Most people don’t like risks but choose to take risks when the rewards are too tempting to be ignored. ‘Risk’ is a four-letter word that often has a negative connotation. But the fact is that risk is natural and is present in almost everything we do. No matter how careful and responsible you plan and manage things. You cannot guarantee that the risks will be eliminated. So, you need to know how to cope with risk and make plans to minimize it.

As an entrepreneur, you have to make many high-risk business decisions, particularly regarding business growth. Many of these risks turn out to be a success for your business, while other risks give birth to traumatic situations. As a business owner, you must understand which financial risks you should take and which ones you should avoid. Understanding the concept of risk and reward is what separates a great entrepreneur from an average one.  This understanding will make wiser business decisions by preparing to take advantage of the ups and surviving the downs. Here are three of the main risks every small business owner takes and how to survive them.

Financial Risk

As a business owner, you are more likely to invest in risky assets to get potential financial rewards. For example, if you invest in emerging nations fund or a startup, you will probably lose most of what you have invested, at least initially. Emerging startups take a lot of time to generate revenue and to become a success story. As soon as you get older, you cannot afford such types of risks as you need to save money to spend a comfortable, relaxed life ahead. But as a youngster, even if you lose some money taking risks, you will earn it back again. You need to carefully consider investment risks, knowing what you have behind if the risk goes wrong.

Time Risk

Investing time is itself a major risk factor. For instance, if you can become poor after spending five years of your life investing in your business or career, you still haven’t earned anything. If you don’t manage your time and make it produce value, you have unknowingly added to the more obvious risks. Time risk is easily identified and managed and essentially an unnecessary risk that you don’t need to take.

Investment Risk

Most people are aware of stock investments’ financial risks, but most don’t understand there are risks in gold and unknowingly invest without understanding them. Because of this fact, gold should not be a replacement for a diversified portfolio. Contrary to popular belief, gold isn’t a safe or secure investment as gold prices fluctuate as much as currency or stocks. It may be slightly safer as the number of fluctuations is lesser on average than found in stocks, but in no way should it be considered a safe or secure investment. Investing in gold may not always be the right investment for you as one needs to consider all other options before making any investment decision.

Conclusion

An entrepreneur needs to be prepared to deal with all types of financial risks and challenges. You need to take proper measures and plan accordingly because running a business encompasses multiple risks (both internal and external.) Before making any financial decisions, make sure to consult with your financial advisor. They will guide you in wise investments and share financial experiences that will give you insight into sound business decisions by understanding risks.

Every person, whether a business owner or not, has to face risks in life and finances. Managing risks and using your understanding of them will guide you in making sound financial decisions that will help you succeed in business and life.

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.

Financial debt is something that many have to deal with at some time or another in their life. Due to poor spending habits or taking out loans for larger purchases, you need to work to overcome debt. Paying down debt is possible, but there are some mistakes that many people make when it comes to debt. Here are six debt making mistakes you should stop making.

No Negotiation

It is surprisingly easy to negotiate your credit card debts. Most people don’t even think about negotiating the terms of their debts and payments, but it is one of the easiest things to do. In most cases, you merely need to pick up the phone and call your bank and ask if a lower interest rate is possible. Though this is an easy task, many people don’t do it. One call could save you thousands of dollars in some circumstances, so make that call.

Failing to Plan

Most people don’t think it is necessary to have a planned budget to pay off their debts. This could not be further from the truth. You need to have a planned budget that shows you exactly where you’re spending, so you know where to make changes and cuts.  The most important thing to remember is that you need to create a strategy and stick to it. While you may have to do without some luxuries for a little while, it will be worth it when you are debt-free because of your efforts.

Failure to Prioritize

Many people don’t prioritize debt. If there is difficulty with making payments in some cases, they ignore the debt and allow it to grow or default. Once you make your debt a priority, you must put the debt that carries interest first, such as credit cards or loans. Paying off the highest interest debt first will save you money as the interest rates can make the debt grow and possibly become unmanageable.

Paying Bills Late

When people fail to pay their bills on time, the amount increases after the due date because of late fees. It means that you are just giving away your money in late fees to credit card companies, banks, and landlords. Paying late on some bills also affects your credit score, so you not only get hit with the fees but also decrease your purchasing power. To fix this problem, you need to budget and live within your means and pay your bills on time. If you are consistently late, you need to find where the problem is and fix it.

Not Asking for Help

Pride is a tough thing to deal with, but many people have it when It comes to finances. While it is not suggested that you ask for financial assistance to pay your bills or make ends meet regularly, there are times when it could be the difference between peace of mind or dire issues. You need a roof, electricity, water, and food. If any of those are threatened and don’t have the means to cover them, you can ask for help. In some cases, you may have a friend or family member that can give you a no-interest loan you can use to consolidate and pay down debts so you can start on an even field. Put aside that pride and ask. The worst they can say is no.

No Emergency Fund

Having an emergency fund saved is so vital that a whole article could be dedicated to it. If you have no other savings, account you should at least have an emergency fund. Start small and save $1,000 in as large increments as you can afford without hardship. Once you have reached this goal, start saving towards equal to six months of your income. Once you have this saved, you can decide if this is enough padding for you or save to twelve months of income.

Some important things to remember while building an emergency fund. Don’t focus on any other savings until your emergency fund is complete. Use the highest interest savings account you can find for these savings, so it grows. Money market accounts are notoriously great for this type of savings because of interest and ease of access without being too easy to access that you are tempted to spend for non-emergency expenditures. Have a trusted friend or family member named on the account or power-of-attorney to someone if you are incapacitated so it can be accessed to take care of everything during those times.  

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.

Technology has changed the way we function. It has modernized everything, and banking is no exception. Through online banking, you can now access your accounts through a cell phone or a computer. Online banking or internet banking is an online payment system that allows the customers of a financial institution or a bank to conduct a wide range of financial operations through the bank’s website.  Online banking has revolutionized the way financial transactions are being conducted today. It is much more convenient and easier than its post-technology counterpart, branch banking. Through online banking, banks have reduced costs as online banking only has a virtual presence.

Thanks to online banking, now you don’t have to visit the bank in person and wait in painstakingly long lines. You can access your account through your cell phone and carry out all your important transactions while staying in the comfort of your own house. The advantages of online banking don’t stop there. Here are seven things you can do via online banking.

Pay Bills

You can pay your utility bills through your cell or your computer thanks to online banking. This saves you both time and energy that you would have otherwise wasted with a trip to the bank. You can even access all your payment history for each account you pay through online banking.

Make Deposits

Through internet banking, you can deposit checks by simply entering the amount on the check and taking a picture of both the front and back of the check through a secure app. The app will use the phone’s camera, but these photos will not be saved on your phone for security purposes.

Research Your Payment History

You can search your payment history for any specific payment transaction. Not only is this easy, but perfect for times when you lose track of your bill and want to check when was the last time you made a payment.

Review Your Account

You can review your account balance and activity through internet banking. Online banking allows you to check your account’s details 24/7, which offers convenience to those who don’t have the opportunity to get to a bank during business hours.

Make Transfers

If you happen to more than one account in a bank, you can make online money transfers. Your funds get transferred instantly and only takes a few seconds of your time.

Get Notification

You can get notified through text and mail alerts for any account activity. This keeps you up-to-date with your account balance, and this is perfect for those who have their paychecks deposited directly. Email alerts also help keep your account secure as they warn you of any fraudulent activity.

Send Money

Sending money to a friend or a family member has never been easier. Most banks offer a wire-transfer service through which you can instantly send money to anyone for a small fee.

Online Banking Security

Banks take special precautions to keep your account information secure. So, yes, online banking is secure. However, there are certain things you can do to keep your account secure. These include:

• If you ever happen to receive an email claiming to be from the bank and are asked for personal information, then chances are it’s not from the bank. These are scams that can leave you bankrupt. Also, don’t ever click on any of the links found in such emails.
• Never leave your account without logging out. If you are using the app, it will automatically log you out, but you have to do it manually if you are using your browser.
• Don’t access your account using public wi-fi unless you have VPN coverage, as this can lead to your account being hacked. Always use a secure wi-fi connection like the one at your office or home. These are protected connections.
• Keep your computer updated with anti-virus software.
• In case you notice any suspicious transactions make sure to inform the bank immediately.

With its rising popularity, online banking is the future. Many banks have even started shutting down their smaller branches and only offer online banking. If you haven’t started online banking, then do it today. It’s easy, it’s hassle-free, and it saves time.

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.

Every startup business requires capital to fund the initial set up and operational needs. These needs include funding for product development, acquiring new inventory and equipment, and initial rollout efforts to pay your employees or fund general operations. Entrepreneurs need to know how to utilize and manage their business finances to run their new business smoothly.

Raising capital for a startup business can be challenging but not impossible. There are several ways to acquire startup capital, but they aren’t all necessarily reliable. If you have the perfect business idea but lack enough funds to start the business, it doesn’t necessarily mean you have to abandon the business idea. There are several funding options you can opt to make your business a successful one.

The first thing you should do is develop a reliable and thorough business plan and figure out the finances needed to start and operate your new business. Once you have a clear idea of the costs to start and operate your business, you can look for ways to finance your business. Here are five smart ways to fund your startup business that is tried and true.

Fund the Business Yourself

Today it is estimated that over 90% of startups are self-funded. This type of funding is known as bootstrapping. Unless you have a windfall or substantial savings, this option can take time as it takes a long time to save a large sum of money. The major advantage of financing your business yourself is that you would not be required to give up any control of your business or its equity.

Pitch to Friends and Family

Once you have a solid business plan, you should develop a presentation to pitch your business idea in front of your family and friends. If they don’t believe in you, then do not expect that outsiders will support your idea. Outside of self-funding, friends or family buy-in is the second most common way that small business owners obtain capital to start their business.

Business Grants

Business grants are government or privately given funds that are completely free with no expectation of return or payback. Grants typically require your business plan, but you are expected to submit to a long application process. If you don’t need the money immediately to get started, these grants can come months after startup.

Angel Investors

Angel investors are similar to venture capitalists. Angel investors are generally wealthy individuals or firms with a heart for the startup business and don’t want to be involved in business operations or expect anything in return. This, like the grant, allows you to keep complete control of your business and equity. These can also be difficult or take time to get because angel investors are constant.

Venture Capitalist

While venture capitalists are similar to angel investors in that they invest in small or startup businesses with potential, they differ in that angel investors do not expect any return on their investment. Venture capitalists are in it for the potential business ideas that will give them the greatest possibility for high returns on their investment.

Startup Accelerator

While this is not actual startup or operational capital, startup acceleration offers free business and financial consulting, free office or business space, or other startup business needs such as equipment and materials. These free essentials for a startup business will help the business get started until they can fund their revenue.

Strategic Customer Partnership

Strategic customer partnership is when a customer or business that will use your goods or services funds your startup to start production and initial operations. Essentially they are prepaying for future products and services they will receive. These partners will hold no other control or equity in your business.

Trade Equity

Trade equity is just as it sounds. This is where you trade goods or services for essential startup goods and services. This type of trading has been a recognized way to start and operate a business. Bartering business needs with others who need what you have to offer or your skills can go a long way in getting the business up and running.

Small Business Loans

While many small business owners often go to this stream of startup capital first, it should be your last choice for several reasons. Getting a business loan approved in itself is a long process; moreover, you need to report to the bank where each penny of that loan will be spent. If you’re a first-time business owner, they might consider your business as a risk element, and in this case, your loan application will not be approved or will carry high-interest rates. This option also starts your business in debt.

Credit Cards

If you have an awesome credit score, then you can use it specifically designed for business use. However, using credit cards is a high-risk factor as non-payment can lead to expensive penalties and super high-interest rates compared to other loan options. This is another option that starts your business in debt and should be a last resort. The biggest advantage is that if you pay the balance off quickly, you can quickly build your new business credit.

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.

In this article, you will learn how to use Facebook Messenger, the chat feature on the site, to increase your business’ sales. You will also be presented with the steps you must take to use Messenger as a channel to grow your customer base without an online marketing consultant’s assistance.

Social networks as sales channels

Today, Facebook Messenger has become an essential channel for communication between people. In fact, it has become a platform for automatic robots employed by companies to advertise their business and products. In this way, if someone enters the pop-up window and asks something, automatic responses are generated that are programmed through utilities that we will discuss later. The main objective of this “bot” is to improve your business’ sales.

In this article, we will discuss the following details that are part of effective Messenger management in order to grow awareness of your brand. Some of our talking points will include:

• How to use Messenger to get more customers.
• Messenger chat and customer satisfaction.
• What is a “bot,” what is it for, where to install it, and what are its’ functionalities?
• Tools to create a “bot” and how to measure the results it provides.

Get More Customers

Facebook is an extremely popular social network platform that can be utilized by your brand in order to generate more business for your company.

Facebook Messenger facilitates increasing sales by building a relationship with users. When it comes to your followers and your fans, communicating with them regularly allows you to attract, build loyalty, and convert more consumers into long-term customers.

Customer Satisfaction

Facebook is the virtual platform to grow your client base because customers can refer their friends and family to your page. There they can learn about your business while being assured by the recommendations of their social circles.

The platform serves as a channel to interact with consumers, thus humanizing your brand. Moreover, with more consumers using social media to conduct their business, capitalizing on this opportunity is essential.  

As a business owner, it is up to you to make your business stand out. Most experts believe that the best way to use social media platforms is to make your strategies customer-centric. This way, business owners can learn how their customer thinks and feels in order to devise their future strategies accordingly.

Everything you Must Know About a Bot

What is the Facebook bot?

A bot is a systematized program that combines several automatic tasks effectively in order to interact with users and give them more information about your brand. These bots can also be an effective solution to keep your consumers engaged.

Remember, every customer counts! So, if you want to expand your target market worldwide, employing a Facebook bot is an efficient way of doing so!

Advantages of using the Facebook bot?

With a bot, your customer service will improve remarkably. Through personalized interactions, you can retain more customers by ensuring they are satisfied and happy due to an open and direct communication channel. By having the knowledge of what your customers need and providing them with viable solutions to any issues, your website’s traffic will increase.

Where to install the Facebook bot?

You can install a Facebook bot directly onto your web page. This way, even if the client leaves the site, you can still contact them because you are already connected.

Also, by customizing the welcome message, your approach to customers will be more deliberate. This concrete strategy will allow your company to feel more connected with the end customer.

Functionalities of a bot

An important functionality that accompanies the chat on Facebook is to introduce ads. This will allow you to promote more products and services than costly campaigns. When you insert ads into a chat, you can personally reach a larger number of customers and generate more purchases.

All in all, Facebook is a social media platform that is continuously growing in the contemporary era. Moreover, ever since its affiliation with WhatsApp, more customers can be reached cost-effectively. Not to mention that it is now part of a bigger game: mobile-centric marketing.

As business owners desire to expand their horizons in this fast-paced business world, social media platforms can be a driving force for success.

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.

Having a competent bookkeeper can make a world of difference to you and your business. Utilizing an effective bookkeeper can either steer your business towards new heights or allow it to spiral down and crash. It does not matter whether your bookkeeper is an accountant who worked for renowned financial organizations or a fresh graduate; they must perform well.

However, for business owners who have a lot on their minds, it’s hard to know whether your bookkeeper is performing well or not. So, let us highlight a few signs to help determine whether your bookkeeper is up to industry standards.

Fail to Provide Helpful Reports

One of the most important roles of a bookkeeper is to provide helpful reports that facilitate the streamlining of your transactions. An efficient bookkeeper prepares timely reports that help ensure that your business achieves growth.

Failing to Understand Basic Bookkeeping Terminologies

Avoid employing a bookkeeper who is scrambled at the end of the month. A good bookkeeper knows how to meet deadlines consistently. Failure to do so is a clear indicator that your bookkeeper is not equipped to handle your business’s demands.

They Keep their Books Hidden

Occasionally, bookkeepers can be very secretive about the work they do. This secrecy is an indicator of shady procedures regarding your books that you may not be aware of. A good bookkeeper will want you to see progress; he/she will prioritize delivering accurate and complete reports on time. A bad bookkeeper, on the other hand, will keep you in the dark!

Passing the Blame onto Someone Else

A good bookkeeper will like things to stay moving in the right direction and will accept their mistakes if they occur. On the other hand, if your bookkeeper is blaming other colleagues for consistently occurring mistakes, then you should consider finding someone who can take accountability for their mistakes and use them to grow.

They Don’t Ask Questions

Nobody is perfect! Even if your bookkeeper has two decades of experience, he or she must ask questions. You can never be too sure of how your transactions vary every month. Due to this, a good bookkeeper asks questions to understand your business further to cut costs extensively.

A Constant Hassle

Keep in mind, the reason you hired a bookkeeper is to avoid the extra hassle. Therefore, if you must deal with consistent mistakes month after month; then, what is the point of having one? In this scenario, it may be time to get a new one!

Lack of Input in Financial Reports

Your bookkeeper must provide feedback on your financial reports. Or they should at least give you some kind of comment on your business financials. Only an inexperienced bookkeeper will fail to provide you with their perspective on your financial reports.

Unresponsive on Emails

If you are running your business remotely, you want your bookkeepers to be always available to you. Even if you have outsourced your bookkeeping services, a lack of response to emails can be frustrating and could halt your business’ outcomes.

Knowledge of both Cash and Accrual

There are many bad bookkeepers out there. However, even some good ones fail to understand the concept between cash and accrual. Your bookkeeper should not only know about both concepts, but they should also know which one to use in what situations.

Lack of Time Management

One of the most important elements a bad bookkeeper lacks is time management. What makes this a serious problem is that bookkeeping requires precision since they usually must pay invoices and bills. Employing a bookkeeper who lacks time management skills can hurt a company – big time.

So, whether you have just started out in the business world or are looking to expand, a bookkeeper is a must. However, if you are willing to spend a hefty amount on hiring a bookkeeper, to care to ensure they do not have the aforementioned habits.

You can also outsource your services. There are many bookkeepers who work for lower rates and have a plethora of experience under their belt. So, what are you waiting for? Get yourself a bookkeeper today and make managing your finances easier for you and your 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-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.

Winter has arrived! Have you planned to save money for your vacation? If not, here are some savings tips for you to enjoy your days off.

Every plan is based on solid objectives. When you intend to reach a goal, you must draw a road map. Set your goal to save this winter.

If you already know what the holidays are going to cost, for example, $2,000, then calculate how much money you need to reserve each week or month to reach that goal.

If you are looking to save on your vacation without sacrificing quality, the Trade Channel is for you. This service will allow you to enjoy different offers and discounts. We recommend registering to enjoy these advantages.

Winter Vacation Savings Tips

1. Reserve part of your salary to your savings

The best practice is to save first. As soon as you receive your paycheck, make a transfer that ranges between 5% and 10% of your overall salary into your savings account. The remainder should be used for your monthly expenses. Make your own budget plan and stick to it religiously. This way, you will never find yourself short on cash. This does not just apply to travel; you can follow this plan for many other saving purposes.   

Most of the time, we may feel that our monthly expenses are daunting. However, using certain strategies will allow you to save while also paying your bills on-time. You can even ask the Department of Human Resources at your job to deposit part of your paycheck into a savings account each month.

2. Analyze what your monthly expenses are

Identify what your essential expenses are, such as rent, utilities, and invoices. This will allow you to have an approximate idea at the end of each month about the expenses you can cut or do without.

Make sure you have a sound awareness of how much you are spending. If you are spending extra on things that you don’t quite need, try saving and adding that amount to your traveling budget.

3. Draw a budget

Compare the figures for your entertainment expenses with the essentials and establish a weekly budget. Be realistic and organize yourself in order to refine your plan towards your main purpose: SAVING.

With a solid budget, you will clearly see how much you spend on entertaining yourself each week and how many times you can afford to eat out, etc. This will allow you to optimize your standard of living, even beyond the holidays. This will ensure your money does not go to waste.

4. Start practicing saving right now

We suggest taking care to plan for situations that may arise that will consume your holiday funds.

Resolving these issues will allow you to become more efficient with your money. Addressing these small inconveniences now will ensure they do not interfere with your big plans.  

5. APPS to save

There are many apps to help you save money, particularly Let’s Bonus or Groupon. These apps will allow you to entertain yourself on a budget. As far as apps to compare prices between supermarkets, try Your Pantry or Carritus. With these, you can be sure you are getting the best deal with very little effort.  

If you want help to closely monitor your personal finances, as well as prioritize your expenses, utilize apps like Fintonic or Mooverang. These will give you a practical and efficient electronic hand.

All in All

This winter, figure out how much you need in order to travel and draw a savings map. We all deserve a time out; it is natural to get burnt out and take some time to recover. Hit the road, travel, and come back with a fresh and positive mindset. Notice how your productivity improves when you come back home and get back to your career.  

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.

When forming a start-up, it is important to create a thoughtful financing concept in the early stages. Depending on the type of company, the self-employed entrepreneur must consider some key factors. Is it necessary to purchase new equipment? When it comes to company vehicles, which is better: leased or financed? How much money should be invested in marketing strategies? When are the first revenues expected?  The only way to minimize the risks involved with setting costs is to start low.  In this article, we mention a few aspects that you may consider to ensure your start-up success.
 

The financing concept: How much capital is needed?

Before forming a company, it is essential to become aware of how high the financing sum must be. In many cases, founders underestimate the actual costs of running a business and set the bar too low. This mistake can be detrimental to your start-up, as well as your personal finances. Rarely are founders able to generate enough income in the first few months to support themselves. It usually takes at least 6 months before a company starts earning profits. It is not hard to understand why most start-ups fail within the first three years. In most cases, not having sufficient capital is the culprit. Below are a few ways to self-finance your startup: 

Bank loans

Your own bank is often the first port of call when it comes to financing self-employment. The on-site advisor can provide information about the maximum loan amount available, the interest rates, and what repayment looks like for the borrower. Often, self-employed people, who do not have a regular income, cannot avoid depositing collateral. This is because not having a steady source of income poses a higher risk of default for banks.

Startup grant

The start-up funding is, for many, the root of self-employment. A start-up grant is designed to end unemployment and enable people to start a new career. In order to receive this grant, the application must be submitted to the Employment Agency before taking up self-employment. The person receiving the loan does not only need to have a start-up plan but must also provide proof of their qualifications. In short, the clerk must be fully persuaded of the start-up idea in order to grant a license. Because the start-up grant will not be awarded to just anyone, the employment office decides on a case-by-case basis. Just because a person allegedly meets all the criteria does not guarantee that the government support will be paid back. Although the start-up grant can be a lifeline to a fledgling business, it is a luxury that is not always attainable.  

Finance with the crowd

Crowdfunding/lending is a form of financing in which many investors, aka “the crowd,” take part in funding a business. This allows for the risks involved in any start-up venture to be spread across many shoulders, instead of just a core investor. This funding principle is as simple as it is ingenious: if everyone contributes a small part, big funding will be obtained. This method is typically presented via the internet. The founder presents their start-up idea, explains the required amount of funding needed, and outlines the time frame that they must obtain the funding. If an investor is impressed by the idea, they can contribute financially to the project. However, this does not mean that the investor is actively integrated into the business. The crowdfunding is divided into four different models:

• In classical crowdfunding, the investor receives consideration in the form of a present. In most cases, this is the product created with the money.
• In crowd investing, the lender acts as a micro-investor and is financially involved in the project.
• Crowdfunding by donation is typically relevant in non-profit organizations. The lender receives no consideration for his financial commitment. Some companies create a thank you certificate or send a small thank-you gift.
• Crowdlending is an alternative to a traditional bank loan. The founder receives a loan from the crowd, with a fixed term and an agreed interest.

Investments of Start-up angels and venture capitalists

In this form of funding, the founder specifically looks for one or more investors to fund his start-up idea.  Private persons with capital and an understanding of how start-ups function have more knowledge to fund and additionally offer support to the start-up with their skills. Being self-employed is ideal not only from a financial standpoint, but it also allows you to gain experience from relations with your investor. A common example for start-ups is the organization “Start-up Angels.”  Through this platform, donors usually participate with, on average, $60,000. However, depending on the start-up model, this number may go into millions.

Funding

It is not possible to finance your start-up through subsidies alone. Grants and profile-raising loans are usually only part of the overall funding. One reason for this is that many grant programs fix the amount of the grant in relation to the amount of your own contribution. If you desire to create a start-up, you must prepare the project so carefully that you are ready to assume the risks on your own. When applying for a loan, if the lender is not convinced of the start-up concept, it will be almost impossible to persuade a government agency to finance it.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-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.

4 Ways to Increase Your Tax Refund With Smart Steps

You can increase your tax refund by combining four smart moves: choosing the right filing status, claiming every eligible tax credit, maximizing deductions (including retirement and HSA contributions), and tightening up your tax preparation habits so you don’t miss money the IRS legally owes you. Those four levers are the difference between a so-so refund and one that actually reflects what you’re entitled to keep.

In my two decades leading Complete Controller, I’ve reviewed thousands of returns alongside our clients—families, freelancers, and small business owners across nearly every industry you can name. The pattern never changes: people don’t shortchange themselves because they’re bad at math. They shortchange themselves because they overlook credits, under-document deductions, and rush their filing. In this article, I’ll walk you through the exact playbook I share with my own clients, plus a few facts that might surprise you (like the $1.3 billion in EITC refunds the IRS estimates went unclaimed from a single tax year). You’ll leave with practical tax preparation tips, a refund-boosting checklist, and the confidence to treat tax season like a strategic opportunity—not a stressful guessing game.

How can you increase your tax refund with smart steps?

• Use the four levers you control—filing status, credits, deductions, and preparation strategy—to legally reduce your tax liability and grow your IRS refund.
• Filing status sets the stage; it changes your bracket, your standard deduction, and your eligibility for several credits.
• Refundable credits like the EITC and Child Tax Credit can produce a refund even if you owe zero tax.
• Deductions—standard or itemized—plus retirement and HSA contributions are your biggest taxable-income reducers.
• A strong process (early filing, careful form review, professional help when needed) protects every dollar you’ve earned back.

Pick the Filing Status That Unlocks the Biggest Refund

Filing status is the single most overlooked refund lever. Most people default to whatever they used last year without checking whether a different status would put more money in their pocket.

For Tax Year 2024, the standard deduction is $14,600 for Single and Married Filing Separately, $29,200 for Married Filing Jointly, and $21,900 for Head of Household (IRS). Those numbers alone show why filing status can reshape your taxable income before you even look at credits.

Compare your real options before you file

• Single vs. Head of Household: If you support a qualifying person, Head of Household typically gives you a larger deduction and more favorable brackets.
• Married Filing Jointly vs. Married Filing Separately: Jointly usually wins, but separate filing can help when one spouse has high medical expenses, student loan considerations, or past tax issues.
• Run it both ways: Good tax software (or a pro) will let you A/B test. This one move can increase your tax return without changing a single thing about your income or spending.

Prioritize Tax Credits, Especially Refundable Ones

Credits beat deductions every time. A deduction lowers the income you’re taxed on; a credit cuts your actual tax bill dollar-for-dollar. Refundable credits go even further—they can pay you back even if your tax liability is already zero.

Focus on refundable tax credits first: EITC and Child Tax Credit

The Earned Income Tax Credit (EITC) is one of the most powerful—and most under-claimed—IRS tax credits available. The IRS estimates that about $1.3 billion in EITC refunds from Tax Year 2021 will go unclaimed because roughly 1 in 5 eligible workers don’t file or don’t claim the credit (IRS Newsroom, 2025). That’s real money sitting on the table.

To claim EITC and Child Tax Credit correctly:

1. Confirm your income falls within the EITC thresholds and that your children meet the qualifying child rules.
2. Answer every prompt your software asks—skipping a question is how credits get missed.
3. Attach the right schedules to your Form 1040 when filing on paper.

Don’t sleep on nonrefundable credits

• Education credits like the American Opportunity Credit and Lifetime Learning Credit
• Saver’s Credit for retirement contributions at moderate incomes
• Child and Dependent Care Credit for daycare and care costs

These won’t generate a refund on their own, but they reduce tax owed—which means more of your withholding comes back to you.

A bigger refund starts long before tax season. Complete Controller helps you stay ready all year.

Maximize Deductions and Contributions Strategically

Deductions are where preparation pays off all year long. The taxpayers who get the biggest refunds aren’t the ones who scramble in April—they’re the ones who’ve been quietly building a paper trail since January.

Your “maximize your IRS refund” checklist

• Mortgage interest and SALT taxes (up to the cap)
• Medical expenses above the AGI threshold
• Tax deductible donations—cash, goods, and even mileage driven for charitable work
• Student loan interest and qualifying education expenses

Compare your itemized total against the standard deduction and take whichever is larger.

Use retirement and health accounts to shrink taxable income

Traditional IRA and 401(k) contributions reduce taxable income directly. An HSA (paired with a high-deductible health plan) delivers a triple tax advantage: deductible going in, tax-free growth, and tax-free withdrawals for qualified medical expenses. Learn more about why retirement accounts are such powerful refund tools in our breakdown of the benefits of a 401k.

Best part? You can usually contribute to an IRA or HSA up to the tax filing deadline for the prior year—a last-minute lever that genuinely moves the needle.

Get Your Withholding and Forms Right on Purpose

This is the proactive side most articles skip. Your refund isn’t an accident—it’s a math problem you can shape throughout the year.

Adjust tax withholding to match your goals

Your Form W-4 tells your employer how much tax to pull from each paycheck. Too little withheld, you owe. Too much, your refund grows but your monthly cash flow shrinks. Decide which you’d rather have, then adjust accordingly.

Double-check your forms before you click submit

A Treasury audit found that IRS errors in processing the Premium Tax Credit caused about 31,000 taxpayers to receive roughly $28 million less in refunds than they should have (TIGTA, 2017). The lesson: review every line.

• Form W-2: Confirm wages, Social Security, Medicare, and federal tax withheld.
• 1099s and 1098s: Interest, dividends, freelance income, mortgage interest, student loan interest.
• Form 1040: Make sure credits and deductions flow correctly from supporting schedules.

Build a Year-Round Refund Routine

The clients who consistently see bigger refunds treat tax planning like a 12-month rhythm, not a springtime panic.

Your 12-month refund calendar

1. January–March: Gather W-2s, 1099s, 1098s, and last year’s return. Review what you missed before.
2. April–June: Check your refund or balance and adjust W-4 withholding or quarterly estimates.
3. July–September: Track charitable gifts, medical bills, education costs, and business expenses.
4. October–December: Make final retirement contributions, charitable donations, and year-end moves.

When a tax filing extension actually helps

An extension gives you more time to file—not more time to pay. Use it when you’re missing K-1s or complex documents that affect big deductions. Just send a good-faith payment with your extension so penalties don’t eat your refund.

For small business owners, clean books are the secret weapon behind every great return. Solid business bookkeeping essentials mean deductions are already categorized, documented, and defensible if the IRS ever asks questions.

Final Thoughts: Make Every Tax Season a Strategic Win

The taxpayers who get the largest, most reliable refunds aren’t the ones with the most complicated returns—they’re the ones who use smart steps: pick the best filing status, claim every credit they qualify for, maximize deductions and contributions, and follow a calm, organized process from January to December.

After two decades watching clients transform tax season from a stressful mystery into a predictable opportunity, I can tell you this works. If you’re ready to build that kind of system for yourself or your business—and stop guessing about your refund—visit Complete Controller to see how our expert bookkeeping and controller services support your tax planning all year long.

Frequently Asked Questions About How to Increase Your Tax Refund

How can I increase my tax refund?

Choose the most advantageous filing status, claim every eligible credit (especially EITC and Child Tax Credit), maximize deductions and tax-advantaged contributions like IRAs and HSAs, and tighten your documentation and filing process so nothing slips through.

What deductions increase your tax refund the most?

Mortgage interest, state and local taxes (up to the cap), charitable contributions, qualifying medical expenses, and contributions to traditional retirement accounts and HSAs tend to have the biggest impact—especially when itemizing exceeds your standard deduction.

What credits give the biggest refund?

Refundable credits like the Earned Income Tax Credit and the refundable portion of the Child Tax Credit can generate substantial refunds. Education credits and the Child and Dependent Care Credit also meaningfully cut tax owed.

Does claiming 0 or 1 on my W-4 increase my tax refund?

Generally yes—claiming fewer allowances or dependents on Form W-4 increases withholding, which often leads to a larger refund. The tradeoff is smaller paychecks during the year. The smartest approach is aligning withholding closely with your actual liability.

How much do you have to make to get a big tax refund?

There’s no fixed income threshold. Refund size depends on your withholding, credits, deductions, and overall liability. Lower-to-moderate earners with children often receive large refunds through EITC and Child Tax Credit, while higher earners may see smaller refunds when withholding matches liability closely.

Sources

• H&R Block. (2025). “Maximize Your Tax Return: How to Get More Money Back on Taxes.” H&R Block Tax Center. https://www.hrblock.com
• Internal Revenue Service. (2025). “Credits and Deductions for Individuals.” IRS.gov. https://www.irs.gov/credits-deductions-for-individuals
• Jackson Hewitt. (2025). “How to Get a Bigger Tax Refund in 2026.” Jackson Hewitt Tax Service. https://www.jacksonhewitt.com
• Northwestern Mutual. (2025). “Ways to Get a Bigger Tax Refund.” Northwestern Mutual – Life & Money. https://www.northwesternmutual.com
• Intuit TurboTax. (2025). “5 Hidden Ways to Boost Your Tax Refund.” TurboTax Tax Tips & Videos. https://www.turbotax.intuit.com
• Tax Policy Center. “EITC Participation Rate.” Tax Policy Center. https://www.taxpolicycenter.org
• Internal Revenue Service. (Nov. 9, 2023). “IRS Provides Tax Inflation Adjustments for Tax Year 2024.” IRS Newsroom. https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2024
• Internal Revenue Service. (Mar. 7, 2025). “IRS: Eligible Taxpayers Who Did Not Claim the Earned Income Tax Credit in 2021 Have Until April 15 to File and Claim It.” IRS Newsroom. https://www.irs.gov/newsroom/irs-eligible-taxpayers-who-did-not-claim-the-earned-income-tax-credit-in-2021-have-until-april-15-to-file-and-claim-it
• Treasury Inspector General for Tax Administration (TIGTA). (Sept. 20, 2017). “Affordable Care Act: The IRS Did Not Always Process Premium Tax Credit Changes Correctly, Which Affected Taxpayer Refunds.” TIGTA. https://www.tigta.gov/reports/audit/affordable-care-act-irs-did-not-always-process-premium-tax-credit-changes-correctly-which-affected-taxpayer-refunds
• Internal Revenue Service. “Tax Withholding.” IRS.gov. https://www.irs.gov/taxtopics/tc753
• Internal Revenue Service. “Charitable Contributions.” IRS.gov. https://www.irs.gov/charities-non-profits/charitable-organizations/charitable-contributions
• Complete Controller. “Business Bookkeeping Essentials.” CompleteController.com. https://www.completecontroller.com/business-bookkeeping-essentials/
• Complete Controller. “The Benefits of a 401k.” CompleteController.com. https://www.completecontroller.com/the-benefits-of-a-401k/
• Complete Controller. “Tax Preparers Roles Qualifications.” CompleteController.com. https://www.completecontroller.com/tax-preparers-roles-qualifications/

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.

Generic brands are less popular among most people due to their lack of commercial promotion. However, once you start using generic brands, you will be amazed at how much you save on groceries each month. Generic brands are often no different than the highly popular name-brand items you have been purchasing. You essentially are paying the extra money for the brand’s name. These brands often have the exact same ingredients; only they do not come with the well-known name. They are less costly than the other brands in the store. We all know that a barrier exists where some consumers say that name brands are better in every way, but if saving money is important to you, we ask you to reconsider. Start by comparing the ingredients of both the brands. In this way, you will see that there are no major differences, and it will become a habit to use them.

Why Generic Brands Are Cheaper: The companies that make these brands pay little or no amount for their marketing or advertising needs. Due to this reason, they are cheaper than the named brands. This is extremely attractive to all the penny-savers out there. The manufacturers of these items do want to provide their customers with a good quality product; the difference is all in the marketing. Less money spent on marketing means a cheaper price for the consumer. Some manufacturers also find it better to spread the word through the mouth rather than spending money on advertisements.

Why People Have Issues with Generic Brands: There are some generic brands that have bad quality products. There are also some manufacturers who do not pay attention to the safety issues of the products. Because of these reasons, consumers are skeptical to introduce generic products to their families. They find it better not to take risks at all. It is important to be educated on the products you are choosing. The best way to find a good generic brands’ is to compare the ingredients with the name-brand. If there is no major difference, give it a try! If it is not up to your liking, don’t buy it again. It’s that simple.  

How to Switch to Generic Brands: It may not be easy to completely switch up and use generic brands all at once, but you can do so gradually. Most people switch slowly and notice the differences. They get a different product each month that is from a generic brand and not from the one they typically use. Then they keep noticing the differences. As stated, it is good practice to compare both the brands’ ingredients for your own satisfaction. Sometimes you will find the generic may even be better than the name-brand, and sometimes the two are exactly the same. Then compare the price of both items and calculate the amount you are saving. Doing this every month with a bunch of products will be extremely helpful to your savings. In a short period of time, shopping generic will become a habit, and you will become more comfortable with the products. It is also a wonderful feeling when a large amount of money is being saved through this process.

So, if you are deciding to use generic products to save money, do it gradually. In a few months, you will most likely notice how much money you are saving with your wise decisions—Revaluate after three months. Decide if the savings are worth it and if the products are suiting you and your family.  Then, keep adjusting persistently.

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.