For some, especially single working owners or landlords, it comparatively seems easier to use an already existing account; their personal account. A survey of the North American banking market suggests that 56% of business owners use their personal bank account for their business as well.

Even though the numbers suggest that it is common to merge personal and business finances, small and medium-sized enterprise owners could face serious repercussions for doing so.

It seems considerably easy to adopt this practice as it can save you from the hassle of paperwork and identification process and going to the bank for this purpose, over and again. SME owners are also quite skeptical of investing their hard–earned money into new businesses, which is why they deem it easier to check the finances by keeping the two accounts merged, given the many benefits associated with a personal account.

One of the key benefits includes a lower or no business account fee. However, small business owners fail to foresee the countless benefits banks offer to business accounts, such as relationship discounts or additional services.

Experts suggest that keeping business and personal accounts separate is the key to the success of any business. By doing this, you will be able to improve your financial management, streamline your tax filing, and make it easier to withhold business outlays. When you keep your business and personal banking discrete, you’ll be in a better situation to manage your finances and file your taxes.

Here are some of the reasons why you should avoid mingling the two:

• The Image of Your Company: Maintaining the right and professional image of your company is crucial to developing a strong and recurring clientele and helps establish your clients’ trust. If you ask your clients to make payments to a personal account, the client might get skeptical and either not purchase your product/service, or even if they do purchase it once, they might not consider you for their next purchase. A separate business account gives your business a more professional and well-established reputation.
• Taxation: Mixed business and personal finances can lead to over-taxation or tax evasion. Both can be quite damaging to your financial standing and your reputation. It is crucial to keep the two separate and keep an accurate record of your personal and business–related spending. This helps ease the internal audit of your business finances and if, in the unfortunate event of any financial misgivings, your personal finances might come under strict scrutiny by the authorities.
• Efficient Record-Keeping: Efficient record-keeping is crucial for any business, and it is only possible if you keep your personal and business finances separate. It saves you a lot of time and allows you to maintain data in an organized way. Even though you might need an accountant to keep the record of your business, at the same time, it will save you a massive amount of cash and help you maintain a balanced cash flow.

• Leverage: The use of leverage is one of the most significant differences in business and personal finances. While many businesses run on leverage and have multiple credit lines activated, mingling with your personal finances can lead to serious problems and put your other assets at serious risks. Business leverage plays a vital role in increasing the profitability of a business but can be seriously impacted if the same credit line is used for personal purposes.
• Business Credit: Business credit is another reason to keep the two accounts separate. The ability to obtain working capital for your business is essential to developing it further, and business credit will be mandatory to secure more business loans. Suppose your personal and business income is merged. In that case, it will be difficult for you to provide your business income to banking agencies, consequently making it even more challenging to establish your business credit.

Given all the reasons listed here, it is quite important to keep business and personal accounts separate for better business operations and improved personal financial standing.

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.

Most efficient to the least efficient appliance:

Refrigerators, dishwashers, washing machines, and lamps all have a label that ranges from ‘A’ for the most efficient appliance to ‘G’ for the least efficient. The lower ranks are usually cheaper, but a higher operating cost offsets this. Moreover, the A-class devices often last much longer than others: double the profit.

Special cooking pots:

If you opt for electric cooking, a stove with induction hobs is the most economical. Be careful because you need unique cooking pots for this. You can perform a simple test to notice if your cooking pots are suitable. If you take a magnet and it sticks to your cooking pot, it is ideal for an induction stove. It will not stick. They are not suitable. In second place come ceramic plates with halogen, followed by ceramic plates with resistors. A classic electric stove is the least economical of all.

Conventional ovens:

Conventional ovens give off static radiant heat. The location of the court is, therefore, significant. It is much less critical in a convection oven because the hot air spreads in the range through a hot air fan. It results in lower energy consumption. By the way, cooking in a microwave is even more efficient.

Using of energy-saving lamps and LCD screens:

Economical lighting is best done with fluorescent lighting. The cool, flickering lights we used to know are long gone. There is also the energy-saving lamp within the same “family,” which is no more than a folded fluorescent tube that fits into a traditional screw fitting. LED lighting is ideal as orientation lighting for stairs or a garden path.

Today’s flat screens have a reasonably large screen area. It is nice to look at, but unfortunately, it is less attractive regarding energy consumption. For example, a device with an image diameter of 26″ consumes only half of a device with an image diameter of 42″. According to some sources, plasma TVs consume more than LCD screens, although the difference is minimal these days.

Laptops are more economical than desktop models. It is optimistic that the latter are increasingly using LCD screens. Such an LCD screen consumption is lower than the consumption of a classic CRT monitor.

Some more tips for saving electricity:

Use pans with a flat, non-deformable bottom. Choose a pan or pot that fits nicely on the hob; Cook as much as possible with the lid on the pot. Use the residual heat from hobs and ovens. Only switch on the dishwasher when it is full. Place refrigerators, freezers, or freezers in a cool place. Defrost the freezer now and then; a layer of frost leads to more consumption. The ideal temperature is five °C for the refrigerator and -18°C for the freezer.

Try to fill the drum. Select a washing program at low temperatures. Ensure proper maintenance of the devices. Dry the laundry on a rack or the washing line as much as possible. Use a reflective ironing cover. As time passes, we are ignorant of our surroundings until they become a problem for us. The same goes for electricity; we are not literally paying attention to our household electricity, or else we would not be in the problems like high electricity bills, etc.

Do not leave the TV or the hi-fi system on standby, but switch it off completely. A mobile phone charger in the socket always consumes power, even without a mobile phone. Lower the blinds or shutters instead of using the air conditioner. Replace lamps that you regularly dim with lamps with lower power. If necessary, use a motion detector for the lighting. Take advantage of the available sunlight to illuminate and heat the living room.

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.

Everything is becoming digitalized in this technological era. Businesses are also becoming digital, especially as situations like the global Covid-19 pandemic in 2020 arise. The increasing need for e-Commerce was universally felt during the pandemic, and subsequent lockdowns as manual companies worldwide faced significant losses. Companies that generated revenue through physical shopping and did not have a developed e-Commerce platform incurred losses and lost the competitive edge in the global economy. As a result, if you are going to invest in a business, you should research the organization and determine if it has an online or e-Commerce business.

e–Commerce brings innovation to the digital business industry, facilitating the audience without interaction with the physical world. If you are a business owner, exploiting the right trend in e–Commerce will propel your company forward, especially since it is projected that the global e-Commerce industry will hit an enormous $5879.1 billion in the future. There is no doubt that e-Commerce is a prominent reality of 2021 and the future.

AR and Online Shopping

Augmented Reality (AR) has wholly changed e–Commerce. With this type of innovation, buyers can see the product they are shopping for and make a purchase decision. Augmented Reality changes the shopping experience in a particular market, like home décor and fashion, because the consumer can better understand the product without seeing it in person. However, AR technology has not been improved upon since videos on e-Commerce websites became popular.

As a business owner, employ AR to encourage customers to try the product before buying it. When orders do not match their expectations, customers feel betrayed. It may be either a misfit, a vast difference, or poor product quality. So, the try-before-you-buy strategy advocated by AR is setting reasonable consumer expectations. This, in essence, strengthens a company’s reputation and increases its sales. Not only does AR help to mitigate the problems listed, but because of the immersive atmosphere, it also boosts sales. This year, 100 million consumers are predicted to use AR, making it a suitable time to get on the bandwagon with e–Commerce firms.

Though AR turns out to be a blessing for companies in e–Commerce, Virtual Reality (VR) is not far away. Around 15 million cardboard headsets have been delivered by Google, already allowing users online shop in a new way. Similarly, many e–Commerce patterns mentioned connecting to Artificial Intelligence (AI). AI improves AR and VR through voice search, chatbots, or even social commerce.

AI and Consumers

According to the research that 75% of United States households will have a smart speaker within the next five years. 

As many people purchase and use smart speakers, more customers will use voice search to order food, shop online, and organize their lives. The increase of voice search creates an opportunity for e-Commerce businesses to develop content and efficiently use keywords.

Machine learning and AI make it possible for the consumer to have computerized, personalized shopping experiences. Artificial intelligence continuously gathers information on how customers search for and purchase products and services. AI technology and its data-gathering innovation have become an integral part of the shopping experience that cannot be replicated in-store. These aspects of AI have also become invaluable to companies and e-Commerce allowing marketing teams and product developers to home in on consumer behavior and identify potential market gaps.

Conclusion

Customer satisfaction is important in any business. AR, VR, and AI provide more products to target audiences and efficiently accommodate their needs, making shopping online easier and more convenient. This subsequent ease in engaging with e-Commerce prompts more companies to digitalize their operations.

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.

Internet of Things, commonly referred to as IoT is considered one of the most influential technologies of the twenty–first century. It is now considered the centerpiece of the Fourth Industrial Revolution. Keeping its capabilities in mind, it is easy to foresee where this technology is heading. As in all advancements, the basic IoT made way for Industrial IoT, which focuses on increasing the productivity and efficiency of your business. Here are the ways to make the most of industrial IoT in the future:

Interconnected Industries

During Industrial Revolution 4, we see Industrial IoT connect one or more industries together. It uses a connected approach where data serves as an asset and analytics are necessary. Industrial IoT is different because it was designed to be faster, more efficient, and more secure. A highly connected environment may not be possible without using Industrial IoT. Keeping its efficiency and speed, the industrial IoT will continue serving industries and businesses for many years.

Manufacturing Sector

Perhaps the single biggest user of Industrial IoT in the manufacturing sector. This sector spent an estimated $107 billion and will likely invest more in the future. Like other commercial sectors, the manufacturing industry requires speed, connectivity, and security, without which it may not operate efficiently. Keeping the overall performance of Industrial IoT in mind, it is not difficult to foresee that more sectors will start using it to run and enhance their day-to-day operations.

Transportation and Logistics

It was just a matter of time before Industrial IoT would become a common feature in the logistics and transportation sector. In fact, many businesses have started to utilize Industrial IoT for improved results. They spend connecting infrastructure combined with Industrial IoT to run their business operations more precisely. They also spend on this technology to streamline their business operations and fast-track daily operations. Transportation requires connectivity on the go, which is possible using Industrial IoT. This involves the integration of available resources and connecting them with the internet. Industrial IoT also helps establish value chains by creating efficient communication and monitoring systems.

The process works using the following:

• Vehicle tracking
• Supply chain monitoring
• Communication systems
• Information Technology (IT) security

Energy Sector

Technology proficiency is creating new possibilities. Industrialists are now looking to explore ways to make the most out of procedural efficiency. Naturally, Industrial IoT comes into play as it allows them to invest in value chain solutions and innovative ways to ensure the supply chain throughout the ecosystem. Integrating Industrial IoT helps industrialists by providing the ability to undertake simultaneous operations quicker than before. Grid connectivity and fast response for improving plant process efficiency are other benefits of using Industrial IoT.

Furthermore, IoT can improve and manage drilling capabilities by monitoring overall efficiency. The monitoring system keeps overall performance in check and alerts users of procedural hurdles or errors. The system can also provide real–time monitoring of pipelines using related software and provides updates and alerts crew of any impeding errors. Remember that pipeline leaks have resulted in material and human life loss on numerous occasions.

Material Performance

Many industries are now utilizing Industrial IoT in innovative ways. They do this to ensure a more effective, operational ecosystem is in place. These systems are designed to take advantage by using cutting-edge technology and the low–latency performance of IoT systems. These systems are always connected and use live feedback to calculate performance discrepancies. The system helps users protect the system from damages by providing timely updates. IoT tech–enabled machinery is serving in industries across the world. It is estimated that the performance and capabilities of these systems are improving by the day. Faster, better systems will be available for streamlined performance in the future.

In essence, the IoT is reshaping the way we live and do business. The chances are that the Fourth Industrial Revolution will incorporate more improvements at a faster pace. It will take some time to realize their scope fully, but the Industrial IoT and IoT are innovations that we now find essential to business.

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

In the post-pandemic era, workplaces have undergone a significant transformation. Employees and employers alike consider their best interests and examine the workforce and their places in it.

The global COVID-19 pandemic has tremendously impacted our routine lives as people face challenges they had never encountered in every aspect of life. Around the globe, the COVID-19 pandemic is compromising not only the health of individuals but also the jobs of citizens and the steadiness of economies. Yet, amid the chaos, employees are persistently finding ways to recover from loss, and nations are making efforts to recover their economies.

Global Impact of COVID-19

Until now, most governments, organizations, and citizens have appropriately focused on saving lives. Globally, we have seen the range of reactions to COVID-19. Total lockdown was enforced in China and other Asian countries in the Wuhan district. Conversely, European Nations and North America saw shorter lockdowns and subsequent limitations on gatherings. Through testing and contact following, some nations have been able to control the spread of the virus without enforcing broad limitations. In Latin America, several nations responded rapidly and implemented complete lockdown while case numbers were still generally low to diminishing transmission speed.

While nations grappled with transmission rates and overwhelmed healthcare systems, they also dealt with their economies and sparing jobs. Numerous governments have reacted with extraordinary degrees of urgency to dull the financial effect of the emergency. For instance, the US passed a $2 trillion stimulus bill to subsidize economic spending.

Economies and COVID-19

The danger of COVID-19 to lives and employment will only be resolved when enough individuals are invulnerable to the infection to the dull transmission through an antibody or direct introduction. Until then, governments are looking to restart their economies and do so safely. Political and business leaders must consider the number of new cases and mortalities in their area before deciding how to engage individuals in the economy safely.

Districts with significant transmission rates should expect that restarting economic movement will lead to more transmission. As a result, a subsequent factor in considering this engagement is the quality of the frameworks used for distinguishing, overseeing, and preventing new cases. Components of these frameworks incorporate the following:

• Sufficient clinical limit, particularly of Intensive Care Units (ICUs), for those with extreme infection
• Capacity to play out analytic testing for COVID-19 with a quick turnaround time
• Systems for successfully recognizing and segregating cases and contacts, including digital apparatuses for real-time sharing of basic information (in any case, unique frameworks will be suitable for various nations also, settings)
• Sufficient clinical assets, including prepared specialists, beds, and individual defensive gear
• State-funded training educated by the best scientific proof accessible

Employment and COVID-19

Several factors impacted employment during the COVID-19 crisis, exclusive of lockdowns or restrictions. In the wake of the pandemic, employees continue to struggle with their work-life balance and their desire to pursue passions. Before the pandemic, people were likely to follow a different career or change industries. Now, individuals are worried about making ends meet and will jump at the chance to earn more money. In addition to individual pressure to earn a realistic income, employers struggle to maintain associate loyalty. To ensure employees stay committed to the company, organizations need to be competitive and take care of their employees by being sensitive to their needs. Employees are now more willing than ever to stay committed to organizations that promise medical coverage and a handsome salary package. While the COVID-19 crisis does not seem to have ended, its impacts are far-reaching. Organizations need to monitor the pandemic data, accommodate their employees, and look forward to revitalizing their economies.

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

By: Jennifer Brazer

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

Fact Checked By: Brittany McMillen

5 Powerful Strategies for Reducing Overhead Expenses Effectively

Have you ever looked at your monthly financials and thought, “Where is all this money going?” You’re not alone. I’ve worked with businesses that were thriving in sales but still bleeding cash—because their overhead expenses were out of control. These costs don’t generate revenue directly, yet they quietly erode your bottom line if left unchecked. In this guide, I’ll share five practical strategies to reduce your overhead without compromising core operations.

Understanding Overhead Expenses

Let’s start with the basics: what are overhead expenses really?

Overhead expenses are the ongoing costs required to run your business—but they don’t directly contribute to making a product or delivering a service. Think of things like:

• Office rent and utilities
• Employee salaries (especially admin)
• Insurance premiums
• Non-billable software tools

According to the 2025 Report on Employer Firms, more than half of small businesses (56%) cited paying operating expenses as one of their biggest challenges[1]. Understanding the definition of business overhead and indirect costs is the first step toward managing them effectively.

These can be grouped into three types:

• 🧱 Fixed: predictable and consistent (e.g., rent)
• 🔄 Variable: fluctuate with activity (e.g., shipping costs)
• ⚖️ Semi-variable: a mix (e.g., utilities that have a base rate and scale with usage)

Industry also plays a role in your overhead structure. Research from Paycor shows that industries like healthcare, IT consulting, and software publishing typically have the highest labor costs in the U.S.[2]. An acceptable average labor cost percentage hovers between 25-35% of gross sales, though this varies by industry and location[2].

Getting clear on the type of expense helps you decide what can be optimized, cut, or renegotiated. Want to maximize profit margins? Start here—by labeling and sorting every indirect cost you incur.

Assessing Your Overhead Costs

You can’t fix what you don’t understand.

That’s why your first step is a full-blown overhead cost analysis. I’ve walked companies through this process dozens of times, and here’s how you can do it too:

1. Export your expense reports from the last 6–12 months.
2. Categorize each cost as fixed, variable, or semi-variable.
3. Highlight any expense that hasn’t delivered clear ROI—or hasn’t been reviewed recently.
4. Look for duplication: Is your team using two project management tools? Paying for overlapping subscriptions?

In my experience, most businesses have common expense categories they should track. These typically include workspace and utilities, payroll and benefits, professional services, equipment and supplies, software subscriptions, and marketing costs[3]. Following small-business expense management guidelines can help simplify this process.

Then it’s time to act:

• Cancel or downgrade underutilized services.
• Renegotiate contracts with software providers or vendors.
• Reassess employee roles—some positions may benefit from part-time or outsourced replacements.

The clearer your records, the easier it gets to spot savings just waiting to be discovered.

Reducing Overhead Costs with Technology

Back in the day, I once worked with a team juggling three spreadsheets just to track inventory. It was slow, error-prone, and maddening.

Then we switched to a cloud-based system. Inventory was updated in real time, mistakes dropped, and people got back hours per week.

That’s the power of technology in managing operating expenses. We were able to streamline operating expenses in ways we hadn’t thought possible before.

Recent data shows that operating expenses for US investment-grade companies jumped by over $73 billion in the third quarter of 2024[4]. With costs rising, automation becomes even more critical.

Here’s where you can apply technology:

• 🤖 Automate payroll and invoicing processes
• ☁️ Move inventory management or bookkeeping to cloud platforms
• 📆 Use project management tools to reduce miscommunication and resource waste

American wages are at an all-time high, outpacing inflation in many sectors[2]. Nearly half (47%) of businesses reported lower salary budgets for 2024 compared to the previous year[2]. Technology can help balance these rising labor costs by reducing the hours needed for manual tasks.

By reducing human error and time spent on routine tasks, you’re not only saving money—you’re also boosting efficiency.

Tech doesn’t just cut costs—it sharpens your systems.

Strategic Renegotiation and Outsourcing

Not everything needs to be in-house.

If you’re still maintaining an in-house IT staff, accounting department, or HR rep—ask yourself: “Is this the best use of our resources?”

In my 20+ years at Complete Controller, I’ve seen countless businesses transform their finances through outsourcing non-core accounting functions. This approach can help you:

• Avoid long-term contracts and benefits payouts
• Pay only for the work you need, when you need it
• Access specialists with deep domain expertise

Also, take the opportunity to renegotiate existing contracts. Internet bills, vendor rates, janitorial services—they’re all negotiable.

💡 Tip: Renegotiation works better with data. Before making the call, gather benchmarks or competing rates so you walk in with options—not just opinions.

Leveraging Remote Work to Lower Expenses

One of the most impactful shifts in modern business? The move toward remote work.

And the overhead savings are real:

• 🚪 No need for massive office space = lower rent
• 💡 Drop in utility bills and office supply costs
• ☕ No more budget for breakroom snacks or parking passes

Take Vistaprint, for example. When they went remote, they saved on real estate, equipment, and maintenance—while maintaining team productivity. In fact, their employee satisfaction went up. Studies confirm that remote work can significantly reduce operating expenses while maintaining or even improving productivity.

If your operations can run flexibly, this is worth deep exploration. Even hybrid setups can bring noticeable reductions in business overhead.

Creating a Sustainable Expense Management Plan

Cutting costs isn’t a one-time project—it’s a cycle.

That’s why you need an expense management plan baked into your business model. I’ve learned that sustainable approaches prevent the “slash and burn” pattern that often leads to bigger problems down the road.

Here’s how to build a sustainable plan:

• 📊 Run quarterly overhead reviews
• 📅 Forecast expenses alongside revenue projections
• 📉 Set reduction targets tied to department-level KPIs
• 🧾 Use tools like FreshBooks or QuickBooks for ongoing expense tracking

Implementing ongoing expense management strategies keeps your business financially resilient in changing markets.

And always involve your team. Often, employees have front-line insight into where money is being wasted—even if leadership can’t yet see it.

When done right, sustainable expense management protects your profit margins and keeps you agile for whatever comes next.

Real-World Case Study: Embracing Remote Work

Vistaprint embraced remote work in a big way—switching to a flexible model that allowed employees to collaborate from home. The result? They downsized physical offices, cut utility and maintenance costs, and increased employee satisfaction and retention. All without compromising performance.

This single decision drastically lowered their overhead expenses and set them up for long-term savings and adaptability. What’s particularly interesting is that they found collaboration actually improved in some departments, contrary to what they had expected.

Conclusion

Here’s the bottom line: Reducing overhead expenses doesn’t mean slashing quality or shrinking your team. Done right, it’s about working smarter—leveraging technology, negotiating with confidence, outsourcing where it makes sense, and adapting to modern workplace norms.

When every dollar is accounted for and optimized, your business becomes leaner, stronger, and more resilient.

Ready to take control of your overhead? Visit Complete Controller for expert tools, tailored strategies, and financial insights that help you stay out of the red—and ahead of the game.

FAQ

What are examples of fixed overhead expenses?

Fixed expenses include rent, permanent employee salaries, and insurance payments that stay consistent monthly. These costs remain the same regardless of your business activity level, making them predictable but also requiring careful planning to ensure they don’t exceed your revenue capacity.

How does technology help reduce overhead costs?

Technology reduces overhead by automating repetitive tasks, minimizing human error, and decreasing the need for physical storage space. Cloud-based systems can replace expensive on-premises solutions, while digital communication tools can lower travel expenses and office space requirements.

What are the benefits of outsourcing non-core functions?

Outsourcing non-core functions reduces fixed payroll costs, eliminates benefit expenses, provides access to specialized expertise, increases scalability, and allows you to pay only for the services you actually use. This creates more financial flexibility for your business during both growth periods and downturns.

How can remote work impact overhead expenses?

Remote work dramatically reduces office-related expenses like rent, utilities, maintenance, office supplies, parking, and food service costs. Businesses can downsize physical space or eliminate it entirely, potentially saving 15-25% of their overhead budget while also reducing employee commuting costs.

Why is regular overhead cost analysis important?

Regular overhead cost analysis prevents cost creep, identifies inefficiencies, helps prioritize spending, reveals opportunities for automation, and enables better budget forecasting. Without regular reviews, unnecessary expenses can gradually accumulate and significantly reduce profit margins over time.

Sources

• Federal Small Business Administration. (March 27, 2025). 2025 Report on Employer Firms. https://www.fedsmallbusiness.org/reports/survey/2025/2025-report-on-employer-firms
• Paycor. (December 18, 2024). The Biggest Cost of Doing Business: A Closer Look at Labor Costs. https://www.paycor.com/resource-center/articles/closer-look-at-labor-costs/
• Archer Lewis. (January 3, 2025). 16 Common Small Business Expenses in 2025. https://archerlewis.com/blog/common-small-business-expenses
• S&P Global Market Intelligence. (December 18, 2024). Operating Expenses Grow by Over $73B for US Investment-Grade Companies in Q3. https://www.spglobal.com/market-intelligence/en/news-insights/articles/2024/12/operating-expenses-grow-by-over-73b-for-us-investment-grade-companies-in-q3-86778625
• Complete Controller. From Spreadsheets to CRMs. https://www.completecontroller.com/from-spreadsheets-to-crms/
• Complete Controller. Accounting Outsourcing Economics. https://www.completecontroller.com/accounting-outsourcing-economics/
• Complete Controller. Efficient Business Finance Management. https://www.completecontroller.com/efficient-business-finance-management/
• Investopedia. Overhead Definition. https://www.investopedia.com/terms/o/overhead.asp
• Stanford Institute for Economic Policy Research. How Working from Home Works Out. https://siepr.stanford.edu/publications/policy-brief/how-working-home-works-out
• Small Business Administration. 5 Ways to Cut Costs in Your Small Business. https://www.sba.gov/blog/5-ways-cut-costs-your-small-business

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

When you hear “hazard” connected with your funds, how can it cause you to feel? Do you see a chance for incredible returns? Do you envision the “thrill” of contributing? Do you become stressed that you’ll be left with nothing? Do you accept that hazard is only a fundamental piece of the contributing system? To comprehend your danger resistance, ask yourself inquiries like these and contemplate your conduct inclinations like what moves you’d probably make after encountering a critical venture misfortune for sure choices you’ve made in the past when the business sectors got ugly more readily.

Giving a fair solution to this kind of inquiry and afterward taking on a comparable degree of venture hazard could assist you with building a portfolio that you’ll stay with, in any event, when market movement makes you apprehensive.

What is hazard resilience?

Hazard resilience is the degree of hazard a financial backer will take. However, having the option to precisely check your craving for hazard can be precarious. Hazard can mean an open door, energy, or a shot at large gains-a “you must be not fooling around” outlook. In any case, the hazard is additionally about enduring the potential for misfortunes, the capacity to take market swings, and the powerlessness to anticipate the thing that’s inevitably coming.

Indeed, social researchers say “misfortune revulsion” that the apprehension about misfortune can assume a more significant part in decision-production than the expectation of gains-can shade your way to deal with hazard. Since your solace level does not entirely settle a risk with vulnerability, you may not become mindful of your craving for hazard until confronted with a possible misfortune.

Risk resistance versus Risk limit

However, comparative in name, your danger limit, and hazard resistance are free of one another for the most part. Your danger limit, or how much speculation hazard you can take, is not set in stone by your monetary circumstance. Dissimilar to hazard resilience, which probably won’t shift over the direction of your life, hazard limit is more adaptable. It changes depending upon your own and monetary objectives and your timetable for accomplishing them.

Assuming you have a loan for your home, business, kids moving toward school, or older guardians who rely upon you monetarily, you might be opposed to serenely brave a bear market (given your pay needs) than if you’re single not holding any significant monetary commitments.

A monetary shock-like employment cutback, a mishap that accompanies costly doctor’s visit expenses, or even a bonus can likewise influence your venture choices by changing how much danger you’re ready to bear.

Keeping in accordance with your objectives

While deciding your danger resilience, it’s likewise critical to comprehend your objectives, so you don’t commit an expensive error. Your time skyline, or when you intend to pull out the cash you’ve contributed, can incredibly impact your way of dealing with the hazard. Your time skyline relies upon what you’re putting something aside for, when you hope to start pulling out the cash, and how long you want that cash to endure. Objectives like putting something aside for school or retirement have longer time skylines than putting something aside for a get-away or an initial installment on the house. 

Generally, the more drawn out your time skyline, the more danger you can accept because you have more opportunity to recuperate from a misfortune. As you close to your objective, you might need to decrease your danger and spotlight more on safeguarding what you have rather than gambling significant casualties at the absolute worst time. One method for fine-tuning your technique is partitioning your interests into cans, each with a different objective. For instance, a pail made stringently for development and pay can be contributed more forcefully than one saved as a backup stash.

Interpreting hazard resilience into a venture procedure

When you know where you fall along with the danger range, the subsequent stage is to get comfortable with ordinary execution information for your portfolio. The more you are familiar with what you can expect, the more modest the opportunity that you will respond genuinely when difficulties gain out of influence.

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

We explain how to make a professional budget capable of convincing your clients. We tell you from the criteria to consider setting the prices appropriate to your product or service to the basic data you must include, how to detail the concept and other tips and recommendations that you must consider when making your budgets.

The budget is, in addition, the letter of presentation of every professional and is, on many occasions, the first contact with a client, so it is a tool that must be used with care since incorrect use can be decisive to make us lose a possible buyer or user.

While it is true that the price is often a determining factor in the decision of the user, a budget can add value to our product or service since it allows us to show our expertise or implement different marketing techniques to make our offer more attractive to the customer.

When a professional thinks about making a budget, he should try to balance the total expenses, the hours of work and resources consumed, and the profit margin that he wants to obtain.

Making the right budget for each project or client can be an art, but always from transparency and common sense.

 

Criteria to fix prices in your budget

The fixing of prices is a subject for another article since it depends on various factors, criteria, and casuistry. However, given its importance when making a budget, we have included these basic criteria at the guidance level:

 

Cover costs: many freelancers and freelance professionals must first analyze what is the hour price to pass on their work based on their fixed and variable costs and the distribution of their work time. 

Profit margin: on the cost of the work, the self-employed will define a percentage of business profit. Its amount will depend on the client’s commercial strategy and whether the costs are low enough to allow it.

Market price: it is important to have references to the prices of the competition and how far the customers are willing to go, both above and below.

Promotions: the self-employed must evaluate the inclusion or not of possible promotions to make their offer more attractive.

There are two common mistakes that you must try to avoid when setting prices:

• A price too low devalues ​​the value of your work, your product, or your service, in addition to running the risk of not covering costs. Also, if you start with prices too low, it will be more complicated to increase them to get a real benefit.
• A price that is too high or too much above the average market price or the added value that your product or service can offer can make you lose a client before, even, starting a negotiation. If you choose to move in a high price range above the average of your competitors, be sure to justify that price increase adequately or provide an added value that balances the quality/price ratio.

What should a budget include?

A budget must be clear, concise, and detailed. There are several techniques to write a budget. Still, whichever option you choose, the most advisable is that details to the maximum every one of the elements that constitute in service, so that the client knows exactly what he is paying.

There are a series of basic elements that every budget should include:

Data of the company/service provider:

In this section, you should detail the details of the company or professional providing the service, such as the name or business name, the NIF or CIF, the tax address, and other contact information, such as telephone and/or email.

Client data:

The budget should reflect the client’s name (either private or company), as well as his CIF or DNI and the address.

In this section, we must include the number of units of each element that makes up the concept, the unit cost of each of them, and the total cost of each group of units of the same nature.

Amount:

The amount must be broken down indicating the tax base, that is, the sum of the concepts without VAT, the percentage of VAT applied, and the total amount of the budget, which results from the sum of the tax base plus VAT.

Pay mode:

It is crucial to study the payment method of each budget. Typically, when the amount is not high or does not require prior material acquisition, advances are not usually established. But in the case of a large amount budget or that involves a significant acquisition of material or contracting services from third parties, it is advisable to agree on the advancement of a percentage of the total amount.

In this section, you can also specify the means of payment, either by bank transfer or deposit or in cash.

 

Other elements of the budget

In addition to the mandatory elements described above, several techniques can help us make our budget more attractive and generate greater confidence in our clients.

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.

Smart Tips for Budgeting Your First Car Purchase

First car budget planning starts with understanding that total monthly car expenses should stay within 10-15% of your income, including payments, insurance, fuel, and maintenance—not just the loan payment alone. This comprehensive approach to budgeting prevents the common mistake of focusing solely on the affordability of monthly payments while ignoring the $12,182 average annual cost of vehicle ownership that catches many first-time buyers off guard.

As someone who’s guided hundreds of entrepreneurs through major financial decisions over 20 years at Complete Controller, I’ve witnessed the profound impact that smart first car budgeting has on long-term financial success. The strategies you’ll discover in this article—from mastering the 20/4/10 financing rule to identifying truly economical first cars—will equip you with the knowledge to make a purchase decision that strengthens rather than strains your financial future. Almost 1 in 5 new car buyers now take on monthly payments exceeding $1,000, making strategic budgeting more critical than ever for avoiding the debt traps that currently plague 16% of young adults with collection accounts.

What is a first car budget, and how do you create one that works?

• A first car budget is a comprehensive financial plan accounting for purchase price, financing, insurance, maintenance, fuel, and all ongoing ownership expenses
• Financial experts recommend limiting total car expenses to 10-15% of monthly income, with 20% down for new cars and 10% for used vehicles
• True costs include hidden expenses like registration, taxes, depreciation, and emergency repairs that first-time buyers often overlook
• Smart budgeting involves comparing total transportation costs against other financial goals like emergency savings and debt repayment
• A realistic first car budget prevents becoming “car poor” and allows handling unexpected expenses without financial stress

Understanding the True Cost of First Car Ownership

The complete financial picture of car ownership extends far beyond monthly loan payments, encompassing a complex web of ongoing expenses that significantly impact your budget. Annual ownership costs averaging $12,182 represent a sobering reality for first-time buyers who often underestimate the true financial commitment. This comprehensive figure breaks down into several major categories that demand careful consideration.

Depreciation stands as the single largest ownership expense at $4,538 annually, particularly devastating for new car buyers who watch their investment lose 20-30% of its value within the first year alone. Insurance costs averaging $1,765 yearly hit young drivers especially hard, with rates varying dramatically based on age, location, and vehicle choice. Financing charges add another $1,253 annually to your costs, while maintenance expenses accumulate at 9.83 cents per mile driven.

First car financing options that work

Strategic financing decisions dramatically impact your total ownership costs and long-term financial health. The 20/4/10 rule provides essential structure: put down at least 20%, choose a maximum four-year loan term, and keep total transportation costs under 10% of gross monthly income. Credit unions consistently offer superior rates compared to traditional banks, with specialized first-time buyer programs accommodating those with limited credit history.

Your credit score directly influences financing costs, making pre-purchase credit review and improvement essential steps. Rate shopping within a 14-45 day window protects your credit score while securing optimal terms, as multiple auto loan inquiries count as a single credit check during this period.

Affordable first cars that deliver value

The Honda Civic consistently earns top recommendations for first-time buyers, combining exceptional reliability with reasonable insurance costs and strong fuel economy. Toyota models like the Camry offer similar benefits with slightly more interior space, while the Chevrolet Trailblazer provides SUV versatility for those needing cargo capacity. These vehicles share common traits of widespread parts availability, straightforward maintenance requirements, and strong resale values.

Certified pre-owned vehicles often represent the optimal value proposition, offering manufacturer-backed warranties while avoiding steep new car depreciation. Focus your search on vehicles with complete maintenance records and reasonable mileage, typically under 40,000 miles for best long-term reliability.

Setting Your First Car Budget Parameters

Establishing realistic budget boundaries begins with calculating your true monthly disposable income after all fixed expenses. Start by determining your monthly take-home pay, then subtract rent, utilities, food, existing debt payments, and savings contributions. The resulting figure represents your actual capacity for new financial commitments.

The 10-15% transportation cost guideline applies to this net available income, not your gross salary. This conservative approach maintains financial flexibility for emergencies and other goals. If your calculations reveal limited budget capacity, consider delaying purchase while building savings or exploring more affordable alternatives.

Cheap car options for new drivers

Safety features must take priority when evaluating budget-friendly vehicles, as accident costs far exceed any purchase savings from unsafe cars. Modern safety essentials like backup cameras, stability control, and multiple airbags come standard on many affordable models from Toyota, Honda, and Chevrolet. The Insurance Institute for Highway Safety provides comprehensive crash test ratings helping identify safe options within your budget.

Reliable compact cars in the $12,000-$20,000 range offer superior long-term value compared to cheaper alternatives requiring constant repairs. The Toyota Corolla, Honda Fit, and Nissan Versa deliver dependable transportation with reasonable operating costs, proving that affordable doesn’t mean unreliable.

Best budget cars for beginners

Simplicity serves beginning drivers well, making basic compact sedans ideal first vehicles. The Honda Civic’s straightforward design, widespread availability of affordable parts, and excellent fuel economy create an ownership experience free from unnecessary complications. Similar benefits come from the Toyota Corolla and Mazda3, both offering intuitive controls and reliable operation.

Match your vehicle choice to actual driving needs rather than aspirational uses. Daily commuting requires different capabilities than weekend adventure vehicles, and choosing appropriately prevents overspending on unnecessary features while maximizing everyday utility.

Navigating the Purchase Process on a Budget

Successful negotiation starts long before entering a dealership, beginning with thorough research on fair market values through resources like Kelley Blue Book. Understanding typical selling prices for your target vehicles provides essential negotiating leverage and prevents overpaying due to excitement or pressure.

Pre-approved financing from banks or credit unions strengthens your position significantly. Independent financing prevents dealer markup on interest rates and clarifies your true purchasing power. Online pre-approval processes from many lenders provide rate quotes without hard credit pulls, protecting your credit score during initial research.

Used cars for first-time buyers

The used car market offers exceptional value for prepared buyers who understand evaluation basics. With average used car prices around $27,000, careful selection becomes crucial for maximizing your investment. Focus search efforts on vehicles between 2-4 years old with 20,000-40,000 miles, balancing depreciation savings against remaining useful life.

Certified pre-owned programs provide a valuable middle ground between new and used purchases. Manufacturer-backed warranties and thorough inspections reduce risk while maintaining affordability advantages. These programs typically cost $1,000-$3,000 more than non-certified alternatives but often prove worthwhile through warranty coverage and peace of mind.

Budget-friendly vehicles for young adults

Long-term thinking prevents costly vehicle changes as life circumstances evolve. Consider potential career advancement, relationship changes, or family planning when selecting your first car. A slightly larger sedan or compact SUV might cost marginally more initially, but prevents expensive upgrades when needs change.

Insurance costs for young adults vary dramatically between vehicle types. Sports cars and high-performance models can double or triple insurance expenses compared to practical alternatives. Some insurers offer substantial discounts for good students, defensive driving course completion, or policy bundling, reducing ongoing ownership costs significantly.

Advanced Budgeting Strategies for Smart Buyers

Strategic planning beyond basic budgeting separates successful first-time buyers from those facing financial stress. Gap insurance protects against underwater loans during early ownership years when depreciation outpaces principal payments. This coverage proves especially valuable for buyers making minimum down payments on new vehicles.

Extended warranty evaluation requires careful cost-benefit analysis. Factory warranties typically provide adequate coverage for reliable brands, making expensive extensions unnecessary. However, luxury or European brands with costly repair histories might justify additional protection. Research typical repair costs for your specific model before deciding.

Economical cars for first-time owners

True economy extends beyond purchase price to encompass total ownership costs over your expected holding period. Fuel efficiency differences seem minor but accumulate significantly over time. A vehicle achieving 30 MPG versus 25 MPG saves approximately $280 annually at current fuel prices, totaling $1,400 over five years.

Maintenance cost variations between brands create substantial long-term differences. Japanese brands like Toyota and Honda typically require only basic maintenance with reasonable parts costs. European luxury brands often demand expensive specialized service, adding thousands to ownership costs. Research typical service schedules and costs before committing to any purchase.

Cost-effective cars for teens

Teen drivers benefit from vehicles balancing safety with affordability and simple operation. Mid-size sedans provide superior crash protection compared to compact cars while maintaining reasonable operating costs. Advanced driver assistance features like automatic emergency braking and blind spot monitoring help prevent accidents, potentially offsetting higher initial costs through insurance savings and accident avoidance.

Many insurance companies offer discounts for vehicles equipped with advanced safety systems, recognizing their accident prevention benefits. These discounts, combined with reduced accident risk, often justify selecting newer models with comprehensive safety features over older, cheaper alternatives lacking modern protection systems.

Creating Your Comprehensive Purchase Strategy

Baby Boomers currently purchase 62% of new cars with the average buyer age reaching 53, meaning young adults compete primarily in the used market where smart budgeting becomes even more critical. This demographic reality makes understanding used car evaluation and negotiation essential skills for first-time buyers seeking value.

Historical context reveals why careful budgeting matters more than ever. In 1995, a new Oldsmobile Cutlass cost $16,596, while today’s average new car price exceeds $38,883—more than double when adjusted for inflation. This dramatic increase makes strategic planning essential for avoiding the financial pitfalls currently affecting young adults, with 5% of those aged 18-29 facing vehicle repossession risk.

Financial planning for buying a first car

Successful first car purchases integrate seamlessly with broader financial goals rather than disrupting savings or debt reduction progress. Timing your purchase when you have stable income, adequate emergency reserves, and clear transportation needs prevents rushed decisions leading to long-term regret. Planning 6-12 months ahead allows accumulating a substantial down payment while researching options thoroughly.

Professional guidance can prevent costly mistakes while identifying opportunities for savings. Working with financial advisors who understand both vehicle financing and comprehensive financial planning helps align your transportation needs with long-term wealth building goals. This integrated approach transforms car buying from a purely emotional decision into a strategic financial move.

Final Thoughts

Smart first car budgeting creates the foundation for lifetime financial success by teaching discipline, research skills, and strategic thinking applicable to all major purchases. The 10-15% income allocation guideline, combined with a comprehensive cost analysis, prevents the financial stress plaguing many young adults today. Your first car should enhance life opportunities without creating unsustainable debt burdens.

The strategies outlined here—from understanding true ownership costs to negotiating effectively—provide a roadmap for confident decision-making. Success comes from treating your first car purchase as an integrated component of your financial strategy rather than an isolated transaction. Take time to plan properly, research thoroughly, and make decisions aligned with your long-term goals. For personalized guidance on budgeting strategies and financial planning, connect with the experts at Complete Controller to discover how professional support can accelerate your journey to financial independence.

Frequently Asked Questions About First Car Budget

How much should I budget monthly for my first car, including all expenses?

Financial experts recommend allocating 10-15% of your monthly income for total transportation costs, including loan payments, insurance, fuel, maintenance, and registration fees. For someone earning $3,000 monthly after taxes, this means budgeting $300-$450 for all car-related expenses, not just the loan payment.

Should I buy a new or a used car for my first car?

Used cars typically offer better value for first-time buyers, avoiding the steep depreciation that new cars experience in their first year. A 2-4 year old certified pre-owned vehicle provides an optimal balance of reliability, remaining warranty coverage, and value retention while costing significantly less than new alternatives.

What down payment should I save for my first car?

Aim for a 20% down payment on new cars and at least 10% for used vehicles. This substantial down payment reduces your monthly payments, helps secure better interest rates, and prevents being underwater on your loan during the steep early depreciation period.

How can I get the best interest rate on my first car loan?

Start by checking your credit score and addressing any errors before applying. To minimize the impact on your credit score, get pre-approved at multiple lenders, including credit unions, within a 14-45-day window. Credit unions often offer the best rates for first-time buyers, sometimes 1-2% lower than traditional banks.

Which cars are most affordable for young first-time buyers to insure?

Compact sedans like the Honda Civic, Toyota Corolla, and Mazda3 typically offer the lowest insurance rates for young drivers. Avoid sports cars, luxury vehicles, or models with high theft rates, as these can double or triple your insurance costs compared to practical, safety-focused alternatives.

Sources

• Marketplace.org. (January 3, 2025). “New car sales were up in 2024. Can the trend last?” https://www.marketplace.org/story/2025/01/03/new-car-sales-were-up-in-2024-autos-car-loans
• Consumer Reports. “What Car Ownership Really Costs.” https://www.consumerreports.org/cars-car-buying/what-car-ownership-really-costs/
• Hedges Company. (December 24, 2024). “Automotive Trends: New Car Buyer Demographics.” https://hedgescompany.com/blog/2019/01/new-car-buyer-demographics-2019/
• ConsumerFinance.gov. “Auto Loans.” https://www.consumerfinance.gov/
• Investopedia. “How Much Car Can I Afford?” https://www.investopedia.com/how-much-car-can-i-afford-5075365
• GoBankingRates. (August 11, 2024). “What an Average Car Cost in the Year You Were Born.” https://www.gobankingrates.com/saving-money/car/heres-much-car-today-would-cost-year-were-born/
• Urban Institute. (September 18, 2024). “Many Young Adults Have Taken on Debt. It Could Jeopardize Their Financial Futures.” https://www.urban.org/urban-wire/many-young-adults-have-taken-debt-it-could-jeopardize-their-financial-futures
• Get Rich Slowly. (November 7, 2010). “How we bought a new car.” https://www.getrichslowly.org/reader-story-how-we-bought-a-new-car/
• Complete Controller. “5 Money Management Tips to Help Avoid a Deficit.” https://www.completecontroller.com/5-money-management-tips-to-help-avoid-a-deficit/
• Complete Controller. “How to Manage Your Credit Responsibly.” https://www.completecontroller.com/how-to-manage-your-credit-responsibly/
• Kelley Blue Book. “Car Values and Pricing Guide.” https://www.kbb.com/
• Insurance Institute for Highway Safety (IIHS). “Vehicle Safety Ratings.” https://www.iihs.org/ratings
• National Highway Traffic Safety Administration (NHTSA). “Safety Ratings.” https://www.nhtsa.gov/ratings
• Edmunds. “True Cost to Own Calculator.” https://www.edmunds.com/tco.html
• Credit Karma. “Auto Loan Pre-Qualification.” https://www.creditkarma.com/auto/pre-qualification

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. Reviewed By: Brittany McMillen

Brittany McMillen

Brittany McMillen is a seasoned Marketing Manager with a sharp eye for strategy and storytelling. With a background in digital marketing, brand development, and customer engagement, she brings a results-driven mindset to every project. Brittany specializes in crafting compelling content and optimizing user experiences that convert. When she’s not reviewing content, she’s exploring the latest marketing trends or championing small business success.

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What information is important to know when working in the US?

Does the injury have to occur during the workday so that you can apply for compensation?

It can occur during the usual working day, carrying out activities related to it (even outside of routine hours) and because of repetitive work over a long period.

I am afraid of being fired if I open a workers’ compensation claim. Is that legal?

It is entirely illegal for the employer or employer to harass, dismiss, refuse to rehire or discriminate in any way against a worker for exercising the rights granted by law. If this happens, the employee can file another separate claim in the case of an accident at work. An example of this is the trial of the electric car manufacturer Tesla, accused of threatening deportation of immigrant workers. However, it is important to note that an employee with a claim or pending compensation claim may still be subject to disciplinary action or dismissal for other valid reasons.

What are the most common injuries that qualify for Workers’ Compensation?

The most common can be found in work injuries: in the back, neck, head, lower and upper extremities—also, fractures, sprain, tears. Burns of a significant degree or poisoning by certain substances such as asbestos and lead would be common injuries from toxic or hazardous work. And it is quite common to suffer repetitive work injuries.

What is a temporary disability?

It is the period given by doctors to sick or injured workers to restore their health. This period complies with the maximum limits established by the state. During this time, the worker can receive a proportional part of his salary until the doctor gives him the medical discharge.

What is a permanent disability?

This type of disability occurs when, due to the type of injury or illness, the damage caused is permanent. The worker will not be able to return to work, so financial compensation is granted.

I am an undocumented person; do I have the right to claim work incapacity?

If you have the right to claim compensation, it is a right that is stated in the Constitution of the United States. The country’s laws apply to all people who are physically in the territory of the United States. citizenship does not matter. 

I work in a place that is considered dangerous or toxic. Should my employer provide me with special security measures?

If this is the case, there are places where the employee is required to use special equipment to protect themselves and not harm their health. In case this does not happen, it is negligence on the employer’s part. 

What is the deadline to claim workers’ compensation?

To receive workers’ compensation benefits for a work-related injury or illness, a claim must be filed within a certain period. The law of each state (or US law for employees in the federal workers’ compensation program) sets the deadlines for filing claims. These deadlines can be quite different from one state to another, but the truth is that the sooner the claim or claim is filed, the better.

I am living with employment discrimination. What should I do?

Labor discrimination can be reflected in many ways, and among its consequences, there can be physical injuries, psychological problems, stress, or even unjustified dismissal. Learn more about employment discrimination and what to do to defend yourself.

I am suffering from labor harassment. What can I do to defend myself?

Workplace harassment is an illegal act punishable by law, for which it is possible to claim compensation. If you are going through this situation, you must read more about job harassment.

What happens if the person dies by accident at work?

Direct family members have the right to claim compensation for the death of their relative. Therefore, you must contact a specialized lawyer to carry out the procedures and receive the benefits as soon as possible. 

How can I avoid accidents at work?

Verifying that the company where you work complies with all safety regulations and keeps abreast of the conditions you must work. It attends all the requested measures and the courses that are given on the procedures or the correct use of instruments or work equipment. And even then, report any damage or failure that you observe with the material or equipment that you use to perform your functions.

How much time do I have to report an accident at work?

The statutes of limitations dictate how soon a claim for workers’ compensation benefits must be filed after an injury to the workplace has occurred. It is important to review this information according to the state where the incident happened. States also have deadlines for notifying the employer of an injury in the workplace (usually between 30 and 60 days, but sometimes less). So, although you can have two years to file a claim or demand, for example, you only have 30 days to inform the employer. In addition, statutes of limitations on workers’ compensation often depend on the nature of the claim or the type of case. 

I do not have physical discomfort; what I do have is a lot of stress. Does it also qualify for compensation?

Yes, you can qualify. It depends on the state of the country where the claim will be presented and the requirements that will be requested to prove it. Therefore, it is particularly important that from the beginning, go to the doctor to open a file that reports the condition, causes, and treatment prescribed for the restoration of health. It is also important to notify the employer or employer of the disease as soon as it is detected.

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.