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Accounting and Bookkeeping - Complete Controller

Making a living through entrepreneurship is the main reason most people start a business. A business cannot survive on capital investments or loans for long, which that your business needs to turn a profit as soon as possible. As a business owner, you must ensure the smooth flow of administrative processes and business-related tasks, no matter how complicated they may be. There is certainly no denying that entrepreneurs are amazing at conceiving unique business ideas, but they lack admin-related tasks such as bookkeeping and accounting. Accounting can make or break a startup business. Those who know its significance can change their business’s fate by incorporating superior accounting software and practices. Check out America's Best Bookkeepers

The secret to becoming a profitable startup lies in how well you manage your accounting and bookkeeping tasks. Most successful retail businesses enjoying huge returns today have hired a professional accountant or bookkeeper for their accounting and bookkeeping expertise. These professionals are the most important people in the company who make your startup profitable. Whether you consider yourself a professional in accounting or have a good track record of handling complex accounting-related issues, it is always a good idea to get outside help because it can be intimidating to manage finances yourself.

Do Not Skimp on Accounting and Bookkeeping

You need to look at cash flow statements, bank statements, account receivable and payable, and make income projections when determining the business’s profitability. You also need to handle other financial aspects of the business through accounting and bookkeeping. This indicates that accounting and bookkeeping require time, energy, and accounting knowledge. Accountants and bookkeepers also need to adjust to changing aspects of the market and find new approaches to streamlining the business. Check out America's Best Bookkeepers

Also, handling complex accounting and bookkeeping aspects of the business like payroll decisions and the potential of new overhead costs is never simple. It is crucial to hire a person with years of accounting or bookkeeping experience when you are a startup in the hiring process. When your business is running smoothly and has a great accounting and bookkeeping system, you can hire someone with less experience to maintain the company’s financial aspects, thus saving costs.

Set Outcome-Driven Goals

Market and cost-benefit analysis combined with valuable financial forecasts and can put your business on track financially. By evaluating progress, it becomes a lot easier to pinpoint problem areas in the business. It becomes easy to monitor the company’s performance, allowing you to rectify problems with appropriate and effective solutions before they become more serious threats. Check out America's Best Bookkeepers

Getting your startup lucrative is not that challenging. All you need to do is sustain high morale within the business and keep focused on company financial goals. The right strategy can save a large amount of money every year, allowing you to grow and expand your business effectively. You should hire an accounting or bookkeeping professional who understands your long-term business goals and knows the value of your hard-earned money. For example, if a business expects to reduce its annual sales or income taxes, it must hire an accounting professional with expertise in that specific domain. If a business owner desires to save time and money and wants debt repayments to be scheduled properly, they could hire a professional accountant or bookkeeper to develop an effective plan.

How Do You Make a Retail Startup Profitable?

Retailers across the globe desire to maintain a healthy financial cash flow and maximize their profitability. Gone are those days when startups used to retain a large inventory, which means the cash and revenues used to get stuck in inventory. Now, they do not maintain large inventories. Instead, they maintain the level of inventory, which they can sell easily.

Check out America's Best Bookkeepers 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. Check out America's Best Bookkeepers
Modern Management Accounting - Complete Controller

There are several differences between modern and traditional management accounting. The most significant difference between modern and traditional accounting is its reporting speed and accuracy. In traditional management accounting, the main aim is to analyze, summarize, and record expenses and companies were not seeking expense behavior, drivers, and fluctuations.

In modern management accounting, the aim is to record, summarize, and analyze expenses and analyze the expense behavior, drivers, and fluctuations. In the past, companies were not competing so closely. Therefore, they did not have to do such an in-depth analysis of their expenses. Companies are competing closely, and companies must know about expense drivers to control them according to the results. Check out America's Best Bookkeepers

Modern management accounting allows companies to record their expenses, break them down into different categories, and analyze them at every business or production stage. By achieving milestones, companies can easily stay on track with their expense drivers, align their expenses with the external environment, and create a win-win situation by aligning the expense structure with their overall business strategy.

Under traditional management accounting, there are numerous opportunities to manipulate because the expense was directly recorded to the account when the product was sold. Therefore, managers were able to manipulate the production process in pursuit of bonuses. In contrast, under modern management accounting, manipulations are almost impossible because expenses are debited directly to their relevant accounts at the time of occurrence, resulting in less opportunity for misrepresentation. 

Moreover, under modern management accounting, companies can gain a sustainable competitive advantage. When companies can get more information about their expense drivers and analyze the external environment, they can know their expense-related strengths and weaknesses and overcome their weaknesses, to gain a competitive advantage.

Modern management accounting can break down expenses into different categories, promptly record expenses, and estimate upcoming expenses. Here are some modern management accounting techniques that a company can use to keep up with expenses. Check out America's Best Bookkeepers

Standard Expensing System

The system allows the company to estimate the expense of material, labor, and FOH before starting the nay project. Afterward, the company completes the project and analyzes the variances among prices of material labor and FOH. Furthermore, standard expensing allows the company to easily estimate production expense and record it on an estimation basis. Afterward, the company analyses the variance and records them accordingly. Higher estimation and lower actual expense result in favorable variances or vice versa, while favorable variances are preferable.

Activity-Based Expensing (ABC)

It is one of the most effective and efficient expense accounting systems that break down all the expense items into small categories. Because it breaks down a broad category of expenses into the in-depth structure of that, the expense that allows the company to analyze that expense is crucial and a waste. Moreover, due to the expense breakdown, the company can also analyze the expense of useful expense drivers and control them. ABC also allows the company to eliminate less value addition activities or wastes from the expense structure. Check out America's Best Bookkeepers

Process Expensing System

Process expensing refers to the estimation and analysis of expense at different levels of production. Process expensing is useful for those companies that produce and manufactures products in different departments. Process expensing allows the company to easily record and analyze the expense of production from multiple departments. Also, using a process expensing system, there is almost no chance of manipulations even if the company is producing a single product in 100 different departments because the expense is being recorded side-by-side, reducing the chances of error fraud.

Finally, from the above section, there are numerous differences between modern and old managerial accounting. Those using modern expense and management accounting have a higher competitive advantage because they have better insights into their expense structure. They can also align their business strategy and the expense structure, and the external business environment.

Check out America's Best Bookkeepers 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. Check out America's Best Bookkeepers
Cryptocurrency software - Complete Controller

Cryptocurrency is continuing to take the world by storm as a payment option. It is new enough that many still do not understand it or know whether they should invest in it or use it. Before you engage in crypto trading, it is essential that you have some knowledge, a digital wallet, and an online exchange platform to use for trading one cryptocurrency with another. You should also understand the types of crypto trading platforms and the concept of trading them before you decide whether to get involved in cryptocurrency trading. Here are four cryptocurrency exchange platforms and how they work. Check out America's Best Bookkeepers

Conventional Cryptocurrency Exchange

On conventional cryptocurrency exchange platforms, trading essentially follows the stock and commodity exchange markets’ trading mechanism. The conventional cryptocurrency exchange is a platform where trading is conducted among the buyers, sellers, and an intermediary source based on the current market price of any cryptocurrency.

For each transaction, the middleman charges a certain percentage commission. The fee can be in the form of currency, or it can be in cryptocurrency. Online platforms, such as Coinbase’s GDAX, Bittrex, Binance, Kraken, and Shapeshift, are few conventional cryptocurrency exchange platforms. For example, if one wants to convert a cryptocurrency into any foreign currency, they can easily utilize the conventional cryptocurrency exchange platform to do so securely. Check out America's Best Bookkeepers

Direct Trading Exchange

The direct trading cryptocurrency exchange is directly traded and cuts out the middleman, unlike the conventional cryptocurrency exchange platform. Such online exchanges trade directly, and there is no concept of a middleman. The buyers and sellers trading without an intermediary and the seller determines their own cross-currency equivalence and does not use the absolute market price.

Cryptocurrency Brokers

Cryptocurrency broker platforms act much the same as brokers within the stock exchange. These sites facilitate trades between the buyer and seller. These platforms are web-based portals and applications for cryptocurrency exchange and are convenient to users. Using a cryptocurrency broker site or app allows the buyer and seller the convenience of having access to trade via smartphones, tablets, a laptop, or a desktop. These websites and apps play the identical role of a stockbroker, and the prices are already fixed before the purchase or trade of the cryptocurrency. Check out America's Best Bookkeepers

Cryptocurrency Funds

The cryptocurrency fund platform allows buyers and sellers to exchange through a pool of funds. Professionals manage these pools to facilitate the purchasing and selling of cryptocurrency through the pooled fund. These pooled funds platforms are primarily meant for investors who want to purchase cryptocurrencies and hold them for a long period.

Other Information on Cryptocurrency Exchange

While like the stock exchange, cryptocurrency exchange platforms are not part of the stock exchange. How the trades are made are similar but not done in the same arena or on the same platforms. It is suggested that an amateur or a fresh entrant should initiate their first cryptocurrency trade through a cryptocurrency fund since the trades are handled by a professional. Until you are a professional yourself in cryptocurrency exchange, you should always seek a professional. A novice can also use Coinbase, a cryptocurrency exchange platform known to be easy to understand and user-friendly. The only limitation is that it only trades in Bitcoin, Ethereum, and Litecoin.

Bitcoin is becoming rarer as it was frantically erratic in 2017. At that time and since then, bitcoin either helps you become filthy rich or incur a massive loss. It is suggested that while trading in cryptocurrencies, that you trade in a variety of cryptocurrencies such as a mixture of Bitcoin, Ethereum, and Litecoin. Though Bitcoin has been a cryptocurrency that has made many a lot of money, there is little in circulation, and it is rare to trade in it today. Therefore, it is suggested that if you are looking to get into cryptocurrency trading, you look into all the options and find the one right for you.

Check out America's Best Bookkeepers 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. Check out America's Best Bookkeepers
Working from Home - Complete Controller

2020 was quite peculiar in a lot of ways. Who would have thought that a global pandemic could put the entire economy on hold? Millions of people were forced out of jobs; it changed how we function and forced numerous companies to innovate to continue working and keep businesses open. We do not have to highlight the massive disruption after the pandemic.

Despite all hardships, we can all agree that 2020 was also the time when the world came together as one and helped each soul in whatever way seemed possible. Companies offered work from home to their employees, which has brought a significant change in the way we look at office life. Who knew you could manage everything so well, work hard, get the tasks done, spend time with family, and still have enough for yourself? Here are some of the benefits of working from home. Check out America's Best Bookkeepers

Better Work-Life Balance

Most remote jobs come with a flexible schedule, meaning that you can start your work and end it whenever you want while staying back at home and managing other things in life. Whether it is dropping the kids at school, attending online classes, hitting the gym, running some errands, or just staying at home for other chores can all be balanced when you work from home.

Location Independence

One of the best factors and considerable benefits of working from home is having access to jobs with better opportunities that are not limited by geographic location. Now, having no set job location means fully remote workers can travel and live as digital nomads and keep their meaningful careers. People who require constant movement from one place to another because of their job can also benefit from a remote job that they can continue from anywhere without worrying about travel expenses and wasting time. Check out America's Best Bookkeepers

No Commute Stress

The Auto Insurance Center states that commuters spend more than 100 hours commuting and 41 hours in traffic every year. The extreme commuters face a longer commute time of 90 minutes or more. Wasting your time on traveling is a downside of going to work and coming back home. According to multiple research pieces, more than 30 minutes of daily one-way commuting is associated with anxiety and increased stress levels. Some even state that commuting 10 miles to work every day is linked to health issues. They are:

  • Elevated blood pressure
  • Higher cholesterol
  • Increased risk of depression

When you ditch traveling, you support your mental and physical health. Spend more time with your friends and family instead.

Recruiting Trends for 2021

Companies have already started to feel the impact of COVID-19 quite well in 2021, and it will affect the year’s hiring strategy, which is why companies have some significant hiring trends to look out for in the year 2021.

Now that the entire world knows that employees can take their work home, they are not left with enough excuses to stop them. Before the pandemic, people were asked to get done with their work in time and at work. It grew tiresome for most, which dropped productivity. At the same time, WFH has increased productivity and efficiency. The companies have allowed their employees to continue working from home and came up with some recruiting trends for 2021. Let us discuss them in detail.

Emphasis on Digital Recruitment

Video conferences on Zoom and Skype have become a primary means of communication. In-person job interviews came to a halt. Companies were asked to put a little more emphasis to hire on digital recruiting strategies, which is continued in 2021.

Insights from LinkedIn states that 81% of talent experts agree that virtual recruiting will remain even post-Covid-19 & 79% of talent experts say virtual recruiting will also soon become the new normal.

Virtual recruiting involves an expansion of using:

  • Social media recruiting
  • Video conferencing for meetings & interviews
  • Gamification
  • Digital screening and assessment tools
  • Artificial intelligence

With this hiring strategy, companies will need to pay attention to virtual candidate engagement and create a strong candidate experience online. Check out America's Best Bookkeepers

Remote Job Opportunities

2020 has proved all those wrong who believed that remote jobs are not mutually beneficial. Employees have more flexibility and seek roles outside their local area. Companies can expand their talent pool and try reaching out to a more diverse group of job applicants. It is essential also to regard your candidate’s mental health – the majority prefer a permanent remote job, which should not be a problem for companies anymore.

Flexibility

How we work and have flexible work schedules is extremely important for applicants over the past year. 2020 has proved that providing people with the ability to work from home and a little flexibility is possible and practical. Most employees proved to be productive when WFH. Some companies and industries have already started offering candidates this option since remote work has become normal in 2021.

We are all looking forward to this new year as recovery and relief from the novel virus as the country reopens. Expect business technology and compliance shaped by talent acquisition instead of the other way around. As recruiting companies, we have the chance to make a profound impression, so we must strive for the betterment of the economy worldwide.

Conclusion

The Corona Virus has changed the way we live and how we travel. Covid19 has brought ominous feelings about the future. Who would have even guessed that the industries and the world would have to face a crisis as severe as the pandemic in such a brief time?

The insidious virus has cast a pall of fear, gloom, and demise throughout the world, leaving regions and countries without strategies and ways to deal with the pandemic. The local and international health organizations and the governments are taking responsible actions and responding at differing speeds to spread the deadly Corona Virus.

Check out America's Best Bookkeepers 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. Check out America's Best Bookkeepers
Internet Fraud - Complete Controller

If you check your spam tray, you are likely to find hundreds of messages from supposed banks or online stores that will ask you to verify your account, threatening that it could be canceled. Other messages can tell you that you have won a prize and you must provide your bank details to receive it. In short, there are hundreds of ways criminals seek to get your personal information online. Check out America's Best Bookkeepers

This type of fraud is known as phishing, a modification of the English word fishing (fishing) because what they are looking for is to function as bait to try to catch a victim. What happens with these messages is that they contain links to fraudulent sites or have software that will allow criminals to access information on your devices. Once you arrive at these sites, they are usually almost identical to those of your bank or store in which you have previously purchased, so you enter your data without worrying without knowing that in minutes you will be victims of a robbery. Check out America's Best Bookkeepers

What is Phishing?

It is a cyber breach in which hackers contacted targets via email, telephone, or text message. They pose themselves as a legal institution to drag attraction to theft their sensitive data. Personal information includes identifiable details, banking, credit cards, and passwords. After that, they access important accounts with the help of that stolen information. As a result, the digital platform owner will suffer from identity theft and financial loss. Legally, a phishing lawsuit enforced a Californian teenager who made the restrictions of the American website online. He stole sensitive information with this fake site and reached the credit card details to steal the money from their accounts. There other cybercrime techniques such as Vishing (voice phishing), smishing ( SMS phishing ), etc.

How to protect yourself from phishing?

Fortunately, it is remarkably simple to do so. The golden rule is never to enter links that appear in an unknown email and much less those that request to enter your private information. If you receive a message that you think is suspicious, go directly to the page of your bank from the search engine or communicate by phone. This way, you avoid the risk of going to a fake page. There are other very important tips: Check out America's Best Bookkeepers

  • Remember that banks never send urgent emails derived from security processes. Nor do they send emails where they request our passwords and passwords for any reason.
  • Please pay attention to the address that appears in the address bar, and make sure that it corresponds to that of your bank. Sometimes these links send you to identical pages, but the address of the bar does not correspond. They are usually addressing sites where one can create a personal web page or free web hosting.
  • Verify that the page is secure and check what security certificates you have. Confirm that the Internet address begins with https: and that at the bottom of your browser, there is a lock icon that indicates that the page is safe to transmit our data in it. Otherwise, your information will travel publicly. Verify what encryption protocol this portal has (it must be at least 128 bits) and its certificates.
  • Never carry out transactions in cybercafes or other public computers as your information may be recorded. Nor through free Wi-Fi networks because someone else could be seeing your information.
  • Always use a firewall as well as programs that verify the non-existence of spyware (spyware) on your computer.
  • Have strong passwords (with more than eight characters, other than dictionary words, including uppercase, lowercase letters, numbers, and symbols).
  • Change your access codes frequently.
  • Remember that your password must be unique for each website, and it must be secure.
  • Usually, hackers send emails by masked. They appear when they send emails through the recipient business. You should update your account within a specific time duration. Otherwise, the bank will not send a message for your data through email. Then, it will suspend your account. Also, financial institutions typically offer account numbers or other private information within the emails. Only make sure either it is coming from a reliable source or not.

 

Check out America's Best Bookkeepers 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. Check out America's Best Bookkeepers
Earn Money - Complete Controller

Throughout our life, we ​​will need to earn money. And that’s something they do not teach us in any school. They do not teach it to us in any university, either. They only give us knowledge of all kinds throughout our lives, and this knowledge is usually of very little use to earn more money than the average person.

Knowledge and qualifications can help us get a job, so we would be making money with the first way to do it, which is the one used by the vast majority of the population. And this way of earning a living can become very dangerous because if one day it disappears, we are left with nothing. Check out America's Best Bookkeepers

The 3 Ways you can earn money throughout your life

  1. First way: Exchange time for money

We talk about working for someone else, which is choosing to offer our time in exchange for money. There is nothing wrong with looking for life in this way because empires are assembled thanks to the fact that a person in a business can find people who join his company and who work for him.

In the absence of people willing to exchange their time for money, it would be very difficult for us to maintain the figure of the entrepreneur. Check out America's Best Bookkeepers

Of course, this way of making money is very risky from an investment point of view. That is, an investor is taught that he cannot put all the eggs in the same basket because if the investment goes wrong, he is left with nothing. And that happens with paid work. We put all our time and future into a job. We charge debts because, in the next months, they will compensate our time with payroll. We plan for the future with the expectation that we will receive a check from our employer.

In other words, we have bet everything on this investment. If tomorrow closes the company, there is a restructuring of the workforce or, simply, your boss decides to fire you, the problems in your life begin, and you have to look for another place where you can exchange your time for money again.

  1. Second way: Invest money to earn money

Sounds good. Many who use the exchange of time for money save to be able to move to this form. Only a few, the truth, because the truth is that most fail to save anything by not having a financial plan. That is, people adapt standard of living to maintain the level of their income. Check out America's Best Bookkeepers

However, to earn money this way, you must have gone through the first form. We talk about using money we have to generate more money, either with investment in the stock market, investment in real estate, etc.

  1. Third way: Multiply the time to multiply the money

But how? If we all have the same time. On the one hand, it is here where we can use leverage, which is the main feature of the people who earn the most money. We can use the time of other people, the resources of other people, and the contacts of other people. We could also call to create a scalable model, which is that with the same time and effort, we can increase our income.

Who wishes to do a struggling 9 to 5 job to pay expensive rent in New York or when you can earn money online well? The office will be anywhere when you open your laptop. As a result, the majority of people are leaving their jobs to do remote work. The report of Global Workplace Analytics and Flex Jobs reveals that the remote working ratio increased by 195% in 2005, and this rate grew by 50% in 2020. All of this possible due to the easy access to making money online. The statistics also further indicate that remote working trends enhance the rate of female entrepreneurs. As a result, the wage gap has closed. The useful advantage of earning money online is that you can work from home or any corner of the world.

Check out America's Best Bookkeepers 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. Check out America's Best Bookkeepers
Flipping Houses - Complete Controller

The phenomenon of flipping houses can be quite a temptation and hard to resist. However, not every venture results in a profitable outcome. Every real estate agency or house-flipping hopeful must adhere to a prudent process of flipping if they want to yield a positive return on their investment. Before deciding to invest and flip houses, there are three situations one must carefully consider to obtain and increase market intelligence of the county in which they are currently residing: death, divorce, and downsizing. Here the concept of downsizing implies downsizing of employees through layoffs or workforce downsizing. This should not be confused with the concept of downsizing in the context of real estate, where downsizing refers to downgrading your existing house to a less expensive home. Check out America's Best Bookkeepers

Real Estate Investors or firms look for the three essential circumstances of death, divorce, or downsizing during the process of flipping as described below:

Death

In the case of death, there is a strong probability that the deceased’s successors will want to make a quick decision and liquidate tangible assets. With emotions running high and acting in tandem with rapid selling, the new owners may want to sell the property as soon as possible and at a price below the assessed market value. For example, a property valued at $200,000 could be for sale at $100,000 or $125,000. Therefore, due to emotional stress and panic selling, the owner will accept almost any price to sell the house. At this time, the real estate investment agencies or individual investors should leverage the situation, seize the opportunity, and purchase the property at a lower price. Check out America's Best Bookkeepers

Divorce

The second happenstance that can enable a house-flipping purchase is when a couple is going through a divorce. Divorce has a significant impact on emotional decision-making, and it is estimated 40% to 50% of couples in the United States will end their marriage in divorce. Once it is finalized, then comes the aggravating process of paying out alimony and dividing assets. At this point, one party inevitably becomes emotional and may decide to sell their property. The husband will take into consideration the amount for alimony and how he will stand fit financially. When considering all unavoidable costs and payments involved in divorce proceedings, the property owner may be increasingly inclined to sell their home immediately.

Consequently, they may be compelled to sell the house at a discounted price and below the assessed market value. Although the process of divorce is private and personal, a well-connected broker will have a network of friends who can supply information that is applicable to the market database. Check out America's Best Bookkeepers

Downsizing

Workforce downsizing is not a new ordeal in the era of globalization. Whenever the organization or a firm has been vulnerable to an economic downturn, the most common response is to downsize to save costs and maintain the profitability margins. If an employee has taken a mortgage on their house and been downsized, they have two options: either the person can simply call the financial institution and declare bankruptcy or actively try to liquidate assets, including selling their house. If he chooses the latter, he would either contact real estate agencies or put up an advertisement of the sale in the local newspaper or any other medium such as social media platforms.

When thinking about how to obtain properties to purchase and flip, consider searching for properties that are on the market due to a death, divorce, or downsizing.  In many cases, the sellers in these situations will be motivated to relinquish the property and will often do so below the assessed market value. 

Check out America's Best Bookkeepers 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. Check out America's Best Bookkeepers
Stock Exchange - Complete Controller

The question of when to sell an Initial Public Offering (IPO) is often asked. Indeed, the psychological biases of fear and greed hinder us also make us commit serious mistakes. 

If most private investors lose money on the stock market, they often give in to their emotions.

The Worst Time to Sell Check out America's Best Bookkeepers

When Guided by Fear

Let us examine the example of the subprime crisis of 2008. Many people were ruined because they gave in to fear by selling their positions in large capital losses. If they had resisted, they would have doubled their capital today.  However, few people have been disciplined enough to maintain their positions. These investors should have continued to finance the best quality actions. This would have allowed them to take advantage of the strong recovery of the stock market since 2009.  The stock market will always go up, but it also consists of a succession of bullish and bearish cycles. It is important to determine approximately what phase we are in to limit errors when we invest.

When Motivated by Greed

Another classic mistake is to be trapped by greed. All stock market investors have the same goal: the lure of profit. They, therefore, tend to make two recurring mistakes:

  1. Resell too soon

Many resell their winning positions far too early for fear of losing their small gains. This happens, for example, when you enter a position and everything goes as planned when you buy quality stocks. Their prices are appreciating for good reasons (solid fundamentals, attractive valuation).  After having gained a few percent, you say to yourself, “Well, I’ve already increased my value, so I’ll take my profits.” As a result, you sell, and in the weeks or months that follow, the stock continues to rise strongly. Unfortunately, you have then missed most of the increase in profit.  The important thing when buying stock is to set a goal to sell and stick to it. Using valuation methods, you know the fair price of the stock. As long as that price is not reached and no other fundamentals have changed, you must stay in position. Check out America's Best Bookkeepers

  1. Invest in volatile “casino” shares

If you invest in the stock market, it is because you are willing to accept some risk to grow your capital. However, this risk must be mastered. Most people are impatient to make “jackpot” winnings. It can happen, like at the casino, but remember that you do not control anything.

To quote Warren Buffet, “You only have to buy what you understand.” Many investors laughed at him when he announced that he did not want to own stocks in the Information Technology sectors. When the Internet bubble of the 2000s arrived, technological actions collapsed. Warren Buffet was the only one who could remain unphased. No one can guess how an ultra-volatile action will behave. Investing requires patience. If you cannot wait, put your money on an active management fund or Exchange-traded Fund (ETF).

The Best Time to Sell

To quote Mr. Buffet again, “The best duration of holding a share is forever.” If the fundamentals remain strong year after year, and the profits are only growing, why want to sell?

As long as the business creates wealth, its price will rise. There is, therefore, no reason to part with it. However, there are two main reasons it necessary to sell one’s shares. Check out America's Best Bookkeepers

Fundamentals have deteriorated

If the basic reasons you had for initially buying the stock are no longer true, you must immediately sell.  It will be necessary to look for what part of your reasoning was wrong to produce this error.  Perhaps the fundamentals were good at the time of purchase but deteriorated. In this case, the first question to ask is simple, “According to the current fundamentals, if I was not already a shareholder, would I buy this stock?” If you hesitate, then the answer is no, and you must immediately sell the action in question.

The fundamentals are good, but the valuation has become too high

If the company you bought is good, but its valuation has become high, it is already good news. Or, if you bought it at a fair price, it means that you have already made a good profit. However, you are not the only one to have noticed the company, and its course has gone well above its fundamentals. It has become overvalued.  Maintaining such a position would be dangerous. When it returns to its average, the fall will be strong and fast. However, it would be a shame to sell it while its price is in a full uptrend. It will, therefore, be necessary to use technical analysis to sell at the best time.

Conclusion

To summarize, you have to sell when:

  • The fundamentals of the company have deteriorated. If the reasons you bought this stock are no longer valid, you must sell immediately.
  • The fundamentals are still good, but the valuation has become much too high. You have to take advantage of the rise and not sell too early. The sell signal will be given by the technical analysis when the uptrend should end.
Check out America's Best Bookkeepers 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. Check out America's Best Bookkeepers
Employee in Crisis - Complete Controller

Life and what it throws at us affect everyone. There can sometimes be a life crisis such as the death of a friend or family member, family members falling ill, divorce, domestic violence, or many other crises that can occur. As a leader, you must know how to support an employee going through a life crisis while also managing productivity and the business’s needs. This can be challenging if the employee is affected for a lengthy period. Check out America's Best Bookkeepers

The COVID-19 pandemic has affected the world in many ways and has changed how the world used to think. People are more concerned and careful regarding their decisions and how they manage themselves in a crisis. The pandemic has altered meetings, studying, traveling, eating, shopping, and working. It is a fact that people must work to earn a living. Many employees cannot survive without working even for a month or two. Workplaces themselves also require a workforce and generally cannot bear employees’ expenses if they do not work.  Here are five ways you can help and manage your employees when they are dealing with a crisis.

Make Yourself Available

An employee dealing with a crisis might be embarrassed or overwhelmed, causing them to be continuously late or miss targeted deadlines. Often a leader’s first challenge is to identify the warning signs that an employee is going through a difficult time. As a leader, you should maintain a good relationship with your employees to be tuned in enough to notice when something is wrong. You should maintain an environment of compassion and a safe place for employees to open up if something difficult is going on in their lives. If you maintain this work environment, it is more likely that an employee will come to you if something is wrong. Check out America's Best Bookkeepers

Listen and Offer Solicited Counsel

Most people going through a crisis can look for someone to listen to speak about it. In many cases, they are not looking for advice or suggestions but rather an ear to listen to them. They may be looking for a sounding board or a safe place to talk about feelings. This open talk can be hard for them, especially if dealing with domestic issues and divorce. These subjects are deeply personal and can be scary to talk about, especially to a leader.

You can offer advice or suggestions only if the employee asks for it, otherwise only be there to listen and provide solutions to work while dealing with the crisis. You may need to offer the employee some temporary time off or away from a challenging position to give them the time they need to be fully productive.

Prioritize Health

Remember that your company or business is nothing without people to staff it and make it productive. Though it is a combination of your employees, clients, and stakeholders that keep a company functioning, if anyone on the staff is not functioning properly, it is better to give them the time to come back healthy and strong. Therefore, you have to consider things a bit selflessly. Your employee’s health should be the highest priority and can sometimes leave productivity suffering for the time it takes to get back to normal. Check out America's Best Bookkeepers

A leader has to think multidimensionally and requires a strategy for employees who cannot work remotely or have to be on the field at any cost. In these circumstances, it is difficult for the leader to decide how to handle these employees.  Both physical and mental health is of the most important in your company, so all decisions moving forward should be based on everyone’s health first and productivity second.

Check Work Performance

During a time of crisis, it is still suggested you keep up with the employee’s performance. You also should be aware of where they are in the processing of the crisis. Employees will appreciate the check-ins and be more willing to be open about progress if you check performance and needs periodically.

Consider Workload

When it comes to an employee in crisis, the workload can be huge in how they work through the crisis. If an employee can function enough to take on a lighter workload rather than completely off, this will be ideal for both the employee and the business. If other team members are willing and able to take on some of the employee’s projects, this could be a viable solution until they are back on their feet full time.

Check out America's Best Bookkeepers 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. Check out America's Best Bookkeepers
Budget Process - Complete Controller

In the budgeting process, the management aims to allocate capital and financial resources according to the organization’s current needs. For example, in the production department, the manager aims to decide the budgeted cost of production.

After the completion of the production, they address the gaps between budgeted and actual results. Its management can reduce the cost and expenses across all the functional divisions of the origination, which can be essential to increase the overall organizational profits and revenues. Through the budgetary process, a company can achieve organizational goals by effectively managing financial resources. One of the managers who design the budget’s main tasks is deciding on the budgeted sales, overviewing the production and overhead expenses, and the organizations’ capital required to conduct the company-wide operations. Check out America's Best Bookkeepers

The traditional or classical budgeting system is one of the earliest budgeting processes in which the budget is formulated annually. In this system, the company usually formulates the budget based on the previous year’s budget and, based on certain changes, are adjusted in the new budget. These changes or amendments can be essential to eliminate the company’s issues in its previous budget; therefore, it is referred to as an incremental approach. One of the main benefits of using this system is that it provides a budget limit in the allocation, which means that the company cannot spend more than the allocated amount. For the formulation of the company’s budget, previous financial information of the company and its performance are analyzed, resulting in fewer budget allocation changes. Check out America's Best Bookkeepers

Weaknesses of the Traditional Budgetary Process

Along with it some of the advantages, this system also has certain weaknesses. One of the main disadvantages is that the company’s strategic plans matter a lot, but these plans are not focused on under this system. It omits the company’s ability to focus on the organizational plans. The system cannot be used when the budgeting system requires major changes to achieve new opportunities as it only focuses on the marginal changes. The system determines a lot of change responsiveness, due to which the company cannot focus on the innovation in their organizational systems.

Reviewing the old budgetary system will increase the period to review the old budget. Therefore, it takes a much longer time to prepare the budget. The budgetary system did not incorporate any external factors, which makes it inflexible towards organizational change. After the budget formulation, the management cannot change it if any changes are required to overcome errors identified; only fewer changes can be made if required. The system is less focused on motivating employees’ desirable behavior to achieve the organizational objectives. Check out America's Best Bookkeepers

The viability of the Traditional Budgetary Process

In today’s world, every organization wants to focus on innovation and creativity to gain a competitive advantage in the industry. Innovation and creativity have led to several changes in the business environment and today’s organizations. Today management uses new and innovative approaches rather than old ones as it uses decentralized hierarchy and enhances organization-wide communication. Old approaches like centralized hierarchy and authoritative leadership have been omitted from the organizations.

These approaches were used to address the changing needs of the industry. The organizations have adopted these changes to survive in the market and achieve new growth opportunities. Traditional budgetary systems are not focused on the organization’s flexibility and adaptability towards industrial changes. It cannot be used. Furthermore, the customers’ changing needs and the increase of competitors have also increased the need to focus on new and innovative management approaches and techniques. Therefore, the traditional budgetary system cannot be employed due to its inability to meet the industry’s changing needs. Some of the budgeting processes have been discussed that can be used to meet the changing needs and gain a competitive advantage in the industry.

Check out America's Best Bookkeepers 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. Check out America's Best Bookkeepers