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Financial management varies from organization to organization and the nature of the business. Many individuals think that to learn effective financial management, one must understand the mechanics of financial management in banks. The banks in the United States have increasingly developed significant financial management expertise. This expertise can help a business with a successful financial management plan.

For a business to be successful, it must have strong financial management. Using the template of how banks manage finances will strengthen the financial management of the business. While the success or failure can hinge on multiple considerations, it comes down to profits. From the owner/CEO to the office support staff, financial management should be a priority. In some cases, hiring an accountant or professional bookkeeper will ensure that nothing financial will slip through the cracks. This will also allow the owner and staff to focus on daily operations.

The people who support the limitation of the banks’ size contend that big banks and the government policies that have indirectly supported these banks impose severe potential risks to the monetary system just because of proficient internal financial management. The recessions that have occurred in the past seem to have born that out because four of the biggest banks, including Citibank, Washington Mutual Bank, Wachovia Bank, and the Bank of America, had received assistance from the government.

Banks hinder effective financial management at the time of mergers and acquisitions. As many types of research have shown, at times, financial management adopts economies of scale for product revenue and a cost generating stream.

Like other industries, the modern advancements in financial management and information processing technologies have brought a revolution in the banking industry. For instance, small banks have conventionally enjoyed the advantage of lending to small borrowers and businesses where personal relationships and proximity were imperative to evaluate the risk of credit and to monitor borrowers. It is all possible to automate the process of financial management and interface it with other bank functions. Conversely, the new technology of financial management has brought a reduction in the cost of obtaining information, data, numbers, and hence skewed the pendulum in the bank’s favor.

Initially, technological advancements in financial management have more likely raised the fixed cost for the banks, such as having a generic platform of ERP (Enterprise Resource Planning). Also, current regulatory policies have given bigger banks more cost advantages than smaller banks, just because these banks proactively deploy automated financial management solutions.

The treatment of big banks by the government as automated financial management can also help generate economies of scale by lowered risk premiums demanded by the creditors of bigger banks, which can give them the advantage of funding over the smaller competitors. The arguments of the supporter of the limitation of sizes of banks can be more of weight if the source of scale economies would provide cost-effective and cost-beneficial solutions to financial management.

Hence, the policymakers must consider the loss of scale economies’ benefits when determining the benefits of shrinking the banks’ sizes. Also, it is suggested that instead of limiting bank sizes, the policy of discipline must be implemented for the systematically big banks.

In the end, finance management is the heart and soul of any business entity. Having a prolific and proficient financial management system and department should be of paramount importance for any business concern and ensure that the business operations are maintained at any level, despite any governmental or regulatory intervention. It is not necessary that the organization’s size matter, but what is important is how effectively the financial management operations work towards the betterment of the whole organization.

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 it comes to starting and running a successful small business, technology has to be considered as a crucial aspect of the business. Due to the nature of technology and the movement to online transactions, e-billing and invoicing have become more widely used by small businesses. There are distinct advantages for you and your customers, and they are as follows.

E-Billing and Invoicing Customer Advantages

Convenience

Convenience is not only an advantage for your customer but to you as the business owner. By offering your customers various payment types, you are increasing the chances that your customers will pay their bill in full but on time. Customers using the option of paying online can choose when and where they complete transactions, therefore, ensuring on time or early payment.

Control of Finances

Because online bill paying is instant, this gives the user control over their finances. Sending a check takes time to arrive, process, and debit from their bank accounts, leaving time to possibly utilize the funds causing the check not to clear due to insufficient funds. E-billing eliminates this because instant account debit applies whether the customer chooses, debit, credit, or e-check.

Email Reminders

E-billing and invoicing include automation to remind customers of their upcoming due date. Not only does it send reminders, but it also offers an option to “Pay Now” when it sends the reminder before the due date. This option increases the probability of the customer paying early.

Automatic Payments

Speaking of automation. Most e-billing and invoicing systems have an option for automatic payments. The customer can opt into this automatic payment debit. In some cases, the company can offer discounts or fee waivers for those using the automated option. Automation increases paid receivables by a large percentage.

E-Billing and Invoicing Business Advantages

Instant and Secure Invoicing

Invoicing is made convenient and secure by emailing the invoice to the customer with the mouse’s click. The invoices will also trigger automation for email reminders. At the time of the original invoice, there will be a “Pay Now” option increasing the possibility that the customer will pay before or on the due date.

Less Time Invoicing and Bookkeeping

Electronic invoicing allows you to distribute multiple invoices in less time to create and send one paper invoice. You can use automation to link invoicing to your bookkeeping software, which can save time spent reconciling accounts receivable entries.

Cost reduction

Sending automated e-invoices saves money. There are savings on time, mailing products, and postage. The savings can be quite a lot for high volume businesses. Small businesses benefit from this cost savings the most since budgets are generally tight for small businesses.

Storage

Automatic reminders and electronic invoices can be saved on your business computer’s hard drive. You can also back up your files on external drives. Paper documents must be stored in filing cabinets taking up space and utilizing precious time to file them. Also, Invoices can be integrated into your accounting software, making it more accurate than paper document filing, which leaves the possibility of lost or misplaced invoices.

Conclusion

Because of security, accuracy, convenience, and quick payment, e-billing and invoicing are quickly becoming the norm for accounts receivable. Whether you are a customer or a business owner, the benefits of e-billing and invoicing are numerous, and the disadvantages are few.

 

With more and more customers going online to find a payment solution that works for their needs, electronic invoicing and billing is an excellent tool for your business that provides your customers a seamless and enjoyable billing process.

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 responsible adult should consider creating a budget to manage household finances. Surprisingly, many adults don’t have a budget or monthly financial plan. Often this leads to poor money management because there is no accounting for expenses in comparison to income. Here are some tips to help you achieve your financial goals to gain control of your household finances.

Start Planning

It is necessary to have a financial plan to help you manage household finances. Financial planning includes various phases. The first phase is deciding how to control your budget and then create a spending plan that encompasses repayment of the debt, saving an emergency fund, and another financial goal setting. At this point, you need to prioritize your finances according to what’s most important for you financially. Here are three points to focus on when making your plan specifically regarding your household finances.

• Creating and sticking to a budget is the key to success.
• Contribute monthly to your financial goals
• Build an emergency fund

Create and Stick to a Budget

Creating an honest and realistic budget is imperative. You must gather all your income sources and list all your expenses, down to the smallest detail. Once you have an honest accounting of your income and expenses, you need to analyze your expenses. Determine your fixed expenses, your necessities, non-necessities, and impulse spending. Now comes the hard part. It would be best if you cut as many non-essential expenses as you can. You don’t have to give up every non-necessity, but the more you can eliminate, the closer you will get to getting your household finances under control.

Once you have eliminated the expenses you can live without, allot a monthly amount towards savings. Put as much money towards savings as you can though experts in finance say that it should be at least 10% of your net income. Experts also say you should pay yourself (put money in savings) first, pay bills, and then non-essentials you choose to keep. Unless an emergency comes up before you have an emergency fund saved, do not deviate from this budget. This will take discipline.

Avoid Unnecessary Bank Charges

A few years ago, it was reported that bankers in New York celebrated the billions they made from bank fees. While it is understandable that you will make a mistake at times, you must spend within your means to avoid the high bank overdraft fees. These can snowball and add up to financial devastation. If you make a mistake, call your bank right away, most banks will forgive a fee or two once in a while, so always call to see if you can get the fee(s) waved.

There are other fees to try to avoid. Some bank accounts charge fees if you dip below a certain balance. Choose an account or bank that does not charge a minimum balance fee. Also, some banks will reimburse ATM fees and other fees. When choosing a bank or bank account, do your research.

Prioritize Debt

When it comes to debt, it is important to prioritize your debt. You need to list your debts by the highest amount and highest interest rate. Credit cards with high-interest rates and loans should be a priority to pay down as quickly as possible. If you have to do without that latte and tighten the belt on entertainment and extras while paying these high-interest debts off, you have to do. Many Americans suffer from overwhelming debt and, in some cases, never come out from under it before incurring more. Most importantly, do not take out a loan or use credit cards to pay down debt. Cut expenses or get another stream of income but don’t get in further debt to pay the debt.

Conclusion

Managing your household finances isn’t difficult but does take focus and determination. Start planning, create and stick to a budget, avoid unnecessary bank charges, and prioritize debt, and you will get your household finances under control and even have money for savings!

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.

Accounting and bookkeeping are essential tools for keeping business finances in order, but first, you need to address other issues as a business owner. The first step to your business’s financial health is to separate business finances from personal ones.

It is a common mistake for a business owner to mix business and personal finances. This is natural since, in most cases, the start-up capital, or at least some of it, was from the owner’s personal savings or salary from another source of income. This mix of business and personal finances should be addressed early, and the separation should be done as soon as possible.

It is impossible to determine the company’s actual profit and losses if you are supplementing the income of the business with personal finances outside of start-up capital. It’s not to say that you can’t use your personal finances to fund the business, but you should be treated as any other investor and should pay yourself back from profits.

Separating the finances is not the only step you should take. It would be best if you also made your business a limited liability company. This simple move will protect your personal finances if your business goes bankrupt, is audited, or has a lawsuit filed against it.

In addition to separating your business and personal finances, here are some other ways you can keep your business finances in order.

Get Organized

Use a professional accountant or bookkeeper or accounting and bookkeeping software to stay organized with your finances. This organization will help you observe the due dates of invoices for on-time payments. Lack of organization can lead to late fees, high-interest payments, or loss of business.

Know Your Fixed and Variable Expenses

Fixed expenses are those you must pay every month, such as water, electricity, telephone, payroll, and taxes. Variable expenses are those costs that aren’t consistent and vary in cost and change or cease to exist. The knowledge of both your fixed and variable expenses will keep your finances in order and make bookkeeping easy and accurate.

Billing Strategy

Many small businesses struggle with finances due to billing issues. Accounts receivable is often a place within a small business where improvement is needed. There are several ways you can address billing issues. You can require the customer to pay in full upfront. In some businesses, demanding payment in full may not be suitable for getting and retaining customers. If that is the case, you can still get more invoices paid by offering customers a 2% discount on the total bill if they pay in full within ten days and make payment in full due within thirty days. These incentives are often used by clients of companies who implement the practice.

Track Your Books Closely

If you are working with a bookkeeper, review and monitor your books daily or monthly. This monitoring will help you avoid negative surprises. Knowing your books will help you formulate strategies for increasing profit and lowering expenses, and it can also help identify fraud. Even if you hire a professional accountant or bookkeeper, you, as the business owner, should always be aware of what is happening with your business finances.

Make Good Financial Habits

Being aware of your business finances and having a hand, at least to some degree, in your company’s bookkeeping is a great habit to get into, but you can do more. Set aside time every week or month, depending on your business’s volume, to go over your books and to strategize as needed to keep your business finances in order.

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.

If you ask most employees what the most challenging thing is to do, they will likely say the same thing, asking for a raise. While it may be difficult to ask for an increase in your salary, every employee deserves to be paid what they’re worth. Here are some tips to help you increase your salary.

Timing

There is a saying that says, “Timing is everything.” This saying is true when it comes to getting a raise. While you should look for the best timing to ask and increase your chances of success, you have to be careful not to let timing become the excuse not to ask. The perfect time to ask for a raise, that gives you the best opportunity for success will vary depending on the person you are asking and your company’s operations. If there is a hiring freeze or other company financial adjustments, you should wait until the company is in a better place.

Follow Internal protocol

While you may deserve every penny of a raise, if you ask for it inappropriately or ask a person who has no decision-making capacity, your request may be declined. Make sure you know the internal protocol relating to asking for a raise. Some companies give that power to management while others consider all employee salary increases once a year based on their performance review.

Prepare a Presentation

A presentation can include visual aids or PowerPoint, or it can be a well-planned oral presentation. While your presentation should be assertive, it must be kept short and to the point. If you can’t convince your boss that you deserve a raise in less than two or three minutes, then your performance may not hold up to the ask. When you walk into your boss’s office, they should already know that you deserve this salary increase from your outstanding job performance and service record.

Focus on the Company

When asking for a raise, you must focus on yourself and focus on the company. You must show that you value the company and understand that it is a business. Showing this understanding and value and how you fit into it as an employee and how you increase the company’s worth, will help your chances of you not only getting a raise but getting the amount that you desire.

Avoid Specific Salary

Some may argue that you should ask for the exact amount you would like to make when asking for a salary increase. However, it has been proven that asking for a range of salary increases your chances of not only receiving a raise but getting more than you expected. By giving a range with the lowest end of the range being the lowest acceptable amount and the high end of the range shooting for the stars, you guarantee that you will be satisfied with the amount if your raise is approved.

Conclusion

Asking for a raise, while scary, is a necessity if you don’t work for a company that automatically considers salary increases each year according to performance reviews. Though it may make you nervous to ask, 100% of employees who don’t ask for a raise don’t get one. Studies have shown that of employees who ask for a raise, approximately 70% receive one. Of those who receive a raise, roughly 40% receive what they asked for and about 35% more than they asked for. This leaves the other 25% to receive less than what was proposed. The point is the odds are in your favor that if you ask, you shall receive. So ask already!

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.

What is a stakeholder? A stakeholder is a person or organization that has invested in a business or project and has a stake in that business or project’s success or failure. When it comes to small businesses, a company can rarely get started or continue to operate without involving stakeholders. As the owner, you are the ultimate stakeholder; however, you must keep other stakeholders happy because unhappy stakeholders can cause problems and ultimately negatively impact your business.

Some of the adverse effects are constant communication that is unnecessary and distracting, asking for changes within the company that cause setbacks, and issues between the stakeholders and key staff. To avoid this, here are some steps you can take to keep your stakeholders happy.

Communicate

The truth is that communication is key to every relationship in your life. Your relationship with stakeholders is no different. If you have regular and meaningful contact with your stakeholders, they will have no reason to be overly involved in the business. When communicating, it is also essential that you are transparent and honest, even when you may need to deliver bad news. Most stakeholders understand there will be occasional setbacks or issues, but if you are upfront and communicate clearly, they will often stick with you through good times and bad.

Actively Listen

Stakeholders will have opinions and ideas, even if you don’t use their idea, they still need to feel like they have a voice, and it is being heard. Stakeholders have a vested interest in the business’s complete success; therefore, they should be able to interject ideas and opinions. Actively listening is advantageous to the owner because some ideas may fix an issue, grow the business, or inspire innovation. Remember, they are in if for the return on their investment, so they will always be coming from a place that has the company’s best interest at heart.

Manage Expectations

Managing expectations is not just related to the financial outcomes of the business. It is also about managing expectations of the relationship, communication, and the stakeholder’s direct involvement in your business. While it would be an ideal world if every business partner would invest and be a silent partner, but that is generally not how it is in the real world of the small business. Managing expectations will ensure you and your stakeholders are on the same page and avoid any surprises.

Strong Leadership

Stakeholders need to see strong leadership within your business. Regardless of communication or management of expectations, if your leadership is weak, no talking will overcome that with the stakeholders. A stakeholder wants to feel their investment will pay off with an owner who knows how to lead the business to profit and success.

Have a Service Level Agreement

Like managing expectations, a service level agreement is a way to layout yours and your stakeholder’s understanding of what is expected to be delivered. Having an agreement on productivity and return on their investment will ensure no one is unclear on the objectives.

Stakeholders Are People

We need to remember that stakeholders aren’t some unrelatable entities. They are people who have a stake in your business, just like you! If you keep that in mind, it will make it easier to look out for their best interest. Treat them as you would want to be treated if you were the stakeholder, and they were the owner. What would you need to be happy? What information would you want to know? What would you expect of yourself? 

The bottom line is you and your stakeholders carry the same goals and needs when it comes to your business. Taking these steps will ensure that your stakeholders are happy, and the relationship remains mutually beneficial.

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 most people think of banking, they think of waiting behind other cars for their turn to stuff their deposit into a tube and having it sucked into the drive-thru bank teller or standing in long lines waiting to hear “next in line.” And that way of banking will likely always exist. As automation and innovation have progressed, starting with ATMs in the 80s and moving to online banking options offered by central banks in the early 2000s, banking’s face has changed. You can automatically deposit your paychecks and use payment platforms to receive funds to be transferred into your bank without ever having to step foot into your bank or sit waiting for your turn at the pneumatic tube.

Now, some banks fly in the face of traditional brick and mortar banks. These banks are entirely contained online and are taking the banking industry by storm. Here are four reasons you should consider online banking.

Convenience

The best thing about online banking is convenience. While both traditional brick and mortar banks and online banks both offer the same conveniences when it comes to online banking, there are some differences. Being able to do banking anytime instead of just bank hours, electronic deposits of paper checks, and ease of transfers are a few of the conveniences both offer.

Lower Fees

Because online banks don’t have the high overhead of traditional brick and mortar banks, they can minimize or even eliminate fees. Traditional banks have building maintenance and staff, while online banks have less of these costs. Most online banks have no minimum balance fees, and their overdraft fees are generally significantly lower than traditional banks’ charges. Also, many online banks offer free ATM withdrawals and reimburse fees charged by the ATM company.

Online banks are enticing new customers with lower to no fees compared to traditional banks who rely on fees as part of their profits.

Higher Interest Returns

While every bank offers savings accounts that gain interest, online banks can offer higher rates for the same reason they can offer lower to no fees, low overhead. While savings accounts are never going to be a get rich quick option no matter the banking institution, the differences in the traditional bank interest rate and the online bank interest rate will add up to a large difference in the long-term.

Traditional banks generally offer 0.01% annual percentage yield while online banks offer between 0.05 and 1.5% annual percentage yields. This adds up to more significant savings, and if you are looking for a no-risk way to grow your savings, online banks will give you the most bang for your buck.

Technology

Technology will again not be exclusive to online banks. However, the fact that an online bank is 100% based on the technology will be on the cutting-edge of innovation when it comes to banking. Their only focus is online and mobile device interaction with banking. This innovation means that online banking customers will continue to get the best services possible with a lot more control over their accounts.

The Drawbacks

There are two drawbacks to having an online bank account. There is no ability to deposit cash, and online banks don’t have other services exclusive to the traditional brick and mortar bank. These services include safe deposit boxes, notary services, and other services that require in-person interaction. Also, online banks often don’t offer brokerage accounts, CDs, and insurance products most traditional banks offer though some do.

These drawbacks can be overcome in a few ways. You can still keep a checking account free to use for cash deposits at a traditional bank or open a safe deposit box only if you need one. There are other institutions to get the other services you may need, or you can search to find an online bank that has the services you need since some do offer brokerage accounts and insurance products.

Conclusion

Online banking has some distinct advantages when it comes to the savings on fees and the higher interest savings accounts. These reasons speak strongly about choosing online banking for your primary banking needs. Though there are drawbacks, those can be overcome though you may prefer to continue to use your traditional brick and mortar bank.

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 taxpayer dreads tax season. Even if you are getting money back, there is so much that goes into filing taxes. The ultimate way to maximize your tax return is to hire a professional tax preparer. But, if you are looking to save money and do your taxes, here are some tips to help you maximize your tax return and, hopefully, a bigger refund.

Claim All Available Deductions

Many American taxpayers leave money on the table by not claiming all the deductions they can. The truth is some of the wealthiest among us pay next to nothing in taxes. This is because they take advantage of every deduction available. To discover all the deductions you can claim will take some research on your part, but that research can pay off BIG! Every deduction is subtracted from your adjusted gross income, which lowers your taxable income and puts money in your pocket.

Here are some common deductions to look for:

• Student loan interest deduction
• American Opportunity Tax Credit
• Lifetime Learning Credit
• Child and dependent care tax credit
• Child tax credit
• Adoption credit
• Earned Income Tax Credit
• Charitable donations deduction
• Medical expenses deduction
• Deduction for state and local taxes
• Mortgage interest deduction
• Gambling loss deduction
• IRA contributions deduction
• 401(k) contributions deduction
• Saver’s Credit
• Health Savings Account contributions deduction
• Self-employment expenses deduction
• Home office deduction
• Educator expenses deduction
• Residential energy credit

Your taxable income is the amount you pay taxes on; therefore, deductions can lower your taxable income and get you a bigger refund.

Use the Best Filing Status

Choosing a filing status seems like a simple task that won’t impact your tax returns. However, how you file can make a big difference, so it is best to try each of the filing statuses you qualify to see which one is most advantageous. For instance, you may be able to file single or as head of household. The head of the household carries some tax benefits, so it might be best to file that way. The same applies to married couples. Check which is the biggest advantage between filing jointly and separately. Here are the different types of filing status:

• Single
• Head of household
• Married, filing jointly
• Married, filing separately
• Qualifying widower

It is always best to try every way you can file. The extra time it takes to run through this twice can pay off in a bigger refund making it worthwhile.

Report All Your Income

Though reporting all your income won’t result in a bigger refund, it will pay off down the line. If you forget to report any income that an employer reported, it will trigger an audit, and the penalties can be harsh. Depending on how long it takes to be discovered (sometimes years) by the IRS, there could be some accrual of interest. If you realize the mistake, correct it as soon as possible, find out what forms are needed, and get it corrected. This will minimize possible penalties.

Meet the Deadlines

Meeting deadlines is imperative to maximize your tax return. The IRS has steep penalties for not reaching deadlines. Even if you get an official extension, you are still liable for late fees. The IRS charges several penalties, including one for failing to file promptly. It equates to 5% of your unpaid taxes and is charged for each month your return is late up to five months and has interest.

Check Your Math

As simple as it sounds, checking your math can save you hundreds and get you a bigger refund. Math mistakes are the most common reason Americans pay higher taxes or get fewer refunds on their tax returns. Take your time. Rushing will increase the likelihood of a mistake and use a calculator. There is also software that allows you to plug in the numbers, and it will do the math for you, which will ensure complete accuracy and maximize your tax return for a bigger refund.

Conclusion

The best way to maximize your tax return is to hire a professional tax preparer. However, if you decide to do your taxes, follow these tips to maximize your tax return and get a bigger refund. 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.

Did you know that your mobile device can become a source of extra income? It’s true, thanks to apps that you can install on your phone completely free. Using money-making apps can be easy and even a fun way to earn some extra cash. Here seven of the best apps to earn money and how they work.

eBay

eBay is an excellent app to earn money on items you no longer want or need. Many have also built a business around finding items at thrift stores and estate and garage sales and fixing them up or selling as is at a profit. On eBay, it is an auction style sale with the option to sell items at a “Buy It Now” fixed price. For some rarer or sought after items, it is best to use the auction items as the competition can sometimes drive the price much higher than expected. All transactions are done through PayPal, making it secure. There are some fees involved; however, most are minimal in comparison to the returns.

Foap

The Foap app is an app that allows users to make money uploading and selling their photos and videos. When a company, person, or brand purchases one of your photos or videos, you split the profits 50/50 with Foap. You can use pictures or videos you’ve already taken or earn higher pay by taking new ones through “missions.” It is a fun way to use your photography and videography skills while making money. This app calls for the user to have an active PayPal account to receive payment.

Acorns

Acorns is a spare change investment app. Through a linked bank account, Acorns rounds every purchase to the nearest dollar and uses that “spare change” to make investments. This is an excellent app for first-time investors that don’t have a lot of capital to invest; however, it does have a ceiling of the money you can earn, so that should help you decide how to use it. It also has a small monthly fee depending on the tier chosen.

SweatCoin

This app is perfect for the person that endeavors to step it up every day and get your steps in. On Sweatcoin, you earn $0.95 for every 1,000 steps you take. While this app does not earn you cash, it earns you shopping credits at over 300 retailers. You’re walking anyway, why not earn free stuff?

OfferUp

OfferUp is as if eBay and Craigslist had a baby. OfferUp used to be an app only for local sales of second-hand items within your area. But it now has the added feature of shipping open it up to the world like eBay. The great thing about eBay and Craigslist is that it costs nothing to post or sell your items. It also helps you predetermine shipping costs at the time of posting so you can consider it when setting a sale price. If purchased locally, you can save money on the shipping and schedule a meetup with the buyer.

MoBee

Mobee is a secret shopper app that offers missions in your area. If you choose the mission, it gives you instructions on what to do. The missions could be taking a survey or taking a picture inside the store. When you complete missions, Mobee rewards you points that can be redeemed for gift cards to various shopping sites and establishments, including Amazon.

TaskRabbit

TaskRabbit is an app that helps you get paid to do physical labor services in your area. You set up a profile with the services and skills you offer, and people hire you to help them out. Some of the more popular tasks are moving, cleaning, rearranging furniture, mounting a television, etc. If you aren’t afraid of some physical labor, you can make a good side-hustle from TaskRabbit.

Conclusion

There are many other money-making apps, but these seven apps are the best to start making money today. And some of them are even fun!

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.

Businesses are consistently looking for ways to drive potential customers to their products and services. Using traditional routes such as print, tv, and sign ads are generally not done for small to mid-sized businesses. These businesses opt for more digital-based marketing strategies. One of the most popular strategies is using freelance bloggers and influencers to add relevant content to your site to boost search engines’ visibility. Here are the benefits of using bloggers and influencers in your marketing strategies.

Increase Site Traffic

Bloggers and influencers exist for the sole purpose of digital marketing. If you hire experienced writers and influencers, they will provide you with content that generates buzz and site traffic. The increase of traffic is due to the blogger or influencer using highly-searched keywords while providing well-written, relevant content that provides value to the reader. Good bloggers and influencers will also be aware of word counts as the volume of content is essential to register on popular search engines like Google. While word counts should be high, the blogger or influencer needs to keep the content readable and engaging and with the least amount of “fluff” possible to target the counts. Check with search engines to find out what the latest target word count is for an optimized blog.

Increase Customer Base

While bloggers tend to be more focused on exciting content that will land new potential customers on your site, influencers focus more on your products and services. Blog posts aim to use highly-searched keywords to boost your site on search engines than using ads and “about” sections of the blog to promote the company’s products and services.  Influencers will use social media platforms to highlight and promote your products using their influence specifically. Linking your business to someone who knows how to make their voice and opinions matter to large numbers of potential customers has huge returns on increasing your customer base.

Increase Credibility

Again bloggers are more about getting traffic to your site. Influencers, however, can boost your credibility, especially if you’re in a highly-competitive business. But both bloggers and influencers can have a hand in boosting credibility though in different ways. Bloggers lend credibility to your knowledge as a company. A potential customer will feel better about making a purchase or hiring a service if they feel like they are dealing with an expert. An influencer boosts your credibility by merely sharing your product and service with their social media audience and telling them they like it and why.

Generate Leads

Getting potential customer leads is one of the most challenging tasks to master for a business. Having an influencer or blogger driving traffic to your site will help with that if you have a call to action when the person enters your website. There are also the possibilities for the potential customer to sign up for new blog post notifications or to be on an emailing list that could be used as a lead to introduce them to your products or services.

Increase Social Media Exposure

Influencers are especially useful for generating more social media exposure since that is their primary platform of influence. Most business owners have difficulty keeping up with social media platforms. At the same time, an influencer will use their sphere of influence to promote your products or services. They can also use your social media to influence others and grab potential customers. Bloggers can also use their social media platforms to promote your blog and their posts.

Conclusion

Hiring bloggers and influencers to boost your business is a great way to increase site traffic and your customer base, strengthen your credibility, generate leads, and increase social media exposure. Ultimately, hiring good bloggers and influencers will increase your profits. 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.