Category: Content

When you think about your professional future and the projects you want to develop, the truth is that they do not mean anything to you.

That feeling of total indifference to your work is the first warning sign. It may mean that the time has come to evaluate your professional career and that, perhaps, it is necessary to make a change of profession.

Do not worry! Surely there have been several reasons that led you to this moment: a career chosen wrong from the start, or a job that can naturally become boring and annoying.

The truth is that your life has taken a new direction and that your current profession does not identify more with your values. Another reason may be the current labor market, which now offers new trends that you want to explore and take advantage of.

Whatever your situation, to change your profession you must be prepared because it is the only way to guarantee a successful professional transition and not need to make another change in a long time.

Are you ready to discover our tips?

1. Know yourself

Self-knowledge is an essential skill to change your profession. This means that you must understand what your qualities and defects are, and then identify the various opportunities for success that will open up in your new path.

Being able to self-evaluate is fundamental. That way, you can decide which skills you want to use in your day-to-day.

Remember: you do not have to do something just because you’re good at it, you must choose to do something that you really like and motivate you.

2. Stay tuned for new opportunities

When planning a career change, the path that leads to success is to understand the labor market very well, your professional situation, and the possibilities you have to act in other areas.

If you have a job and want to continue working on it, evaluate what other areas you can contribute to. If you want to change jobs, the safe way is to research and identify what you need to make that change.

3. Update yourself

New paths require new knowledge, so taking courses and deepening learning in your new area will be decisive for success in your career change.

On the Internet, you can consult various career guides and salaries that show the courses and knowledge necessary to work in the most varied professions.

The lack of experience in new areas can play against you, but that can be compensated by acquiring new skills. At present, the skills related to the development of technological platforms, commercial areas, and businesses are highly valued.

Be insightful and study how the sectors are transformed! This will be a great help to build your new professional profile.

4. Learn from third-party experiences

An excellent idea is to talk and exchange information with people who once felt frustrated and also decided to change careers, especially if they now work in the area that interests you.

Listening to the experiences of those who have already gone through the same situation is enlightening. It may be the north you were looking for to give you the answer to the doubts that still echo in your head.

An important point: do not let yourself be influenced by the sensations that these people transmit to you. Hear their stories, learn how they overcame their difficulties, and identify the failures they made so that you understand the real process that involves a change of profession.

5. Has a financial reserve

From the moment you decide to change your profession, you must plan a new financial scenario. Why? When you start in a new area, you will most likely fall back to the level of who is starting in the labor market, so you may receive lower compensation.

Being that way, the idea is that you have a reservation before making that decision. Especially if there are people who depend economically on you, as parents or children. This is not easy, as it is advisable that the reserve serves for 12 or 24 months.

Good money saved at this time is essential to ensure that your career change occurs without worry, and then you are not forced to give up your new career goals.

6. Be flexible

It may be necessary to take some steps backward to change careers. Opting for less radical changes, for areas in which you already have knowledge or experience may be the best alternative because this way you will not have to start from scratch.

Of course, nothing prevents you from developing your professional skills in a completely new area for you, however, even in the most drastic changes, it is possible to take advantage of your previous knowledge in your professional career.

It is a fact that when a professional knows his skills and talents acquired in previous activities, he feels less intimidated when starting a new profession.

7. Do networking

There is nothing more effective than a good network of professional contacts. At this moment you can not hide from the market, on the contrary, you must make yourself seen.

Take the opportunity to show your current contacts that you are in a moment of professional transition. They can serve as a bridge for new connections because they know your full potential.

Time to explore markets, make new contacts, meet new people, and expose you arrived.

In this context, help can come from where you least expect it. Do not discard recommendations, tips, and advice on social networks, friends, and family.

Ready!

If after reading this post you continue thinking that changing careers is the best decision you can make, it’s time to plan your exit strategy.

Consider the different paths to follow and how you could explore them. Talking with people in areas that interest you, doing volunteer work, or taking a short course are extraordinary alternatives.

 

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing services 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 US based accounting professionals are certified QuickBooks™️ ProAdvisor’s providing bookkeeping, record storage, performance reporting and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay services. With flat rate service plans, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

You only have one opportunity to make a good impression, and for an SME, your branding is that opportunity. A weak logo gives a neutral or negative promise of the business, so if you have an SME, you need a logo that shows your brand’s power and differentiates you from the rest.

After all, a strong brand inspires consumers who have no prior knowledge or experience with your company to believe that you will give them a great product or service. Most importantly, without a strong logo, you may not have another opportunity to demonstrate your customers’ quality. If your branding doesn’t show that you do a great job, your consumers could choose your competition.

Give your brand the attention it deserves. “Pay attention” means that the logo you choose to represent your brand will not be an impulsive decision but a planned development that will define your entire company. You cannot risk your branding in today’s market since it will probably be the most important decision you made. Follow these five tips to create a logo that melts a strong brand and pushes your business to success.

Don’t go for the Generic

First, make sure your logo is clear and easy to interpret since you don’t have years of brand recognition behind you to ensure that people associate your name with a product or service.

You should strive to find a logo that shows what you do and who you are and leaves a good impression, so small business and SME logos are very different from a corporate logo. Corporations can invest enough money in marketing to ensure that people associate any symbol or graphic with their name. Still, a small business does not have these budgets, so you must invest in a strong logo.

Every impression is so important that you need to quickly connect with your audience and give them something to stick to.

Choose a Typeface that Reflects your Values

Most SME brands are created under two main elements: their typographic elements and the graphic or iconic elements. Together, these factors form the basic structure for most logo designs.

After the graphic element or icon, the typography you use in your logo’s design is the most critical part that your company will represent. The typography communicates a lot about your brand and should be in harmony and balance with the graphic part.

Be Smart When Choosing Colors

Certain industries have typical and traditional color palettes. For example, medical or pharmaceutical industries often use blue in their branding. But, try to go further when you choose the colors for your brand. Study your competition and choose a color palette that allows you to stand out from among the existing brands.

Consider How your Logo Will be Used

When possible, avoid using a logo that requires a lot of explanation. If your SME uses external media such as signage, vehicles, or similar, a memorable icon is very important. This should link the client with the message quickly and efficiently. A simple test is to cover the typography and see the graphic. Does this give the client an idea of ​​the nature of the business?

It is also vitally important to think of other applications. What will your logo look like in other executions of the brand? Will be a success in one format but a loss in another? Consider these projects before finalizing your design: business cards and letterheads, signage, vehicles, uniforms, web design, and social networks.

Many SMEs suffer from bad branding, but you have the opportunity to be unique and stand out. A look at your logo should be sufficient explanation and offer a good expectation and experience. The logo is the concentration of your brand and will start your strategic messages. If you create a logo that builds a solid foundation for your brand, you will guarantee the drive to be successful.

 

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.

Now that you have retired, you have to care about the extra expenses. You will think twice before spending your money on movies. If you plan right you can easily live your retirement life happily. There are a few steps you should follow in order to live the retirement life you have always been dreaming of.

1. Get a Job:

   That might come out as ironic but getting a job is the best thing a retired person can do. Firstly, it helps you in leaving the financial stress behind. Moreover, a retired person has always been used to going on a job. A sudden change is exciting for a few days but is stressful later. Getting a light job that is not related to your previous career is refreshing and will help you tackle the financial issues too.

2. Volunteer:

   Since you are free this week, you can go for volunteering in any not-for-profit. You can teach children for free or help out in some shelters. This is the best and most popular activity among the retirees who try to find some work to prevent them from laziness. During the era of inflation where every organization is trying to cut back the cost, a free helping hand would be the best for them. Choose volunteer work that suits your mood and goes for it!

3. Sports!

   We all know for whom golf is famous for. Go for some sports which are popular for elder people. It will help you feel pleasant. If you are wondering what to do with your life, try golfing. You wouldn’t realize how fast time will go by. During your job life, there must be a point where you would have felt that you had missed out on learning sports. Now it is your chance! You are free and alive. You can enjoy your life doing whatever you like!

4. Start a Business:

   Sounds full of trouble, but it isn’t. You can even find a hobby and start a business from it. Taking care of pets, taking care of children, guiding people about destinations, repairing bicycles, among others, are the things you can always go for if you are fond of any. These businesses require minimal to no investment. You can start a daycare even at your home if you like and grow the business after earning a few bucks.

5. Travel!

   Traveling is the best way to keep yourself entertained. Everyone loves traveling. Just buy a motorhome and take your bed and kitchen with you wherever you travel. You can live wherever you want. You can spend any amount of time anywhere you like. It is your retirement and you should use it to fulfill all the wishes you have been hoping and wishing for.

After retiring, you can do a lot of things to keep yourself entertained like taking care of children, joining a fitness club, starting a business, remodeling your house, moving to the country, going into public service, getting a part-time job, or write a book. You can also spend your time learning new skills like playing the guitar, learning a new language, or getting skilled in a specific computer program. You can use your retirement however you want. It is your gift after the hard work you have done in your life. Now sit back, make a list of all the things you love, and enjoy!

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing services 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 US based accounting professionals are certified QuickBooks™️ ProAdvisor’s providing bookkeeping, record storage, performance reporting and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay services. 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.

They say a person who has everything planned out is better off than those who do not have things sorted out. This is true to a certain extent. Things may not always go according to your plan, but knowing that you have a plan in the first place will do some damage control. A person does come across some unforeseen events in life, but who doesn’t?

 

People who live in the moment, thinking that when the time comes they will think of a solution or plan are most likely to be in a lot of trouble. It is ok to be spontaneous, but there are many things in life that one should be prepared for.

 

When we talk about planning financially, we mean that one should have some financial backup for events or situations one is certain to go through. Planning financially, if not eliminate, but will reduce your chances of failure and disappointment.

 

Here is a list of some of the major moments of life one should have a financial plan for:

 

• College

 

As soon as we get to middle school we hear our parents talking about saving up for our college, that is the time we realize that is it really important to be financially ready for college. As we move onto high school and get a part-time job, we should start saving bit by bit for college. Not everyone’s parents will be planning financially for their children’s college. In such a scenario it’s ok to wait a year or two to save up before starting college.

 

• Marriage

 

Not everyone is ready to get married, but if you are in a committed relationship it’s the same as being married. When you are with someone it means you also take care of their financial well being. If you haven’t planned or saved up money for your marriage or relationship, chances are that you would avoid that commitment no matter how much you long for it, just because you haven’t planned for this beautiful life moment.

 

• Kids

 

When you welcome someone new into this world, their arrival comes with a list of expenses. This new life is too little to do anything on its own, it’s dependent on you completely. Planning financially for your kid way ahead of time will save you from any last-minute financial crunches you may face.

 

• Car

 

Buying a car can be a major moment for a lot of people. Not everyone is able to buy a car for themselves just because they didn’t plan for it. Planning financially for purchasing a car can be of great help when the time comes to buy a car.

 

• House

 

Buying a house is like a once in a lifetime opportunity. Not everyone gets a chance to buy a house. Those who succeed at doing so have been planning financially for it for years. They save a chunk of their paycheck just to own their dream house one day. People who aren’t prepared for such big responsibilities may not get to experience this major moment.

 

• Health

 

Life tests us in many ways in sickness and health. You never know what health situation you may come across, so it is wise for you to have funds ready when you come across such a situation in your life. Medical bills can be really expensive. You should not only have money saved for yourself, but also for your loved ones – you never know what life may throw at you.

 

• Loss of a loved one

 

Planning financially for funds that may be required when you lose a loved one will save you from being stuck in a terrible situation when you are already emotionally broken. Funeral and burial can be really expensive, which is why having set aside some money will always come to the rescue.

 

Planning financially for major moments you are most likely to experience in your life will assure that you achieve all those milestones as opposed to those who give little regard to such moments and not plan for it. Life is filled with surprises, some are pleasant and some are not. Being financially ready to will soften the blow of surprises life puts you through.

 

 

 

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing services 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 US based accounting professionals are certified QuickBooks™️ ProAdvisor’s providing bookkeeping, record storage, performance reporting and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay services. 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.

Our era is ruled by technology. Be it shopping, cleaning services, or even banking, technology has affected everything. Technology provides people with better solutions to existing problems and adds convenience to their lives.

It is because of technology that people today enjoy the perks of living in the modern age of the internet. Everything is readily available on the internet. On the one hand, this has made people’s lives comfortable, while on the other hand, it has exposed people to risks of cybercrime, scams, and fraud.

The facility of ordering loans online has really helped people. It saves their time from making frequent bank visits and also keeps them away from the hassle. But as the trend of online loans becomes common, an increased number of risks emerge. One of the most common risks an online borrower can get himself into is dealing with a shady lender. It can result in their money being lost, or they might end up paying way more than required, or they might become a victim of identity theft.

Some red flags have been gathered to help people avoid being trapped by shady lenders. These will help them stay alert and safe from being scammed by fake lenders!

Up-Front Fee

Usually, a legitimate lender will not ask for payment up front. The up-front payment technique is a common practice among thieves. If a lender asks for a fee to process an application, there are high chances that it is a scam. Well-reputed online lenders may ask for payments, but all these payments are explained thoroughly. While paying, a borrower knows exactly what he/she is paying for, which is not a case where the lenders are shady. Fee for application processing is only required in a situation when a borrower has to apply for a large loan, such as a home loan. Individuals who come across lenders requiring up-front payments must carry out a thorough background check and consult some experts.

No Credit Card Checks

Checking credit cards’ history is an essential step for processing online applications for loans. Loans are only approved if a person’s credit card history is clear. Also, it helps in checking if a borrower has enough ways to repay the loan. Legitimate lenders usually carry out soft credit card checks at the initial stage, and at the time of approval, a hard check is carried out. In a case where a lender does not care much about the borrowers’ credit card history, it is most likely a fake lender. It is advised not to be drawn by ads that say having bad credit card history is not an issue in online loans, because, in reality, it is!

Loan Approval Guaranteed

Another attractive ad that gains the attention of many online borrowers is “fast money guaranteed”. Guaranteeing the approval of loans is something that is not practiced among real lenders. Without a proper insight into a borrower’s credit history and other financial stats, none of the lenders can guarantee loan approvals. The online lenders that claim that they can approve anybody and everybody are either substantial risk-takers or they are probably fake.

Funds Transfer via Western Union or by Wire

First things first, a borrower applying for a loan does not send money. Even if some cases require payment, they are well-explained. Also, these payments can be made using credit cards or checks. If any lender asks for a fee via wire, Western Union, or MoneyGram, it is undoubtedly a scam. People need to understand that if a lender is not accepting payments through credit cards, they are trapping the borrower in fraud.

Secure Website

Loan lending and borrowing are processes that must be protected. In the case of online loan lending, the website through which it is being processed has to be secure. A legitimate lending site will include all the necessary security features. A genuine loan lending website begins with HTTPS and not HTTP. Therefore, as soon as an online borrower lands on a lender’s website, these are the first things to notice.

Reviews by Real Customers

Online reviews serve as one of the best ways to analyze whether a lender is genuine or fake. A basic online search can be beneficial. Along with this, borrowers can look for reviews on platforms like Better Business Bureau. Also, the scam alert websites by the FTC can also help. It is an essential step to figure out whether a borrower is dealing with a legitimate or fake lender.

Require Automatic Withdrawals

Allowing an online lender to withdraw payments automatically is the very first step into the trap. By doing so, a borrower puts their security in jeopardy. A genuine lender will not need permission to withdraw payments automatically. The lending websites offering more than one payment option are the ones to trust.

People can stay clear of scams, frauds, and shady lenders by looking for the above-mentioned red flags. These are all the possible ways a borrower can differentiate between a legitimate and a fake lender. Borrowing a loan is a sensitive matter and must be addressed with much caution. Taking loans is not something anyone likes. But at some point in life, a situation arises that makes a person opt for loans. No matter how difficult a situation is, a person needs to avoid making rash decisions.

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

Brittany McMillen

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

See Full Bio

Each business needs to have an entrance of capital which is sufficient to meet their business prerequisites. These prerequisites incorporate financing for item improvement, getting new stock, and beginning rollout endeavors to pay your representatives. Thus, it is essential for business visionaries to realize that they need to use and deal with their business funds to run their startup in a smoother way. To raise reserves for your business is a troublesome mission for any entrepreneur. For some business visionaries, it is difficult to decide when to begin their business as it descends simply because of financing.

 

There are a few different ways to pick which option is best for you and your startup, yet they all are not dependable. On the off chance that you possess a flawless business thought and you don’t have enough finances to help your business, it truly does not intend to close down your business. There are a few subsidizing choices you can pick keeping in mind the end goal to make your business an effective one.

 

As a business visionary, it is imperative for you to break down your business edges and future objectives to settle on an ideal choice for your startup. One wrong move will make some extremely basic circumstances for your business. The following are the best 10 different ways to finance your startup:

 

1. Fund your business yourself:

 

In the current situation, more than 90% of new companies are self-supported. This procedure is otherwise called bootstrapping. This is the most tedious approach as you are sparing yourself to support your startup. In any case, consequently, you would not be required to surrender any control or value.

 

2. Pitch business necessities:

 

You have to contribute your business thought front of your family and companions. On the off chance that they don’t put stock in you at that point don’t expect that pariahs will bolster your thought. To get startup reserves from your loved ones is constantly considered as an essential source to begin your business.

 

3. Business allowance:

 

Business gifts are eluded as government stores relegated particularly to help business thoughts and innovation purposes. Businesses concede is a long haul process, however, it doesn’t require any value cost.

 

4. Local holy messenger financial specialists:

 

Nearby heavenly attendant speculators assume an indistinguishable part from a financial speculator. It is a little activity and ordinarily, just an individual is dependable to satisfy obligations of a neighborhood heavenly attendant financial specialist. This approach will enable you to keep full control of your business by procuring mentorship when required so as to develop your business.

 

5. Venture entrepreneur:

 

They are considered expert financial specialists. Their obligation is to put institutional sums in new businesses which have enough potential. They just put into unadulterated business thoughts where they can receive enough income consequently.

 

6. Startup hatchery or quickening agent:

 

Thusly business visionary is permitted to utilize free assets which incorporate business counseling and offices alongside subsidizing add up to help and maintain their organizations in a smoother way.

 

7. Customer or vital accomplice transaction:

 

To join this approach, you have to locate a complimentary business or a client, who sees potential in your business. Along these lines, he will give you progression installments keeping in mind the end goal to finish or build up your startup. It additionally incorporates white-marking assertions and early-permitting.

 

8. Trade Equity:

 

It is referred to as trading your skills to get your requirements. For instance, bartering equity to get accounting or legal support.

 

9. Small business credits:

 

Numerous business visionaries think to get stores from managing an account as their first decision, however, they have to comprehend that it isn’t as basic as it looks. Since to get advance itself is a long procedure also you have to demonstrate to the bank how every penny of credit will be spent. Moreover, in case you’re a first-time entrepreneur, they should think about your business as a hazard component and for this situation, your credit application won’t be endorsed.

 

To get stores for organizations you can counsel with Express Capital as they are particular to give particular sorts of financing.

 

10. Credit cards:

 

In the event that you possess extraordinary FICO assessment on your credit document, at that point, you can utilize this approach as Visas are planned especially to give assets to organizations. Be that as it may, the dangerous factor is unquestionably included however you can make it fill in according to your necessities.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing services 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 US based accounting professionals are certified QuickBooks™️ ProAdvisor’s providing bookkeeping, record storage, performance reporting and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay services. 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 contingency or a backup plan was considered an essential ingredient while formulating the strategy of the business model in an organization. The revenue generated from the operations had a substantial part in contributing to the overall country’s GDP. Gradually, the concept of insurance began building its inroads. Subsequently, insurance predominantly was recognized as an independent industry altogether.

 

In the initial phase of teething, the insurance sector suffered hardships and was greatly hit by the two great recessions in the US Economy. The primary reason for the downfall in the insurance industry was liberalization and non-classification of other businesses in terms of risk. Leading experts of the insurance companies finally came together on a single platform. A regulatory body was formed. Classification matrix was crafted. Insurance policies were further domiciled into various categories. This exercise gave awareness to the insurance and other sectors. A yardstick to measure the criteria of difficult and high risk was ascertained, which was built into the premium rates. It followed the fundamental principal of risk versus reward. Higher the risk, higher the premium. This led to branching out of private and state-owned insurance companies. In some of the states, there is a monopolistic scenario, while in others it is most competitive.

 

Insurance is a vast field, therefore to have a myopic view in understanding the relationship of difficulty in insurance with high-risk businesses. Hence we will restrict the narrative to worker’s compensation insurance. Many business owners hold a general misconception that they don’t need a separate worker’s compensation policy if they already have general liability insurance. The fact is that a general liability policy does not cover the risks of workplace accidents and injuries. The reason why many businesses feel this way is because general liability insurance is calculated by staff count, but in reality, it doesn’t cover employee injury at all. To offer the necessary protection to your employees and avoid expensive litigation, you do need to have a workers compensation insurance policy in place.

 

Insurance companies calculate the risk of each employee according to the kind of work they perform. The NCCI, or National Council on Compensation Insurance, provides a set of rules to help you classify every employee. An employee performing clerical work, for example, is at a lower risk of workplace injury than, say, an employee working with electrical equipment on the shop floor. Nonetheless, regardless of the level of risk, every permanent employee needs to be covered by worker’s compensation insurance. Worker’s compensation does not cover contractual employees. The actual size of the insurance premium is a combination of the measured risk and the wages or salary of the employee.

 

Worker’s compensation insurance requirements vary from state to state. Hence, jurisdiction plays a very important role. You can start by reviewing the relevant Worker’s Compensation Act in your state. So, in California, for instance, a business with just one employee has to offer worker’s compensation insurance, while in Alabama, a business has to have at least five employees before it is legally required to offer such compensation. Interestingly, businesses in New Jersey, Texas and South Carolina are not legally required to offer worker’s compensation!

 

To sum it all up, Worker’s Compensation Insurance is limited to physical impairment or injury. An injury that has occurred while performing a certain operational activity in the organization. What it implies, is that if you are in the office and suffer some non-physical impairment, such as cardiac arrest, brain hemorrhage or nervous breakdown, it will be very difficult to prove that such non-physical impairment was related to the work or not. Which is why before any of the employees are insured or offered healthcare or worker’s compensation insurance, might have to go through some series of medical diagnostic tests. As the insurance provider also wants to protect its interest.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing services 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 US based accounting professionals are certified QuickBooks™️ ProAdvisor’s providing bookkeeping, record storage, performance reporting and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay services. 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 fund accounting?

Fund accounting is a system of accounting used by non-profit organizations and governments, to track cash assigned to different purposes and different usages of said cash. The aim of fund accounting is on accountability, rather than profitability. Different funds are set up with a separate set of accounts and a balance sheet each. The set of accounts are unrestricted, temporarily restricted, or permanently restricted, depending on the restrictions set by the provider. An example of fund accounting would be, say, the Salvation Army has $1,000 in its account, with restrictions on how to spend it. A certain part of it goes towards training staff, another amount goes towards quality control, and another amount goes towards campaigns reaching out to people for donations. So, it’s like having a manila envelope, and inside that manila envelope, there are three smaller envelopes that have a certain amount of money in it, for the above needs.

How does it fare in non-profit organizations?

 For regular companies, accounting centers around profitability; whereas non-profit organizations use accounting to keep in line with their mission statement. Fund accounting separates the resources received for a specific purpose. If that resource is not used for the whole month/quarter/year, it rolls over to the next month/quarter/year (still to be used for the purpose specified). There are several types of organizations that use fund accounting. Apart from governments and hospitals, non-profits, charities, churches, colleges and universities, and artistic foundations also use fund accounting. The Herzlinger and Sherman paper on the Advantages of Fund Accounting in ‘Nonprofits,’ (1980) argued that it is important to maintain restricted and unrestricted monies that are received from donors, separately. They also claimed that examining the financial statements of nonprofit organizations can give an accurate estimation of how financially well-off these organizations are.   

One advantage of using fund accounting is that it separates the assets needed to meet a specific purpose. Fund accounting separates the account balances related to its purpose and keeps these funds from mingling with the other accounts of the organization. This ensures that the assets assigned to each fund remain available for the purpose of that fund.

Another advantage of fund accounting is that it keeps the organization accountable to its donors. When the financial statements are issued at the end of the year, donors can analyze the performance of each fund, as it identifies the monies received per fund, and how the non-profit organization distributed those funds.

According to the Harvard Business Review, there are many recommendations for re-structuring non-profit accounting. This is due to unnecessary complexity which slows down intelligent financial analysis and management. Firstly, most recommendations agree that financial statements need drastic simplification. Usually, non-profit organizations have four or more fund groups, and make three financial statements per group (12 in total). This becomes very confusing, and thus it is proposed that combining the funds into a consolidated set of statements, would be simpler. Secondly, non-profit organizations and especially governmental organizations combine their accounting with their budgetary systems. Meaning that they report the actual revenues and expenditure and compare them with what was budgeted. Expenditures anticipated are based on purchase orders. The total is shown as an obligation against the budget. This obligation against the budget confuses readers of the statement.

However, the Harvard Business Review opines that fund accounting and budgetary accounting should not be abandoned. The types of funds in a non-profit organization are like piggy banks which have resources in them allocated for a specific purpose. The current funds piggy bank has resources for present operating purposes, while the endowment funds has resources for generating income where the principal cannot be spent, but where the income can be spent. The plant funds hold the organization’s fixed assets, and the special purposes funds have resources for clear-cut specific reasons such as providing student loans.  

Summary

Fund accounting has its advantages: it separates assets as per the instructions of the donor, and  aids in holding organizations accountable to their donors, by separating the resources. Some claim that the number of financial statements become confusing, etc; however, the advantages far outweigh the disadvantages of the fund accounting system.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing services 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 US based accounting professionals are certified QuickBooks™️ ProAdvisor’s providing bookkeeping, record storage, performance reporting and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay services. 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 we start our own business, we must make a series of decisions that can mark the future of our company in the medium and long term. Especially if we have to make a moderate investment and have a tight budget, as is the case of freelancers and SMEs.

One of these vital decisions arises when choosing a vehicle for our business, something that is especially relevant if we need to move frequently, make deliveries or transport material. In fact, there are few self-employed who consider the company vehicle as an extension of themselves as professionals. So choosing the right vehicle is essential for the development of their activity.

If you need to choose a vehicle for your new business, or are thinking of renewing your company’s transport, take good note of these keys that will guide you when making a decision:

 

Analyze the real needs of your business

This is an obvious and problematic issue for many entrepreneurs and freelancers. While it is true that in our private lives many of us get carried away by aesthetic issues or personal preferences when choosing a car, when we choose a vehicle for our company it is necessary to make a much more rational analysis.

It is not the same to make commercial visits than home repairs, so you must determine if you will need space for loading or transporting material and its size, as well as the skills and licenses of the people who will drive the vehicle or the number of occupants you will normally have.

If your business requires you to be constantly on the road and total connectivity, an interesting option is to opt for vehicles that allow you to set up a “mobile office”. This helps you simplify the work. To have smartphone and tablet supported, a space for a laptop or an integrated desk that allows you to have all your work tools at your fingertips. In this sense, there are already interesting solutions on the market, the new Renault Traffic, specially designed for the new needs of SMEs and entrepreneurs more linked to technology.

 

Think long term

We already know the present needs of our business, but what about the future ones? While it is true that we can always use formulas such as leasing and renting that allow us to renew our vehicle with greater flexibility, if we have decided to buy we must take into account that it is a long-term investment.

Calculate the useful life of your vehicle and reflect on whether it will be able to meet the needs of your business until the end of it, trying to anticipate changes both in your own company and in your sector of activity in general.

 

Determine a budget before choosing a vehicle

Once we have determined what we need, you must establish a budget for your business vehicle … realistic! While it is true that for many freelancers and SMEs the money available is what it is, you should know the offer and market prices based on the benefits and capabilities you need, which does not mean that you should increase your budget unnecessarily.

 

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing services 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 US based accounting professionals are certified QuickBooks™️ ProAdvisor’s providing bookkeeping, record storage, performance reporting and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay services. 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 need a personal or professional mortgage or any type of loan, the main advice we give you to get a mortgage is to take into account that we are autonomous and we have come this far because we are very capable on our own.

Applying for a mortgage takes time and sometimes many disappointments and frustrations. Remember, the most important thing is not to take a “no” as a personal defeat.

Like it or not, the fact of being autonomous makes us start from a base situation a little more complex than the rest of humanity. These are issues more related to business than to our person.

Let’s see more tips:

1. When presenting our documentation, we must do so in an appropriate manner, with an attractive design, as well as adequate content adapted to our brand. The bank will not surely understand our business, illusion and project if we do not transmit it with the maximum precision. Banks know about documents and figures. The rest, you master it, so we encourage you to make a small presentation of your professional or personal project as clear as possible.
2. Although each bank and firm usually already has its “line of companies” open, no matter how much we tell a bank manager, our objective and our company, some questions will remain untouched. The ideal is not to leave any loose fringe and solve all the questions that can make you doubt.
3. This dossier must make it clear that we are autonomous enough to pay a monthly fee and return it with their corresponding interests in a reliable and constant manner. It would be good to narrate in a visual way your history, your business, include a resume, as well as your strengths and weaknesses, a graph of gains and losses (justified).
4. It is also necessary to include a summary with key points that demonstrate your ability to pay and ability to manage the business. This document must be printed with quality as many times as necessary to deliver it to the different banks where you apply for your mortgage. You must be the best commercial of yourself and your project. You must sell it like nobody else since it is yours totally.
5. In this document that you are going to present to the banking director, incorporate a bit of your life: a summary of the history of the business itself, your competitive differences, professional achievements, recognitions, etc. This Viability Plan must incorporate all the necessary fiscal documentation, in writing.
6. If there are peaks of losses it would also be advisable that, in writing, it be clear why this has happened and the measures taken. This document will go through different departments prior to its approval and there you will not be able to explain it. It also includes income and expenses information with the main information about customers and suppliers, our projects and previous business successes.
7. Your ability to save will make the bank more convinced. Ideally, check what your real savings are, current expenses, fixed or continuous income.
8. And finally, arm yourself with patience and collect a document with all the information of the most competitive mortgages. Make a comparative table in Excel where you can correctly differentiate what type of interest each one has, the amount granted, an assessment of the relationship with that branch, etc.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing services 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 US based accounting professionals are certified QuickBooks™️ ProAdvisor’s providing bookkeeping, record storage, performance reporting and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay services. 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.