Establishing the value of merchandise is complex and can cause headaches for entrepreneurs.  With that in mind, here are ways you can learn how to price your products and services. Keep reading!

What is the price of a product or service?

Knowing how much you should charge for your work is the result of a broad analysis of essential factors, including:

• Cost: gather all the essential components needed to manufacture the products, including taxation, marketing strategies, and distribution. 
• Competition: the prices of your competition will help you understand the dynamics of the market.  Despite the freedom to set values, market competition will force a balance between prices.
• Consumer: the economic scenario will also have a great influence on price setting. Even if your products or services are better than the competition, the consumer is not always willing to pay the price requested. For this reason, study the target audience, their consumption habits, and their purchasing power.
• Added value: all merchandise gains support when it meets the needs of customers. It is adding value when the company manages to captivate its audience and retain it. This relationship of trust also influences the final price.

How to establish the sale price of a product?

The price policy varies according to the type of company and involves subjective conditions. However, some actions are useful for any model. These are:

Identify your costs and expenses

The first point you must evaluate when determining the value of your products or services is the amount paid up to the point of delivery to the consumer; such factors will directly influence the amount charged.

Expenses include general expenses and can be difficult to individualize. They are the necessary expenses for the full operation of the company, employee compensation, marketing strategies, and office materials.  In short, items that do not directly contribute to the final business activity.  However, they cannot be forgotten.  Already the costs comprise more specific and divisible aspects, such as supplies, equipment maintenance, water, electric power, travel of employees, cleaning materials, and everything related to manufacturing.

The costs and expenses can also be classified as either Fixed, which are not modified depending on the volume produced or sold, or Variables. The consumption is modified according to the quantity of the items.

The entrepreneur should keep in mind that a large volume of sales or an extensive list of customers is not synonymous with profit. There is a possibility that your products are being acquired because their price is lower than that of the competition; this can be very dangerous for your venture’s financial health.

Analyze the market

Market conditions can never be neglected or put at the end of the list of priorities. Therefore, before setting your price, you must observe the price that your opponents are implementing because that also serves as a parameter for your final pricing decision.

It is common for entrepreneurs to reach more competitive amounts in certain campaigns, much lower than the market.  However, charging less than the competition cannot be a constant focus where it inhibits making a profit. That is why a detailed analysis is so important.

Fix the profit margin

The profit margin is what brings true meaning to the existence of any company. What is the logic of charging only enough to cover expenses? If your billing allows only what is necessary for the company’s survival, it is time to reassess your business plan.  Profit is the difference between the turnover obtained by sales of a product or service and the costs to execute the work.  However, deliberating on the profit margin is not simple; maintaining balance is manifested as the most appropriate decision. What is the use of wanting to earn a lot and charging more than the competition if your products are stuck in shipping? What is the use of reducing prices to increase if it ruins the business’s financial stability?

How to know if the value paid for my services is fair?

Establishing the prices of services can be measured by objective elements, such as expenses to make work feasible: taxes, electricity, water, salaries, materials and equipment, displacement, internet, telephone, etc.

Added to these factors are the subjective aspects, which must also be considered in the final value.

In this context, the difficulty of the demand is inserted and an estimate of the time necessary to complete the task, as well as the differential in the quality of the workforce.  The last step is to estimate the percentage of the desired profit.

The collection for services is done in 3 different ways:

• Per fee: monthly remuneration for the total of the services or amount of hours worked.
• For work: an anticipated estimate of each service based on its duration.
• Closed package: the price for performance of the activity is measured based on the number of hours and previously paid. In case it is not enough to conclude, the surplus will be charged separately.

What are the benefits of setting prices effectively?

Reduces business risks

As mentioned, a high volume of transactions does not ensure financial stability, much less the organization’s success. Selling more implies the increase of resources coming out of the box.

When we do not establish prices correctly, the risks for the venture to fail or suffer from market alterations are high. The business world is cruel to those who are not prepared, and knowing how to stipulate a correct price is important to stay on top.

Increase competitiveness

Regardless of your industry, competitiveness is another reason to manage the prices of your products well. The idea is to extract the maximum potential from the resources; that is, to produce more using the minimum.

By decreasing the cost of clothing, it becomes possible to campaign with good offers for consumers, stimulating the market dispute without putting the company’s financial health at risk.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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.

You may ask yourself: “Is it conceivable to begin a business with no money?”Let me start with this. Beginning a business with no cash is conceivable. You have a thought for a business; you don’t have any cash to begin it. Start your organization today for $0 with Incfile.com. The absence of capital is a typical reason for neglecting to begin a business. If you have the drive to begin a business, combined with a good thought and an extraordinary drive to succeed, you can begin a business with no cash.

Starting a new business is, without a doubt, the most difficult part of the undertaking. Having the courage to bet on your own company requires, in the first place, a lot of determination. One of the main reasons for insecurity when opening a business is to do it without money or with little investment.

According to a National Small Business Association study, 31% of small businesses did not obtain access to adequate capital in December 2014. The same study revealed that 76% of small businesses have debts.

Similarly, the New York Fed research, also published in 2014, showed that only 39% of the small businesses seeking loans were accepted.

The scarcity of resources, however, can be a good reason for creativity. When we need to find differential alternatives, we demand more of ourselves and look for formulas that, perhaps, would not be imagined if the investment were higher.

How to start a business without money

According to a study by the Brazilian Service of Support for Micro and Small Enterprises (BSSMS) published in 2014, 39% of entrepreneurs opened their business without knowing how much money they needed for working capital. Also, the study showed that 82% of the companies that closed in less than five years had planned of, maximum, six months.

Investing all the economic resources or getting into debt and not getting success is the greatest fear when opening the doors of a company of your own. However, good planning can contribute to business success, even if there is not enough money. Learn our tips:

Have an Action Plan

The Action Plan will make it possible to see all the alternatives necessary to achieve the desired objective. When we decide to open a business without money, the organization is even more important. Define, with care, what the most needed investment is and what can be worked with differentiated alternatives.

Sell ​​your idea

If you need an investment to start your business, sell your idea, available investors. When establishing a company, it makes clear from the beginning what the participation of the partners will look like, both in the benefit and in the routine within the company.

Use the Internet

With online access, you can reach many places without major investments. Create a page on Facebook or a blog to present your business to the virtual world. It will be an optimal way of relating to your consumer, as well as facilitating market research.

Also, online you can hire saving services agencies, make teleconferences, avoid locomotion expenses, and send and receive documents without printing.

Hire commissioners

Create strategic partnerships if you do not have enough money to offer a salary to an employee. It would help if you also sell your idea to possible commissioners, encouraging them to bet and grow together with the company.

Barter

Another way to obtain credit or services is to offer the possibility of a swap. That is, offer your service or product in payment of another. Despite not generating a liquid profit, it is a possibility to start a business without money.

Prepare for a total commitment

When the individual decides to leave behind the life of an employee and is committed to his idea, it is essential to keep in mind that everything will depend on him. It is necessary to focus totally so that the business arises in the best way, especially those who undertake without money or with little.

The entrepreneur must know that he will have to occupy several positions within the company. Although it is a delicate period, it is clear that the possibility of a good idea being successful is great with determination.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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 world we live in today is run-on electrical appliances, and there is no way a person can eliminate them from their lives. However, that does not mean you have to pay a large number of bills every month.

Reading an electricity bill is not only confusing but also sometimes disheartening. Often, you sit there with your fingers crossed that your bill is lesser than what you paid last month. Unfortunately, it does not always work in your favor, and that puts you in a bind. Here seven smart tips to help you save on your electricity bill. v

Replace your light bulbs

One of the most important sources of electricity we use is light bulbs. Normally, people use incandescent bulbs in their homes. But did you know that you can save around 70% using LED bulbs compared to incandescent light bulbs? So, your first step should be replacing all incandescent lights with LEDs.

Use power strips to turn off electronic devices completely

You might not know this, but often, electrical devices, including printer, television, or your Wi-Fi, do not shut down completely. These devices have a red point that indicates “standby.” This status means that even if they are not being used, they do not stop consuming electricity. These standby devices can account for almost 10% off of your total electricity bill. So, make sure to strip off the electronic devices to reduce a significant amount on your bill.

Adjust your thermostat

Adjusting your thermostat according to the weather is one of the best ways to reduce your electricity bill costs. During the summers, keep the temperature adjusted between 20 to 18 degrees. Wear lighter clothes to let off steam. During winters, try setting the heat at 68 or 70. Wear warm clothes and a coat, keep your slippers on. This layering of clothes will help you in regulating your body temperature.

Turn off unnecessary lights and fans

Out of habit, we often tend to forget to turn off the lights and other electrical appliances when we step out of our room. Reverse this habit and switch off every electrical appliance when it is not in use. This habit is an additional way that will help you save a lot on your bill.

Use electrical appliances with A+++ Energy certification

Electrical appliances with A +++ certification are costly for sure. But consider them as an investment in your electricity bill. They have the lowest consumption guaranteed, and that helps you save a significant amount on your bill.

Wash and dry your clothes efficiently

Instead of washing your clothes with warm or hot water, try setting the washing machine temperature low enough to mix cold water with it. This mixture of warm and cold water will help you in not just saving on your electricity bill; it also makes the freshness of your clothes last longer. Not to forget that the stains go away easily, too. Also, instead of using the machine dryer, let your clothes air-dry.

Use your kitchen appliances efficiently

There are more appliances you use in the kitchen than anywhere else, and that is where you can save the most. Use the microwave only when needed and turn off the heat-dry setting on your dishwasher. Regardless of the appliance, you should not only decrease the appliance usage, but you should also strip the electrical appliance once you are done with it.

Keep an eye out for water heater temperatures

Water heaters, too, run on electricity. Make sure that you keep the temperature down when you are not using hot water. This turning down of the temperature saves hot water and significantly decreases costs on your bill. Heating costs might also be reduced by using a water heater jacket.

These are just a few tips that will come in handy to reduce your electricity bill costs. There are many more that can help you decrease and cut costs off your bill, so you do not have to dread checking the mail every month.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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.

Explore Private Health Insurance Benefits:
Are They Worth It?

Private health insurance benefits provide faster access to healthcare, broader provider networks, customizable coverage options, and specialized services—but their higher costs mean they’re worth it primarily when these advantages match your specific health needs and financial situation.

Over my 20 years as CEO of Complete Controller, I’ve watched thousands of business owners and families navigate the complexities of health insurance decisions. The pattern is clear: those who understand their private insurance options make choices that protect both their health and their wealth. This guide breaks down the real benefits, reveals hidden costs that insurance companies won’t advertise, and gives you the framework to decide if private coverage delivers value for your unique circumstances.

What are the private health insurance benefits, and are they worth it?

• Private health insurance offers faster care access, broader provider networks, plan customization, and expanded elective services
• You get significantly shorter wait times for specialists and surgeries compared to public insurance options
• Private plans cover more doctors, hospitals, and treatment facilities both locally and nationally
• Customization allows tailoring coverage to match your family’s specific health needs and budget
• The worth depends on your health status, income level, and how much you value convenience versus cost

The Essentials: What Counts as a Private Health Insurance Benefit?

Private health insurance covers fundamental medical services including doctor visits, hospital stays, prescription medications, mental health treatment, and preventive care screenings. Most plans also include dental and vision coverage options, wellness programs, telehealth services, and coverage for specialized treatments that public insurance might limit or exclude entirely.

Your private plan typically starts with a comprehensive foundation of medical benefits. This includes everything from annual physicals to emergency room visits, with the flexibility to add specialized coverage based on your needs. The real advantage shows up in the details—private insurance often covers cutting-edge treatments, alternative therapies, and elective procedures that public plans consider non-essential.

Comprehensive coverage and preventive care

Private insurance excels at preventive care coverage, often including annual wellness visits, cancer screenings, vaccines, and health coaching at no additional cost. Mental health services receive equal treatment with physical health, covering therapy sessions, psychiatric care, and substance abuse treatment. Many plans now include complementary medicine options like acupuncture, chiropractic care, and nutritional counseling.

Plan flexibility and customization

The customization options in private insurance let you build coverage around your life. Individual plans adapt to single professionals, while family plans protect spouses and children with different deductible structures. You can add riders for specific conditions, upgrade prescription coverage tiers, or include international travel health protection based on your lifestyle needs.

Private vs Public Health Insurance: Which Offers More Value?

The value equation between private and public insurance shifts based on your priorities. Private insurance typically costs $26,993 annually for family coverage through employers, while public options like Medicare or Medicaid have minimal premiums but limited provider choices and longer wait times for non-emergency care.

Private insurance delivers immediate access to specialists without referral requirements in many plans. You might see a cardiologist next week instead of waiting three months. The broader network means choosing doctors based on expertise and comfort level rather than availability alone.

Cost breakdown—Premiums, deductibles, and out-of-pocket expenses

Private insurance premiums average $7,911 annually for individuals and nearly $27,000 for families through employer plans. Deductibles range from $500 to $8,000 depending on plan design. Co-pays run $25-50 for primary care and $75-150 for specialists. The maximum out-of-pocket limits protect against catastrophic costs, typically capping annual expenses at $9,450 for individuals or $18,900 for families.

Coverage scope—What do you really get?

Private plans shine in specialized care access. While public insurance covers basic cardiac care, private insurance might include advanced cardiac imaging, second opinions from top specialists, and experimental treatments. Elective surgeries like joint replacements happen within weeks rather than months. Mental health coverage includes broader therapist networks and more session allowances.

When Private Health Insurance Is a Game-Changer: Real-World Outcomes

Private insurance transforms healthcare experiences when timing and choice matter most. A technology company with 75 employees discovered this firsthand when implementing enhanced health benefits. After upgrading from basic to comprehensive private coverage with $500 deductibles and wellness programs, employee turnover dropped 27% within 18 months, saving over $200,000 annually in recruitment costs.

The real-world impact extends beyond business metrics. Patients with private insurance report higher satisfaction rates, better health outcomes, and faster recovery times. Access to top specialists and immediate care coordination makes the difference between managing a condition and conquering it.

The Hidden Tradeoffs: What Most Insurance Blogs Miss

Private insurers deny 19% of in-network claims compared to Medicare’s 8.4% denial rate. Even more shocking: 80% of Americans with medical debt actually have insurance. These statistics reveal the gap between having coverage and getting care paid for.

Complex prior authorization requirements delay treatments. Network adequacy issues mean your preferred specialist might be out-of-network despite advertising broad coverage. Annual benefit changes can eliminate covered medications or require switching doctors unexpectedly.

Plan exclusions, network restrictions, and pre-auth hurdles

Insurance companies use prior authorization as a cost-control tool, requiring approval before covering expensive treatments or medications. Network restrictions create surprise bills when your in-network hospital uses out-of-network anesthesiologists. Pre-existing condition waiting periods still exist in some supplemental plans. Mental health coverage often includes session limits or higher cost-sharing than physical health services.

Coverage continuity—What happens during life transitions?

Job changes trigger COBRA eligibility, but premiums jump to full cost plus 2% administrative fees. Divorce requires establishing individual coverage within 60 days. Young adults lose parent coverage at 26, facing individual market prices. Moving states can invalidate your entire network, forcing provider changes mid-treatment.

Is Private Health Insurance Worth the Investment? Here’s the Math

The financial analysis depends on your usage patterns and risk tolerance. Healthy individuals might save money with high-deductible plans paired with Health Savings Accounts. Families with chronic conditions often benefit from low-deductible comprehensive plans despite higher premiums.

Employers see 47% return on investment from health benefits through increased productivity, reduced absenteeism, and lower turnover. This ROI climbs to 52% when including tax advantages and competitive recruiting benefits.

Financial models—cost vs. value over time

High-deductible plans with HSAs offer tax-advantaged savings opportunities. Contributing the maximum $4,150 (individual) or $8,300 (family) reduces taxable income while building healthcare reserves. Investment growth in HSAs compounds tax-free for future medical expenses. Traditional plans provide predictable costs but miss these tax benefits.

Employer-sponsored coverage vs. marketplace—pros and cons

Employer plans average lower costs due to group purchasing power and employer contributions covering 70-80% of premiums. Marketplace plans offer more choice but higher prices, especially without subsidies. Self-employed individuals can deduct health insurance premiums as business expenses, improving the value proposition.

Your Personalized Checklist: Choosing and Maximizing Private Health Insurance

Smart selection starts with understanding your actual needs rather than shopping price alone. Analyze last year’s healthcare usage, list your providers, and identify must-have benefits before comparing plans.

5 questions to ask before buying

• What specific services, treatments, and medications does this plan exclude from coverage?
• Are my current doctors, specialists, and preferred hospital in the plan’s network?
• How does the plan handle mental health, prescription drugs, and specialty care cost-sharing?
• What’s my true maximum financial exposure including deductibles, co-insurance, and out-of-pocket limits?
• Does preventive care, wellness visits, and health screenings come with zero cost-sharing?

Maximizing your coverage—Proactive tactics

Schedule preventive care appointments in January to maximize deductible timing. Document all provider interactions and keep detailed records for potential appeals. Coordinate HSA contributions with high-deductible plans, investing balances beyond emergency reserves. Use in-network providers exclusively and verify coverage before procedures. Appeal every denial with supporting documentation from your doctor.

Final Thoughts

Private health insurance benefits deliver real value when aligned with your health needs and financial capacity. The combination of immediate access, provider choice, and comprehensive coverage justifies higher costs for many families and businesses. Yet success requires active management—understanding your benefits, choosing providers wisely, and advocating for coverage when needed.

I’ve spent two decades helping businesses optimize their financial decisions, and health insurance remains one of the most impactful choices you’ll make. The right private insurance plan protects your health, preserves your wealth, and provides peace of mind that public options can’t match. Contact our experts at Complete Controller for guidance on healthcare budgeting and maximizing your insurance investments.

Frequently Asked Questions About Private Health Insurance Benefits

What is typically included in private health insurance benefits?

Coverage varies, but usually includes doctor and hospital visits, preventive care, prescriptions, mental health, and sometimes elective or alternative treatments.

How does private health insurance differ from public health insurance?

Private insurance is typically faster, with wider provider networks and more customization, but comes with higher costs than public plans.

What are out-of-pocket costs in private health insurance?

These include deductibles, co-pays, and coinsurance in addition to monthly premiums.

Can you keep private health insurance if you change jobs?

Yes, through COBRA or by switching to an individual plan, but cost and coverage may change.

Are there private health insurance plans for the self-employed or freelancers?

Yes, individual and marketplace plans are available; costs and coverage options vary by state and income level.

Sources

• Anthem. “What Is Private Health Insurance?” Anthem, 2024.
• Colorado Health Info. “What is the difference between public and private health insurance?” 2024.
• Edvisors. “A Comprehensive Guide to Health Insurance.” Edvisors.com, 2024.
• Oyster HR. “The differences between private vs. public healthcare.” OysterHR.com, 2024.
• National Health Council. “Guide to the Summary and Benefits of Coverage.” 2019.
• Tulane University School of Public Health. “Private vs. Public Health Insurance: How Do They Work?” 2022.
• California Department of Insurance. “Health Insurance Guide.” Insurance.ca.gov, 2023.
• WorldClinic. “Private vs Public Healthcare: 4 Differences & Which One to Pick.” WorldClinic.com, 2024.
• eHealthInsurance. “Health Insurance 101: A Comprehensive Guide.” eHealthInsurance.com, 2024.
• Peter G. Peterson Foundation. “How Does Government Healthcare Spending Differ From Private Insurance?” pgpf.org, 2023.
• United National Healthcare. “Private Health Insurance: A Guide for Individuals and Families.” unitednationalhealthcare.com, 2024.
• Kaiser Family Foundation (KFF). “Annual Family Premiums for Employer Coverage Rise 6% in 2025, Nearing $27,000, with Workers Paying $6,850 Toward Premiums Out of Their Paychecks.” KFF, 2025. https://www.kff.org/affordable-care-act/annual-family-premiums-for-employer-coverage-rise-6-in-2025-nearing-27000-with-workers-paying-6850-toward-premiums-out-of-their-paychecks/
• KFF (Kaiser Family Foundation). “Claims Denials and Appeals in ACA Marketplace Plans in 2023.” KFF, 2024. https://www.kff.org/private-insurance/claims-denials-and-appeals-in-aca-marketplace-plans-in-2023/
• Avalere Health. “New Study: Employer-Sponsored Health Insurance Produces +47 Return on Investment for American Businesses.” U.S. Chamber of Commerce & Decent, 2022. https://www.uschamber.com/health-care/new-study-employer-sponsored-health-insurance-produces-47-return-on-investment-for-american-businesses-2
• U.S. Bureau of Labor Statistics. “High Deductible Health Plans and Health Savings Accounts.” BLS Employee Benefits Survey, March 2024. https://www.bls.gov/ebs/factsheets/high-deductible-health-plans-and-health-savings-accounts.htm
• HSA for America & Society for Human Resource Management (SHRM). “Health Benefits Are Key to Employee Retention.” HSA for America, 2024. https://hsaforamerica.com/blog/health-benefits-are-key-to-employee-retention/
• Peterson-KFF Health System Tracker. “The Burden of Medical Debt in the United States.” Peterson Foundation & KFF, 2023. https://www.healthsystemtracker.org/brief/the-burden-of-medical-debt-in-the-united-states/

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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One of the highly valuable departments in any business is the human resources department. Because the human resource department is the central area where employee records are kept, the department’s data storage must be well maintained. The records maintained need to be accurate and protected from potential threats since they can be vulnerable to data breaches depending on the system used for data storage.

Below are the essential records kept in human resources:

• Personal information of the employee (name, date of birth, address, and other details)
• History of their employment, if any (start date, previous job title, promotions, and other details)
• Terms and Conditions (pay, holiday entitlement, hours of work)
• Absence details (lateness, maternity, sickness)
• Accident log (any work-related injury or incident)
• Training information (external and internal)
• Disciplinary actions (termination of employment)

Where should these vital employee records be stored?

Onsite Human Resource Database

Employee records can be stored with an onsite human resource database specifically designed to store and manage your human resource data. Though it can take time to set up and implement, the benefits of using an onsite database can be worth the work. This system can keep tracking accurate and accessible since it is maintained within the business.

Onsite human resource systems still have drawbacks. These systems can be expensive to obtain and maintain. They can also require staff to maintain the system.

Employee Records Stored Paper-Based

Perhaps the most basic storage for human resource data is to store their employee records in physical files organized in a cabinet. This method of storing employee records is archaic, but it is also the safest employee record storage option as there is no online data breached.

The drawback is that this system can be inefficient and cost time when employee records need to be accessed. This method can also take up a lot of space depending on how large the company is, requiring a lot of space to house all the records. With current technology, most companies do not use this way of storing data. Some companies still use it because they cannot afford an electronic system or are concerned with data leaks or breaches.

Employee Records Stored Electronically

The electronic storage system is different than the specifically designed onsite database storage. It is software designed to store human resource data but generally requires backup paper data and electronic storage. It will take up less space and be user-friendly, but it can also be vulnerable to data breaches or losses if the electronic system is accessed or goes down.

The drawback is that some software is difficult to understand how to use and the issues with data loss. It can also be vulnerable to data entry errors and does require a data entry clerk or more than one if the company is larger, so it does not save any time or staff needs to maintain.

Electronic Employee Records Through Cloud Storage

Electronic employee records using the cloud for storage area like the electronic system with a few differences. The information entered in the cloud storage can be accessed from anywhere using logins and passwords. This could be considered both an advantage and a drawback. It is advantageous because the work, including data entry, could be done from home or other offices. It is a drawback because it makes the data vulnerable to data breaches.

Because of the sensitive nature of the information stored by the human resources department, such as employee personal information and social security information, this vulnerability could make it worth space and expense to store data in a paper-based or onsite database not linked to the internet.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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.

Plagiarism reflects misconduct, in which an individual intentionally or unintentionally uses someone else’s content without providing him or her an appropriate acknowledgment. For example, plagiarism within an educational institution often occurs when published content is used without properly citing the source. Likewise, in the field of art or media, plagiarism occurs when someone’s work is used without acknowledging the real creator of content or obtaining their consent to use their work.

There are many cases in which a student or researcher plagiarized their content without having any intention of doing so. Investigators sometimes work efficiently and effectively to eliminate factors that may cause plagiarism but are unable to. Students or writers mostly face this scenario when they copy the whole paragraph instead of a few sentences and inappropriately reference their source. They innocently may not have realized that this falls under the blanket of plagiarism. It is essential for students to take appropriate classes in which they are effectively taught to properly reference someone else’s work. However, plagiarism can become a potential barrier for the creative individual to develop unique content since there will always be the threat of plagiarism.

Scenario One

Jane Goodall, a British-born researcher, ethologist, anthropologist, and primatologist, was accused of plagiarism in 2013. With the help of freelancer Gail Hudson, Goodall has published Seed of Hope. They were then accused of using 12 various passages without giving credit to the original investigator. Jane Goodall had to postpone the publishing process worldwide since she was accused of using the content of another researcher without giving them credit. It was also found that some content was also taken from Wikipedia. Later, the publisher of Seeds of Hope and Goodall consented to extend the date of publishing so they can correct and eliminate the uncertainties from their book. Goodall has a habit of note-taking and, in the process, made an error by not acknowledging researchers.

Explanation

There are many online portals available that provide an opportunity for investigators to determine if their content is plagiarised. Turnitin is a common and popular software available to help writers check the validity of their content. Writers and investigators of a project have an idea that their investigation has a chance to be plagiarized. Therefore, it is vital for every investigator to proofread their content and provide valid resources and acknowledgments so their content can be free from plagiarism. This process will allow the researcher to produce effective, plagiarism-free work and help them avoid any legal allegation of plagiarism.

Scenario Two

In 2017, Ed Sheeran was accused by Thomas and Harrington, stating that Sheeran has used 39 of the same notes in his song, and those similarities were recognizable amongst their audience. Matt Cardle, the winner of the reality show X-Factor, has also filed a complaint against Ed Sheeran and accused him of copying the same notes of his song, which they have made five years back. Ed Sheeran was allegedly put on a lawsuit of nearly $20 million because of his famous song, The Photograph. Renowned musicologist Dr. Joe believes that this case against Ed Sheeran is simple as many similarities can be found in both songs. This was the second case of plagiarism in which Ed Sheeran was accused. Thomas removed this case of plagiarism after settlements were made between both parties.

Explanation

It is vital for the investigator or researcher to give proper and justified acknowledgment to the author or researcher whose context or work is used in their investigation. If any researcher is using someone else content, which includes content, charts, pictures, graphs, and tables, without giving them credit, it is called misconduct or plagiarism. It can have negative, severe consequences, including breach of concealment, which may lead the author into legal issues punishable by law.  

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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.

Since the customer supports your business, it is normal to try and satisfy them as much as possible. However, dealing with an unhappy customer can be stressful if you do not know how to handle the situation.   With this in mind, we have steps that will allow you to approach a dissatisfied customer serenely and avoid losing them!

1. Adopt the right attitude

When an unhappy client calls you, it is imperative that you remain calm. Your goal is to listen, analyze, and propose a solution to the problem.

The first thing to do is to invite him to present his problem in detail.

When he has finished explaining the situation, you must show him that you have received his message he wanted to convey to you. Rephrase the facts to confirm you understand the situation he presented.

Next, show empathy and try to put yourself in the customer’s shoes. If you can identify the state in which the dissatisfied customer maybe (not having received his order in time for a birthday, for example), it will be easier for you to imagine how you would also be dissatisfied.   It is, therefore, necessary to reassure the client by indicating that you fully understand his dissatisfaction and that together, you will try to find a suitable solution.

Throughout the exchange, it is essential for you to always maintain your calm and your composure. If the customer gets upset, then try to reason with him. If he is raising his voice, then speak more softly. If insults or threats are heard, tell him soberly that his behavior will not advance the situation and that if he continues to be unpleasant, you will have no choice but to end the discussion. It is vital to build the relationship by doing everything possible to defuse any tension.

2. Identify the problem

When a dissatisfied customer contacts you, you do not necessarily know what the reason is. If you want to bring a relevant solution to your problem, you must first determine the problem: is it a product or service? Shipping problem? A bad user experience on your website?

It can be tempting to interrupt the customer but wait until he has finished explaining and contextualizing the problem. If necessary, take notes that you can reference later when you try to resolve the issue.

3. Determine the type of client you are dealing with

The more the dissatisfied customer expresses himself, the more he will reveal elements of understanding that will guide your speech and approach. We can distinguish 5 types of dissatisfied customers with whom we should interact differently:

The procedural client

Generally cold or aggressive in his remarks, this first type of customer does not hesitate to let it be known that he is disappointed and tends to insist on unimportant details. With them, it is important to bring down the tension by saying that you have identified the problem and that you will make every effort to ensure that it does not happen again. Do not resort to excuses. The goal is not to prolong the exchange with these people. Defuse the tension and make sure to close the debate quickly by compensating the customer.

The opportunist client

This type of client is clever since he is aware that the complaint is exaggerated or does keep with the harm he suffered.

Generally, he is motivated by obtaining a financial or material compensation (voucher, delivery, sending a new product…) If you have doubts about the merits of the customer’s complaint, do not hesitate to ask him to provide evidence (invoices, photos…) that will allow you to determine whether his request is justified.

If it turns out that you are dealing with an opportunistic client, do not give in to all his demands but simply compensate him for the damage he has suffered. Even if his complaint is completely unfounded, it may be best to grant him something.  If he were to leave empty-handed, it is possible that he decides to go and spread unflattering information about the company.   On the other hand, if he gets some compensation, he will leave appeased. Make sure to put the customer on a special list, so his next attempt to get something from you be firm and refuse any compensation.

The emotional client

The dissatisfied customer, who remains friendly and tries to leverage emotions, is called the emotional client. He will appeal to your empathy and generosity to obtain reparation by highlighting the consequences of the problem or by insisting that he has been buying from you for a long time. If his goal is to get compensation, he can be considered different from the opportunist client.

The emotional client is usually a good customer who wishes to be entitled to certain “special” attention. In this case, it is important to understand what the customer expects from you to best meet their needs. Take time to determine what is wrong and make a commercial gesture if possible.

It may also be relevant to ask your customer directly what they expect of you to feel important. Finally, take time to thank him for his time.  It will reinforce his notion that he is more than just another customer.

The sincere customer

If you are dealing with this type of dissatisfied customer, be grateful because they are the ones that will pose the least problems.

The sincere customer will indicate what has not worked in a factual and authentic way without waiting for something in return. He often bases his complaint on facts without magnifying or minimizing them.  He simply wants the problem to be recognized.

It is important to acknowledge that the mistake is human, and you recognize something did not go well. Find out as much as you can about what caused the customer’s dissatisfaction, and make sure everything is going to be done so that it does not happen again.  Also, thank him for his constructive comments. A commercial gesture is also recommended depending on the discussion.

 

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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.

Business debt is not unusual; it is expected, especially if your small business is a start-up. However, with some businesses, debt has become overwhelming. Debt, whether in personal finances or business, is not only inevitable but manageable. If you keep a tight budget and focus on keeping your debt under control, you will never get underwater with debt in your business. Here are six ways you can minimize and even eliminate debt for your small business.

Assess and Rework Your Budget

Setting a budget should be a part of your business plan. It is also a changing aspect of your business that needs regular assessment and reworking when necessary. Hire an accountant or bookkeeper or use accounting bookkeeping software. The main focus is to get a budget. Many small business owners have not done one, to their detriment.  

Reduce Expenses

Once you complete your budget take a look at all your expenses. If done correctly, your budget will reveal where their expenditures are and are not essential to the business. Once you have assessed your expenses, pick a few to cut from your budget. Even one unneeded expense can add up to huge savings at the end of the year.

Temporarily Pay with Cash

The primary source of business is debt is loans or other lines of credit. Some even use credit cards to try to pay for the needs of the company. For some time of your choosing, only to pay with money, you know you have. Do not take out more loans to pay a debt. It is easy to lose control if you have too many loans to pay back.

Communicate with Creditors and Lenders

Most business owners do not realize that lenders and creditors will often work with you through hardships. Even if you make a lower payment arrangement, they are getting paid. Most lenders would prefer to work out a payment reduction than send it to a debt collector because they only get pennies on the dollar of what the debt is. Creditors also have an interest in you paying something rather than defaulting. Communication is key.

Consolidate and Stack

There are ways you can consolidate your debt, making it one monthly payment instead of one. Generally, you will have to go through a third party willing to take on all your debt and receive one payment. The other method you should incorporate is the stack method. This method entails you paying down from highest to lowest. This saves on interest, and the surplus created can go towards the next debt on your list.

Hire a Debt-Restructuring Firm

If you cannot take care of debt independently, hiring a debt-restructuring firm is a great choice. They specialize in not only restructuring debt but help you explore every possible way to repay your debt quickly. These firms also have the contacts to consolidate your debt, making it manageable with only one payment.

While hiring a debt-restructuring firm will incur some cost, it is far less expensive to pay them to get your business on track and out of debt than to continue compounding your financial issues with high-interest rates and the piling of others debt.

Conclusion

If all else fails, you still have options. For businesses that cannot manage their debt, it might be time to think about selling the business, liquidating all assets, or filing for bankruptcy. But before taking those extreme measures, try reworking your budget, reducing your budget, temporarily paying with cash, communicating with creditors and lenders, consolidating, stacking, and hiring a debt-restructuring firm. One or more of these can turn your business around.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

There are two main sources of finance, which are internal and external finance. It is basically up to the organization of how it wants to employ the funds. Still, then again, it needs to look into the requirement and also the current financial ratios calculated from the financial statements. It all boils down to particular aspects, whether the funds are going to offset or sustain the working capital requirement and networking capital cash cycle or if the organization is going through expansion and wants to incur a heavy capital expenditure.

Internal resources of Funds

The internal source of finance is the sources of capital for a business organization, which are rendered by the organization itself by its normal business activities. These funds include the usage of retained profit, receiving an amount of the trade receivables, selling off the currently owned assets, etc.

Using of Retained Profits

Retained profit is called the internal source of funds for a business, considered low cost. Retained profit can be described as the profit left after paying a dividend to the shareholders or drawings by the investors. It is a long-term source of funding for an organization because of no necessary maturity.

Trade Receivable

Trade receivables are amounts allocated by a business to its clients when it delivered products and services to them in business operation. It is also known as low sources of funds. This source of funds involves constraining the credit control and forcing borrowers to pay back the dues.

Sale of assets

Another important internal source of funds is the selling of the assets. When an organization sells off its assets, the amount generated is utilized internally to invest in the capital needs. It can act upon as short-term and long-term funds depending on the worth of the sold asset.

External Source of Funds

If an organization cannot fulfill its financing need by internal sources, it may seek external funding sources. Such sources are debentures and bounds, the issue of shares, and term loans, etc.

Debentures & bonds

Bonds and debentures are issued for a fixed period, usually for the long-term period of about 10-15 years. It carries interest known as ‘coupon’ and needs to be paid annually, semi-annual, or quarterly. It depends upon the purchase of bonds. 

Lease terms

A lease fund is a product of financial institutes and banks. It is an important source of medium & long-term financing. An organization takes help from these sources, in the case of a shortage of funding where the bank buys assets as particularly by the organization and allocates the asset to the company on the lease.

Issuance of shares

This source of funding involves the numbers of shares of an organization, which have been apportioned and apprehended by shareholders. The process of generating newly issued shares known as issuance. There are two types of shares, equity shares and preference shares.

Equity shares

It is also known as an ordinary share. The actual shares holder is the owners of the organization. They have the right to decide, in the shareholders’ meeting, as per their shareholding and the profit and loss of the organization. It is a permanent source of financing, and the organization has to decompensate it except under settlement.

Preference shares

Preference shares work as a liability. The preference shareholders do not have the right to vote and decide but get the fixed amount of dividend, and preference shareholders will be the first to be paid.

Term loans

The most common sources of financing are term loans and frequently used by organizations. It is further categorized into three types: short-term, medium-term, and long-term.

• Short-term loans, usually running less than one year.
• Medium-term loans range from 1-5 years; these loans are repaid in monthly segments.
• Long-term loans are usually set for more than five years; most are between 5 to 10 years.

Term loans borrowed by banks to fulfill the organization’s capital needs and pay interest charges to the bank until the maturity date.

 

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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.

Performance-related pay (PRP) is a system of providing salary to an employee or a team based on their work performance. The performance criteria may differ for every situation, including pulling better projects that will benefit sales commission, bonuses for reaching targets, or financial profit sharing. An individual’s performance criteria may include specific skills, experience, and knowledge needed to perform tasks.  As such, this pay criteria has some advantages and disadvantages.

Advantages

Performance-related pay will directly support the business structure of an organization.

Goal setting

For obvious reasons, every organization is likely to have set goals and emphasize the team to meet deadlines. When this is the case, it applies to all the employees and encourages them to follow the rules. It will improve an individual’s passion for the task at hand and yield better overall productivity.  

Hard work and determination are required when meeting targets that boost performance. When performance is up to standards, managers can tap into the efficiency of an employee and develop a framework for payroll, including bonuses, cash rewards, or even promotions from one role to another.

Boosts the performance

When goals are defined, then the focus of employees is focused on achieving them since it will directly contribute toward their pay. A good PRP system will spot the best performers and reward them for their hard work. It will also help retain employees longer in their current position, producing quality work. If someone becomes demotivated, it will directly influence their performance.  Similarly, if someone performs poorly, then PRP can serve in dealing with poor performance through positive motivation.

Limits work strain

When an employee reaches achievable goals and meets reward criteria, he feels less strained and is more motivated to produce accordingly. Employees take it as an incentive to show their skills and performance as they will be directly rewarded for it.

Disadvantages

There are certain disadvantages that result from performance-related pay.

Too much to achieve

At times, the targets set for a team can strain workers. They continue to compete with others on a team and can become fatigued to believe the goal is an uphill task and beyond capabilities. Even in these cases, if someone is assigned more tasks and begins out-performing his colleagues, it is probable that harsh feelings toward one another will be created.  Conversely, if teammates are under-performing, negative feelings of jealousy or inadequacy can develop, creating a hostile work environment.

When targets seem unachievable, losing hope is inevitable, and employees no longer intend to achieve them. It will negatively affect the work process and result in poor task management.

Fear of judgment

When employees start fearing that every action will be judged and jeopardize the achievement process, they become strained mentally. They will continue to work in an environment that can have adverse effects on their physical and mental health. If not operated fairly, the company is liable to bear the expense of losing efficient and otherwise productive employees.

The development process is limited

Individual performance is restricted to performance instead of development when everything is based on performance. The team will lose spirit in helping each other learn and grow, and it will focus on personal aims and achievements. At the end of the day, teamwork will decrease since each teammate will try to complete tasks and targets based on personal interests. There is a danger that no cooperation in assisting each other will result, and valuable assets or professional development and growth will be lost. When non-intrinsic rewards are linked to motivation, employees will indulge in greed.  Professional development is then limited since core benefits like cooperation, learning, and growth are not a primary focus of performance goals and are replaced with performance-based pay.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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.