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

Mastering the Art of Clearing Suspense Accounts Effectively

Clearing suspense accounts involves systematically resolving unclassified transactions held in temporary accounting ledgers by identifying discrepancies, making accurate journal entries, and reconciling balances to zero—ensuring error-free financial records and compliance. This foundational process is critical for maintaining audit-ready books and preventing financial misstatements that could trigger penalties or damage stakeholder trust.

After two decades leading Complete Controller, I’ve witnessed how unresolved suspense items can cascade into compliance nightmares costing businesses thousands in penalties and countless hours of stress. One manufacturing client recently avoided a $50,000 audit penalty by implementing our clearance protocol—transforming their suspense account from a financial black hole into a model of precision. In 1494, Luca Pacioli’s ledger-based suspense entries took weeks to resolve; today, 97% of transactions auto-clear in minutes through modern tools. This article reveals the exact steps we use to achieve this transformation, from systematic identification protocols to automation strategies that slash reconciliation time by 92%.

What does mastering the art of clearing suspense accounts effectively entail?

• Clearing suspense accounts effectively means resolving unclassified transactions through identification, investigation, correction, and reconciliation to zero balance
• Speed and accuracy are achieved through documentation protocols and stakeholder collaboration
• Error prevention requires regular reviews and automated matching tools
• Financial integrity is maintained by preventing audit risks and misstated reports
• Scalability is ensured through adaptable processes for growing transaction volumes

Understanding Suspense Accounts: Your Financial Holding Area

Suspense accounts serve as temporary holding zones for transactions lacking classification details, such as unidentified payments or invoice discrepancies. These ledger accounts preserve accounting continuity while investigations occur, preventing financial statement errors during reporting periods. Their temporary nature demands timely resolution—ideally within 30 days—to avoid compliance risks and maintain accurate financial reporting.

Common triggers include partial payments without invoice references, supplier bills with unallocated cost centers, and trial balance mismatches during month-end closing. During my years at Complete Controller, I’ve seen 78% of small businesses experience suspense entries quarterly, often stemming from payment identification gaps or data entry ambiguities. Each unresolved entry represents not just a number, but a potential relationship issue with a client or vendor waiting for clarity.

Step-by-Step Guide to Clearing Suspense Accounts

The foundation of effective suspense account management lies in a systematic approach that transforms confusion into clarity. Your first priority is creating visibility into what needs resolution.

1st Step: Identify and list transactions

Initiate by cataloging every entry in the suspense ledger, recording dates, amounts, and available clues. This inventory becomes your clearance roadmap. Digital tools like shared cloud trackers prevent oversight of aging items while creating accountability across your team. Export your suspense account details into a spreadsheet, noting transaction dates, amounts, and any identifying information like partial reference numbers or bank codes.

2nd Step: Investigate discrepancies

Cross-reference each item with bank statements, invoice records, and stakeholder communications. Contact clients to match unidentified deposits to open invoices or verify expense receipts with department heads. At Complete Controller, we use a 48-hour escalation matrix for unresolved items—first attempting email contact, then phone calls, and finally involving senior management for critical amounts.

3rd Step: Make corrective journal entries

Move validated transactions using proper double-entry bookkeeping:

• Debit suspense account, credit accounts receivable for identified customer payments
• Debit departmental expense accounts, credit suspense for cost-center allocations
• Debit suspense, credit revenue for properly classified income items

Modern accounting platforms like Xero or Manager.io reduce entry errors by 60% through automated validation rules.

4th Step: Reconcile and zero out

Confirm your suspense account balance reaches zero through reconciliation reports. Document resolutions for audit trails—this step closes the loop and provides evidence of your diligent account management. Print or save digital copies of all supporting documentation, creating a clear trail for future reference or audit requirements.

Leveraging Automation to Minimize Suspense Account Volume

Companies using transaction-matching software cut manual reconciliation time from 30 hours to 2.5 hours monthly, freeing staff for strategic work. This dramatic 92% reduction transforms your accounting department from reactive processors to proactive financial advisors.

Platforms like Finexer sync live bank feeds, using rules-based logic to auto-match 80% of transactions. The technology identifies patterns in your transaction history, learning from past classifications to suggest future matches. Configure alerts for entries aging beyond 7 days to prevent backlog accumulation, and surface only complex mismatches like split vendor payments for human review.

One client reduced their accounting team from 30 to 9 staff members while processing the same transaction volume, simply by implementing intelligent matching rules. The key lies in starting with simple rules—exact amount matches, recurring vendor patterns—then gradually adding complexity as the system learns your business patterns.

Suspense Accounts and Financial Audits: Mitigating Compliance Risks

Uncleared suspense entries trigger scrutiny in 92% of small business audits. Mid-sized businesses average $20,000 monthly write-offs due to unresolved suspense entries, often from unallocated payments or misclassified expenses. These statistics underscore why proactive management isn’t optional—it’s essential for financial survival.

Maintain audit-ready documentation trails showing investigation timelines, stakeholder correspondence, and correction approvals. Create a standard operating procedure document detailing your clearance process, review frequencies, and escalation protocols.

Recently, a manufacturing client stored $12,000 of unidentified receipts in suspense for six months. During an audit, our team resolved all items in 72 hours using payment tracing tools and stakeholder outreach, avoiding penalties that could have reached five figures. The key was having organized documentation and clear communication channels already established.

The Human Side of Suspense Accounts: Building Client Trust Through Transparency

Behind every suspense entry lies a human relationship—a client wondering if their payment was received, a vendor questioning invoice status, or an employee awaiting expense reimbursement. Notify clients when their payments enter suspense, requesting invoice details via templated emails. This proactive communication reduces recurrence by 45% while demonstrating your commitment to accuracy.

Train your team through quarterly workshops on transaction coding standards. Role-play scenarios like handling incomplete remittance advices or investigating wire transfers with minimal information. Create a culture where asking questions is encouraged and where team members understand that every cleared transaction strengthens client relationships.

I’ve found that transparency transforms potential conflicts into trust-building opportunities. When clients see you actively managing their transactions with care, they recognize you as a true financial partner, not just a service provider.

Scaling Suspense Management for Business Growth

Growing businesses face unique challenges as transaction volumes increase. UK accounting standard FRS 102 mandates disclosure of material suspense balances exceeding 0.5% of monthly revenue, forcing transparency that protects stakeholders.

For enterprises, implement clearing accounts as interim hubs before final allocation. This approach layers precision without sacrificing speed, particularly useful for batch-processing retail deposits or managing multi-entity consolidations. Dedicate specialized staff for high-frequency reconciliation, implement tiered approval thresholds based on amount or aging, and segment suspense ledgers by transaction type for targeted resolution strategies.

Technology becomes crucial at scale—API connections between your accounting system and bank feeds eliminate manual entry errors while machine learning algorithms predict transaction classifications with increasing accuracy over time.

Conclusion

Throughout my career building Complete Controller, I’ve learned that suspense account management isn’t just accounting—it’s financial storytelling where each resolved entry reflects your commitment to accuracy and client service. The journey from confusion to clarity mirrors the entrepreneurial path itself: systematic, purposeful, and ultimately rewarding.

By embracing these proven steps, you transform accounting ambiguity into actionable insights that strengthen your business foundation. Your dedication to clearing suspense accounts signals to clients, auditors, and stakeholders that you run a professional operation worthy of their trust. Ready to revolutionize your suspense account management? Connect with our expert team at Complete Controller for personalized strategies that fit your unique business needs.

Frequently Asked Questions About Clearing Suspense Accounts

How frequently should suspense accounts be reviewed?

Conduct weekly reviews with full clearance within 30 days to prevent audit risks and maintain accurate financial records.

Can I delete old suspense entries to “clean up” books?

Never delete entries—always investigate and resolve them properly. Deletions create compliance gaps and destroy audit trails.

What distinguishes suspense accounts from clearing accounts?

Suspense accounts hold unclassified items awaiting investigation, while clearing accounts temporarily batch known transactions en route to final accounts.

Do SaaS businesses need different suspense protocols?

Yes—SaaS companies should automate payment matching via API connections to handle subscription complexities and recurring billing patterns efficiently.

How does AI assist in suspense reduction?

Machine learning predicts transaction classifications with 95% accuracy after six months of training, dramatically reducing manual review requirements.

Sources

• AccountingTools. (2025). “What is a Suspense Account?”
• Complete Controller. (2023). “Clearing Suspense Accounts Step-by-Step.” www.completecontroller.com
• Indeed. (2025). “What Are Suspense Accounts?”
• Archer Lewis. (2024). “Suspense Account Reconciliation: What It Is and How to Do It.”
• Finexer. (2025). “How to Automate Matching and Minimise Suspense Accounts in 2025.”
• Your Legal. (2025). “Suspense Accounts: Managing Unclassified Entries.”
• FasterCapital. (2025). “Clearing Account: How Clearing Accounts Interact with Suspense Accounts.”
• Trintech. (2025). “CNG Holdings Case Study.” https://www.trintech.com/case-study/cngholdingsworkdayrecongroup/
• Bizmanualz. (2023). “Effects of Suspense Accounts.” https://www.bizmanualz.com/improve-accounting/suspense-accounts-definition-and-examples.html
• Gwern.net. (2004). “Origin of Double-Entry Bookkeeping.” https://gwern.net/doc/bitcoin/1938-peragallo-originandevolutionofdoubleentrybookkeeping.pdf
• Protax Accountant. (2024). “FRS 102 Suspense Rules.” https://www.protaxaccountant.co.uk/post/is-balance-brought-forward-entered-in-suspense-account
• Investopedia. “Suspense Account.” https://www.investopedia.com/terms/s/suspenseaccount.asp
• Internal Revenue Service. “Small Businesses and Self-Employed.” https://www.irs.gov/businesses/small-businesses-self-employed
• Deloitte. “Automated Processes for Clearing Accounts.” https://www2.deloitte.com/us/en.html

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.

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.

Every financially responsible adult should be focused on having a savings account. However, many don’t for one reason: lack of discipline. There is a distinct difference between those who build savings throughout their lives and those who fail to have the discipline to save.

Savings of any kind take discipline to achieve, whether saving for emergency funds, college for your children, buying a home, retirement, or opening a business. It also doesn’t matter if you have wealth or live paycheck to paycheck; saving money requires discipline.

Financial experts point out that disciplined savings are one of the keys to generating a solid financial future. They suggest paying yourself at least 10% of your income first. This money will be put into whatever savings accounts you choose. 

For example, a person who earns $10,000 a month would have to save between $1,000 and $1,500. Another way to decide what percentage of income to save is to consider your current age. If you are 25 years old, you have to save 25%; if you are 45, it will be 45%. In short, it would have to increase by 1% every year of your current age.

Automated Savings

Discipline is something every person should have when it comes to their finances. It requires focus and dedication to saving towards your goals. Because so many don’t feel they have the means to save, they don’t try. While you recommend putting a percentage of your income away, discipline doesn’t have an amount requirement. Start by putting something away, no matter the amount.

If this is your case, there are options to help you save, invest, and achieve your financial goals, including an automated savings program. It should be done on your payroll or other regularly deposited checks so you never see or touch the money.

Discipline doesn’t mean you must find a way to part with the money you need to save once you have it in your pocket or main bank account. Discipline is taking measures to save and stick to it using every tool at your disposal to accomplish your savings goals. You can make automatic deposits into your savings account in two ways.

You can have your banking institution automatically debit your checking account on a specific day of the month and deposit it into your savings account. Some banks will have automated options for deposit transactions that will allow you to designate a certain amount each month to be taken from another account or financial source and put in your savings.

You can also have your employer direct deposit your payroll check into a checking account and a designated amount to a savings account. This direct deposit can take one to two paychecks to begin after signing up. However, you can manually deposit into your checking and savings account.

Investment Savings 

With an investment savings program, you can hire an investment professional to make regular savings investments on your behalf or advise them on where to put your money each month. This type of savings can be for a specific or longer-term period.

If you use an investment company and give them the ability to do so, they will do all the investing and allocating savings revenue on your behalf. This type of savings is another way to have a hands-off approach, making it easier to work money into savings without missing it.

Life insurance is another way to have investment savings. Depending on the policy and terms, you can eventually borrow against the money you put into your life insurance policy. Also, you can sell your life insurance policy for a profit later in your life and use it for your final retirement years.

Conclusion

No matter what type of savings plan you put into action, the most important thing is that you have savings or multiple savings accounts or options. Whether you have an emergency expense that needs to be covered, you want to purchase a house, or you want to be able to live it up in your retirement years. Savings accounts are essential for everyone to have.

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.

Oil is one of the world’s most essential natural resources. Possessing this resource helps a country acquire a powerful standing on the international stage. Even the slightest fluctuation in oil prices significantly impacts a country’s and the world’s economy. 

The COVID-19 pandemic is affecting the economic growth of countries, which is hurting the global economy. Due to the world’s uncertain situation today, the Coronavirus outbreak has led to a significant decline in oil prices.

The question is ‘whether this decline in the oil price will lead to further deterioration of the economy or will it serve as an economic booster?’

Before we dive deep into this, we need to understand the major causes of the decline in oil prices. Why? It will help you understand the considered impacts of this natural resource on businesses, including other options. 

Causes of Decline in Oil Prices

Oil is a natural resource that several states refine as a product and then export to other countries. However, there are specific changes that cause significant fluctuations in oil prices.

• OPEC causes oil costs to fluctuate

The Organization of Petroleum Exporting Countries (OPEC) is one of the major causes of the decline in oil prices. OPEC consists of 13 world states. It takes care of 80% of the global trade of oil reserves. The member countries produce oil to fulfill all global demands. It causes fluctuations in the costs of this natural resource and hinders economic growth.

In the past, the cost of natural resources started increasing as there was a $100 price for one barrel. But the global pandemic starts tumbling the price of these natural resources. It significantly impacts oil importers’ and exporters’ economic growth.

• Supply and requirements cause oil price reduction.

The product manufacturing process and stock exchange also play a role in the decline in oil prices. The oil prices and the demand for products are inversely related. There is a prominent decrease in oil costs when the supply exceeds the demand.

The excessive supply of oil decreases its price. It benefits states’ economic growth, mainly the exporters of this natural resource.

• Political instability

According to the international trading perspective, the Middle East’s political instability causes oil prices to fluctuate. It happens because countries account for a significant share of the global oil trade.

According to the research, political instability in Iraq and Afghanistan caused a significant decline in oil prices. It means a single oil barrel rate reached $128 due to political unrest and uncertain security.

The Decline in Oil Prices and The Global Economy

At the international level, OPEC or other exporters control all-natural resources’ pricing strategies, especially oil. According to recent research, the decline in oil prices due to COVID-19 affected several countries’ economies, including Russia.

Russia, specifically, faced a decrease of $2 billion in its revenue. Additionally, several countries, including oil-producing ones, encountered low profits due to reduced oil costs. It happened due to a commission reduction of more than half of their rigs.

Impact of Oil Costs on Businesses

The decline in oil prices has a tremendous impact on manufacturing and production companies in the country. It also affects transportation and other business operations because the expenditures interrelate. Businesses need transport and fuel to send their goods to the importers.

So, the decline in oil prices makes transportation as cheap as possible. It opens the doors for other business operations. Hence, there is a significant advancement in economic growth.

Employment and Investment

The decline in oil prices in the world’s economies has a negative and positive impact. How can it be?

The oil exploration and refinery process needs a large team of laborers and other natural resource-extracting experts. They also need affordable transportation and experienced diesel mechanics. So, the significant decline in oil prices helps them to achieve this goal.

However, the decline in oil prices slows natural resources’ drilling and exploration activity. It makes economic activities unconventional. It increases a higher barrel cost than a conventional oil and natural resource source.

Conclusion

There is a negative and positive impact of a decline in oil prices. According to the experts, if this downturn benefits you, you should use it for future business advancements. If it isn’t leveraging you, try to cope with it by creating problem-solving strategies.

The most effective and helpful measure is to sign the future contract as discussed above. Due to this, you can decide on a specific amount for oil shopping, and the price will remain the same whenever you need to use this opportunity.

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.

Social Security is a federal government program that provides financial assistance during retirement, disability, or widowhood. To obtain these benefits, you need to have a Social Security number and have paid taxes during the years you worked.

Retirement Benefits

If you wish to obtain social security benefits when you retire, you must be 67 to receive full benefits and have accumulated 40 credits. For each year that you worked, you will receive four credits. In other words, that person must have worked for ten years, at least. You can receive benefits at age 62. However, the financial assistance you receive will not be complete.

“You can earn up to four credits per year. For example, in 2019, you get a credit for every $1,360 salary or self-employment income. When you have earned $5,440, you will have obtained the four annual credits, “explains the Social Security website.

On the other hand, it does not matter if you move out of the United States. You still have the right to receive the benefits. If you want more information, read this article: Can residents receive Social Security benefits outside the United States?

Disability Benefits

If you suffer from a physical, mental, or emotional illness that does not allow you to work for more than one year, you can apply for disability benefits.

“Normally, we give monthly cash benefits to those who cannot work for more than a year because of a disability. In general, the benefits continue until the person can return to work, “explains the Social Security office.

Benefits For Widowhood or Survivors

If a family member receives Social Security benefits and dies, they must report to Social Security immediately. In this way, the agency can make a report and decide if the immediate family (children or couple) can receive Social Security benefits. You must apply to the United States Social Security Administration (SSA) to receive survivor benefits. On the other hand, if you die, Social Security explains: “The benefits can be paid to your children and your spouse, if they oversee your children, even if you do not have the necessary number of credits. Your family can receive benefits if you have credits for a year and a half of work (6 credits) within three years just before your death. “

Taxes and Social Security Advantages

If spouses have joint income greater than 32,000 dollars or the income of an individual taxpayer is more than 25,000, they will have to pay off taxes on social security advantages. It relies on how much income you earn, but you can’t pay taxes more outstanding than 85% of social security advantages as it will regardless of income. Mostly, disabled people don’t have to pay taxes as a social security benefit. If survivors got such benefits, you would not consider the amount as your taxable income.

You can also receive the benefits if your former partner dies and you were married for ten years; you may receive Social Security benefits.

Under certain circumstances, stepchildren, grandchildren, or adopted children may also receive benefits.

The spouse or surviving child can receive a lump sum payment of $225 if they meet specific requirements, such as living with the worker at the time of death.

If, for some reason, you cannot receive Social Security benefits, you should consider saving money to be financially stable during retirement. Some savings or retirement accounts that you can consider are:

• Synchrony bank

Synchrony Bank offers a savings account with an interest of 2.25%. You do not need a minimum balance to earn interest to open the bill, and you do not have monthly charges. Also, when opening this account, you can obtain a debit card.

• Barclays

Barclays allows you to open a savings account with an interest of 2.20%. The budget does not require a minimum deposit to open it and has no maintenance charges. In the same way, you can make bank transfers without any cost from Barclays to another bank or vice versa.

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.

There are multiple ways to pay for higher education. You can pay for it through scholarships, savings accounts, jobs, or student loans. However, a student loan is the most common way to pay for college. This way of financing your education leaves you with debt before you begin the career you hope to pursue with your degree.

Though financing your education through student loans can burden you, there are several ways to structure the loan payments to give you peace of mind and not break your budget. When structuring your loan payments, you must consider a few things.

Consider how much you can pay back, how you will pay it before, and a timeline. Here are the four most common payment plans to repay your student loans and get you out of debt.

Standard Reimbursement Plan

The standard reimbursement plan requires fixed payments of at least $ 50 per month for a fixed period. The loan payment term depends on the same amount, but it will not be more than ten years. This plan will probably allow you to pay your loan faster, and it will cost less if you have the money to make the payments.

Extended Reimbursement Plan

The extended reimbursement plan requires fixed payments for a fixed period like the standard reimbursement plan. However, the period can be more extended than the standard plan. Although you must pay at least $50 per month, the payments are usually much lower than you would pay using other plans. The lower payment is because the term to pay is much longer, from 10 to 25 years. Of course, this increases your total interest, but you can make payments easier to deal with.

Step-by-Step Reimbursement Plan

If you currently do not have a lot of income but expect a higher income, this may be the best plan for you. As with the extended plan, the payment term is 10 to 25 years, but there is an additional protection interval because your payments start lower. The minimum monthly payment is only $25 and increases every two years.

Withdrawal Plan Conditioned on Income

Your monthly payments will depend on your income, giving you some security if you do not have a certain income amount. What you pay each year increases or decreases based on what you earn, and no minimum payment is established.

With this plan, the payment term can be up to 25 years. After the deadline, the government will cancel or forgive any unpaid amount, although you must pay the income tax for the amount forgiven.

What can You do if You do Not Have The Money to Repay The Loan?

If you have problems paying your student loans, you can request deferment of your payments for a set period if you are in college, at least at half time; you request permission to be absent from work to be a parent; you enter a public service organization, such as the armed forces or the Peace Corps; Unemployment, a temporary disability or other events may also entitle you to request a deferment.

If your loans are deferred, your payment program stops, and the balance does not accrue interest. If you do not have a valid reason to obtain a deferment but cannot pay your loans, you can request a forbearance. If this request is granted, you will not have to make payments, but the loans will continue to accrue interest. In some cases, it is possible to get your loans forgiven or canceled.

This loan forgiveness usually requires extreme circumstances, such as total disability or other life-changing events. The government sometimes forgives loans as a reward for working full-time in specific positions linked to people with disabilities, low-income families, education, or other public service areas.

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.

Some people start a business to make a good living and improve their quality of life. Others tend to work for themselves and see it as an opportunity to succeed in the competitive market. But if the desire to bring positive change ignites the entrepreneur trait in you, it is called “social entrepreneurship.”

Social entrepreneurship brings innovative new solutions to improve the world. But being a source of change means overcoming social taboos, which requires three main factors: determination, grit, and idealism.

Changing the world is a massive challenge beyond one imagination. Do you want to contribute to the world as a social entrepreneur? Take the first step and ignore all those who suggest not to do it.

We have noticed many organizations are working towards a good cause. Their mission is not to transmute into a renowned titan and make money but to do good in the universe. Finally, it enters the orbit of social entrepreneurship.

Here, we will discover the nitty-gritty of social entrepreneurship, types of social entrepreneurship, and examples of good personas of social entrepreneurship.

Shedding Light on Social Entrepreneurship

Entrepreneurial philanthropy is diverse and includes profit and non-profit organizations playing their part for a good cause. Examples of social entrepreneurship are Doctors Without Borders, which depends on donations and grants, and profit organizations such as Tesla, which profit by putting up clean energy products.

You can also count brick-and-mortar companies and online business ideas as social entrepreneurship. Social entrepreneurship is when people set up companies committed to giving back to the world.

Types of Social Entrepreneurship

There are many forms of social entrepreneurship. Let’s see some of them:

• Non-profit – non-business entities that invest in the mission of the world’s well-being.
• Cooperative – a business organized or developed for members. Credit units and community groceries are examples of cooperative social entrepreneurship.
• Social purpose organization – These businesses are established to address and work for a social mission.
• Social firm – Social firms are working for a good cause. Their mission is to employ people in the community who are needy and looking for jobs. 
• Socially responsible business – These companies’ mission is to support charitable work. They support people who want to change society, make it their vision to help people, and include it in their day-to-day mission.
• For-profit—These businesses have been established to make a profit, but they donate a lot of money to raise awareness and organize social events. Their primary focus is to contribute a part of their profit to funds.

Reasons Why Social Entrepreneurship Matters

Among many individuals striving for freedom and financial stability, many social entrepreneurs are trying to solve the world’s biggest problem. They are creating an impact on people to improve other lives and surrounding environments. Making money is not everything for them. Social entrepreneurship matters because:

• You can be an inspirational source of impact for people.
• You can respond to customers’ needs efficiently.
• Create a relationship with people of social and economic networks.
• Develop better economic and social values
• And make the world a better place to live.

Social Entrepreneurship Ideas

So, you want to contribute to a social cause. Here are a few things you can do to develop an idea of your own:

• Crowdfunding
• Baking for cause
• Educational travel
• Employment services to the needy
• Funding or mentorship
• Micro-lending
• Crafting for cause

Famous Social Entrepreneurs

Durell Coleman

Coleman is the founder of DC Design, a social entrepreneur who creates plans to impact and solve the most significant world problems. His firm has addressed challenges in criminal justice, introduced the care system in the United States, designed refugee camps, and worked with multiple global organizations for a good cause.

Emily Kirsch

Kirsch is a true social entrepreneur and founder of a powerhouse. His noble contributions are countless, including his organization’s installation of solar panels in houses in California.

If you want to contribute, build an idea or follow one mentioned and do your part to improve the world. As Ann Cotton, founder of Camfed, said, “Be greedy for social change, and your life will be endlessly enriched. The only failures are lying in not trying and giving up.”

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.

Ideal Customer

If your small business does not know its ideal client, it will not grow properly.

For a small business, knowing your ideal customer is essential. Suppose you do not know who to turn to in this situation. In that case, everything you do, no matter how good, will not make sense. You will lose it in the annual balance of the year, which will be challenging to be positive because it will be missing to dedicate time to those who want to know and make it grow, your ideal customer.

You can solve it by standardizing some forms to ask your best customers for the information you need to know to standardize your ideal customer.

Strategy

If you don’t have a strategy, your small business won’t grow

Small businesses focus on their daily work and do not have the time to plan a proper long-term growth strategy.

This strategy must be the fruit of observation. The results obtained so far provide clarity and efficiency in all the actions undertaken because of that moment to achieve the objectives set.

To know where a small business wants to go, it needs to know where and where to go in the short, medium, and long term. A strategy is nothing more than that.

If you want your business to grow, discover what we offer you below because it may interest you.

Modernized Brand Image

If they do not have a brand image according to the times, small businesses do not grow.

An outdated company image on the Internet (professional website) and in the real world is obsolete and unattractive to potential clients today.

Therefore, it will be interesting to change this image with renewed and modern airs that make the company live up to the current circumstances. Above all, awaken sensations that attract the attention of potential customers so that the small or medium-sized company can attract the attention of potential customers to grow and develop fully.

Times change, fashions change, and customers’ perceptions of them, and it is not about changing your logo every five years but considering if you have had the same for ten years.

It’s not about changing your logo every five years, but if you’ve had the same logo for ten years, consider it because small businesses don’t grow.

Lack of Investment in Marketing

If they don’t spend money on marketing, small businesses won’t grow

It can also happen that the marketing methods are outdated. The exact sales methods of decades ago are still used, which no longer work at the same level as in the past since the market, tastes, customs, and everything related to business has evolved.

Many companies are stagnant and have not adapted to the new reality of technology and online marketing.

To grow as a small business and evolve, it must have a dynamic, active, decisive spirit and adapt to the present in all senses. In this way, evolution will be possible, always accompanied by all those advantages that marketing offers.

Marketing is getting ahead of how you want to be seen by your customers, telling the story yourself, and not being told by others for you.

Search on Google

Small businesses do not grow when they do not appear on Google when potential customers search for their products and services.

Another reason small businesses do not grow is the lack of investment in visibility in Google. If a company is not found by its potential customers in this search engine (when they search for its products or services), it is as if it does not exist.

Some small business comment: “Of course, I’m on Google. If I look for my company, I appear in the first results. “- Yeah, but what about those who don’t know your brand, products, or services? You do not appear in Google if you search for your product or service.

Increased visibility on the Internet through available and specific techniques for this, such as web positioning (SEO), make it possible for the brand image to be updated, dynamic, and visible because small businesses don’t grow.

It is a matter of time before all current small and medium-sized companies begin to modernize, become visible in the market, and use effective marketing techniques to attract customers as they should. As a result of all these advances, leading and updated small businesses will be obtained, as yours will become.

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.

Project management is an application of strategies, skills, and tools to achieve a specific goal, which is most often (drums drum!) a project.

Every project starts with the idea that needs to be planned, organized, executed, managed, tracked, completed, and measured for ultimate success. Project managers (like you!) oversee all of these aspects, plus the individual tasks, schedules, budget, scope, and resources needed to succeed.

Make a Project Plan

The first item on our list of project management tips is essential but often overlooked by some managers. It is necessary to have a well-structured plan to succeed in a project. For this, you need:

Identify who the customers and stakeholders are and understand their interests and expectations regarding the project; define the roles of each employee involved in the project; Establish relevant, achievable, measurable goals with well-defined deadlines; and set a budget for each action on the project.

Interestingly, the planning is done together with your team. Make sure all employees are involved and remain involved in the project.

More work will fall on you if you are the only person with “permission” to update the schedule. Find ways to let trusted project team members update specific tasks so you can split the workload.

Also, place the tasks with the highest degree of risk early in the project. Because if something goes wrong, you’ll have more time to solve the problem.

Understand The Purpose of Your Project

Your team’s understanding of why your project matters to the organization and how it fits into its overall strategic plan are essential to its success.

Relating your project’s success to all organizational goals and strategies effectively increases team members’ dedication, morale, motivation, and sense of importance.

Also, understanding and internalizing the project’s purpose makes it more evident where you want to go and what to do to reach the established goals.

Promote Efficient Communication

Communication between everyone involved is necessary for your project to be well-executed, consistent, and practical. It would help if you communicated new changes and demands to team members to avoid unpleasant surprises along the way.

As a project manager, ensuring that employees feel free to reach out to you with any questions or suggestions is most significant.

Ineffective communication often leads to project failure. So, ensure everyone has the information necessary to make decisions and move the project forward.

Hold Regular Meetings

Project management must rely on efficient regular meetings. The manager must show the team members how the project has evolved, what successful results look like, what work is needed to complete the job and each employee’s performance.

Periodic meetings are an opportunity for the manager to issue and receive feedback. Exchanging ideas and views makes it possible to make better decisions and improve processes.

See also: 5 project management tools to make your day easier and achieve great results.

Know Your Team’s Strengths and Weaknesses

The success of a project relies on the skills of the team members. An effective manager should know his team members’ inherent strengths and weaknesses to distribute tasks more assertively, taking this into account.

Leveraging team members’ strengths will ensure faster task completion and better time management. With everyone on a team putting their best into play and maximizing their strengths, the project tends to be successful.

Evaluate Your Project

The last item on your list of project management tips involves a crucial step: completion.

Interestingly, you measure everything you do, considering the successes and errors. Through this analysis, you will discover what to do and what not to do in future projects.

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.

Is the social media platform you’re using suitable for your needs? You may be wondering if there’s an affordable, user-friendly tool that covers most of the features you require. Additionally, you might need to plan content for a platform that’s not currently integrated with your existing tools.

 

With the right tools, you can save time and effectively manage your social media platforms, ensuring the success of your content strategy. However, how can you determine which tool is the best choice for you?

 

It’s important to feel confident that you have selected the ideal social media platform before investing your time and finances, so you can start seeing immediate benefits from your marketing strategy. If this is your first experience with a social networking platform, making a decision can be more challenging. Your previous experience with blogging or marketing across multiple services will also play a role in this process.

 

After conducting extensive research and interviewing businesses of various sizes, we have identified the most critical factors to consider.

Following Points to Consider to Opt-Out Best Tools

We must look for those tools that can support at least most social media sites, i.e., Facebook, Instagram, Twitter, etc.

• Easy to use: The first thing that needs to be considered is that managing these tools would not be challenging, and anyone can use them with little effort.
• Engagement with social platforms: Second, these tools should respond to content directly from these platforms.
• Publishing: It should allow publishing content directly.
• Scheduling: You can schedule your post to publish at a later time.
• Analysis and reports: It should contain a study and report section so that you can monitor and gain insights into your post and content.
• Work as a team: These tools allow working as a team to communicate effectively.
• Price: We look for a plan that is either free for some features or offers a trial to evaluate them before buying them.

Social Pilot

SocialPilot has a lot of collaborative functions as a social media platform for small teams. In addition, the program integrates with several social media networks, making it simple to keep track of your complete social media footprint in one spot.

Twitter, Facebook, LinkedIn, Instagram, Pinterest, Tumblr, and Google My Business are all supported by SocialPilot. You may use this tool to manage up to ten social media network platforms on the lowest account.

Hootsuite

Hootsuite is not just one of the most popular social networking platforms, but it also has a comprehensive free version. It has been operating for a decade and offers a variety of tools for bloggers, small company owners, and even teams.

Using Hootsuite, you can post to Facebook, Twitter, Instagram, LinkedIn, Pinterest, and your YouTube channel.

Sendible

Sendible is one of the top social networking tools on the market today, with a feature set that caters to many users. Sendible allows you to share content on major social networking platforms such as Twitter, Facebook, Instagram, LinkedIn, Pinterest, and YouTube.

EClincher

EClincher is one of the most effective social media platforms for businesses, with beneficial features for brands and agencies. Facebook, Instagram, Twitter, YouTube, and LinkedIn are all options.

You can also use eClincher to create postings for Google My Business and Yelp and connect them to Google Analytics for more data. You can effortlessly produce and manage material and reorganize your post schedule using a social content calendar.

Buffer

Buffer consistently tops the list for the finest free social networking tools (which is precisely where it should be). The free version has many features and is absurdly simple to use.

Buffer is easy and convenient to use. Its free edition lets you publish on Twitter, Facebook, LinkedIn, and Instagram. Each platform allows you to add several accounts. You will need to upgrade if you wish to post on Pinterest.

Sprout Social

Sprout Social is a well-known social media management solution for businesses and brands and with good reason. The tool offers a plethora of engagement, publishing, and analytics features.

Sprout Social allows you to plan and post material on platforms like Twitter, Facebook, LinkedIn, Instagram, and Pinterest, like other social networking applications. However, you can also use the Facebook Messenger system, a popular way for businesses to engage with customers.

In the basic edition of the program, you can only plan up to five social media profiles.

It is simple to post and schedule material on numerous social media platforms simultaneously. You can also use a social media calendar to view and organize content.

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.