When we are dedicated to organizing a project we must fulfill many responsibilities: knowing who is doing what, what is being delayed and what is being carried out, organizing communication between the team, etc. Actually, managing a project depends not only on your way of working, but on the technology at your fingertips.
Whether you dedicate yourself fully to carrying out projects or that you occasionally have to do it in your work, these 5 tools will help you to perform a more efficient and better organized work.
TRELLO
This tool is one of the easiest to use since the layout in the form of information cards allows all data to be displayed clearly and easily. Sharing and collaborating is simple, but Trello’s best tool is its flexibility. Its simplicity makes it work very well as a task organizer, pending lists, newsletter or almost anything you need and the best part is that its simplest features are free. Trello works from web or mobile devices iOS, Android and Windows 8.
FLOW
An application similar to Trello is Flow, which is still very easy to use but incorporates other work tools. The great success of Flow is its control panel that allows users to see everything from the same place. It also has the ability to separate work into different levels with names such as: workspaces, groups, lists, tasks and subtasks. Flow is excellent when it comes to projects that require high levels of collaboration and communication because it allows you to leave comments and set alerts as you would in social networks. Flow has a cost of $10 per user, per month and is available for iOS, Android, Mac and web.
ASANA
Asana does not have the design quality of the two previous applications, but it stands out for its task management system. Thanks to its own inbox, your email can be free of messages that relate to the project to be carried out. Asana bases its interface on setting and reaching goals, so it can be a good option for those who like to divide their work into phases. All of its tools are free and available for use on the web, iOS and Android.
BASECAMP
Basecamp is probably the oldest application and although it doesn’t have such an innovative design, it has a lot to offer. You can make use of pending lists, setting goals and discussion forums, but where it really stands out is in the management of shared files and the visualization of a work calendar. Its cost is $99 per year and can be used on iOS, Android and web.
PODIUM
Podium is probably the most complete tool mentioned here since, apart from allowing you to make use of all the functions that we have already mentioned, it allows you to generate your own applications within the system. This means that you can adjust it to your liking and needs. If you do not want to design your own application, you can make use of hundreds of applications created by other users ranging from budget management to reviewing videos, storyboards or publications for social networks. The best part? Podium is totally free, there are applications within the system that have a cost but usually all are free too. Podium is available for web, iOS, Android and Windows.
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.
Perhaps you have heard friends and family give advice on what is better, if you use a card or cash as a preferred means of payment. In fact, both are a good option, but much depends on your consumption habits, your level of income and financial control you have. That is why the advice that works for some may not be for you.
Which is better cash or card?
But to put aside the uncertainty you can rely on these 3 factors and know that it suits you more.
Money control
Some people often give the excuse that when they use only cash to pay, the money does not yield to them. Maybe they don’t know what the money has gone towards since they don’t do a thorough search. To tell the truth, it doesn’t matter if you opt for cash or a card to have money control, your financial habits are what determine which one suits you best.
If you intend to record all expenses and know where your money ends, it is indifferent which one you choose. If you are not organized and spend without control, the card helps you know what you have spent, and it is not widely accepted in small establishments, which will be a form of control.
Spending capacity
Depending on the type of purchase you want to make, can also help you to choose which instrument to use. If you only want to make small purchases, in addition to having organized finances, you can opt for cash. If you are going to buy a table, bedroom set or TV, the credit card helps to pay very high expenses.
No matter how much you can control your expenses, it is not recommended to carry large amounts of cash, it can easily get lost. Unless you have saved to make a specific purchase. Purchases with your own money, either cash or debit card, will always be recommended above purchases with credit card.
Practicality
Worldwide, cash remains the accepted form of payment. However, credit cards offer certain benefits for their use. When you choose to use credit to get these benefits, be honest with yourself about how much you use these benefits in your normal lifestyle. Whether you opt for cash or card, in both cases you should keep track of expenses. When you have bad financial habits, no matter if it is cash, debit or credit card, bad financial habits will last.
The next time you receive advice on which payment method is best for you, remember that many times they are subjective advice, based on the experiences of each person. People often demonize the options that have brought them bad experiences, however they could miss great benefits. Much will depend on your consumption habits and what best suits your lifestyle.
It is your responsibility to make smart spending decisions, your finances are only up to you and you should give them the necessary importance to ensure they are healthy.
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.
Numerous studies are related to, but specifically, the impact of creativity and innovation on performance has not been measured empirically. On the other hand, if there were studies related to the impact and relation to innovation and creativity on performance, they were qualitative studies, and if they were quantitative, they were not related to innovation and creativity.
Therefore, the study has measured the impact of innovation and creativity on the performance of SMEs. The study has also analyzed how entrepreneurs can increase innovation in a company to increase its performance.
The article aims to determine the association of firm performance with creativity and innovation. Also, the study has analyzed the impact of creativity and innovation on the performance of the SMEs. The study has also included the following specific aims.
The understanding of innovation and creativity
Importance of innovation and creativity for SMEs
Identification of the practices used to bring creativity and innovation in SMEs.
The following are the article’s objectives that have been set according to the problem statement of the study and the whole study was focused on the following research objectives.
To observe the impact of innovation and creativity on the performance of the SMEs
To see the way entrepreneurship affects the SMEs
To observe the factors that can contribute to enhancing the value of the organizations through innovation.
The following are the questions that have been answered by the study. In other words, the following are the core research questions that have been addressed by the study.
What is the impact of Innovation and Creativity on SME?
How can entrepreneurship affect the SME?
What is the relation between entrepreneurship, innovation, creativity, and SMEs performance?
Definition of Variables
There are three core variables of the study including creativity, innovation, and firm performance. Also, the basic definition of the previously mentioned variables is as follows while the performance of the company has been measured in terms of SMEs’ performance.
Creativity
Creativity is the name or idea of adding or putting a certain value in product or service that can enhance the customer experience or can give an exciting look to the product or service. In addition, creativity is the result of imagination and thinking differently. Because creativity is the name of making things different from their traditions. However, creativity can be done by just doing something different for an existing product or service.
Innovation
The process of updating products, services or systems is known as innovation. Also, it means that when a company continuously improves its offering and services to delight its customers more professionally by adding value in goods and services, it is known as innovation. Furthermore, innovation could increase the market reputation of the company and can lead it to better results, but it is also risky because innovation may fail sometimes.
Performance
Performance refers to the results of a company. Moreover, performance has different dimensions and can be measured in different aspects because the performance of the company can either be measured by strategic or financial prospects. Moreover, financial prospects include growth, profitability and market value of the company; on the other hand, strategic performance includes long term market growth, market reputation, and other strategic aspects. Finally, overall performance can be measured by using financial and strategic aspects by keeping them together and comparing the firm’s performance along with its benchmarks. In this study overall performance of SMEs has to be measured.
A literature review of this study consist of two different parts including theoretical review and empirical review. Also, the literature review showed the current knowledge and work of scholars done on innovation, creativity and SMEs’ performance. Moreover, in the literature review, the work that was done regarding the variables above by other scholars have been summarized, and several research papers were reviewed to find the academic significance of the topic. Furthermore, in the theoretical review section, all theories and frameworks regarding innovation, creativity, and firm performance. On the other hand, in the empirical review section, empirical studies have been summarized to conclude the findings of empirical studies related to the topic.
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.
Surely you’ve read a lot about it. That before you have looked for options and solutions, to reduce your spending and save costs in your business. I humbly warn you: here you will not find only tips to save being autonomous. In this article I give you a methodology of business management, a way to understand the management of your activity on a day-to-day basis. A guide to meet to reduce self-employed expenses.
You know the importance of reducing your expenses to the maximum to obtain greater profitability. I do not discover anything new. But I do want to show you the different formulas you have on hand to control spending, and reduce it, paying attention to certain routines.
You must evaluate if these options are implementable in your activity so that it is more efficient contributing a greater benefit.
Do not forget any of the autonomous deductible expenses
This is basic for anyone who has a business. There are many expenses that you can deduct. What does “deduct” mean? Well, they are investments that reduce the net return of your activity, causing you to pay less taxes.
Remember that in order for an expense to be admitted as a deductible, it must meet certain requirements:
Being linked to the economic activity carried out by the self-employed, or as the Treasury says, who are “affected” by it.
Be conveniently justified by the corresponding invoices. Be registered by the self-employed person in their corresponding expense and investment books.
We talk about the expenses of salaries, social security fees, certain taxes, exploitation costs, services of independent professionals…
But beyond, there are also the vehicle, gasoline, clothing, mobile phone, diet … And if you work from home, you can deduct the expenses of supplies in proportion to the space allocated (and declared) to your business.
You cannot pass up the expenses that are deductible without an invoice. Another list that you should keep in mind among those that are: bank charges, expenses derived from commercial contracts … From the links to the articles linked in superior lines take a list with all of them and keep it in mind.
Attention to your own bonuses
You must check if you are among any of the beneficiary groups of bonuses and discounts on Social Security contributions.
They are applicable to certain groups of self-employed workers. And we do not just talk about the famous flat rate for those who start with the activity, or those who have two years without being registered as a self-employed worker.
Also of the extension that young people under 35 have if they are women, and 30 if they are men, of the same measure for another year. Of the exemption of payment of the quota during periods of maternity and paternity leave.
They are just some examples, we tell you all in this article. Do not forget to check if you are in one of the benefited groups.
If you are going to hire do it to people “bonus”
A few days ago, we launched a post talking about how difficult it is for certain sectors (by race, sex, age or family situation) to find a job even having the aptitudes for a certain position. Above, you should see an opportunity in certain sectors of society since their hiring is rewarded:
a) Relatives: under the figure of self – employed collaborator you can hire a family member up to the second degree of consanguinity. You will be rewarded 100% of the fee if the contract is indefinite.
b) Under 30 years: if you hire a child under 30 enrolled as a job seeker with a contract to promote entrepreneurs you will receive 1,000 euros in the first year, 1,100 in the second and 1,200 euros in the third.
c) Greater than 45 years : if you hire indefinitely a person older than 45 years in a young entrepreneurship project, you will receive 1,300 euros per year for 3 years, which will be transformed into 1,500 € if you hire a woman in certain sectors.
These are just some examples, but if you access this link we have a detailed article on the subject where all the bonuses are specified according to the type of contract.
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.
Beware of Accounting Scams: Protect Your Finances Now
Accounting scams involve deliberate manipulation of financial records or theft of funds through deceptive practices, including revenue inflation, expense concealment, and asset misrepresentation. These schemes devastate businesses of all sizes, with organizations losing an average of 5% of annual revenue to fraud—median losses hitting $145,000 per case in 2024, a staggering 24% increase from 2022.
I’ve spent over 20 years as CEO of Complete Controller watching brilliant entrepreneurs lose everything to preventable fraud. Last month, a client discovered their trusted bookkeeper had siphoned $200,000 through fake vendor payments—a scheme that operated for three years under their nose. The most heartbreaking part? Every red flag was visible, but they didn’t know what to look for. This guide arms you with the exact warning signs I teach my clients, plus a battle-tested 90-day prevention plan that has protected millions in assets across our portfolio.
What are accounting scams, and how can you protect yourself?
Accounting scams are intentional deceptions to steal funds or distort financial health through phishing, fake invoicing, payroll fraud, and revenue manipulation
Detection requires vigilance for unexplained transactions, sudden financial shifts, or employee resistance to audits
Prevention combines technology (encryption/AI monitoring) with human oversight (segregated duties) and proactive verification
Response demands immediate action: freeze accounts, initiate forensic audits, and report to authorities like the SEC or IRS
Recovery typically costs 5x the stolen amount when factoring legal fees, forensic accounting, and reputation repair
The Evolving Threat Landscape: 2025 Scam Tactics
Modern accounting fraud has weaponized technology in terrifying ways. Business Email Compromise (BEC) scams alone caused $2.9 billion in losses during 2023, with deepfake CEO impersonations rising 62% year-over-year. One California accounting firm lost $450,000 when fraudsters used AI voice cloning to mimic their CFO authorizing wire transfers.
Ransomware attacks now specifically target financial data, encrypting entire accounting systems until cryptocurrency ransoms are paid. The 2024 Granite Construction scandal revealed how project managers manipulated cost reports to hide ransomware payouts from auditors and shareholders.
Shadow ledger schemes
Sophisticated fraudsters maintain parallel accounting systems that mirror legitimate books while concealing theft. These “shadow ledgers” contain thousands of false entries that balance perfectly on paper. Patisserie Valerie’s spectacular collapse exposed 4,000 fake ledger entries hiding $94 million in losses, ultimately destroying 900 jobs when the fraud unraveled.
Red Flags Every Business Must Recognize
Asset misappropriation accounts for 89% of all fraud cases, making vendor and payroll irregularities your primary concern. Watch for duplicate payments to similar vendor names—fraudsters often create lookalike companies like “Acme Solutions LLC” when the real vendor is “Acme Solutions Inc.”
Financial discrepancies that signal danger
Revenue spikes without corresponding receivables increases
Cash flow inconsistencies (sales up 40% but bank deposits flat)
Expense categories growing faster than business operations
Journal entries posted at unusual times or by unauthorized personnel
Behavioral warning signs
Your team’s actions often reveal fraud before financial statements do. Employees who never take vacations, refuse to delegate tasks, or display sudden wealth inconsistent with their salary deserve scrutiny. The median fraudster operates for 12 months before detection—patterns emerge long before discovery.
Case Study: How Americanas SA Collapsed
Brazilian retail giant Americanas SA stunned markets in 2023 by revealing $4 billion in hidden debt. Executives manipulated supplier financing agreements, booking supplier payments as revenue while concealing liabilities through complex loopholes. When whistleblowers finally exposed the scheme, the company filed for bankruptcy within weeks, leaving 8,000 creditors and 30,000 employees devastated.
PwC, their auditor, faced intense scrutiny for missing manipulated documents across multiple audit cycles. The scandal highlights how even sophisticated oversight fails when management actively conceals fraud through “obscure financial practices” that technically comply with regulations while violating their spirit.
Your 90-Day Fraud Prevention Plan
1st Month: Risk assessment and technology implementation
Start by auditing all vendor and payroll files for ghost entities or duplicate payments. Small businesses with fewer than 100 employees suffer median fraud losses of $141,000—often through these basic schemes. Implement AI transaction monitoring tools that flag anomalies; platforms like Alloy reduce fraud by 93% through pattern recognition.
Train your entire team on phishing identification using real examples from your industry. Create a confidential tip hotline—43% of fraud gets detected through employee reports, making this your most effective detection tool.
2nd Month: Control enforcement
Segregate financial duties immediately. No single person should control payments, record-keeping, and reconciliations. Require dual approvals for all transactions exceeding $1,000 and mandate that finance staff take consecutive vacation days—continuous presence enables long-term concealment.
Install biometric login requirements for accounting software and establish automatic logout protocols. Review user permissions monthly, removing access for terminated employees within 24 hours.
3rd Month: Ongoing vigilance systems
Conduct surprise cash counts and inventory checks at irregular intervals. Review bank statements daily through encrypted connections, comparing transactions against source documents. Rotate audit firms every two years to prevent relationship complacency.
Document every control measure in writing, creating an audit trail that protects you legally while deterring potential fraudsters who recognize robust oversight.
When Scams Strike: Damage Control Steps
Speed determines survival when fraud hits. Immediately disconnect compromised systems and revoke all user access. Preserve transaction records in their original state—tampering destroys legal evidence. Engage your insurance carrier, legal counsel, and forensic accountants within 24 hours.
File reports with appropriate authorities using Form 14039 for identity theft cases. The SEC and FBI’s IC3 maintain specialized fraud units that can freeze stolen assets if notified quickly.
Final Thoughts
Accounting scams thrive in environments of misplaced trust and inadequate oversight. At Complete Controller, I’ve built our entire service model around “trust but verify” principles—embedding fraud checks into every process from invoice verification to payroll audits. Your business deserves the same protection.
The statistics paint a sobering picture: fraud losses are accelerating, tactics are evolving, and no business is immune. But armed with knowledge and the right controls, you can transform from potential victim to protected enterprise. Start implementing these strategies today—because fraud prevention costs pennies compared to fraud recovery. Ready to bulletproof your finances? Contact the experts at Complete Controller for a comprehensive fraud risk assessment tailored to your business.
Frequently Asked Questions About Accounting Scams
What’s the most common accounting scam today?
Business Email Compromise (BEC) dominates the fraud landscape, causing 71% of total fraud losses through fake payment requests and wire transfer schemes.
Can small businesses recover from accounting fraud?
Yes, but recovery costs average 5x the stolen amount when including forensic audits, legal fees, and reputation repair efforts.
How do I verify invoices are legitimate?
Match every invoice against purchase orders, goods receipts, and payment details—reject any lacking this triple verification.
Does cyber insurance cover accounting fraud losses?
Only if your policy explicitly includes “social engineering” coverage—review and update terms annually as standard policies often exclude fraud.
What’s the single most effective fraud prevention tactic?
Segregation of duties prevents any single employee from controlling payments, record-keeping, and reconciliations—blocking most fraud schemes.
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.
Jennifer BrazerFounder/CEO
Jennifer is the author of From Cubicle to Cloud and Founder/CEO of Complete Controller, a pioneering financial services firm that helps entrepreneurs break free of traditional constraints and scale their businesses to new heights.
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.
The country is constantly going through ups and downs. Although much is said in crisis, there are opportunities in several segments, and real estate is one of them. With the downturn in the economy, after years of growth, what happens is a huge availability of real estate: that is, for those who have been scheduling to buy real estate, whether new or used real estate, the time is now.
Choosing forms of payment that are consistent with the family budget to reach the purchase of that good – which represents stability and security – is one of the important aspects around the subject. This, and many other points that will need to be decided by those who decide to take advantage of the time to buy new property are addressed here in this post.
Keep up the good work and know the top 5 steps to buy your new property!
Define how much you will spend
For those who are going to buy property in installments, a detailed analysis of the budget and the family income is essential. Taking into account all costs related to housing, when assuming installments of a property, is to ensure financial health to the business. Important to keep in mind also, when thinking about financing a property, that the maximum possible to commit to their installments is 30% of income.
Regardless of whether your purchase will be in cash or installment, it is important to do accounts. When you buy a property, in addition to the cost of the property itself, fees and taxes levied on the transaction. So having these costs clear, and counting them, will allow you to have the exact notion of how much you will use when buying property.
Choose the best one for you
Buying new property will allow you to make an advantageous acquisition under several aspects, one of them being the first resident, and receiving a brand new property. Buying new real estate is also ideal if you want to pay off most of the value, since there are lines of credit specially created for this type of acquisition.
Buying property in the plant is an excellent choice for those who are not in a hurry to move. For those who have time to wait for the delivery of a property, buying it at this stage of the venture will allow you to enjoy better prices than the real estate ready. The builders, even, offer possibilities of customization of the apartment or house, when bought in the plant. That is, you, in addition to better prices, may still have a property in your own way.
Decide on the most appropriate form of payment
In cash
If you’ve been making a financial reserve for some time, thinking of buying real estate, great! This is a form of payment full of advantages:
Greater bargaining power
No impairment of monthly income with installments
Possibility to take advantage of cash payment offers
Real estate consortium
Who wants to enjoy the advantages of pay cash you will find in the real estate consortium the right way to make your purchase. The consortium is an established way of buying in a planned way. By joining it, you will have the value of the desired property – total or entry – divided into monthly installments, and will purchase your apartment or house by means of a letter of credit.
Every month, those who have a real estate consortium have a chance to be contemplated, as the lottery draws happen in assemblies with this periodicity. After contemplation, the consumer will undergo credit analysis and may buy his new or used property, and also invest in the purchase of land, construction or renovation.
Look for the ideal property
Buying property requires a good deal of certainty about what you really want for yourself and your family. Because it is a heavy purchase in most people’s lives, it is necessary to do so with the utmost certainty of what is wanted from the present moment and about the future yearnings.
Find the Right Place
When it comes to living well, it is not enough to have the perfect property: it needs to be in the right place, and in line with your lifestyle. Therefore, to close the deal, check carefully if the property you are looking for is in a place that can meet your housing expectations.
If, for you, having schools nearby is crucial, before closing a deal, be sure to check out nearby education options. In order to avoid relying on the car all the time, having trades around the selected property is essential: bakeries, supermarkets, grocery stores, drugstores and free-trade fairs, when easily accessible, are amenities to consider.
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.
This topic has given a lot to think, all at some time in our lives we come to a time when we must think about what we want and what we can do to be financially free, comfortable and safe.
But what is financial freedom, and how is it related to our life plan? As an entrepreneur it is one more aspect that you should consider, since having a lot of money gives you wealth, which is measured with a greater number of zeros in our account. Economic freedom is achieved when our income is greater than our expenses.
It is common that we confuse the true meaning of financial freedom, continue reading and find out everything you need to know about the subject.
What is financial freedom?
It is understood as the ability to live free from worries in the monetary or money sense, some simply define it as the time you could live if you stop working.
For this reason, experts consider that it is directly related to the economic well-being we achieve.
In more clear words, we obtain financial freedom when we can cover our economic needs without having to do some kind of activity, so financial freedom is measured according to the free time we have, but not in the amount of our income. If we are able to cover our needs with more free time, we understand that we have broad financial freedom.
Steps to be financially free
1- Life plan
It relates a detailed analysis of how you want your life to be, when it is clear to you that you want to make the fight easier to do.
Simplify and facilitate your life, focus on what matters most to you, with this you not only avoid wasting money, but you focus on your goals and objectives.
On the other hand, you must be very positive and always think that you are able to achieve what you propose, and then strive to achieve your dreams; turn them into goals. Cancel the limitations related to success and money.
2- Save
It is an important element, because it will serve you in the different steps you are taking to get closer to financial freedom. Control your expenses, it is important since this control partly depends on the savings, the more money you spend to live, the harder it is for you to reach financial freedom.
Avoid indebtedness, debts are the opposite of saving and financial freedom. In the case that you acquire debts, try to be as low as possible, that you can pay easily and as soon as possible.
3- Search to perfect yourself
Extend your income, never achieve financial freedom while you depend on a job, always try to do your job well, so that your income increases by bonuses or get a better position, but do not forget that it is to achieve higher income without spending more time. Avoid getting stuck in a job.
4- Avoid being dazzled
Maintain your standard of living, although your income increases, it is very common for people to make the mistake of increasing their standard of living in the proportion that their income has increased. Usually people as they progress in their career and are earning more money, they are increasing their standard of living, but sometimes even the increase is excessive and end up in debt.
Invest your money with conscience, your money needs to multiply and if you do not invest as a result of inflation, each year your money will be worth less.
5- Generate passive income
Passive income is what you get consistently after having made your initial investment, without doing anything else.
For this you must have assets, and then you can live on the fruits of those assets, for example, buy a real or personal property to be rented, participate as a partner contributing capital to a company and you will have rights to a proportion of the benefits, create or invent something that will generate royalties for copyright, among others.
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.
As a starting point, it should be an amount that you feel comfortable and secure with. From there, there is a minimum recommendation for the emergency fund that goes from 3 to six months of your fixed expenses. In case of doubt, it will always be better to stay in the high range of the calculation.
To calculate your contingency cushion and generate a good emergency fund, the first thing will be to write down your essential fixedexpenses. This may be a good time to reflect on how and on what you are spending the money and implement the envelope method to save that we explain in the following video.
Once you have calculated the fixed costs you have and expect to keep, you only have to multiply them by six. This way you will know how much you need an emergency fund that helps you to have a finance approves of bombs,
How long will it take to collect your reserve fund?
It is normal, to generate the savings you want take some time. If you need to know how much to set a temporary goal for, the calculation is easy. You only have to divide the money in the fund between the amounts you save each month.
As an example, let’s make numbers. Let’s imagine that you have an income of $1,000 per month and fixed non-renounceable expenses of $800. In this case, the amount of the emergency fund will be $4,800.
Let’s say you start saving 5% of your income or $50 a month. It will take 96 months to get the capital together. If you raise the rate to 10%, it will only take 48 months.
Where do I put the emergency money?
It’s easy for your first response at this point to be under the mattress. Avoid this temptation if you want to save automatically. It is better to have the emergency fund in an account or other financial products that, in addition, will help you avoid the temptation to use it unless it is necessary.
When placing that money do not lose sight of the three blocks of financial planning to those we linked before. In addition, the place where you leave that money must meet two specific conditions:
Or as it is known in financial terms, liquidity. In other words, to be able to access money easily and almost immediately.
Do not play with your emergency fund. Bet on risk-free products where you know you will not lose money.
One of the most common errors at this point is making the emergency fund profitable. In other words, seek to obtain a benefit for that money. Remember what your main goal for that emergency mattress is: that it is always available in a safe place because you may need it at any time.
In this sense, a remunerated account or a renewable short-term deposit will automatically be the best options.
And the profitability? To look for profitability and grow your money you already have the rest of your savings, as we will see below.
What to do when you have already created the emergency fund?
Keep pre-saving! The contingency fund for contingencies is only the first step towards financial freedom, the minimum safety net you need. Now that you have started saving, it will be easier to continue than to stop. If you lack motivation, what do you think about achieving a golden retirement or taking a sabbatical as objectives?
When to use the emergency fund?
When you really need it, when it really is an emergency and an undertaking. As an example, if the car breaks down you can go to it, as well as if the washing machine is broken. However, you should not do it if you know that you are going to change the car in a year or that you will shortly have to renew the appliances. That kind of expense, you can budget and you should do it.
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.
There is often a question raised between country and city, which one offers a cheaper yet better lifestyle. Here are some facts that will make it clear to comprehend.
Working opportunities:
Being in the city, it is much easier to find a work of one’s own choice. There are a lot of opportunities for even the tiniest skills one has. Yet, if there are more offers, there is more competition too. A lot of people are striving to fill the only job vacancy in a famous company in the city. However, there are lesser jobs in countries, but even if one gets the offers, the competition is less and it is much easier to grab the one and only job offered in a month or two.
Transport Abilities:
In countries, one has to walk through a mile with no chance of public transport around. However, in cities, anyone can get a bus after 15 minutes of losing one. In countries, the extra charges for a car have to be borne. Buying a car is not a hard thing to do, yet maintaining a car is not easy. Giving extra taxes for the car and paying for the fuel is much expensive than getting to the bus stop in five minutes from the apartment. Hence, cities are better for providing the transportation facilities.
Houses:
For renting a single story house with two rooms in a city, it is provoking for someone to pay $400. With that, it is much easier to rent a two story house in a village with better facilities for $300. Where one has the space for the pet, an extra yard for planting the orchards and much more. So, country beats the city when it comes to housing.
Incautious shopping:
In the city, even passing by the mall for window shopping and having money in hands, no one would really pass by a beautiful affordable dress for her or a decent watch in a relatively less price for him. Yet, forcefully, one will have to buy that for satisfying their wants, no matter if they will have to suffer the last week of the month with no money. However, in countries, no markets nearby, no incautious shopping! In countries, people have to go far off places to buy the ration for the house even in a month. So, there will be no passing by the mall, no attractive things to worry about, and hence, savings.
Festivals:
In cities, even extra sales for the city population means extra expenditure. Even in sales, expenses are much more. While in countries, festivals are held on a regular basis. These festivals are about different items on different occasions. Yet, they have a little less good quality, still, they are a better option for saving a $100 in just a single festival rather than paying an extra $100 for sales.
Must expense for Having a House in the City:
Having a house in a city is expensive, but maintaining the house requires much more expenditures. One has to pay for the trash collection, rapid transit or animal control. One has to pay the extra water bills, electricity’s extra usage will cause them to pay extra bills and there are much more to go. In countries, there are no such expenses. One has to do most of the work on their own. There are no special orders for keeping animals or cattle. One can have a cow for milk, for cheese and also one can earn by such means.
Schools:
In cities, getting an education is much more expensive. Paying extra charges for useless activities is not really comforting. Kids are provided with good education, but the same education can be provided to the kids in countries with lesser expenditures. One has to pay for transport as the schools are far off in cities. Yet, in countries, the schools are present nearby and have just as much extracurricular activities as required.
Of the above-mentioned factors, it is clear that city life has advantages related to the career, but when it comes to expenses, country life is more reasonable.
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.
Why spend 12 or 14 hours at work when we can perform the same tasks in 7 or 8 hours? The unnecessary distractions reduce our ability to concentrate, make us less productive and force us to spend more time at the computer.
Do not check emails so often
It is not the first time that we say that email is the first and most important source of distractions that you have to deal with during your working day, but we have no choice but to insist on it.
At this point, it is worth mentioning a recent study developed by the University of Glasgow in which it is clear that many of the less productive workers tend to control their email up to 40 times per hour when it is reasonable to do it only three times up to date.
Forget about the phone
Sometimes, when we really need to maintain concentration at the highest level, we can opt directly to forget about the phone.
It is not about turning it off completely, but for example, we can restrict incoming calls except for certain numbers, activate the vibration mode, or directly leave it in another room, and then check the calls we received after a few hours.
Defend your workspace
For many, this can simply translate into closing the door of their office. However, when we work in open spaces (we do not have our own office) this defense must be done from the mental plane. A good solution is to use, for example, two different browsers.
The first one will only be used to perform tasks that are directly related to our work. We will open the second when we want to take a break, and spend a few minutes of disconnection. If our operating system allows it, we can also configure different “workspaces” for each of the areas we need.
Order your workspace
A messy table, not knowing where the objects we need are, a large number of unorganized papers are signs of a space that works against us. The goal of an orderly workspace is not that everything “looks nicer” but that we are more productive, and have more capacity to carry out tasks to fruition.
If every time we have to look for a document, we lose five minutes, can you imagine how much useless time we have let through the day?
Uses helmets
Some people need to isolate themselves from the world to be more focused. A good way is to use helmets, putting soft music that does not distract us. The idea is to use classical, jazz, or ambient music.
Music with lyrics is convenient, as we will easily lose concentration, spending more time thinking about the lyrics and the memories that remind us of our work. Some people choose to wear helmets without any music so that others have to think twice before interrupting them.
Everything you need has to be at hand
Before starting a task, make sure everything you need is at hand. Do you have all the necessary information/documentation? What programs are you going to use? Are you going to have to contact someone? In short, before starting your working day, it is no good that you do a little planning of everything you need.
Change your work schedule
If working on your own, or your job allows you to have a flexible work schedule, adapt it to your needs. The good idea is to start working early, to be able to leave early. If you start working at 7 a.m. for example, you will have two hours in which you will practically be “alone before the world” without interruptions of any kind. In this way, you can, for example, leave at 5:00 p.m. and better reconcile your work and family life.
If you work in your home, identify which is the schedule that best suits your work performance. Some people prefer to work at night, while others, as we have indicated before, need to get up very early to be able to perform at their best.
Resolve any questions before starting
Before starting to work on any project, you must have a very clear idea of what you have to do. It is not enough to have a vague idea of what is going to be required. Therefore, all the doubts, questions and questions that you need to clarify are better resolved before starting work.
It is true that during the course of your task new doubts may arise, but a specific doubt is not the same as being immersed in a sea of questions, which we will end up unsolved by shame to ask again.
Disconnect from the Internet
After email, the Internet is the biggest source of distractions that you can find in your work environment. Browse, visit social networks, check your Twitter account, read the latest news or review your feeds is stealing time from what really matters: finish your work and have more free time.
If you are before a project or a task that you can solve without using the Internet, do not think twice: pull the thread and disconnect from the Network. Doing so you will be ending a great source of distractions.
Take a break before losing Concentration
It is unavoidable. After a while working, our mind starts to escape, to think about things much more pleasant and gradually, we lose concentration, until there is a point where we really do not know what we are working on.
When we identify these moments, the best solution is not to insist on continuing to work. It is much more productive to stop working and take five minutes to disconnect. We can take a walk, have a tea or simply perform an exercise and breathing. In this way, in a few minutes, we will be ready to start again.
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.
