well-being. If your employee is not performing well, they are not feeling well. For a second, think about why an employee whose production rate is 98% has suddenly dropped to 59%. There is an issue. It is not just a professional issue now; it has become personal.

Your employee comes into work every morning at nine and leaves 9 hours later, generating you revenue every minute that they are there. A low performance occasionally is typical; however, if your employee’s emotional health affects their work rate, it becomes a grave issue. Your employees are not just people working for you; they are your responsibility, making employee satisfaction a part of your job specification.

Kirsty Jagielka from Cigna writes, ‘With emotional well-being concerns often lasting for many years, early intervention is vital. The right support at the right time can help your employees to achieve positive emotional well-being and enable them to remain productive members of the workforce.’ Your employees breed results; they can either raise you from the ashes or drive you into the ground.

Avoiding Burnout

Burnout can also drive people to quit their jobs. Reaching a point of burnout indicates you have been overworked for a while now, and it has eventually reached a point of no return. It also shows how your employers might have ignored it for it to get such a point.

It takes a toll on an employee’s emotional well-being, making them question their place in the firm. Burnout suggests you are giving more than receiving, which can impact how one views their firm. 

It can lead to employees quitting their jobs. It can be incredibly detrimental to the firm’s health because they are losing an employee and a trained employee who knows the ropes of the system. The firm must now invest time and energy into training someone else. That is not the only result they will have suffered. The situation can get worse when the reason an employee left gets out.

Conclusion

Your employees are your responsibility. You can tell yourself as an employer that there are more significant matters to prioritize, but you need to realize that if you prioritize your employee’s emotional well-being, you will not need to prioritize anything else; they will do that for you.

Richard Branson once said, “Take care of your employees, and they’ll take care of your business.” Your employees are your firm’s greatest assets, and you realize that is your greatest asset. When you consider an interviewee for your firm, you know they can handle it. It then also becomes your job to take care of them.

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 you launch your business, you must ensure your data is backed up somewhere. That ‘somewhere’ should be a place you are familiar with, such as cloud storage. Before you start using the cloud for data storage, there are many security measures you need to consider. 

All data must be backed up, from your staff’s personal information to the data you receive from your clients, payments, and much more. That’s why knowing the security measures is necessary before selecting the application to save your data. Cloud storage is the safest place to back up your data.

Cloud storage is a form of data storage where digital information is saved in logical pools, not in a physical hard drive. Many companies use cloud storage as it gives a new level of reassurance. Your business data on the cloud, such as important documents, videos, and images, won’t be lost once saved on the cloud.

Another thing about cloud storage is that anyone in the company (authorized personnel) can access it anywhere. They only need an internet connection and authorization to access cloud storage anywhere.

Here are the best cloud services:

• Google Cloud platform
• Microsoft Azure
• Dropbox
• iCloud
• Amazon Drive
• Nextcloud

Now, there are two types of clouds: private cloud and public cloud.

Public cloud – Operated by a third party. You will pay for the service, and the host will be responsible for storing the data.

Private cloud – You are responsible for operating, saving, and opening the data.

Benefits of Business Data on the Cloud

Scalability and flexibility – With the help of the cloud, you can quickly increase your business storage according to your needs. You can also decrease it. In the cloud, the solution can soon adapt according to preferences.

Remote collaboration – With your business on the cloud, you can easily access your data. You can also control who can access it.

Automatic backup – When you save your business data on the cloud, the data gets automatically backed up.

Reduced costs – With your data on the cloud, you can save sufficient money.

So, these were the benefits of saving your business data on the cloud. The fundamental question remains whether backing up your business data on the cloud is safe. The answer is yes; it’s safe to back your business data on the cloud.

The data you have saved on the cloud is safer than the data stored on your computer. It has more protection layers than any other system and can keep the data secure on your cloud if something happens to the computer.

Event Logging

Whenever someone opens your data on the cloud, it will notice the logging and keep a list. For example, if someone in your company opened it on Monday at 3 p.m. and Tuesday at noon, there will be a record of every time someone accessed it. This way, it evaluates the threat and keeps your business data on the cloud safe.

AI Tools

A few cloud servers use artificial intelligence to secure the business data saved on them. With the help of these artificial intelligence tools, a defense layer forms so that the professionals stay focused on the threats.

Firewalls

When you save business data on the cloud, it remains safe due to the firewalls. There are two types of firewalls: internal and advanced. These walls ensure that the direct traffic goes through a series of security defenses.

Redundancy

This point refers to the several copies of business data on the cloud backed up. If the computer goes through any failure, there will be a backup of your data on the cloud, and you won’t have to worry about losing it.

Third-Party Security Checking

Many companies that provide cloud services check up on other security companies to see if their program has the same level of security. This way, the cloud service company will be on its toes to ensure your data is perfectly safe.

So, these were the points about cloud security. If you are running your business, you should consider saving your company’s data on the cloud so that it remains secure and nobody outside the company can hack into it.

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

When you think of investing in a business, we are sure you wouldn’t have ever considered investing in trees. Isn’t that so? Well, nobody would have thought of that. Even saying that sounds so foreign, like a strange combination of words rolling off your tongue.

But no matter how odd it may sound, many people invest in the Timber market, and they know it’s the best decision they have ever made in their life (apart from their spouses if they are reading it beside you!)

We know lumber is a commodity used for furniture, paper, and burning. But why would you invest in something that is used for burning? That’s the beauty of this investment. Here are five reasons you should invest in the timber market.

Steadiness and Reliability

As you enter the timber market, you will realize how steady and reliable this business is. There are many other businesses that you can invest in, but it’s a rollercoaster ride with them. Why take the risk when you have a much more reliable investment option?

Even in 2020, many businesses lost money due to the pandemic. Like that, other businesses are not that steady, and if you aren’t a fan of uncertainty, you should invest in the timber market. It’s a stable and reliable business.

Once you see it, you will understand how you earn money through this business. It’s not like stocks and bonds. You will get a paper, and you will have to assume that there’s a legit company behind it.

When individuals think of investing in the timber market, they check out the timberland themselves. You should know before investing that old trees cost more than young trees. And it would help if you kept hold of young trees for them to grow old.

Easy Investment

When you invest in the timber market, you invest in the timberland. All you have to do is sign the papers; the land will be yours. If you aren’t willing to invest in the timber market directly, you don’t need to worry because you can invest without involving the direct ownership of the land. But how?

You can invest indirectly through a real estate investment trust (REIT). REITs are trusts investing in real estate. You can easily invest in the timber market for as much money as you wish through timber-focused REITs.

It’s Convenient

When you invest in the timber market, you don’t have to do anything. You sign the papers, hold the timberland, and other things will get simple for you. Either you lease the land or sell the trees to someone, and the investment will eventually pay off in large sums. Also, if you are saving the forest project called reforestation, the income can come in significant ways.

Many invest in the timber market, hoping to pass it down to their grandkids.

A Hedge Against Inflation

This investment saves the investors from significant losses when there is a fluctuation in the currency. Some people opt for gold because it’s an asset that can keep you when the country’s economy is down. But if you wish to save yourself from the game of insurance, wild swings, and holding fees, you should invest in the timber market.

It’s proven to be one of the effective ways to save investors money when the value of a country’s currency begins to decline. 

Good Land is Valuable

Investing in the timer market means investing in a good, profitable land. When there’s land with older trees, the profit will come through harvesting. The investment won’t go in vain when there are younger trees because you will be living licenses to the anglers and hunters.

Investing in the Timber market won’t make you regret it because the volume of trees keeps increasing, which adds value no matter the situation of the state’s currency. Even if timber prices aren’t in favor, the timber stock can be saved up and grow until the prices are in favor again. Investing in the timber market rather than stocks, gold, and bonds is better. You can enjoy while owning timberland without worrying about losing money in stock or bonds.

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

Amazon Affiliate Marketing: Turn Your Product Knowledge Into Extra Income

I remember the first $83 I made from affiliate marketing—it wasn’t much, but it lit a fire. I was promoting a Bluetooth speaker, wrote a genuine review, and included my Amazon link. Two days later, a sale. That’s when I realized affiliate marketing isn’t about selling—it’s about connecting the right product to the right person.

If you’re an Amazon seller, you’re sitting on gold you haven’t mined yet. Affiliate marketing isn’t just for influencers or bloggers. As a seller, you’re already in the ecosystem. You know the products. You understand the trends. Now it’s time to turn that inside knowledge into another income stream.

What is Affiliate Marketing?

Affiliate marketing is a commission-based model where you earn a percentage every time someone buys a product through your custom link. The average affiliate marketer earns $8,038 per month, according to recent data from Authority Hacker. That’s not pocket change—that’s serious income potential.

The global affiliate marketing industry was valued at over $18.5 billion in 2024 and is projected to grow to $31.7 billion by 2031, with an 8% compound annual growth rate. This makes it one of the fastest-growing income opportunities online.

Amazon’s program, called Amazon Associates, is one of the most accessible platforms out there. You promote products, share links with your audience (via blog, social, email, YouTube), and Amazon sends you a cut when those links lead to a sale. For those wanting to learn more, affiliate marketing for beginners resources can provide a deeper background.

What makes it perfect for Amazon sellers? You’re already plugged into products that sell. You speak the language. That gives you an edge most affiliates only wish they had.

How to Choose the Right Affiliate Programs on Amazon

Start with commission rates, then look at buyer demand. Research from Authority Hacker shows that experienced affiliate marketers (those with 3+ years of experience) earn 9.45 times more than beginners. This gap comes largely from knowing which programs to promote.

Top-performing Amazon affiliate categories include:

• Amazon Games → 20% commission
• Luxury Beauty → 10%
• Luxury Stores Beauty → 10%
• Furniture & Home Improvement → Up to 8%

Don’t just chase the percentage. A $10 product at 20% gives you $2. A $300 item at 5% gives you $15. Do that math every time before you commit. For a detailed breakdown of how these payments work, check out affiliate commissions explained.

Use tools like Google Trends and Amazon Best Sellers to check if people are actively buying in the niche. These insights can be combined with proven strategies for affiliate marketing success to maximize your returns.

📌 Real-world example: A friend of mine switched from promoting low-cost fashion to Amazon Games. With fewer clicks, she doubled her monthly earnings during the holiday season by creating strategic content around trending game releases.

Creating Content That Converts

Your job is not to “sell.” It’s to help people buy the right thing. Nearly 70% of successful affiliate marketers use SEO to drive organic traffic, according to AffiliateWP. This shows the importance of creating content that both ranks and converts.

The content that earns affiliate dollars follows a simple formula:

1. Clear headline (Example: “Top 5 Air Fryers That Won’t Waste Your Time”)
2. Honest opinions based on personal insight
3. Feature + benefit breakdown
4. Clear calls to action (Use buttons or anchor text like “Check today’s price on Amazon”)

The formats that work best:

• Product reviews with side-by-side comparisons
• “Best X for Y” roundups (e.g., best pet cameras for busy dog owners)
• Deep dives based on FAQs (e.g., Can I use this dehumidifier in basements?)

Video content increases conversion rates by 49%, making it a crucial addition to your content strategy. Implementing these best affiliate marketing tips can help you create content that both engages readers and generates sales.

⚡ Pro tip: People skim. Use bold headers, bullet points, and product images. Guide their eyes down the page toward the affiliate link, not away from it.

Strategies to Increase Affiliate Sales

You want to maximize your clicks—and more importantly, your conversions. Here’s how:

• Capitalize on seasonal shopping windows: Black Friday, Cyber Monday, and Amazon Prime Day. These periods often include boosted commission rates and red-hot buyer intent.

• Optimize your SEO: Use long-tail keywords like “best beginner wireless earbuds under $50” in your H2s and introduction.

• Improve page speed and mobile optimization: You lose trust (and sales) with a slow site.

• Use internal linking: Keep users engaged by linking related posts, keeping readers within your content ecosystem longer.

For those just starting out, check out our guide on affiliate marketing for beginners to build a strong foundation.

And remember—make your affiliate disclosures clear and compliant. This builds trust and protects your reputation. Being transparent about your affiliate relationships is not just ethical, it’s required.

Building Trust With Your Audience

Nothing kills affiliate performance faster than broken trust. The most successful affiliate marketers understand that long-term relationships with readers far outweigh short-term commissions.

Here’s how you keep it real:

• Be ultra-transparent (“I may earn a commission if you buy through my link—at no cost to you.”)

• Only recommend products you’ve used, tested, or would recommend to your own family.

• Add a comment section or feedback form for two-way interaction.

• Maintain consistency in brand voice—whether you’re blogging, tweeting, or shooting YouTube videos.

Following affiliate marketing best practices from authorities like the FTC ensures you’re building trust the right way. The goal? To build a reputation where people follow your links because they trust your opinion—not because you’re shouting the loudest.

Scaling with Tools and Platforms

Once you’re earning consistent income, it’s time to scale:

• Use Geniuslink to localize your Amazon links (it ensures buyers in Canada or the UK are sent to the right storefront)

• Create evergreen content like “Best USB-C Chargers for 2025” to drive long-term passive clicks

• Pair your blog content with short YouTube explainer videos (Google is showing video in more search results than ever)

• Build an email list – A simple weekly newsletter (“Deals I’m loving”) can drive substantial, compounding clicks over time.

• Join other affiliate networks to test non-Amazon products—diversify when it makes sense

With these tools and approaches, even a small audience can generate significant affiliate income. It’s about quality connections, not just the quantity of followers.

Conclusion: From Product Knowledge to Passive Income

Affiliate marketing isn’t hard—but it does reward strategy, honesty, and consistency. You don’t need a massive audience. You just need the right offer in front of the right person at the right time.

As an Amazon seller, you already have product instincts and a grasp of the market. Affiliate marketing just adds a second lane to your revenue highway. You’re not starting from scratch—you’re building on what you already know.

Want help leveling up your online marketing strategy and scaling profitably? Head over to Complete Controller for expert guidance built for results. We help entrepreneurs manage their finances so they can focus on growing their businesses—including new revenue streams like affiliate marketing.

FAQ

How do I join the Amazon Affiliate program?

Sign up at affiliate-program.amazon.com with your website, blog, or qualifying social media account. You’ll need to provide details about your content and how you plan to drive traffic. Amazon will review your application within 24 hours in most cases.

What are the highest commission rates on Amazon Associates?

Amazon Games tops the list with a 20% commission rate. Other high-performers include Luxury Beauty and Luxury Stores Beauty at 10%, and Furniture & Home Improvement at up to 8%. Commission rates can change, so always check the current rates before selecting categories.

Can I promote my own Amazon products as an affiliate?

No, Amazon’s terms prohibit you from earning affiliate commissions on your own products. However, you can promote complementary products that work well with items you sell, creating a complete ecosystem for your customers.

How long does it take to start earning significant affiliate income?

Most successful affiliates see meaningful results within 6-12 months. Remember that experienced marketers earn 9.45 times more than beginners, so patience and persistence are key. Focus on creating quality content consistently rather than expecting overnight success.

What happens if Amazon rejects my affiliate application?

Amazon may reject applications for incomplete information, lack of content, or policy violations. If rejected, review Amazon’s feedback, improve your site or content strategy, and reapply after addressing the issues. Sometimes simply adding more content or clarifying your promotion methods is enough to get approved on a second attempt.

Sources

• Authority Hacker. (2025). 136 Affiliate Marketing Statistics in 2025. https://www.authorityhacker.com/affiliate-marketing-statistics/
• Wix.com. (2025). Affiliate Marketing Statistics and Facts for 2025. https://www.wix.com/blog/affiliate-marketing-statistics
• AffiliateWP. (2025). 40+ Affiliate Marketing Statistics for 2025. https://affiliatewp.com/affiliate-marketing-statistics/
• Hostinger. (2025). Affiliate Marketing Statistics 2025: Key Trends and Industry Growth. https://www.hostinger.com/tutorials/affiliate-marketing-statistics
• Complete Controller. (n.d.). 5 Essential Marketing Strategies to Help Grow Your Business. https://www.completecontroller.com/5-essential-marketing-strategies-to-help-grow-your-business/
• Complete Controller. (n.d.). How to Use Content to Set Yourself Up as a Thought Leader. https://www.completecontroller.com/how-to-use-content-to-set-yourself-up-as-a-thought-leader/
• Complete Controller. (n.d.). Startup Marketing Success. https://www.completecontroller.com/startup-marketing-success/
• Wikipedia. Affiliate Marketing. https://en.wikipedia.org/wiki/Affiliate_marketing
• Investopedia. Affiliate Marketing. https://www.investopedia.com/terms/a/affiliate-marketing.asp
• Federal Trade Commission. (n.d.). FTC’s Endorsement Guides: What People Are Asking. https://www.ftc.gov/tips-advice/business-center/guidance/ftcs-endorsement-guides-what-people-are-asking
• Amazon Associates Program. https://affiliate-program.amazon.com
• Shopify. Amazon Affiliate Marketing Guide.
• Publift. Top Performing Affiliate Strategies.

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.

Repaying a mortgage is a critical financial decision requiring much thought before execution. People commonly think paying off the mortgage is a good thing. If you have saved money and have some financial sense, you must decide whether to pay off your mortgage or use that savings to invest and grow your money.

Mortgages are one of the most common types of loans. Suppose you have some savings and consider paying off part of the mortgage in advance. In that case, you must consider many variables and assess the better use of your savings, paying off the mortgage, or investing. 

To make a good decision, you must first know the most important thing: nothing but understanding what repaying a mortgage is and when you can do it. There are distinct advantages and disadvantages to paying off your mortgage early. 

What is the Mortgage Repayment?

Repaying a mortgage is paying extra money on your real estate loan to reduce the monthly payment or shorten the loan duration. You can partially repay the loan amount and shorten the length of the loan. The partial repayment of the entire loan is generally more feasible, given that few people save enough to cancel the mortgage loan altogether.

The average amount of a mortgage loan in the US is approximately $150,000, with a repayment term of between 25 and 30 years. If you pay a monthly installment of $1,000 without considering the fluctuations of the interest rates, you could reduce your mortgage by $12,000 a year, with less interest and expenses.

But if to the monthly installments, you add an extraordinary $10,000 as repayment. You would reduce your loan considerably in one cut. In that case, you have two options: reduce the amount of your monthly liability or reduce the life of the loan.

When is it Good to Cancel Your Mortgage Early?

Is it better to use savings to pay off early canceled mortgages, or is it better to use that money to invest? The answer is somewhat complex, and there are four factors that you should keep in mind:

• When did you sign the mortgage contract?
• The interest on the mortgage?
• Your knowledge of investment products?
• Your risk tolerance?

Should You Pay Off the Mortgage?

You have several legal assumptions regarding repayment, the most important being that you bought the property before 2013. So, you can deduct a maximum limit of $9,040 annually if you are the sole owner or $18,080 if you share the loan ownership and declare taxes separately.

In those cases, the Treasury returns 15% of the amount contributed by investment in habitual residence.

However, there are some assumptions in which you can deduct the amortization of your mortgage as indicated in the 2018 Income Practical Manual for the 2020 campaign, published by the Tax Agency.

Amortize Mortgage by Interest

An essential factor to consider is your interest rate for your fixed or variable mortgage. Since the great financial crisis at the end of the last decade, central banks have embarked on policies to lower interest rates, which impacted the cost of mortgages.

Today, it is normal to find mortgages that pay 2% or even less. Against this information, it is wise to analyze whether you must pay a loan that costs 2% per year or invest in the stock market or equities that offer an average of 10% each year.

Faced with a low-interest rate scenario, we should evaluate the possibility of investing the money to gain from the interest rate differential. It is a risk, but you can earn a little money in that operation. In addition, you can always withdraw the money from the investments and pay off the mortgage if the Federal Reserve decides to raise interest rates.

Your Knowledge About Investing

Suppose you do not know much about the product you will invest in and are interested in paying your debts as soon as possible. In that case, the decision is straightforward, and amortizing the most money is your thing. This way, you will leave the mortgage as soon as possible.

How Tolerant You are to Risk

If you know about investments and you like risk, the option you could consider would not be to reduce the time of your mortgage through early repayment but to invest that money saved. In the stock market, you can make an average of between 5 and 10% per year, while you pay about 2% in a mortgage.

If you have a conservative risk profile and a low level of risk, it would be best to pay off the mortgage. On the other hand, if you have a moderate or aggressive risk profile, you may find it more profitable to allocate the savings to investment products.

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.

Going by what the statistics suggest, COVID-19 affected small and large businesses. The global market went down in its operations, and economies of the world had to face the brunt of all such inconveniences. The outbreak posed severe challenges to the strategists to devise strategies to help businesses continue their operations.

The circumstances had more extraordinary minds brainstorm ideas where experts could devise plans to cope with the aftermaths of the outbreak. According to statistics, FTSE witnessed a 14.3% drop in 2020. It was by far the worst performance since 2008. Because of this, several countries’ stock markets cut down their interest rates, which helped economies grow as it encouraged consumers spending power.

On the other hand, the past year was difficult for job seekers. Most businesses halted their operations, and most employees lost their jobs. The proportion escalated to 8.9% in the United States, as explained by the International Monetary Fund. The tourism industry also halted its operations as the world went into lockdown.

The IMF puts the global economy squeezed by 4.4% in 2020. This decline is considered the worst since the Great Depression that hit the world in the 1930s. That said, considering the world closed down its hospitality sectors, millions of employees lost their jobs, and companies went bankrupt. As a result, the global tourism industry crumbled into bits and pieces.

The tourism industry lost billions of dollars last year. The entire world is said to struggle with the same condition till 2025. However, according to forecasters, 2021 is when things can go to their former state. Let’s discuss how the pandemic turned the global market local again.

Airline Services Going Down All Around the Globe

As already discussed earlier, airline services went down last year. With hospitality shutting its doors worldwide, millions of people couldn’t get the chance to travel. Millions of people died last year and were buried without getting goodbyes from their loved ones, which is why the year was one of the saddest years in history.

The shutdown in the airline services had companies operating internationally to start their functions locally. Instead of halting their routine operations completely, they cut down their frequency of operations and resorted to running their operations on small scales.

Online Sessions 

Schools, colleges, universities, educational institutes, and companies worldwide operated from online platforms during the pandemic. Students took their classes online, and most world giants conducted meetings and sessions online as a precautionary measure to stay healthy and well and save employees from contracting the virus. It wouldn’t be wrong to say that these online platforms were a reason; most companies could come out of such repercussions.

From platforms like Zoom, experts in their respective fields decided to conduct their business-related strategies to develop solutions to the problems. Platforms like this generated robust returns and made larger-than-life profits. As a result, continuing with routine business operations didn’t become a hassle for them. 

Companies Operating Digitally

Considering how the world’s giant fell, companies resorted to online platforms. Companies and consumers decided to look for brands with online channels. According to surveys, about 80% of customers interact with brands through digital media during the pandemic. Since then, the situation hasn’t changed one bit.

As a result, companies have adopted new and better platforms and have taken on programs to develop strategies that improve their operations and help them become stronger after the pandemic’s aftermaths start to fade.

Advantages of Operating on Small-Scales During the Pandemic 

Some of the repercussions the pandemic brought were closed operations and businesses going bankrupt, employee turnover, and many more. However, new strategies also took the front seat, and companies found ways to operate even in such conditions.

Out of such strategies, one strategy that sold the deal for many companies operating locally generated substantial results. It helped the companies continue their operations locally, following precautionary measures to ensure every customer’s health is prioritized in their utmost capacity.

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

Psychological Effects of Pandemic: Insights & Coping Strategies

The psychological effects of pandemic include a 25% global surge in anxiety and depression, with young people, women, and individuals with pre-existing mental health conditions experiencing the most severe impacts from prolonged isolation, financial stress, grief, and neurological symptoms associated with long COVID.

These mental health challenges stem from a complex interplay of biological factors like neuroinflammation, social disruptions from lockdowns, and economic uncertainty that fundamentally altered how millions of people work, connect, and cope with daily life.

The pandemic didn’t just change how we live—it rewired how we think, feel, and process stress. As someone who’s spent over 20 years as CEO of Complete Controller, I’ve witnessed firsthand how businesses and their teams navigated unprecedented psychological challenges. My team and I worked closely with entrepreneurs across every sector imaginable, watching some crumble under the pressure while others discovered remarkable resilience.

This article shares those hard-won insights, combining research-backed strategies with real-world applications that helped our clients not just survive but build stronger mental foundations. You’ll discover practical frameworks for identifying pandemic-related trauma, evidence-based coping mechanisms tailored to different work environments, and concrete steps to transform post-pandemic anxiety into sustainable growth—both personally and professionally.

What are the psychological effects of the pandemic, and how do you navigate them?

• The pandemic caused a 25% global increase in anxiety and depression, disproportionate impacts on vulnerable groups, biological brain changes from COVID-19, and lasting trauma requiring targeted coping strategies
• Young people experienced the highest rates of new mental health diagnoses, with 25% reporting clinical depression symptoms compared to pre-pandemic baselines
• Women faced compounded stressors from increased caregiving responsibilities, job losses, and domestic pressures, resulting in anxiety rates 1.5 times higher than men
• Long COVID created new psychiatric conditions through direct neurological damage, affecting memory, mood regulation, and cognitive function in previously healthy individuals
• Evidence-based recovery includes structured social support, workplace mental health policies, cognitive rehabilitation exercises, and integration of digital mental health tools

Global Mental Health Crisis: Understanding the Scope and Scale

The pandemic fundamentally altered the mental health landscape across every continent, creating what researchers now call the largest simultaneous psychological event in modern history. Data from the World Health Organization reveals that anxiety and depression rates increased by 25% globally, with some regions experiencing even steeper spikes during peak lockdown periods.

This mental health crisis didn’t affect everyone equally. Essential workers faced infection risks daily while managing their own fears and family responsibilities. The American Psychological Association found that these frontline heroes were 2.8 times more likely to seek mental health treatment than their remote-working counterparts. Healthcare workers particularly struggled with moral injury—the psychological damage from making impossible choices about patient care when resources ran thin.

Young adults aged 18-24 bore an especially heavy burden. University closures, job market collapses, and social isolation during crucial developmental years created a perfect storm for mental health challenges. Studies show this demographic reported:

• Depressive symptoms at rates exceeding 25%
• Increased substance use as a coping mechanism
• Higher incidences of self-harm and suicidal ideation
• Disrupted sleep patterns affecting 68% of respondents
• Academic performance declines linked to concentration difficulties

The economic dimensions of pandemic stress created additional layers of psychological pressure. Small business owners, freelancers, and gig economy workers faced existential threats to their livelihoods overnight. Financial anxiety became a primary driver of mental health deterioration, with unemployment correlating directly to increased depression rates.

Biological Mechanisms: How COVID-19 Attacks Mental Health

The virus itself launched a direct assault on brain function through multiple pathways that scientists are still unraveling. Unlike typical respiratory infections, COVID-19 crosses the blood-brain barrier, triggering inflammation that can persist months after initial infection. This neuroinflammation manifests as brain fog, memory lapses, and mood dysregulation that patients describe as feeling fundamentally different from their pre-COVID selves.

Research from the University of Chicago Medicine identified three primary biological mechanisms driving pandemic-related mental health changes:

• Direct Neural Invasion: The virus enters brain tissue through olfactory pathways, explaining why loss of smell often precedes neurological symptoms
• Systemic Inflammation: Cytokine storms create widespread inflammation affecting neurotransmitter production and neural communication
• Hypoxic Brain Injury: Reduced oxygen levels during severe infections cause lasting damage to brain regions controlling emotion and executive function

Long COVID emerged as a particularly insidious mental health threat. Patients recovering from even mild initial infections reported persistent symptoms including:

• Cognitive dysfunction affecting work performance
• New-onset anxiety disorders without a previous history
• Depression resistant to standard treatments
• Extreme fatigue undermines daily activities
• Memory problems disrupting personal relationships

Historical parallels offer sobering context. The 1918 Spanish Flu pandemic left survivors with similar neuropsychiatric complications, including a condition called “neurasthenia”—chronic mental exhaustion that persisted for years. Medical journals from that era document increased suicide rates and psychiatric hospital admissions that continued well into the 1920s, suggesting our current mental health crisis may extend far beyond the acute pandemic phase.

Evidence-Based Recovery Strategies That Actually Work

Recovery from pandemic trauma requires more than positive thinking—it demands structured, evidence-based approaches tailored to individual circumstances and severity levels. The most effective strategies combine biological, psychological, and social interventions in coordinated treatment plans.

Micro-network support systems

Creating small, consistent support groups of 3-5 trusted individuals provides the social scaffolding essential for mental health recovery. These micro-networks function differently than large social circles:

• Regular check-ins create accountability for self-care
• Shared experiences reduce isolation and shame
• Practical support emerges naturally (childcare swaps, meal sharing)
• Emotional bandwidth remains manageable for all members

Cognitive rehabilitation protocols

For those experiencing long COVID brain fog or pandemic-related cognitive decline, structured rehabilitation exercises help rebuild neural pathways:

1. Morning Brain Training: 15-minute sessions using apps like Lumosity or Peak
2. Memory Journaling: Daily recording of three specific details from each day
3. Focus Intervals: Working in 25-minute blocks with 5-minute movement breaks
4. Dual-Task Training: Combining physical and mental activities (walking while solving math problems)

Technology-enhanced mental health support

Digital tools democratized mental health access during lockdowns and continue providing crucial support. The Heroes Health app case study from UNC demonstrates real-world success—over 10,000 healthcare workers used the platform to track symptoms and access resources, with participants reporting 40% improvement in stress management scores.

Effective digital interventions include:

• Teletherapy Platforms: BetterHelp, Talkspace, and MDLIVE offer flexible scheduling
• Mood Tracking Apps: Daylio and eMoods help identify patterns and triggers
• Meditation Apps: Headspace and Calm provide structured anxiety reduction programs
• Peer Support Networks: 7 Cups and NAMI offer moderated community support

Workplace Mental Health: Building Resilient Organizations

Organizations that prioritized employee mental health during the pandemic saw measurable benefits in retention, productivity, and innovation. Google’s manager training program exemplifies best practices—after implementing mental health workshops, the company recorded a 40% increase in reported psychological safety scores.

At Complete Controller, we implemented several initiatives that transformed our workplace culture:

• Weekly Mental Health Check-ins: Team meetings begin with optional sharing about stress levels and support needs. This simple practice normalized mental health discussions and helped managers identify struggling team members early.
• Flexible Work Arrangements: We moved beyond traditional schedules to accommodate caregiving responsibilities, therapy appointments, and individual peak productivity hours. Productivity actually increased when people could work around their mental health needs.
• Resource Libraries: Curated collections of stress management tools, meditation resources, and professional development materials give employees self-directed options for support.

Key workplace interventions that demonstrate measurable impact:

• Manager Training Programs: Teaching leaders to recognize burnout signals and respond appropriately
• Mental Health Days: Designated time off specifically for psychological wellness
• Employee Assistance Programs: Confidential counseling services with easy access
• Workload Audits: Regular reviews to prevent chronic overload
• Team Building: Virtual and in-person activities fostering genuine connection

Post-Pandemic Resilience: Future-Proofing Mental Health

Building lasting resilience requires moving beyond crisis management to proactive mental health strategies. The pandemic taught us that psychological preparedness matters as much as physical health maintenance.

Personal resilience practices

Individuals who weathered the pandemic best had established routines that buffered against stress:

1. Morning Anchors: Consistent wake times and morning rituals provide stability
2. Physical Movement: Daily exercise, even 10-minute walks, significantly impacts mood
3. Creative Outlets: Art, music, writing, or crafts offer emotional processing channels
4. Nature Connection: Regular outdoor time reduces cortisol and improves focus
5. Meaning-Making Activities: Journaling or volunteering creates purpose from struggle

Community-Level Interventions

Resilient communities share characteristics that individual efforts alone cannot replicate:

• Mutual Aid Networks: Neighbors supporting neighbors through organized systems
• Mental Health First Aid Training: Community members equipped to recognize and respond to crises
• Accessible Resources: Libraries, community centers, and faith organizations offering support programs
• Inclusive Planning: Vulnerable populations centered in recovery efforts
• Celebration Rituals: Marking progress and honoring losses together

Organizational Preparedness

Forward-thinking companies now include mental health in their business continuity planning:

Phase-Based Response Protocols:

Crisis Stage	Mental Health Actions	Success Metrics
Early Warning	Activate support teams, increase check-ins	Engagement rates
Active Crisis	Deploy resources, adjust workloads	Utilization of services
Recovery	Rebuild routines, process lessons	Retention and satisfaction
Integration	Embed learnings, strengthen systems	Resilience scores

 

Professional Development Through Crisis: Growth Opportunities

The pandemic forced rapid adaptation that accelerated professional growth for many individuals. Those who embraced change rather than resisting it discovered unexpected career pivots and skill development.

Digital literacy skyrocketed as entire industries moved online overnight. Marketing professionals have mastered virtual event planning. Teachers became educational technology experts. Healthcare providers adopted telemedicine at scale. These forced innovations created lasting competitive advantages for early adopters.

Career resilience strategies that emerged from pandemic experiences:

• Skill Diversification: Learning adjacent skills to increase adaptability
• • Network Expansion: Building connections beyond the immediate industry
• • Portfolio Careers: Developing multiple income streams for security
• • Continuous Learning: Embracing online education and certifications
• • Purpose Alignment: Choosing work that provides meaning beyond income

Final Thoughts

The pandemic’s psychological effects will ripple through society for years, but we’re not powerless against them. By understanding the biological mechanisms driving mental health changes, implementing evidence-based coping strategies, and building resilient support systems, we can transform trauma into growth.

As business leaders, we have unique opportunities to shape healthier work environments that acknowledge and support mental wellness. The companies that thrive post-pandemic will be those that recognize employee psychological health as a strategic asset rather than a personal issue.

Recovery isn’t linear, and healing takes time. What matters is taking that first step toward support, whether through professional help, community resources, or workplace initiatives. The psychological resilience strategies we develop now will serve us through future challenges, making investment in mental health one of the wisest business decisions we can make.

If you’re ready to build a mentally healthier, more resilient organization, the experts at Complete Controller can help you implement financial and operational systems that support both business success and employee well-being. Visit Complete Controller to discover how we help entrepreneurs create sustainable, psychologically healthy workplaces that thrive in any environment.

FAQ

Which demographics were most psychologically affected by the pandemic?

Young people aged 18-24 showed the highest rates of new mental health issues with 25% reporting clinical depression, followed by women who experienced anxiety at 1.5 times the rate of men, essential workers who were 2.8 times more likely to need mental health treatment, LGBTQ+ individuals facing compound stressors, and people with pre-existing mental health conditions whose symptoms significantly worsened.

Can COVID-19 infection directly cause mental health problems?

Yes, COVID-19 directly impacts brain function through neuroinflammation, causing depression, anxiety, and cognitive problems even in mild cases. The virus crosses the blood-brain barrier, triggers inflammatory responses that affect neurotransmitter production, and can cause hypoxic brain injury that damages regions controlling mood and executive function, with symptoms sometimes persisting as part of long COVID syndrome.

 What are the long-term effects of isolation on mental health from pandemic lockdowns?

Extended isolation during lockdowns led to increased anxiety and depression rates that persist even after restrictions lifted, deterioration in social skills and relationship quality, disrupted sleep patterns affecting 68% of young adults, reduced emotional regulation capacity, and in severe cases, trauma responses similar to PTSD that require professional intervention to resolve.

Which coping mechanisms for COVID-19 stress proved most effective?

Research shows the most effective pandemic coping strategies include forming small 3-5 person support networks for consistent connection, combining teletherapy with mood-tracking apps for professional guidance, maintaining structured daily routines with morning anchors and regular exercise, practicing cognitive rehabilitation exercises for those with brain fog, and implementing workplace flexibility with mental health check-ins and resource access.

Will mental wellness during COVID-19 improvements last beyond the pandemic?

A: Mental health gains achieved during the pandemic can persist with continued effort through maintaining established support systems and healthy routines, regular use of digital mental health tools that became habits, workplace policies that prioritize psychological safety becoming permanent, increased mental health literacy reducing stigma long-term, and community-level interventions creating lasting infrastructure for crisis response and ongoing support.

Sources

• KFF. (2023, March 20). “The Implications of COVID-19 for Mental Health.” www.kff.org
• World Health Organization. (2022, March 2). “COVID-19 Pandemic Triggers 25% Increase in Prevalence of Anxiety and Depression.” www.who.int
• Penn Today. (2022, March 16). “The Pandemic’s Psychological Scars.” www.penntoday.upenn.edu
• News-Medical. (2024, November 6). “Unraveling the Psychological Impact of COVID-19 on Young Minds.” www.news-medical.net
• UChicago Medicine. (2024, May 31). “Mental Health in the Wake of COVID-19.” www.uchicagomedicine.org
• Son, C., et al. (2023, October 24). “Mental Health Status and Coping Strategies During COVID-19.” Frontiers in Psychiatry.
• American Psychological Association. (2021). “Essential Workers More Likely to Be Diagnosed With Mental Health Disorder During Pandemic.” www.apa.org
• National Institute of Mental Health. (2021, July 20). “4 Strategies for Coping with Pandemic Stress.” MedlinePlus.
• Eghigian, G. (2020). “The Spanish Flu Pandemic and Mental Health: A Historical Perspective.” Psychiatric Times.
• Centers for Disease Control and Prevention. “Stress and Coping Resources.” www.cdc.gov/mentalhealth/stress-coping/index.html
• Google Cloud. (2020). “UNC Heroes Health App Case Study.”
• Yu-lin Gardner. (2020). “How Google Is Training Its People Managers to Make Team Member Mental Health a Priority.” Google Benefits Program.
• National Institutes of Health. “Psychological Effects of Pandemic.” www.ncbi.nlm.nih.gov/pmc/articles/PMC7089165/
• Complete Controller. “The Leadership Style Best to Run an Organization.” www.completecontroller.com/the-leadership-style-best-to-run-an-organization/
• Complete Controller. “Remote Work Security Post-COVID.” www.completecontroller.com/remote-work-security-post-covid/

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

Clearing Suspense Accounts: A Step-by-Step Guide to Tidy Up Your Finances

Suspense accounts might sound like something out of a crime thriller, but there’s no mystery here—they’re an integral part of proper accounting. Think of them as the “waiting room” for your financial transactions. When a payment, receipt, or transaction doesn’t quite fit into your books due to missing details or classification uncertainty, it takes a temporary pit stop in a suspense account. This ensures your accounting keeps going without grinding to a halt.

As someone who has spent more than 15 years helping small businesses organize their finances through Complete Controller, I’ve learned that while suspense accounts are only meant to be temporary if mishandled, they can quickly turn into chaos. Let me guide you to ensure these accounts do their job—clearing discrepancies and safeguarding your financial health.

What Are Suspense Accounts?

Suspense accounts are temporary holding accounts used to park unclassified or uncertain transactions until they can be properly allocated.

Imagine finding an unidentified deposit in your bank account. Without knowing whether it’s a customer payment, a refund, or something else entirely, you can’t assign it to the correct ledger. Instead of risking a misclassification (and a potential audit nightmare), the suspense account becomes its home until you figure it out. Once identified, the money is moved to the proper account, and the suspense account returns to its natural state: zero.

Common use cases

There are several reasons a transaction might land in a suspense account:

• Unclear Payments: A customer sends you money, but they didn’t provide an invoice number or other identifying details.
• Missing Information: A receipt pops up in your records, but it lacks data—like an account or purpose—that helps classify it.
• Trial Balance Mismatches: During closing processes, you might place discrepancies into suspense accounts temporarily to keep the books accurate as you investigate.

Starting with practical bookkeeping tools like these will keep your accounting system clean and functional while reducing stress during tax time or audits.

Learn more about the definition of suspense accounts here.

Why Are Suspense Accounts Important?

Preventing misclassified records

Suspense accounts act as a shield against misclassifications. Instead of rushing a transaction into the wrong place, you’re creating a safe space for ambiguity until clarity emerges. The alternative—guessing—is like throwing darts blindfolded; it might work sometimes, but it’s a risky habit to keep.

Legal and audit compliance

Suspense accounts also serve as a visible record of your effort to handle unresolved transactions responsibly. Detailed documentation ensures you’re protecting your organization should any tax or external audit questions arise. A clear audit trail is invaluable for avoiding penalties or legal complications.

Steps to Clear Suspense Accounts

I’ve worked with businesses of all sizes, and while their bookkeeping complexities differ, the method for clearing suspense accounts is universal. Here’s the process laid out step by step:

Identify and review transactions

Start by listing every item currently sitting in the suspense account. Is it an unidentified payment? A customer refund? A mystery journal entry? Understanding what’s causing the limbo is the first step toward resolution.

Make it a habit to review these accounts regularly, ensuring discrepancies don’t linger long enough to create accounting confusion. The importance of reconciling accounting statements cannot be overstated.

Investigate and resolve the discrepancies

Delve into the details of each transaction:

• Cross-check with bank statements: Match deposits and withdrawals to figures recorded in your system.
• Review invoices and receipts: Tie payments directly to pending accounts.
• Follow up with stakeholders: Whether it’s a client, vendor, or internal department, outreach often sheds light on a murky transaction.

As the CEO of Complete Controller, I’ve seen countless businesses use good old-fashioned investigation to transform suspense accounts from a cluttered mess to a clean slate.

Make the necessary journal entries

Once you’ve cracked the case, post the appropriate journal entries to shift transactions out of suspense. Here’s how this might look:

• Debit your accounts receivable when a customer payment is identified.
• Credit the appropriate revenue or income account to complete the entry.

This is the point where everything comes together. Every cleared discrepancy represents a step closer to accurate financials. Document every correction in case you need to reference it later.

Reconcile and zero out the account

That last, critical step: ensure the suspense account’s balance equals zero. Use reconciliation reports to confirm that every transaction is resolved and nothing remains in limbo. Tools like checkbook balancing can help during this process.

For advanced handling tips, check out suspense account reconciliation best practices.

Managing Suspense Accounts Effectively

Regular reviews

The longer transactions linger in suspense, the harder they are to resolve. That’s why monthly reviews are crucial. Think of them as decluttering sessions for your accounting books.

Transparent documentation

Always leave a clear trail of your work. Note why a transaction was added to the suspense account, what steps were taken to investigate, and how it was resolved. This not only keeps your team aligned but also saves headaches during audits.

Follow these small business bookkeeping tips to make sure your entire team is equipped to manage and resolve suspense transactions efficiently.

Training and communication

Ensure everyone involved in handling entries knows their role in clearing suspense accounts. A well-prepared team combined with open communication will make this process seamless.

Real-World Example: How Suspense Accounts Saved XYZ Corporation

The problem

A manufacturing client of ours, XYZ Corporation, was an industry leader in innovation—but not in bookkeeping. Their suspense accounts were overrun with unresolved entries due to inconsistent follow-ups. With poor visibility into cash flow, financial reports often swayed decisions in the wrong direction.

The solution

We helped them implement a monthly review system, where departments flagged unclear transactions while the finance team investigated further. Better documentation and communication were also rolled out to keep stakeholders in sync.

The result

In six months, XYZ Corporation reduced their unresolved entries by 85%. Their accounts became more accurate, leading to faster audits and more confident business decisions.

Conclusion

Suspense accounts may be a temporary holding place for uncertain transactions, but their proper management is anything but temporary—it’s essential. By systematically resolving entries, maintaining transparency, and encouraging frequent reviews, you keep your books accurate and your workflow smooth.

As the founder of Complete Controller, I’ve always believed that financial clarity drives growth. Don’t let confusion over suspense accounts hinder your potential. Start implementing these strategies today to ensure your financials are fully optimized.

Want to make suspense account management even easier? Let the experts at Complete Controller help your business thrive.

FAQ

What is a suspense account?

A suspense account temporarily holds transactions when there’s uncertainty or missing information until they can be classified correctly.

Can suspense accounts impact audits?

Yes! Properly managed suspense accounts show auditors that your discrepancies are handled responsibly.

How often should I review suspense accounts?

Monthly reviews help catch and clear discrepancies before they stagnate or create larger issues.

What if I don’t clear my suspense account?

Neglecting suspense accounts leads to inaccurate financial records and potential audit hiccups.

Can accounting software help?

Absolutely. Programs like QuickBooks and Xero streamline suspense account reconciliation and classification.

Sources

• AccountingTools Official Guide
• Investopedia Insights
• Faster Capital Study
• Complete Controller Blog

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 we move forward emotionally and physically, we also shift how we live our lives. Our cell phones have evolved from inventing airplanes to developing phones, a technology the world is grateful for. With everything going digital, why should money take a pause? After all, cash leads the game.

Cryptocurrency is a type of payment that can be dealt with online only. You cannot touch it; you cannot see it. You can, however, see your progress. That’s all. This currency works using a technology called a blockchain.

Because of its demand and how it instantly vibes with the public, many different cryptocurrencies have taken the market by storm. Although the foundation for all of them is blockchain, using a decentralized technology spread across many computers that manage and record transactions.

This currency is hot in the market right now because of its tight-knit security. You won’t wake up one day fearing you’ll get robbed or walk through the streets questioning yourself if you’ve dropped a $100 note somewhere. Crypto saves us from that trouble, therefore appealing to the latest generation.

Convenience

This generation lives on convenience. With e-commerce on the rise, it only makes sense for crypto to take over the market. Here are a few ways Cryptocurrency is doing us all a favor:

• Reduced risk of fraud

With cash or money in bank accounts, being a victim of fraud is as easy as counting 123. With money supported by technology, it is nearly impossible to transfer your money fraudulently. The plus side of this currency is how it was created using technology. Blockchain technology helps tremendously in maintaining the integrity of crypto.

• Stability

With the world surprising us every other day, inflation and unstable currencies have become a part of our lives. We wake up daily not knowing if we’ll get the desired conversion rate. Unstable currencies have long been a part of the stock market, and it’s never something you can trust. For people who live in countries where inflation is at an all-time high, Cryptocurrency can change the narrative, and if we see the bigger picture, it can even help the country change for the better.

• Take back your control

With Cryptocurrency, you have control over your money. Sure, you can’t see it, but you can check its progress anytime you want. Every other day, there is a case of fraudulent activity or even institutions where we store our money, and acts are committed.

Our money is never safe. Someone or another will always have access to it. Keeping money in your house is also not safe. You see, that fear always lingers on if we have cash around us. Cryptocurrency is secure; it’s all under your eyes.

Types of Cryptocurrency

Since Cryptocurrency took over the market, many different currencies have come through. Here’s info on some of the most significant leagues:

• Bitcoin

Bitcoin is primarily leading the market. It has more liquidity because of its acceptance in the market. The idea here is the more a currency is used in the market as a medium of exchange, the more liquid it becomes. And that is precisely the case with Bitcoin. It has more exchanges, acceptability, hardware, and an intricate software system.

• Ethereum

Ethereum is fundamentally different because of its technology. Bitcoin is a currency; however, Ethereum is also a technology to build new and more extensive programs. Vitalik Buterin, the founder of Ethereum, summarized it, saying, ‘Ethereum is a smartphone while Bitcoin is a calculator.’

• Dogecoin

Initially created for humor to make fun of Bitcoin, Dogecoin has managed to up the stakes with Elon Musk backing up the game! Dogecoin can buy things or make payments online if those you deal with accept the respective currency.

Risk

Cryptocurrency is, after all, an investment. And as much as it has enormous potential to make you rich, is an investment not risky? The gamble here is volatility. You would never be advised to put your trust in the market, but prospective benefits act as a bribe well enough. It is a part of our innate nature for humans to feel pulled towards risk.

That does make sense. Because then we ask ourselves how superior we’ll feel once we win. Cryptocurrency does not seem that much of a risk for the generation that is winging it right now, and I’m guessing that’s alright. There’s always a way to bounce back. Because what if you win?

Conclusion

Cryptocurrency is risky, but it is also worth it. With everyone shifting to online currency, it won’t be too late till it’s not a choice anymore and more of a way of life. Having currency online that you can constantly keep track of, knowing where it’s going and where it’s not to the %, is our best choice.

It’s rather stressful keeping money in our banks only to find out later those fraudulent activities were committed, and we’ve lost all our hard-earned money. Therefore, it would be a rather brilliant idea to get in the game now and learn the ropes so that you’ll know the depths of this industry when the kids come through.

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