Category: Content

Big business mistakes: bookkeeping and reporting delay

The financial tracking of a firm is an area that is sometimes disregarded. You can purchase high-quality accounting software for a monthly or yearly price. However, if you do not use the system effectively, it will be ineffective.

Data input and frantic work naturally take a back seat when dealing with product management and immediate customer support needs. Because you only have so many hours in the day, you will draw your attention to essential chores. The most typical reason these chores are postponed is that other obligations take up a lot of time.

Keeping up with these crucial activities, on the other hand, is a huge error! Obtaining financial tracking statements may cause future problems. You won’t be going to make an informed decision for your business until you have complete information on its financial situation.

Starting: Regaining Control of Accounting Systems

You can spend hours going over records and projects, but your progress will be limited until you leverage the expertise of a professional accountant. You won’t be able to properly install sound systems if you don’t have accounting experience.

Why not hire someone who knows what they’re doing instead of reinventing the wheel? Their knowledge can help you transform your small business’s system. It’s better to use a tried-and-true accounting system than to try to create one from scratch.

So, to begin, hire an accounting staff to assist you in running your organization. We specialize in accounting services for small businesses at Easier Accounting. We’ve worked with various clients and have direct knowledge of what works. This way, we can provide you with the most appropriate advice on how to get your business back on track.

Accountants, both in-house and outsourced

Is it more reasonable to hire staff or outsource accounting services now that you need someone to assist you? You can hire an employee if you’re new to outsourcing based on your experience. You should be conscious of the financial strain a full-time employee may be under. Accounting outsourcing might help you save money by using the background of your new workforce.

Most of the accounting software is hosted in the cloud. As a result, you are no longer bound by geography. You may collaborate with accounting teams globally, regardless of where your company is based. You could choose the group of people working best for your firm if you don’t need back-office help.

Put in the effort and resources necessary to get back on track

After you’ve hired an outsourced accounting team, you’ll need to set aside some time to give the information your company requires. Your accountant will request information about your bank accounts, credit cards, transactions, and other financial matters. This data needs to be arranged into a system, something your new accountant won’t be able to achieve without your assistance.

So, make sure you take the time to gather the information needed. You may focus on other obligations inside the firm after having the details down.

Make your company’s finances a top priority

Bookkeeping and bookkeeping should be a primary focus for any small business in the future. If you don’t prioritize these duties, you’ll quickly fall behind and end up in the same situation.

Most business owners are overworked and find it challenging to prioritize financial tracking independently. As a result, the best answer is to give continuing accounting and bookkeeping services that will keep you informed about current events. These experts will keep you updated on correct financial information without interfering with your daily routine.

Accounting services can help you grow your business

You may use the skills of an experienced team of accountants to clean up your ledgers and ensure continued service and grow your company’s future prosperity. You’ll see how important it is to have consistent accounting management to make better financial decisions for your organization.

Financial forecasts are worth their weight in gold. You can help your business expand by moving from a “reactive” to an “active” accounting approach by staying ahead of the frantic accounting duties. Dirty literature might make you feel like you’re continuously attempting to rave a raging fire. On the other hand, an organized accounting system will assist you in making the future. Once you’ve got the existing financial issues straightened out, you can focus on driving your firm ahead.

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

It’s important to set up a general framework before developing diversity strategies and specific plans for different situations.

The way indirect factors are allocated in a company should be practical and purposeful. If you accurately account for the direct costs of a specific product or service in the accounting system, you can figure out the real cost of running the business.

On the other hand, overhead costs are extra expenses not directly linked to making or providing specific goods or services. These include organizational and production management expenses, which need to be carefully distributed based on chosen methods.

Legislative Definition of Overhead

The idea of “overhead costs” isn’t specifically defined in the rules for accounting. This term is more about management accounting than regular accounting. It’s related to estimating the costs of building, renovation, and maintenance of construction facilities, as well as work to maintain cultural heritage sites. It’s not officially approved by law but comes from cost management practices.

What Is Included in The Overhead?

Each organization independently determines which expenses cannot be directly attributed to the cost of production but are incurred during the production of goods or services.

Typically, overhead costs include salaries for administrative, managerial, and general production personnel, insurance premiums for the Pension Fund, depreciation of fixed assets not directly used in production, maintenance and repair costs for such assets, and rent for non-production facilities like offices or general production premises.

Overhead Allocation

As mentioned earlier, overhead costs cannot be directly assigned to a specific product, project, or service. Therefore, they need to be allocated to the cost of goods sold each month (or at the end of another designated period) using a reasonable allocation method laid out in the accounting policy.

So, you can allocate overhead costs to the cost price in proportion to the:

1. Salary of production personnel.
2. Actual cost of raw materials and materials used in production.
3. Standard cost of products (works, services).
4. Proceeds from selling a specific type of product (work, service).
5. Sales volume (in quantitative terms), etc.

It’s imperative to figure out how to distribute costs and tie them to the main factor in making products or providing services. For example, if the most considerable cost of doing work is paying employees, then it makes sense to factor in overhead costs based on their salaries.

If each product brings in different profits and sales depending on the type of product, it might be better to allocate overhead costs based on the revenue from each product. This way, you get a more accurate idea of how much profit each product is making.

It’s easy to work out how much you make from direct costs, but then you need to figure out the overall efficiency of the whole operation. This leads to the question of how to divide up overhead costs properly. There might not be one right answer to this, but there are methods for doing it. It’s essential to understand why you’re doing it before you start.

Each management report should help make decisions. These steps will make the company more efficient and improve its financial position. If dividing up the costs makes decision-making more manageable and helps the company save money without causing any problems, then it definitely makes sense.

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

In today’s fast-paced world, where the hustle culture is glorified and the lines between work and personal life are increasingly blurred, the importance of self-care has never been more critical—especially for entrepreneurs.

Entrepreneurs, by nature, are known to wear multiple hats, juggling the myriad responsibilities of their business while trying to maintain a semblance of personal life. This balancing act, though admirable, can take a significant toll on one’s physical, emotional, and mental health if not managed properly. Thus, embracing self-care is not just a luxury but a necessity for entrepreneurs aiming for long-term success and well-being.

What is Self-Care?

Firstly, it’s essential to understand that self-care encompasses a broad spectrum of activities and practices aimed at self-care. These can range from ensuring adequate sleep, maintaining a healthy diet, and exercising to setting boundaries and seeking mental health support when needed.

Neglecting these aspects can lead to burnout, decreased productivity, and even serious health issues for entrepreneurs, who often find themselves caught in the never-ending cycle of business operations.

The Findings

The findings are quite concerning. According to a comprehensive study conducted by Michael Freeman, a clinical professor at the University of California, San Francisco, it was revealed that entrepreneurs are 50% more likely to report experiencing a mental health condition compared to the general population.

The study also identified specific mental health conditions that are more prevalent among entrepreneurs, including major depression, attention-deficit hyperactivity disorder (ADHD), substance use disorders, and bipolar diagnoses. This underscores the critical need for tailored mental health support and resources to be integrated into the entrepreneurial community, as well as the importance of promoting self-care practices as a fundamental part of the entrepreneurial lifestyle.

Moreover, the physical toll of entrepreneurship cannot be overlooked. Long hours, chronic stress, and the constant pressure to perform can exacerbate health problems or lead to new ones. A survey by Bank of America found that 88% of small business owners report experiencing stress, with 39% saying their stress levels are high. High stress can lead to a myriad of health issues, including heart disease, obesity, and diabetes.

Incorporating regular physical activity, healthy eating, and adequate rest into one’s routine can mitigate these risks, enhance overall health, and enable entrepreneurs to bring their best selves to their businesses.

Bigger Picture

Beyond the individual, self-care has broader implications for the business itself. Entrepreneurs in good physical and mental health are more likely to make sound decisions, maintain positive relationships with employees and clients, and foster a creative and innovative work environment.

In contrast, the neglect of self-care can lead to impaired judgment, loss of motivation, and strained professional relationships, which can ultimately jeopardize the success of the business.

Understand the Importance

Many successful entrepreneurs have recognized the importance of self-care and shared their routines and practices, highlighting how these contribute to their effectiveness and success.

For instance, Bill Gates is known for his “think weeks,” when he takes a week off twice a year to disconnect, read, and consider his company’s future.

After collapsing from exhaustion and sleep deprivation, Arianna Huffington founded Thrive Global, a company dedicated to combating burnout and promoting wellness.

These examples illustrate how prioritizing self-care can lead to not only personal well-being but also professional growth and success.

Where to Start

To integrate self-care into the entrepreneurial lifestyle, one must start with a mindset shift, recognizing that taking care of oneself is not selfish but essential. Setting realistic goals, delegating tasks, and setting boundaries are critical steps in this process. Additionally, entrepreneurs should make use of tools and resources available to them, such as apps for meditation, fitness, and time management, and seek out communities or networks for support.

Summary

In conclusion, the entrepreneurial journey is as challenging as it is rewarding. In the pursuit of success, it’s easy to overlook the most critical component of the equation—oneself. However, the evidence is clear: neglecting self-care can have dire consequences, both personally and professionally. By prioritizing self-care, entrepreneurs can safeguard their health, foster a positive work environment, and set the stage for sustained success. Ultimately, the greatest investment an entrepreneur can make is in themselves.

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.

Passive investing usually means that the investor devotes a minimum of time to analyzing individual securities and the market situation. Instead, he focuses on determining the asset allocation that suits him—the portfolio’s proportion of stocks, bonds, and other assets—and strives to diversify.

Instead of individual stocks and bonds, passive investors often use exchange-traded funds. This makes it easy to create a diversified portfolio: the funds contain tens and hundreds of stocks and bonds.

Numerous lazy strategies are built on this principle. We have already written about four lazy portfolios and six more strategies for passive investing.

A passive investor will receive a return at the market level in which he invests; that is, he will not be able to overtake it. On the other hand, he will not lag the market. And since markets tend to rise in the long run, the outcome is likely to be good.

At the same time, the investor does not spend much time and effort on portfolio management. This means that he can pay more attention to income growth, save more money, etc. Reaching the goal can be more beneficial than trying to beat the market.

All strategies in the stock market can be divided into speculation and active and passive investments. Private investors often try different approaches until they determine which method brings the best result. I will tell you how the passive investor works.

The passive investor’s strategy is “buy and hold.” This means that he is not trying to overtake the market but is counting on the growth of quotations in the future. At the same time, a passive investor invests money for years or even decades. He makes few transactions and pays small commissions to the broker.

The main instruments of a passive investor are ETFs. These are exchange-traded funds, including index funds. Investing in funds provides several benefits:

1. You cannot study companies’ economic models and not dive into fundamental analysis.
2. It is possible not to follow the daily market situation.
3. A portfolio consisting of stocks or funds is diversified by default.
4. Reduced risk.

Since the passive investor does not have to monitor news and charts or worry about price fluctuations, he rarely makes decisions at purchase.

The most striking example of successful passive investing is Warren Buffett’s famous bet with Protégé Partners in December 2007. Buffett bet he would bet on the S&P 500 and beat an opponent who had bet on active management in five different funds. He made a bet over ten years, and Buffett won: By the end of 2017, the S&P 500 index fund was up 125%, while Protégé Partners managed to earn about 88% during this time, which was the best result of the five funds selected.

Passive investing is suitable for those who set long-term financial goals and are not ready to spend much time on asset management. ETFs on stock and bond indices can show good results in 5-10 years. In this case, you do not have to track the financial performance of companies and select stocks individually.

The following conversation is about setting financial goals.

If you have a portfolio of securities worth more than 3 million rubles, we recommend that you conduct an audit – it’s free. You will receive a professional personal broker opinion based on Argus Research and BCS Global Markets analytics.

Yield

The amount of income from investments is one of the first conditions for choosing one or another investment instrument. A long-term investment is an essential factor in increasing profitability.

Attention! All types of speculation, designed to receive large incomes in the shortest possible time, are taken out of the scope of the review.

The degree of increased initial contribution over a certain period is called the return on investment. It can be expressed as a percentage or in currency. Depending on the way of expression, two types of investment income are distinguished:

percentage (dividend).

Cost

Interest income is expressed in the funds that the issuing company accrues per share.

Reference. The conversion of interest into money shows the dividend value of the share.

Return on cost shows the increase in the value of an asset compared to its original price.

Attention! Ownership of shares provides an opportunity to receive both types of income. The shareholder may receive dividends if provided for by the dividend policy of the issuer or sell shares on the stock exchange. About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

In the past, when interest rates peaked at 12% or even 20%, it was a self-written rule to deposit money in the bank. However, when interest rates are at an all-time low, many people are becoming interested in investing their income. This trend has gained momentum during the corona pandemic when reduced consumption has often meant that people had more money left to save. When it has also become technically easier to open an investment savings account yourself, the number of share savers has increased.

Separate The Chaff from The Wheat

It’s necessary to know what applies in the stock market, just as it’s essential to carry a life jacket when going out on the lake. And among stock savers, many myths abound about how the market behaves, which may not all be rooted.

Get Access to The Experts’ Knowledge

We have analyzed statistics from the world’s stock exchanges 50 years back to test whether three joint statements reflect the actual development of the stock exchange during this period. And not everyone passes the test. Nobody can forecast the future, but we feel that history can teach us something. Therefore, we have examined broad global stock indices and made an analysis that shows some of the collective knowledge that professional investors have.

Time

The first statement is that time works for you regarding stock investments. The longer the investment horizon you have, the better your odds of getting a positive return, even during periods of uncertainty and even crises. It is true if you have invested widely in global equities. Our analyzes show that the longer you keep your holdings, the greater the probability of a positive return. We also usually recommend that you have an investment horizon of at least three years to reduce the risk of needing your invested money just during a stock market decline.

All Or Nothing

The second statement says that if you are going to invest a large sum of money, then it is better to invest a little over time instead of all your capital at once. The risk is so significant that the stock market collapses when you invest. It is fake. Historically, the stock market has been more likely to go up than down. The market needs to go down during the same period as you invest a little at a time if it is to pay to do so. Otherwise, it would have been better to support everything at once. The probability that you can time a downturn while investing a little at a time is relatively low. But if the alternative is to have the money uninvested in an account in the meantime because you are worried about a downturn, can it be better to invest a little at a time because it feels safer? The risk indeed decreases when you spread your investments over time, which works well with monthly savings linked to your salary, and it may be better to invest a little at a time than not at all. But our main philosophy is to find the right, individual level of risk by putting together a mixed portfolio and thinking long-term, rather than spreading stock savings over time, which the historical statistics confirm.

Conclusion

Today, there is a record amount of money in bank accounts, and we believe that a large part of this money is long-term savings that have not been invested. Unfortunately, this money is there without any return as the big banks do not give any interest on the account. We believe instead in investing this money against the stock market. But essential to keep in mind: do not make decisions based on emotions; only trade with long-term money and feel free to invest your money in installments. Not even professional investors with excellent knowledge and good data can know when a downturn will begin or end. And historically, there has been no winning strategy to wait for a stock market crash.

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 spend time planning, there will be more time to enjoy your free time and relax. For many, spending increases during the holidays, so it may pay to make a separate budget for the summer months. It also pays to think about how you finance your summer. Remember that what is produced on credit must also be repaid with interest and service fees. With the following tips, you build up and keep your holiday budget.

A good tip to start with, which is not directly about traveling cheaply but is still essential, is that you should try to save money for your trip in advance. If you expect to go away in the summer or would like to, you also have something specific to save money. A trip is also enjoyable, so it might be easier to save money for one than for something else.

1. How big is the holiday fund?

Start by charting how much you must move around during the holidays. According to Nordea’s survey, the average holiday budget of Finnish households was 1450 euros in the summer of 2018. It is moderate, and everyone must start with their financial situation. Someone spends more, another less. The main thing is that you do not live on your assets and do not overestimate the available resources, and do not underestimate your expenses.

2. By what means do you finance the holiday?

Some save up for a holiday fund. Someone else receives holiday pay, and a third uses the salary income. If you look at the statistics from last year, 15 percent of Finns planned to finance their summer at least in part with borrowed money. If we do not plan and make a holiday budget, the risk increases that we spend more money than we originally intended, increasing the temptation to take out a loan for the rest of the holiday. Before you choose to pay by credit, it pays to think about how it feels to open the credit card invoice as it dims through the post office on a rainy September day. The day of payment comes sooner or later, and then you also must pay interest and service fees.

3. What do you want to do during the holidays?

Once you know what resources you must move around with, it’s time to think about how you want to spend your money. Generate a checklist of items you wish to perform and a cost estimate for each. When you look at the larger picture, it can be easier to select what appeals to you the most and is most cost-effective. Also, remember that not everything has to be expensive to be enjoyable and soothing. How does it sound with a bike ride to the neighboring town with friends? It will be extra fun if you plan and prepare a lunch bag together to take with you on the trip.

4. Discuss with others what you will spend the holiday with

In situations where several people are involved in the holiday celebration, it can be good to discuss before starting the planning work. What are the expectations of everyone on holiday? What budget do you have to move? There may be people who have different financial conditions in a larger group. To meet others’ expectations, it’s not a good idea to go into debt and fund your portion of the vacation on credit. Dare to say if you feel that the costs are too high.

5. Make a status check in the middle of the holiday

Although it is a holiday, and it can feel not easy to pull out a budget sheet and receipts, it may be appropriate to make a position check. How much have you spent on the money you budgeted for the holiday? And how much do you have available for the end of the holiday? When you do a location check, you avoid exceeding budgets and unpleasant surprises. If you can save a little money every month for fun, you can try to save money that is earmarked for a holiday trip. Of course, how much money you need for the trip depends on what you want to do and where you want to go, so you can adjust how much you spend a little.

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

A mortgage is a kind of guarantee for paying a loan or financing, for example, in a financial institution, which is usually contracted by an individual or legal entity. It is worth mentioning this guarantee is operationalized through the offer of an asset, which is generally agreed upon between parties through a property. In this way, a type of “insurance” for the creditor is established. Suppose the debtor does not correctly honor its commitments agreed upon when closing the contract, becoming a defaulter. In that case, the creditor can take over the referred mortgaged asset to settle part or even the total amount of this debt.

The mortgage meaning still generates many doubts in people. So, when discussing what a mortgage is, clarifying each peculiarity is essential to understand what it means. You can then offer this property as collateral for the loan to the bank. In this case, notice that the bank’s risk is now much lower. Because, if you become in default, the bank can execute the guarantee through the sale of the property that covers, in excess, the total amount of the loan.

What Do Lenders Usually Focus on When You Apply for A Loan?

Loan providers cling to the 3 C’s, cash, credit, and collateral. Cash means you have enough of it for the down payment and closing costs. Good credit means you have borrowed money in the past and made payments in full. Warranty is the security your home represents for financing. Lenders want to make sure the home you buy is worth enough to cover what you borrow. If the borrower’s financial burden is too significant, there is a risk that he will not be able to repay all his loans and the mortgage regularly. The client must have money left for food, utility bills, taxes, and other obligatory expenses.

Reasons For Rejection

Most often, problems in obtaining a mortgage arise from the owners of a “gray” business, who, at the same time, cannot make an initial payment of 50% of the cost of an apartment. Moreover, as a rule, such difficulties arise with every third client in the elite and business segments: they are afraid to show the bank a lot of documents, thus reducing the risks of relations with the tax authorities. However, income is not why the borrower cannot count on a mortgage. “In general, banks are loyal to such borrowers, offering programs for them on two documents without proof of wages. You can also provide a certificate of income in the form of a bank. It also happens when borrowers overestimate their capabilities – asking for too much credit. In such a situation, the bank may approve a smaller amount based on the analysis of the borrower’s income.

Credit History

The primary record of credit histories provides only information about the bureau of credit histories, in which the credit history is stored, but not the credit history itself. Poor credit history can lead to a mortgage being denied, so it’s good to double-check ahead of time to ensure everything is in line. However, everything is somewhat more complicated: 91% of all banks rely on information from main bureaus. The rest are used only by small banks in the regions; these bureaus can be called small-town ones. A person’s credit history can be in any of these bureaus, one or several at once. To find out where it is, you should use the bank’s central catalog of credit histories.

Dealing With Credit Mistakes

To get a complete picture, you need to check all the bureaus that contain information about a potential borrower. “The fact is that sometimes the data in different databases turns out to be different. These are banal errors, but they can be a reason for refusing a mortgage. For example, some customers regularly paid on their consumer loans. But when his credit history was checked, which was in three bureaus at once, the information turned out to be completely different: according to one of the versions, there were no delays in payments; according to another, the wait was up to 30 days, and in the third case, it varies from 30 to 60 days.

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.

Bargaining is a continuous process rather than a one-time occurrence

Discuss remuneration with your coworkers and stand up for yourself if you earn less than your peers. If a monetary raise is not an option, you can discuss alternative advantages such as vacation time, health insurance, and 401(k) matching.

Trading is like riding a bicycle: it gets easier and more accessible once you get it.

Get the most out of your tax-advantaged retirement accounts

In my Beginners Guide to Investing episode of the Financial Feminist podcast, I talk about the biggest mistake I see new investors making. They frequently believe that simply opening an account is “enough,” but they overlook that just because money is in an IRA does not guarantee it is invested in the market. A brokerage account, an IRA, or a 401k is only a container for your money; you must still determine how to spend it.

The second is not maximizing tax-advantaged accounts and taking full advantage of employer matching contributions. Taking advantage of an employer match is free money, and it should be a top priority. Setting investment goals in January is a wonderful way to get the most out of your accounts.

Debt repayment is a good thing, but it isn’t always a primary concern

Seeing advice that mainly instructs young people to pay off all their debt before they start investing irritates me greatly. While I agree that high-interest debt, such as credit cards and other loans with an interest rate of more than 7%, should be prioritized, you can still invest while paying down lower-interest debt, such as college loans. The market has an average rate of return of 7%, which means your money will work harder for you in the market than it will as a loan payment.

Open an HYSA for your emergency fund and short-term savings for a quick win

It is the most straightforward and accessible personal finance advice I have. The HYSA is like a typical bank savings account, except that it can generate up to ten times greater interest. Because they often have no deposit limitations and let you withdraw cash up to six times each month without penalty, HYSAs are ideal for emergency funds and short-term savings goals. Ensuring your money is working for you in 2022 is a straightforward victory.

Tori-Dunlap is the creator of Her First $100K and the host of the Financial-Feminist podcast.

Related: Personal finance is now on the high school schedule because of the pandemic.

You may want to investigate other strategies to improve your income and invest once you’ve mastered the art of negotiating, utilizing the power of tax-advantaged retirement accounts, determining your debt payback strategy, and opening that crucial HYSA.

Digital Nomad Quest founder Sharon Tseung has first-hand experience when it comes to taking those exciting (and sometimes daunting) next steps. Here, she shares her tips for speeding up your sideline activities and real estate investments.

Start a side hustle

Having multiple streams of income allows you more security and protection. You won’t have to worry as much about a significant change if something occurs to your daily work if you have additional sources of income. As a result, the average billionaire has seven sources of income at their disposal.

Even if you don’t have a lot of money, there are plenty of side hustles you can start. It could include freelancing on Upwork, starting a YouTube channel, selling digital products on Etsy, or selling custom products through Merch by Amazon. Even if they take time to build, they are worth the extra income and stability they give you.

Invest in real estate

Andrew Carnegie said that “90% of millionaires invest in real estate.” Real estate has numerous advantages, such as cash flow, appreciation, leverage, and tax advantages. Begin by investigating your target market and analyzing cash-flow-generating transactions. Read books like those in the Bigger Pockets library, listen to podcasts, and attend meetups to network with other investors and agents if you want to get started investing in real estate. Take action to grow and learn from the event when you’re ready. — Sharon Tseung, host and founder of the YouTube channel Digital Nomad Quest

Related: 10 Side Hustle You Can Start from Home In 2022

Perhaps 2022 is when you plan to graduate from secondary con artist to full-fledged business owner. If that’s the case, you may have many questions about his finances as a new entrepreneur. What about retirement accounts? How will the transition affect your expenses? Your budget? Clo Bear Money Coach Chloé Daniels took the life-changing leap after beginning her budgeting journey in 2018. Here, she shares her tips for navigating finances in new career terrain. About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

The first stumbling block for new managers is delegation of authority, which is frequently unmanageable. On the other hand, delegation is one of the essential talents for effective and united management. Knowing how to delegate duties to your staff, when to execute them, and how to perform them is critical to your manager’s objective. Find out how you and your group can be more productive in the sections below.

What is the Delegation’s Contribution?

It is not easy to get rid of some tasks. Art, too! Effective and successful delegation necessitates some time and effort to properly comprehend the technique, particularly the benefits it will offer to you and your team:

Encourage Your Employees to Work Harder

Delegating allows you to focus on your position’s core activities and what works best for your organization. It may also boost your employees’ engagement, encourage them to take the initiative and empower them to add more value to their responsibilities. As a result, their motivation will be tenfold.

Manage Your Time

Your time appears to be well distributed on paper. You efficiently manage your day and have a clear vision for short- and long-term initiatives. It is only a hypothesis! Because, in practice, you’ll rapidly become engrossed with day-to-day issues and difficulties, both minor and significant, that arise out of nowhere.

Focus on Your Priorities

Delegating these non-strategic responsibilities to trustworthy and competent people will allow you to focus on your core goal, which is to get your team going in the right direction and at the right place to contribute to your company’s growth. So, try to expend as little time as possible, put in the most effort, and concentrate on the most critical issue. That is, after all, why you have come!

Empower Your Team Members

You may improve your employees’ abilities, motivation, and sense of meaning in their work by instilling a sense of responsibility in them through delegating. The good wheel is turning!

When Should Tasks be Assigned to Collaborators?

Now that you’ve convinced yourself of the benefits of giving duties to your staff, it would be best to decide when to do so.

You can use a few questions to see if you can assign a task to one of your team members in particular:

• If I appoint such a person to handle the job, will I be able to devote more time to duties that have a higher impact on my department’s or company’s development?
• Is one of my team members comfortable with the task I’m delegating? Is it capable of bringing new perspectives?
• Does he allow such personnel to grow and enrich their skills by providing them with such tasks? Will it give the entire team a fresh lease on life?
• Would you agree that outsourcing this aspect of my work makes our organization’s mission more meaningful?
• Would my team be more engaged and motivated if I were assigned this task?
• Will this transfer encourage my employees to take the initiative?

If you answered yes to these questions, please delegate!

Your group. Start by distributing tiny everyday activities or jobs in which you recognize a participant’s genuine and passionate desire to feel comfortable and practice delegating assignments. It could be the structure of a file separated into multiple files—the categorization of letters, the responses to some of them, or the procurement of equipment.

Why is it so Tough to Delegate?

The fear of delegation stems from a manager’s concern that the individual to whom they are delegating will not be capable of completing the assignment. Remember that, whether you trust it or not, it is always your obligation as a manager to get the task done correctly.

The delegation, therefore, is not without danger. You must recognize this and allocate each task to the appropriate persons to reduce the threat of ineptitude or incompetence.

In addition to the fear that a person will not be able to do the job at least as well as him, the manager can cite a shortage of time. Distrust of his employees and heightened anxiety among subordinates, including the dread of being incompetent due to the belief that he will spend. The inability to delegate or even a feeling of guilt about distributing responsibilities, the urge to manage everything, a sense of pride, etc. Some people believe they are doing everything they can to support their position. You should avoid burnout at all costs!

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.

Ah, the age-old debate between traditional and digital marketing. On both sides of the street, there appear to be intelligent people. Traditional kinds, according to some, are the only way out. They will stick to what they have worked for, which will be its end. Others claim that the Internet, and nothing else, is the sole practical marketing approach in the modern world. Who is correct?

You are not alone if you are considering participating in a debate or launching a successful marketing campaign. Between 2004 and 2015, billions of dollars were spent on marketing efforts. Do not worry if you feel compelled to select sides in an argument before beginning. The truth is that understanding how these two marketing approaches function is critical. If you have the proper knowledge, you will use a blend of the two marketing strategies that work best for you. It is crucial to understand the fundamental contrasts between digital and traditional marketing. Yes, they are.

The Basics: Traditional Marketing

Traditional marketing has a considerably longer history than digital marketing. The most straightforward techniques, such as posting a “Saturday Garage Sale” sign on the yard, fall into this group. Traditional marketing, on the other hand, is not always so straightforward. Billboards, mailing lists, and fliers are all examples of conventional marketing. Television advertising is one of the most digital in the traditional bubble.

The spirit of traditional marketing is captured in these ads. This does not guarantee that each potential client’s needs will be met. This is not to say that no studies have been conducted on television. Take a look at the Nielsen report to understand how much effort goes into determining the tastes and interests of the average audience. But we are talking about the total amount of ad views, not a single person’s interest. It is all about effectively and efficiently communicating with the general audience. It has been around for a long time for a reason. However, this does not rule out the possibility that this approach has been invented in our time.

When comparing digital and traditional marketing, traditional marketing is distinguished by its reliance on networking. Many more people send emails or leave voice messages to engage with potential customers for your service or product. Even if it is a bit old school, there is nothing wrong with these guys. 

Fundamentals: Digital Marketing

Digital marketing is frequently defined differently by different people. Some suggest that the term “digital” should be applied to the television period because “digital” can be used in that age. When you compare digital marketing to traditional marketing, though, the distinctions are clear. The history of digital marketing, in general, parallels the history of the Internet. This is not to argue that digital marketing was important when developing children’s Internet in the 1940s. On the contrary, when the Internet became more widely accessible, this form of marketing grew even more significant.

Millions of new people became the target of marketing campaigns as everyone started using email and checking their favorite websites. It happened as if it had never happened before. The email explosion was the first significant breakthrough, and it continues to this day. It is like sending a message or an offer to your potential customers regarding whatever they would find interesting about you and your company. You may set up a listing service and send emails to hundreds of potential consumers using email. It is a less personalized approach to marketing than traditional marketing in specific ways. This encompasses a generous portion of digital marketing, resulting in a stark difference between digital and traditional marketing.

Digital marketing aims to reach many people rapidly, but it is difficult to predict who will see your ad. This might be everything from banner ads on your website to emails to SEO, which can help your business appear in Google search results faster than before. Over the last decade, the proliferation of social media has further altered the game’s laws. An innovative marketing platform has emerged due to people spending so much time on Facebook, Twitter, and Instagram—at least five hours on a smartphone. Companies nowadays spend a lot of money on marketing to encourage individuals to join their social media pages. The logic is similar to a bear trap: if you can get them to join Facebook, they may stay for a while.

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.