Category: Content

PROBLEMS-

1. Too much credit:

An individual thinks that using too much credit would be fun but they are unaware of the fact that it will cost a lot. Borrowing has to be paid back as soon as possible so as the credits too. We applied for a good use of credit card but failed to cope over those expectations.

2. Not paying bills on time:

Most of us delay at the time of payment due to several reasons. An individual wants maximum amount of money without working hard or paying bills. For several products we do not directly pay bills through cash because of the credit card system. In the end, we are trapped by the credit bills.

3. Using more than your balance:

An individual deposits a sufficient amount, where else, uses more than that. Besides, it is a credit card. But, we are unaware of certain consequences emotionally at that time and cry at the end blaming the banks. Blaming is easy, acceptance is difficult.

4. Using at daily purpose:

As soon as we receive a credit card, we start using it on daily purposes. Whether it is a gas station or a grocery, we use card. We become so bound to it that we tend to forget about the savings, salaries, rents, etc. For minor expenses, it is totally a bad option.

5. Consuming maximum for rewards:

The credit card companies attract the holders to use more credit to attain certain rewards. For earning few rewards, people use their cards more and then get huge bills at the end. They have to pay the bills at any cost. Rewards system is not necessary to be consumed every time.

6. Lending card to your friends:

So, many people lend their credit cards to their friends, family or beloved for certain shopping. Most of the time, these people use the maximum amount and do not pay at the end. An individual suffers the loss alone because he/ she were the account holder.

7. High interest rates:

People apply for a credit card, avoiding the fact that many banks charge high interest rates. They spend the most credit and end up paying the most money with high interest.

SOLUTIONS-

1. Avoid using too much from your card:

The first and the most important solution of the misuse of credit cards is avoid using it too often. Stop being too dependent on the card because at the end, and individual has to pay the bill for it as well.

2. Buy things from your income:

Buy the things you adore or the groceries from your personal income, unless and until something bad happens. Stop using the credit/ borrowed amount for the necessary things. This will lead to your own exploitation.

3. Don’t be too grateful:

Stop being too grateful towards everybody you know. Avoid giving them your card because in the end, you will have to pay for it. They won’t pay a penny and blame you for your card charging too much cash every time.

4. Stop wasting money from credit card:

Just stop wasting your money from the credit card or more of the credited balance. Save that money for emergency sake. The excess money used will be of no use. So, simply avoid it.

5. Go for low interest rates:

Go for the low interest rated banks. Be careful before applying for it because every single penny worth. The lower the interest rate would be the low amount one might be paying at the end.

6. Don’t use it daily:

Never use your credit card daily. The daily use will increase the reward amount (that is always lower than the used amount) and of the credit card bills as well.

7. Pay your bills on time:

Always pay your bills on time no matter what happens because one delay will be a huge amount for the next time with high interest applied. Use your card wisely within certain limitations of your personal income.
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 it comes to building equity and generating income, investments soon come to mind, right? But how do you know if investing in real estate really is worth it? Is it really that ideal? Especially if you are a novice investor, it is more than common to have doubts whether this type of investment is, in fact, the best alternative. Ready to draw your own conclusions if real estate is (or is not) good investments? Then follow:

 

Why invest in real estate?

Before marking visits, probing consortium or doing financing simulations, anyone who still has doubts about investing in real estate should start to better understand why these are good investments, do not you agree? Among these reasons are questions such as:

 

They are very versatile goods

By purchasing a property as an investment, you become the owner of a fixed asset of high value. This means that it is possible to generate income through the rent, as well as reform it to resell at a more appropriate time, when there is an increase in demand, and so on. More than that, you obviously can enjoy the property, since it’s yours! All this makes it a very flexible investment and adaptable to your needs, as well as the state of the market as a whole.

 

They have good profitability

Taking into account several variables, ranging from location to footage, one can observe a very attractive advantage: profitability. Ever thought renting a seasonal property in a prime area of ​​the city or even leasing a commercial room in a prime location can deliver much higher profits than most other investments? This not only causes you to recover the money invested faster but also ensures a monthly income over the time the property remains under your property.

 

They are safe options

In the investment market in general, it is often necessary to take risks that are not always desirable to obtain profitability. As a consequence, investors are often forced to choose between profitability and security. Already with the investment in real estate, this dilemma simply does not exist. The logic could not be more simple and direct: having acquired the property, the property is yours. And while it is necessary to take certain precautions regarding depreciation, the investment is not lost. This allows you to get the best of both worlds in order to ensure a good structure for your budget.

 

They have good valuation power

Most traditional investments depend on economic indicators (such as interest rates and inflation) to undergo valuation or devaluation. And while the value of real estate is also affected by the state of the economy, they generally hold great valuation power – better than other investments. Imagine, for example, a neutral economic situation with moderate growth and an expected credit supply.

In this scenario, the majority of the investments have appreciation of average to low due to the stagnation of the main economic indicators. The property, on the other hand, can be valued! For this, it is enough to have an improvement of infrastructure in the place or a heating in the offer of credit, for example.

Also worth it in times of instability?

It is very common to hear that investing in real estate during periods of uncertainty is not a good idea, right? And of course, just like virtually every other sector of the economy, the real estate market also tends to suffer from economic stagnation. This does not mean, however, that investment in real estate is no longer a good opportunity. In fact, what happens is just the opposite! Investing in real estate even during these contexts can be beneficial because:

 

The properties are standing in the market

As the supply of credit falls and the financial situation of families becomes more complicated, it is more than natural that the demand for real estate also suffer a decrease. Because it is a more value-added asset, it is no longer a priority (or even a possibility) for buyers in times of instability. As a result, the properties that are on the market are stuck: launches run aground and used properties tend to take longer to find buyers.

But how does this favor your investment? Simple: when you want to buy a property, you become a great business opportunity for those who sell, and hold the power in a possible negotiation. As a result, it is easier to buy the property with facilitated conditions, which would probably not be found out of this situation.

 

Prices are lower than normal

The deterioration of the economy and the delay in real estate have a direct impact on prices, which tend to fall. In this scenario, the price of a property put up for sale may suffer a significant reduction. And even if it is valued, it is necessary to keep up with the demand – which, at the moment, is much lower. When leaving to invest in real estate in that period, therefore, you can acquire a unit with extremely advantageous discounts, making the return on investment soaring.

 

Rental search increases

It’s okay that people buy less real estate in difficult times, but that’s not why they neglect the need for housing. It is natural, therefore, that there is an increase in the demand for real estate leasing. When acquiring a unit at such a delicate time, resale is actually more difficult. On the other hand, you can rent the property, especially if it offers a more inviting price. As a result, the asset can start generating income almost immediately, allowing you to recover the investment early.

 

Other investments become more risky

It is common that general instability is accompanied by economic stumbling. And that is not good for investments. As a result, making other investments becomes considerably more risky than buying a property, which will continue to be your property.

An investment that depends on inflation, for example, can quickly lose profitability when the economic situation returns to healthy levels. The property, on the other hand, only tends to become an increasingly profitable investment for your pocket.

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 an effective financial management in the SME depends on good planning, an adequate cost structure and a good management of liquidity and treasury. Many companies encounter the problem of not investing every day because they have no financing. And if they don’t have financing, it’s because they lack control of it.

However, it is possible that if you are self-employed or if you have a small business, you begin to successfully and effectively manage this area of ​​your business. In this post we will see some financial management tips that you can start applying in your company and for which it will be extremely useful to have an ERP in the cloud like my management.

 

1. Create due dates for your invoices

One of the problems of financial management, is liquidity. If customers do not pay in the corresponding time, the company or the self-employed person may encounter cash problems when paying their suppliers. So that this does not happen, we must try to clarify the payment terms with our customers and enforce them.

One of the options offered by your ERP, is that you can set the due dates of your invoices based on the payment method. You can see it in our user guide billing in the cloud. For example, perhaps if the modality chosen by the client to pay for the order is by check, you want to establish a shorter payment term, since charging the operation will take you more time than by bank transfer.

 

2. Control installment payments

Suppose you are going to charge your client a considerable amount of money. It is perhaps too much to do in a single payment. Then you decide to choose the installment payment, where you must decide the time available to pay and the fees you will have to pay each time.

The installment payments are a way to better manage your liquidity , since instead of having to wait 2-3 months until the client makes the payment, you can get maybe 50% at the beginning, 25% the following month and another 25% the next. This gives you much more liquidity margin to face the payments you have to make.

 

3. Adjust your cost structure

In your online ERP you can also see the relationship between income and costs. There will be some costs that are eventual and others fixed. In order for your business to have some flexibility, you need to adjust your fixed costs so that they don’t inconvenience the growth of your business.

This has, for example, a great relationship with the seasonal factors that influence your sales and your income. Perhaps during the summer you sell less and the fixed costs have a greater weight on your finances, which is noticeably in a lower profit or, even, that you incur losses. Ideally, your cost structure is tight enough so that you can retain control.

 

4. Limit external financing

Increasing your column of liabilities to have a greater liquidity can have a drawback: the increase in fixed costs in payment of loan installments and interest. Although having short-term financing is a great help for companies to deal with their payments, the truth is that having a large dependence on external financing harms your business.

The key is to limit external financing to the needs of the project. Indebtedness in itself is not bad; what is bad is not knowing how to use this financing to invest in assets that in turn generate a return on investment that results in an increase in profits.

Analyze in detail how much you are going to invest, how much you will depend on external financing and how much of the company’s funds, to what extent you will report benefits and how long it will take to generate them. Having a detailed financing plan is essential for financial management.

 

5. Reduce your financial dependence

Many SMEs and freelancers have the problem that they depend excessively on a small group of recurring clients. Or, even, they may only have a fixed client. A delay in the payment of this type of customers can cause liquidity problems in the company, so it is necessary to reduce their dependence.

In this case, there are several strategies you can follow to win financial independence. For example, you can try to get more fixed or recurring customers to reduce their percentage over the total amount, which would make a delay in payment not affect the waterline of your business.

Another option is to diversify, opening to other business lines and alternative sources of income. Also create a portfolio of prospective clients wide enough to reduce your dependence on fixed customers.

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.

Actually, it’s a matter of thinking about what talent or skill you have. Then think if people would pay for it. Finally, think about how you will sell the idea to introduce that talent and earn money with it. There is almost always a way to do it.

Lifeguard

Many are the private urbanizations in neighboring communities, which are obliged to hire a lifeguard and municipal swimming pools of town halls. This summer work has had a great reception for many young and not so young boys, who have filled the classrooms with preparation for this work. Yes, that’s the bad thing, to be a lifeguard, you must attend a course to prepare yourself and know the basics as a rule.

Sell original products to tourists

We can see hundreds of stalls selling all kinds of products, but imagine looking for those rare products online and sell them to tourists. They must be products that really attract attention. Considering that you usually sell things of all kinds, imagine if you make a difference with really original objects.

Themed parties

Question of organizing an event, talking with the owners of premises and terraces to make a party of the theme you think is convenient. In this case, your work will be the organizer of the event and intermediary. Give your imagination a free rein.

Sell Hawaiian shirts to earn money in summer

Something has the Hawaiian shirts that they like, especially in the coastal areas. Even if we search Amazon, we could find Hawaiian shirts for $20. According to which internet sites, you could find them cheaper. You only have to make your wholesale purchase on the internet and sell unitarily to tourists.

Kangaroo

In summer, people tend to go out more. The weather accompanies. The babysitting service increases your demand on these dates. Even hiring hours increase sometimes, even for full days. It is a matter of raising it.

Pet care

We do not talk about walking dogs. The truth is that many people, when they go on vacation, do not like kennels and prefer to let their pet have human contact with a person they trust. It’s not that you’re going to get rich with this business idea, but if you like animals, you can earn some money by taking care of someone else’s pet.

Waiter

Obviously, it has always been the job that most students have chosen to get extra money in the summer. In areas of high tourism, you can more than earn extra money. You have the possibility of earning money that will keep you all winter. It is clear that, as in any profession, the specialization in a specific branch can make your hours more profitable than that of the waiter to dry.

Replace workers for vacations

Great opportunity to find a job, even for the summer months, in which the company must obligatorily give their workers vacations. Today, a large part of companies prefer to hire substitutes before closing the summer months. Find your opportunity there. With a little luck and competitiveness, you may be chosen to work later.

Social animator

They are required in summer camps, hotels, and trips. If you are an outgoing person, with a happy and imaginative character, currently, only in Spain around 20,000 people are requested to animate some type of party, meeting or camp.

Opportunity for musicians

Soloist or member of an orchestra. Every summer in tourist areas, they are required to animate or give atmosphere to the summer terraces. It is also the season where the orchestras work the most. It is not an easy task, and probably requires a lot of fieldwork.

Translators

If languages ​​are your thing, you will have great opportunities for any type of business, be it hotel or hotelier, since on these dates there is a high rate of foreign clients.

Our business ideas of services at 1% (to the rich) may also be in demand in the summer.

We offer all kinds of business ideas for the most enterprising people, both in summer and throughout the year. Maybe, that way you’ll never have to think about getting back some extra money in the summer.

Sell your mood

Since monologues are in vogue and this type of show is increasingly being requested in venues, summer is a good time for you to talk to the owners of the venues and sell your monologue, jokes, or whatever you do.

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.

Communication on the Internet is evolving at a monumental speed as technology advances. Five years ago, the smartphone market was still in its infancy. Today, almost all the American population is equipped, and nearly 80% of Internet connections are now via a Smartphone.

What is the consequence for your business communication? Simply that a website is not enough anymore! Your website must now be perfectly adapted to mobile use. Otherwise, you risk losing most of your audience. Therefore, you have two solutions: a mobile version and/or a mobile application. Today, we will explain the interest in developing a mobile application for your business.

Before going into the thick of it, it is important to remember a little web vocabulary, so that no one gets lost on the way! We must, therefore, differentiate four concepts: the website, the mobile version, the responsive version or the mobile application:

The website

Your corporate website is simply a classic site, designed for widescreen navigation, from a computer. The website is still essential today because it allows you to communicate on the internet and share useful information with your customers and prospects.

The responsive site

With the rise of the mobile web, we have seen more and more often appear responsive websites. These are simply websites designed to automatically adapt to the size of the screen on which they are viewed. Highly efficient because they can adapt to any screen size, they remain fairly limited for complex website projects. Creating a responsive website nonetheless remains one of the most popular ways to adapt a site to mobile browsing. This technique is indeed required to replace the mobile version eventually (see next point). The only bad thing is that it is extremely difficult to adapt a non-responsive website to this technique. Better to think about creating a responsive website directly.

Mobile version

The mobile version of a website is simply a copy of your website, designed to fit the screen of a smartphone or tablet. This is often a simpler version, which allows you to view content quickly on a touch screen, from an internet browser. If your website does not have a copy in mobile version or is not responsive, it may simply be illegible on smartphone and therefore lose a large audience. Note: If a mobile version of a site is easier to develop than a responsive site, it is also more restrictive. Indeed, as a copy of your site, the mobile version is separable. In case of an update, you will have to update both versions of the site separately. Similarly, links to the same content on your site or mobile version will be different, which may cause compatibility issues. A mobile version does not take into account the size of the screen on which it is viewed, which does not make it suitable for 100% of smartphones and tablets.   

In contrast to the mobile version, which is accessed from a web browser, the mobile application (or App) is like software that you can install on your smartphone. If your customers install your mobile app, they will be able to access its content directly through a logo, on the menu of their phone.

It is important to remember here that these notions can be quite complementary. Even if internet browsing via smartphone is more and more popular, it is always essential to have a classic website. We will choose if we prefer to create a responsive site or a mobile version for smartphone browsing. Having a mobile version of this same website will not prevent you from launching a mobile application.

The purpose of our article of the day will be simply to show you the interest of a mobile application, and to make you understand its stakes!

The benefits of a mobile app

It should be noted that a mobile application is often more difficult to develop than a mobile version of a website. Nevertheless, this difficulty is justified by the many interests of a mobile App:

You create a link with your audience.

Downloading a web application is already the first commitment. Thus, you are certain that everyone who has downloaded your App is sensitive to your message and your products and services. Being directly present on your audience’s smartphone is already a huge plus!

You simplify access to your content

To access your application, a customer will only have to click on a logo. On the contrary, accessing a website or mobile requires a Google search or knowing a URL by heart. By facilitating access to your content, you are certain that your customers will consult them more often.  

You send notifications

Unlike a website, a mobile App allows you to send push notifications directly to your audience. Do you have important news to communicate? Do you want to launch a promotional campaign? Do you want to talk about a corporate event? Your application will allow you to send a notification to all those who have installed it, and therefore to be certain that your message is seen.

You have a tailor-made tool

A website or mobile version is naturally limited. On the contrary, a web application will be tailored to your needs and those of your customers. You can create the perfect tool that will help you disseminate information, boost your online sales or strengthen your relationship with the customer.

You can use all the possibilities of a smartphone

Having a mobile application is also an opportunity to exploit new tools, such as geolocation. Does a user approach your shop? Why not encourage him to purchase a targeted promotional offer? You can also integrate the use of the microphone or the camera in your application. The possibilities are endless to make an App a new marketing tool, and the only limit is that of your imagination!

You can communicate about launching an App

Launching a mobile application can be the occasion of a real communication campaign, which will allow you to make known both your application and your company. On the contrary, the launch of a mobile version of a website will not impress anyone!

You have a more serious image

Today, most companies offer a mobile version of their site. On the other hand, few companies have a Mobile App developed. This is both an opportunity to distinguish yourself from the competition, and to show a serious and professional image to your audience.

You boost your brand image

If one of your customers has installed your mobile app, they will see your logo every time they visit their phone. Is it more effective to reinforce your brand image and guarantee you will not be forgotten?

Develop a mobile application

You will understand, the creation of a Mobile App can have many advantages, provided of course to have the use of your customers. Properly designed and tailored to your customers, a mobile app could simply boost your sales and business communication.

Once your idea of the mobile application in mind, you have to develop! If you need serious and experienced developers to do this, you can trust the Access Com ‘team. Our developers are indeed able to design a custom web application, whether for iPhone, Android or Windows Phone.

 

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.

Many of us have dreamed of having our own business, and a way to start usually involves working from home. Just as it has great advantages, there are also certain things that nobody has told you, but it is important that you know if you are considering this type of business.

Working from home gives people a lot of flexibility, but also a lot of problems, so it is important to have a complete vision of what it means to be an entrepreneur. Not all people are ready to work from home, and this is one of the reasons why 80% of businesses that start at home fail. The more information you have, the better prepared you will be. Here we leave you 5 things that nobody has told you about working at home:

 

1. Your Family and Friends will Believe that you do Nothing

Working from home means staying in a space that you normally use to rest, this means that you will probably receive many calls from family and friends saying: “taking advantage of your home …”. People around you will believe that you are not as busy, stressed or dedicated as they do to their jobs and will ask for things from you that you surely cannot do. It is important that you set limits from the beginning and explain to your family and friends that you are trying to start a business so your time and concentration will be dedicated to it.

 

2. Forget About Weekends

There are also no holidays, or overtime. Many entrepreneurs can tell you about birthdays, festivities and important events that have been missing due to their business. When starting a company you need to have very good time management, but also know how to sacrifice certain things for others. It is likely that several years pass before you can take a real vacation.

 

3. Returning to a “Normal” Job will be Very Difficult

Once you take the first step towards your own business, your goal is not to return to work for anyone else, but sometimes dreams are not fulfilled. Even so, the more time you spend working in your own business, the more difficult it will be to return to work at an office or a regular job. Working from home accustoms you to your own schedules, to receive a payment per project instead of per hour and to organize your activities according to your needs. Returning to a regular job can be very complicated if you need to.

 

4. Your Work Never Really Ends

This is probably one of the most complicated truths of working at home. When you have a project, you never really finish working because most likely before finishing one thing you will already be planning or working on the next one. The work is constant and as with point number 2, you must have a very good time management to ensure that you can fulfill all your obligations.

 

5. Charging your Customers will Become an Extreme Sport

One of the main problems of any entrepreneur is to charge their customers. In many cases you must spend long hours on the phone, write several emails or visit them in person to ensure the payment of your bills.

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.

I do not know if you identify with me, but I have tried hundreds of times to start a budget and I never manage to keep it the way I expected.

Unforeseen expenses, calculation errors, loss of money, income less than what was expected, etc. They destroyed my budget within days or weeks of having started, throwing me into frustration over and over again.

The strange thing is that, for the most part, each year I earned more money than the previous one. However, financial tension always existed from day one.

Until I learned to make a budget in the right way. That’s why today I want to give you 4 secrets that will lead you to manage a budget in the right way. One that FINALLY! It will work for you.

 

 

SECRET # 1: Build a Budget to Zero

Also called “give a job to every dollar you earn”, means that the correct way to make a budget is that every dollar needs to have a reason. You can not have money left over in your budget. Whether you decide to save, invest, spend or give away, you need to assign a reason to each dollar and the sum between your income minus your expenses always has to equal zero.

 

 

SECRET # 2: Save $ 1,000 to Start

This is what my friend, Andrés Gutiérrez calls the “emergency mini-fund” or what I call “the fund for rainy days”. This $ 1,000 is recommended if you live in the US (In other countries it is different: Spain – $ 1,000 Euros, Mexico – 5000 pesos, Colombia 650,000 Colombian pesos, Argentina – 2000 pesos, Peru – 600 soles, etc.).

This fund is going to be the key to keeping your budget and financial plan in line when life kicks you out. And believe me, life always kicks.

 

 

SECRET # 3: Adjust Daily or Weekly

One of the big mistakes in managing a budget is that we see it as a static document. The reality is that a budget is a dynamic document.

Did you have an unforeseen expense for your child? Is medicine a little more expensive than you budgeted? Then you need to adjust your budget and reduce other categories so that the budget always adds up to zero. (Example: you decrease the budget of restaurants in that month to adjust for the rise of the medicine).

 

 

SECRET # 4: Plan for Events that are Repeated Every Year, and Save Monthly for Them

We all have unforeseen events. But Christmas, our family’s birthday, property taxes, holidays are not unforeseen. These situations happen every year.

The secret is to calculate the estimate of each of them, divide the total between twelve months, and save that amount monthly. That way, on your husband’s or wife’s birthday, you can go to that account and buy something beautiful without remorse. Also your son will have the birthday party he asked for and your family will go on vacation without stress … and none of that will affect your monthly budget or your cash flow.

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.

Every time spring arrives, taxes are just around the corner. It is good to know what expenses you can deduct. An amount to consider, for example, is the amount you have paid for your home mortgage.

To deduct the mortgage means to deduct the amount of the contribution of your taxable income in the Personal Income Tax (Personal Income Tax).

Not all mortgages deduct on the income statement, so we help you know whether or not you can benefit from this deduction. First of all, remember that the holder of a mortgage has the right to deduct 15% on the amount paid during the fiscal year, with a specific dollar amount limit. If the mortgage loan has two holders, each one should make the declaration of income individually and a maximum of 15% could be deducted.

These are the four elements that you should keep in mind:

 

Disburse the mortgage according to the purchase date

To be able to deduct it you must have signed the purchase before January 1, 2013 . On this date the relief for habitual housing for future mortgaged disappeared. Luckily, the measure is not retroactive and does not affect those who bought a home before. If you purchased the home after January 1, 2013, you will not be able to deduct the amount paid, but you are required, however, to declare the mortgage on the rent.

 

To deduct a mortgage, housing must be habitual

It is mandatory that the property be your usual home. The mortgages of second homes or houses rented to third parties do not deduct in the personal income tax. But what is considered a habitual residence?

The property must meet three fundamental requirements:

 

• That it is the residence of the taxpayer for a term followed by a minimum of three years. It does not apply if the taxpayer has died or there are circumstances that require the change of address such as marriage, separation, labor transfer, a first job or a better one.
• That the dwelling is effectively inhabited in a term never exceeding twelve months from the date of purchase.
• Annexes such as storage rooms, gardens or swimming pools are also part of the habitual residence, provided that they are acquired with the property, as well as a maximum of two parking spaces.

Although the regulation requires three years of residence in the same property, you can deduct your mortgage payments before this deadline is met. However, if you want to sell the home before that time you will not be able to benefit from the exemption for reinvestment, since it is not considered to have been your usual home.

 

The mortgage must be complete for a home

Sometimes we request a mortgage that finances the amount of the house and the bank offers us an extra amount for, for example, a reform.

Well, it is only possible to deduct the mortgage in the IRPF if you have destined the loan, in its entirety, for the acquisition of a home. You cannot deduct the proportional part of the fees allocated to other concepts than the property. Pay attention, because, sometimes, the draft of the income statement does not appear exclusively financial loan data, but subsequent penalties of the Treasury do not usually fail. The amount of the fine will depend on the seriousness, the time elapsed (interest on late payment) and the surcharge for late submission. 

 

The mortgage deducts if it is a real estate

A final indispensable condition to deduct the mortgage is that the acquired property is a real estate. It may seem strange to you, but it is not so much: mobile homes, for example, are considered movable property and you cannot deduct them.

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.

Implementing new ideas is also possible for SMEs. Do not stop analyzing the central aspects of innovation before embarking on an improvement project.

Are you looking to innovate in your business? Implementing new ideas in the products, processes, organization or marketing of the SME requires dedication and effort. Account for these aspects of innovation that can impact your project:

 

 

1. It is not just about implementing new technologies or launching products. A broad concept of innovation refers not only to a change in the product or technology, but also to new forms of organization, marketing or processes. Thus, an innovation may not even be visible to customers, for example, if it is a novel way of managing inventories or managing personnel.

 

2. To innovate it is necessary to invest. Although it is possible to innovate with scarce resources (the dream of the great idea that revolutionizes the market without effort!), it is usually necessary to dedicate time and money to the search and implementation of new applications. It can be the acquisition of machines, equipment, materials, services such as design or advice, or man-hours dedicated to the project. As the entrepreneur Santiago Siri puts it in his TED conference: “There was no secret formula. (Innovation) It is effort and perseverance.”

 

3. In all innovation there is a significant share of uncertainty. The results of a research and development process, for example, are not easily predictable. When a company embarks on the search for innovations, it has no certainty about the time it will take to reach an acceptable result, the amount of resources it will need to allocate and even the degree of acceptance that a proposal will have in the market. But with risk there is also the potential reward!

 

4. An innovative culture is what drives changes. The attitude and behavior of the work group is the true engine of innovation. Thus, it is essential to nurture creativity, encourage teamwork and value the exploration and efforts of your people. “To lead a culture of innovation it is important to recognize that true creative thinking is not solitary,” explains expert Ken Robinson. “And that innovation is more likely to come from the collaboration of people working as a team.”

 

5. It includes new knowledge or a new combination of existing ones. No idea is totally new, but it is based on knowledge, innovations or previous ideas, which may come from different areas. Observing, exploring, analyzing and implementing ideas generation techniques can help start the process of innovation in your SME.

 

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 does it mean to be living paycheck to paycheck? It means that you literally run out of money before you get the next paycheck. It also means that you spend all your money before the month even ends.

 

A survey states that 8 out of 10 people live paycheck to paycheck. Being in such a situation can be really stressful as you are constantly worried about making ends meet. This can adversely affect your health and well being. You need to sit down and figure out how you can bring this misery to an end, otherwise life will be nothing, but gloomy.

 

Here are a few ways through which you can stop living from paycheck to paycheck:

 

Make a list of your expenses

 

You already know what your income is, so make a list of expenses you incur month to month. This list can take up an entire month as you will be jotting down all your day to day expenses. This list should consist of all your little and big expenses. Even if you spend $1 on something, write is down. Make sure to include how much you spend on utilities, auto loan, mortgage, food, student loan, shopping, etc. This way you will know exactly where all your money is going.

 

Highlight unwanted expenses

 

Now that your list is ready, cross off all those expenses that are unnecessary and can be avoided. You will be surprised at how much you sometimes mindlessly spend on things that aren’t even wanted.

 

Start saving

 

You have your list of expenses and you have a list of things you unnecessarily spend on. Now what you have to do is save money, even if its saving $1 a day. It is advisable to save at least 10% of the money you make. This way you will have money for a rainy day or for any investment opportunity that may come your way.

 

Ask someone to save for you

 

If you are struggling with your savings and end up spending it all, then it is advisable to hire a fund manager. But would that be practical if you are living paycheck to paycheck? No, it wouldn’t. So what you can do is ask someone close to you like your mother, husband or your best friend to save your money. You can hand them a certain percentage of your income every month, and forbid them from giving you the money, unless an emergency situation arises or you get a great business opportunity.

 

Know when to stop

 

You have your income, you know your expenses and you have your savings plan in place, what’s next? Well now you should learn the art of self control. The world is consumed by materialism and so are you, you love to splurge a little here and there every once in a while, but is it worth it? Maybe not! Your closet is already filled with so many clothes you haven’t even worn; do you still need to go shopping for new clothes? No! Is it necessary to eat out every other night and spend over $20 on a mediocre meal when you have already shopped for groceries and can prepare a healthier and cheaper meal at home? Hence, you should know when to stop. Before making a purchase decision stop and ask yourself if it is necessary. This habit will help you control your expenses.

 

Look for additional income

 

Inflation is on the rise, even if you control your expenses, your income may still seem insufficient to do the needful. This is the reason why you should always look for opportunities to increase the flow of your income. If you are doing one job, it is ok to look for another part-time job. Go work at your favorite retail store, or if you are a student look for a job on campus. Uber and Lyft are also great part time job options.

 

Consistency is key

 

A month or two will go by with much difficulty, but eventually you will develop the habit of controlling your expenses. The key is consistency; you have to be patient to reap the benefits of efficiently managing your income. It is important for your overall health that you get out of this vicious cycle of living paycheck to paycheck.

 

 

 

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.