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consider business loans - Complete Controller

When considering a business loan, it is important to rely on the opinions of experts. Taking out a loan that you cannot afford can cause the end of your business, or at least prevent it from growing.

In the case of a business loan, you will be met with the opinions of naysayers, each with their own anecdotes and suggestions. But in the end, the decision is yours. You must consider all aspects and choose the option that best meets your goals and will help you expand your business venture.

Even though your intentions may be good, taking on a loan can always lead to falling into debt. Are you ready to move forward in this field? Do you have the working capital? If your answer is yes, you must consider the following reasons to get a small business loan. Check out America's Best Bookkeepers

Approval of expanding business location

Picture this: your cubicles are on the verge of breakage, and your assistant works in the kitchen. You have little space and overwhelming traffic of customers. This means you may need to renovate your office or change its location. This does not mean that you can purchase a new location right now, as you lack the capital. If expansion is urgent, you can apply for a business loan.  This will cover your property cost and the expense of packing and moving materials and furnishings.

However, before making any decision, you must plan for the possible change in revenue you’re expecting from your expanded business location. Take care to ensure the amount of the loan will give the desired profit. Create a timeline and note down all details to provide this confirmation. Conduct a little research on market rates beforehand, as this will make your purchasing process easier from both loan and property ends. Check out America's Best Bookkeepers

Future credit establishment

Most businesses always strive to expand to a larger-scale in upcoming years. Suppose this is true for your business. In this case, you may start by taking a small business loan to establish a credit history for your business. Having an established and positive credit history can make all the difference when seeking approval for a larger loan in the future. A small business loan with on-time monthly payments will boost your business credit score and history.

You can also cultivate timeless relationships with lenders to easily obtain financial aid whenever you need it. You can also ask for a big loan, but don’t take this step without confirmation that you can return the money. Otherwise, you will fall into debt.

Excessive purchase of inventory

Inventory is a major expense for any business. You can manage this expenditure by replenishing your business’ inventory with reliable and high-quality choices. In the case of a financial downturn, you must have sound capital that provides assurance when applying for a business loan. This may be a large amount, but don’t forget to consider the cost of expected ROI. Check out America's Best Bookkeepers

In the case of a seasonal business, you must have excessive money to purchase inventory. Obtaining small loans may be the best financial decision for your business, especially when your sales are lower due to the season being over. Inventory purchases require a larger loan, so your debt history must show on-time return payments. However, requirements may be adjusted due to the dynamic variations in sales.

Businesses need talented experts

There are many responsibilities place on the business owner, especially when running a small business or startup with a tight budget and the hope of progress. To help with this, business owners must glean the opinions of talented experts when making any major business decision.

There are multiple services businesses must manage regarding marketing, customer service, fundraising, client dealing, bookkeeping, marketing, etc. As a small business owner, you must know when to compromise your small business model due to hindrances that resist its growth. Lean on the assistance of qualified professionals who can shed some light on areas that may be costing you money and effort. After consulting with others, make the decision to obtain a loan only if you have confidence, you will be able to repay it.

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
Business Loans - Complete Controller

When considering a mortgage for your business, you may be met with all sorts of opinions. From cautionary anecdotes to general naysayers, most everyone you meet is going to have their own opinion as to what may happen if you take out a loan to start or further expand your business.

Remember that these opinions may be based on true facts, as there is always the possibility of falling into debt when you take out a loan. With that in mind, are you ready to move forward with this financing option? Do you have any existing capital? When deciding to take out a loan, you must consider the following facts. Check out America's Best Bookkeepers

Ready to Expand the Physical Location?

Your workspace may be bursting at the seams, with your assistant is working out of the kitchen!  It seems you have outgrown your original office location. Perhaps you run a retail store or a restaurant, and you have prospered enough that you have customers filling up the inside and outside. You must increase the size of your location in order to serve them properly.

This is great news! Your business is booming, and you are ready to expand. But just because your business needs expansion does not mean that you have the cash available. For that reason, you may need a term loan to support your big move, whether expanding your existing location or moving to a completely different spot.

Before committing, be sure to take precautions by forecasting any changes in revenue that may come through expanding your location. You should consider if you will be able to cover the loan cost, as well as earn a profit. If you plan to set up a second retail shop, you must research loans vs. revenue. Without proper considerations, you may end up in even more debt and loss than before. Check out America's Best Bookkeepers

Build Credit for Future

If you are thinking of applying for a bigger loan to finance your business in the next couple of years, the process can be started with a smaller loan. This loan is short-termed and will bring credit to your business. Smaller businesses tend to have a harder time applying for a long-term loan if both the owner and the business have a poor credit history. Start by taking smaller short-term loans. This way, you can build a stronger loan credit for your business to use in the future.

While utilizing this tactic, you can build good relations with a specific lender. This may eventually help you to obtain a bigger loan since goodwill is especially important while doing business. Once the lender trusts that you can and will pay him, he will lend you a larger loan without the fear of you not returning it. Additionally, take care when deciding what your first loan is going to be. If you ask for a loan that you cannot repay, it could be detrimental to your business. One late payment can affect your trust more than if you had never applied for the loan in the first place. Check out America's Best Bookkeepers

Talented Experts

Many responsibilities fall to the business owner, especially when running a small business or startup with a tight budget. In such cases, businesses may need to enlist the help of talented experts on business proceedings at a minimal cost.

There are multiple services businesses must manage, such as marketing, customer services, fundraising, client dealing, bookkeeping, marketing, etc. As a small business owner, you may have to compromise your business model due to hindrances that resist growth.

Conclusion

Keep in mind two basic things while signing up for a loan:  Can you repay all the loans you have taken, and is it worth it to take the loan when considering the debt? Try starting with small amounts to foster goodwill and help you obtain a longer-termed loan in the future.

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
Boost Your Credit Score - Complete Controller

There is an astonishing amount of people in the world who have no idea what their credit score is or how it even impacts their financial health. Even if you never need a loan or credit card, your credit score is used for many reasons that can negatively affect your life if your score is low.

  • To determine your insurance rates and premiums
  • To be able to rent a home, apartment, or car
  • Down payments to get cable, internet, or phone service
  • To make purchases with payment plans
  • To determine if a company will hire you Check out America's Best Bookkeepers

Knowing that your credit score can affect so many aspects of your life, you must know how to get and keep a good, if not great, credit score. Here are six worthwhile strategies to boost your credit score.

Pay Your Bills on Time

Paying your bills on time should be a given when it comes to your financial health, but you would be surprised how many don’t realize that some of your payments hit your credit every time you’re late. While it is not suggested that you be late on any bill payments, sometimes life is difficult, and you have to shuffle some things around to make ends meet. Make sure you pay those bills that will affect your credit on time or before they are late work with the creditor on a payment plan that won’t damage your credit.

Experian Boost

Experian has begun a program to help anyone who wants to boost their credit to do it. One of the three major credit reporting entities did something brilliant. They are allowing bills that typically are not considered on your credit that you likely pay on time every month to be considered in your credit score. You can add your utility bills and your cell phone bills into the mix of payments that will boost your credit if paid on time and see a jump in your credit score by about forty points in 90 days! Hopefully, the other two entities follow suit as this could change the face of credit if you pay these bills on time but had some credit issues that lowered your score. Check out America's Best Bookkeepers

Deal with Debt NOW

Debt should be the most important concern you have financially outside of necessities. If you are spending on luxuries when you are carrying debt, you make a huge financial mistake. Start with making the largest payments towards those debts that carry the highest interest rates. If you have any revolving credit such as a credit card, do not use it until all debt is paid down, or you will be back in the same boat quickly. You need to stop this debt leak. That said, do not close unused credit cards as this adversely affects your credit. Keep them open and pay any fees they have but don’t spend on them.

Multiple Lines of Credit

Even if you pay every credit card and loan on time, it will still lower your credit score if you have many lines of credit. A potential creditor will not want to see that their bill will be one among many you will struggle to pay if you fall upon hard times. While if you are paying them on time, it will help your score but not enough to overcome the hit your credit took by having too many credit lines. Check out America's Best Bookkeepers

Stop Applying for Credit

Just because that department store will give you a 20% discount on your current purchase for just applying for their in-store credit card doesn’t mean you should do it. Every single time there is a hard inquiry on your credit score, it lowers it. Simply put, stop doing it. Hit sales or go second-hand shopping if you want to get great deals, don’t apply for every store you shop in’s line of credit.

Dispute Your Credit Report

Many credit checking apps and websites make soft inquiries on your credit score, which doesn’t adversely affect your score even if you check it every day, multiple times a day. You need to be checking your score as regularly as possible because if there are ever any inaccuracies if you catch them and dispute them immediately, they will be removed quickly.

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
Minimize Debt - Complete Controller

Everyone has to deal with debt at some point in their life. Whether it be due to the need for loans to make large purchases or bad debt built from getting behind on interest-bearing accounts. Business debt like personal debt is not unusual; it is relatively expected, especially if your business is in the start-up stage. However, with some businesses, debt has become overwhelming due to money mismanagement. Here are six ways you can minimize and even eliminate debt for your small business. Check out America's Best Bookkeepers

Assess and Rework Your Budget

Setting an initial budget should be a part of your business plan from the beginning. It is also a changing part of your business that needs routine assessment and reworking when needed and every year. It is best if you hire an accountant or bookkeeper or use accounting bookkeeping software. The main focus is to get a budget and stick to it. Many small business owners have not done one, to their loss or even full failure.  

Reduce Expenses

Once the budget is complete, take a look at all your expenditures. If done accurately, your budget will reveal where their expenditures are and are not essential to the business. Once you have assessed your expenses, pick a few to cut from your budget. Even one unneeded expense can add up to huge savings at the end of the year. Check out America's Best Bookkeepers

Temporarily Pay with Cash

The primary source of business is debt, loans, or other credit lines, which are sometimes unavoidable. Some even use credit cards to try to pay for the needs of the company. For some time of your choosing, only to pay with money, you know you have. Don’t take out more loans to pay a debt. It is easy to lose control if you have too many loans to pay back.

Communicate with Creditors and Lenders

Most business owners don’t realize that lenders and creditors will often work with you through hardships. Even if you make a lower payment arrangement, they are getting paid. Most lenders would prefer to work out a payment reduction than send it to a debt collector because they only get pennies on the dollar of what the debt is. Creditors also have an interest in you paying something rather than defaulting. Communication is key.

Consolidate and Stack

There are ways you can consolidate your debt, making it one monthly payment instead of one. Generally, you will have to go through a third party willing to take on all your debt and receive one payment. The other method you should incorporate is the stack method. This method entails you paying down from highest to lowest. This saves on interest, and the surplus created can go towards the next debt on your list. Check out America's Best Bookkeepers

Hire a Debt-Restructuring Firm

If you cannot take care of debt independently, hiring a debt-restructuring firm is a great choice. They specialize in not only restructuring debt but help you explore every possible way to repay your debt quickly. These firms also have the contacts to consolidate your debt, making it manageable with only one payment. While hiring a debt-restructuring firm will incur some cost, it is far less expensive to pay them to get your business on track and out of debt than to continue compounding your financial issues with high-interest rates and the piling on of other debt.

Conclusion

If all else fails, you still have options. For businesses that can’t manage their debt, it might be time to think about selling the business, liquidating all assets, or filing for bankruptcy. But before taking those extreme measures, first try reworking your budget, reducing your budget, temporarily paying with cash, communicating with creditors and lenders, consolidating and stacking, and hiring a debt-restructuring firm. One or more of these can turn your business around.

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
good debt - Complete Controller

Debt occurs when you are given money in exchange for an interest rate charged on the borrowed amount. Depending on the interest rate, debt can fall into two categories: good debt or bad debt.

Debt has become a relevant topic in today’s world of financial uncertainty. The more financially stable you are, the more you excel in your day-to-day life. This stability improves your purchasing power and enhances your living standard. Check out America's Best Bookkeepers

While borrowing money today may make sense when you are in a bind, the interest rate charged on this money can become a major inconvenience and can even hinder you from obtaining your goals. There could be several reasons for an individual or an organization to take debt. For example, organizations may borrow a huge sum of money in the form of a loan in the hope of expanding their business. Another common reason for taking on debt may be that entrepreneurs want to expand or start their venture and take out a loan.

 

How Good Debts Help You Grow Financially?

When searching for the meaning of “good debt,” one will find it described as a debt that increases your net worth and helps you generate substantial income, which enhances your financial portfolio. For example, an education loan that one borrows in the hope of getting a quality education to brighten their future. One of the reasons an education loan is a good debt is because it (hopefully) will pay off in the long-term. Education from a reputable institution shapes and molds our intellect and prepares us to succeed in the professional world. Check out America's Best Bookkeepers

In a perfect world, education corresponds to better employment opportunities and well-paying jobs. Having a degree makes you more desirable to employers and increases your earning potential. Your college degree should pay for itself in time; therefore, the loan you borrow in pursuance of quality education is worth all the effort and money you put into it.

In contrast, a mortgage is also a good debt because you finance your house with it. Real estate’s value has grown quite exponentially, making owning property an investment. To put it simply, a mortgage is a good debt because of its equity in the future.

You can also strive to make yourself financially stable by investing in income-generating projects or shares.

What makes a Debt, and how Does it affect your financial stability?

Some assets depreciate with time. If you invest in an asset after getting a loan that does not mature in value over time, you have put a dent in your financial position in the long run. This is the situation of a “good debt” turning into a “bad debt.” So, it is always better to look for ways to increase your financial position because, after all, you must pay a larger-than-life interest rate against the amount you borrow in the loan as well. Check out America's Best Bookkeepers

The Thin Line …

Borrowing money can be an exhausting and draining ordeal. Many worries and skepticisms surround the process—one being that you must return the amount (plus interest) in time. If payments are not made in a timely fashion, it could be detrimental to your financial position.

Additionally, differentiating between “good” and “bad” debt may be difficult for some, and you find yourself making some bad decisions that hurt your financial stability. To avoid this, you need an action plan. Sort out your priorities and use the right strategy to make these debts generate robust income for you. Chances are, with the profits you earn, you will be able to return even the interest rate charged on your income without any struggle. Ensure that you are not investing in any asset that does not have the same or more value over time, as this can cause severe repercussions.

 

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
Avoid Credit Card Debt - Complete Controller

You can easily purchase everything you want if you have a credit card available.  While there are a few problems attached to owning credit cards, you can still use them to your benefit. While many financial planners would suggest not to own any credit cards, others would suggest you have them available for emergencies or to help build good credit.

Though there are some benefits of owning a credit card, many people end up with debt and adverse effects on their credit because they use them to live outside their means. Credit cards can be useful if the risks of building debt and harming your credit score are avoided. Here are nine ways to avoid credit card debt. Check out America's Best Bookkeepers

Build a Safety Net

A credit card may be your best option to save you from an emergency expense if you don’t have an emergency fund. Therefore, if you have an emergency fund, you can avoid charging the emergency expense to your credit card, which has interest. Using your credit card for an emergency and unbudgeted expense can cause hardship when attempting to pay the credit card bills and can lead to late payments and negative effects on your credit score.

Stick to What You Can Afford

If you have a credit card, it can be tempting to use it when you see items you want but can’t afford. Spending outside their means is the number one reason people get into debt in the United States. Having lines of credit like loans or a credit card can be great if you simply want to use it on the spot to make a purchase or pay a bill with the intention that you will pay it back immediately. However, if you continuously use your credit card to make purchases you can’t afford, this will lead to debt that can become insurmountable.

Avoid Unnecessary Balance Transfers

Transferring your total balance from a credit card with high interest to one with low interest is the right move to pay off your balance at a lower cost. However, if you transfer money to circumvent the credit card payments, this will grow your balance adding transfer fees. If you are unable to pay your credit card balances down within one to two billing cycles without transferring your balance, you are building debt that could overcome your financial health. Check out America's Best Bookkeepers

Always Pay Your Bill on Time

Staying on time with your regular credit card payments is one of the best ways to avoid credit card debt. Making your credit card payments on time should be a no-brainer, but using your card to live outside your means may be difficult. You have to have self-control and make payments on time and try to make them more than the minimum to reduce interest.

Pay Your Full Balance Each Month

Paying your credit card balance in its entirety each month is the best way to avoid credit card debt. Not only will paying the entire balance to avoid debt, but it will build your credit score. If you can’t pay your total balance each month, this is an indication that you are living outside your means. Keeping your spending and expenses under what you can afford should be a monthly budget priority to avoid debt. This control should especially be applied to credit cards due to the fact that they carry interest.

Know the Signs of Credit Card Debt

You should always be paying attention and able to recognize ​early warning signs of possible credit card debt. This recognition will ensure that you cut back on your other expenses to get it under control before it overwhelms you and your income. Be stingy when using your credit card and only use it if you need to or will be able to pay off the balance in full and immediately. You can check your credit card balance daily; you should always know your balances so that what you owe can be planned for, and payments can be made on time and in full. Check out America's Best Bookkeepers

Avoid Cash Advances on Your Credit Card

In a moment of need, you might consider taking out a cash advance on your credit card. This withdrawal should be totally avoided unless you have no other choice. Cash advances are very costly, with not only interest on the amount, but there are fees that can hike up the debt to an unmanageable amount. To help avoid taking out a cash advance, you should have an emergency fund. Though you will need to pay yourself back, the advantage is using those funds will carry no interest or fees.

Don’t Lend Out Your Credit Card

When it comes to your credit card, you are the only one responsible for the charges made to your credit card. Lending your credit card to another person puts control of your credit card and what is charged to it with someone else. For security purposes alone, you should never lend your credit card to anyone. If you are going to use your credit card to help out a friend or family member, you should consider using another form of payment to help them out. Keep your credit card in your possession to avoid overcharges or theft.

Limit Your Number of Credit Cards

It stands to reason that the more credit cards you have, the greater the opportunity to get into debt. There is no reason to have more than one credit card as even having one can put you in debt; you may not be able to overcome. If you can get better rates on a different credit card, you should cancel out the other card and put all of your focus on the credit card that gives you the best rate.

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
Being Indebted - Complete Controller

Acquiring debts is normal, especially when some high-value goods and services cannot be easily accessed without a loan, such as purchasing a home. Financial indebtedness may not be negative, and while you might not agree, here’s how being indebted benefits you.

The purpose of a credit line is to facilitate the achievement of goals while not becoming a financial burden to the person taking out the loan or using the line of credit. Our world has advanced when it comes to financing, and investors are adapting to new ways of investing, looking for every possible avenue they can use to diversify their portfolio. If you didn’t know already, one of the best ways to raise the capital for a large purchase, to fund a project, or to start a small business is to take out loans or invest your own capital with the hopes of earning substantial returns. Check out America's Best Bookkeepers

How to Control Your Debts

The only way to achieve this is to understand that most of your income can not be used to pay your obligations because there will come the point where the management of your debts will no longer be sustainable. While indebtedness does benefit us one way or another, it is still recommended that you control your debt. Acquiring debt means you get the money today to pay later. It increases your liabilities and puts you in a bad position if you cannot repay your debts in the agreed-upon timeframe. Here are five advantages to being indebted.

Benefits of Having Credit Cards

  • It helps us in financing a project
  • Increases our immediate purchasing power
  • Improves our standard of living
  • Solves financial emergencies
  • Maintains the costs of payments at reasonable levels and previously decided with the bank Check out America's Best Bookkeepers

Benefits of Having a Good Credit History

Your best letter of presentation to obtain financing is to have a positive credit history; this is only acquired when good management of your debts is recorded. Having good behavior with financial obligations will open up a range of possibilities when it comes to approaching financial institutions. Positive credit history will have a positive impact on your financial history. Investors will have faith in your project, and they will not be reluctant to invest in your venture. Banks will be opened to giving you loans, expecting you to repay them on time. All in all, a good credit history opens doors to opportunities for you to fulfill.

Having Assets that Increase in Value Over Time

Not all assets depreciate. From gold to property, investing in the right projects will establish you as financially stable. Invest in assets that don’t lose value over time so that in the future, they will be worth more than their initial price plus the cost of financing (for example, a house or other property such as lots.)

 

Generate Income or Reduce Expenses

If you use your loans strategically, you’ll earn substantial returns on them. Let’s face it; we have more opportunities opening doors for us today than before. Instead of risking your money and putting your finances at stake, go for projects and ventures that’ll generate income for you. Reduce your expenses as much as you can. Check out America's Best Bookkeepers

Use Your Credit Cards, Whenever Necessary

Credit cards have improved our purchasing power, and people are attracted to them more than anything today. Well, who doesn’t like buying? With innumerable buying choices, who wouldn’t skip a beat? Still, reduce excessive buying to save yourself from inconveniences in the future. 

Conclusion

Today, no problem exists that doesn’t have a solution. Being indebted, though, is not ideal for everyone, but as an investor, you can benefit a whole lot from it. From putting you in a position to invest in projects that may earn you positive results and grow you financially, debts can help you in more ways than you could ever think. If you are looking to make your ideas a reality, you can make your dreams a reality by taking loans from a credible source.

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
Manage Your Personal Finances - Complete Controller

One of the main challenges facing those who want to work as a full-time freelancer is knowing how to manage your personal finances. At the end of the day, you are the one responsible for your income, bills, and savings to live comfortably and fulfill your dreams.

However, due to a lack of proper preparation, it is common that some freelancers are not as efficient with organizing their time and finances, especially in the first year of operation. This can put your financial objectives at severe risk.

According to data taken from The Ministry of Industry, a federal council of commerce, 16% of individual micro-entrepreneurs (MEI) in Brazil are in default to get an idea. And more: 1.2 million MEIs (independent professionals) will lose their permission until December 2017. It’s a lot. Check out America's Best Bookkeepers

No need to panic, though! With good planning and by avoiding some major mistakes, you can keep up with your rates and accounts while still planning to take that dream vacation or buy that coveted item. All while working as a freelancer!

Below you can see the seven keys to make this possible:

1. Have goals

The first step towards managing your finances is to have clear objectives. Divided them into the short, medium, and long term. Write down everything carefully and define your goals clearly. Example:

Short term:

  • Eliminate debt “x.”
  • Buy “x” equipment for work

Medium-term:

  • Resume language course
  • Change equipment
  • Eliminate debt “x.”

Long-term:

  • “X” trip

Adjust your goals according to your plans and needs, and then start organizing. Define how many hours a day, you need to work to achieve them. Take into consideration long-term goals, and then set your plans. Check out America's Best Bookkeepers

2. Build a strategy

After defining your goals, go on to define how much you need to save monthly from your compensation according to your plan. You cannot achieve success without a solid plan or strategy.

3. Learn how you spend

The freelancer must know how much he or she spends on personal issues and with work. Month to month, you must have a clear idea of how much you are going to spend on water, electricity, cell phone, rent … in short, your personal finances. Permits, software, new equipment, and taxes are all labor costs. Separate the two categories and write down everything.

4. Have an expense sheet

Now that you have this information listed create an expense sheet. This is necessary to know exactly how much money is coming in and how much is going out.

This sheet will reflect all monthly expenses and plan for what needs can be reduced and saved.  A good suggestion is to download a customizable Excel spreadsheet in which you can insert your data and account. Check out America's Best Bookkeepers

5. Define your salary

You must define your monthly compensation. This is done by calculating how much you want to earn per month to cover your expenses and live a comfortable life.

6. Save

While you are looking for your goals and starting your career as a freelancer or micro-entrepreneur, eliminate superfluous expenses.

Eliminate your unnecessary expenses. Everything that is not within your key objective must go.

7. Meet your established goals

Now that you are organized, here comes the part that requires more dedication: meeting the goals! Work according to what you planned for, and keep in mind that oscillations happen with any freelancing gig. Therefore, you must have discipline and dedication to ensure your career and finances will be successful.

All in All

You make a mess; you get to clean it up. It is as simple as that. Similarly, take care to pay off any debts you may have. With managing your personal expenses, comes a sense of accomplishment. The feeling of independence and self-sufficiency is like no other.  Decide on a plan, stick to it, and achieve your dreams!

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
Credit Card Benefits - Complete Controller

A credit card can be an excellent form of payment if it is used correctly. Know some of its benefits. By using it as a means of payment in businesses adhering to the system, many transactions have become quick by signing and displaying the card. Credit cards are an alternate form of payment by which the user assumes the obligation to return the amount provided and pay interest, bank fees, and expenses. It can be a great tool if used correctly as a means of payment; therefore, these benefits can help you make the most of its use. Check out America's Best Bookkeepers

If you use your card as a means of payment for daily expenses, you should receive a card that charges low commissions and transaction costs and provides benefits, such as points, which are sometimes reflected in pesos and rewards. Like any service, it has a cost that is defined as Total Annual Cost (CAT), a standardized measure of the financing cost expressed in annual percentage terms that incorporates all the costs and expenses inherent in the credits granted by the institutions. If you have already decided to obtain a credit card or you already have one, we share five benefits you will get when using it.

A Good Credit History

The Credit Bureau records your behavior with the bank and various services; that is, how good or disappointed you have been in payment management. Creating a history helps you build a reputation and opens the door to different opportunities, such as mortgage and auto loans.

A sound credit history and records that give an idea of your timely payments will help you get personal loans. When payments are required urgently, and you don’t have anyone to take care of your expenses, a well-maintained credit history will help you get personal loans without delay. Check out America's Best Bookkeepers

Avoid Driving Cash

Credit cards have fraud insurance. When you lose your credit card, and somebody other than you use it without your consent, you can contact the official authorities to help you with your finances, unlike cash. With cash, you’re always at the risk of being robbed. Any thief can come all of a sudden, and you can get yourself robbed. However, with credit cards, your balance will still be safe in your account.

You Can Better Control Your Expenses

You can lose track of your balance while spending on your favorite products. From shops being filled with products that pull you towards them, it gets hard to get a hold of your expenses, leading you to spend extra money on your products.

With credit cards, you get statements that have all your records. Checking your statement of account letter by letter is key to realize what you are spending and what purchases you can stop doing in the coming months and what items are worth programming for months without interest. Check out America's Best Bookkeepers

You Can Make Use of Internet Banking

Digital banking has eased our paths to getting things through online delivery. However, some services and online transactions require a credit card for our security, i.e., it asks for payment through credit cards. In addition to saving you time in moving to the place where you want to make the payment, credit cards are a lifesaver for those who are always on their toes.  

They Generate Rewards

To further add to these, some cards also generate rewards. So, consider finding a card that generates rewards according to your lifestyle; the annuity can be compensated with these benefits.

Conclusion

We hope these tips help you get more out of your finances by allowing you to access credits and other benefits. Also, having full control of your electronic billing, you will know how much you are earning and how much you are spending; for this reason, you must have a good system that allows you to enjoy the greatest benefits.

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
Saving Money at Christmas - Complete Controller

The holidays have arrived. It’s time to spend time with family and friends, as well as getting everything ready for Christmas dinner. As part of these celebrations, you have likely entered into an exchange of gifts with the family, another with the office colleagues, and perhaps another with the friends. These types of commitments are sometimes unavoidable and have a significant impact on your income.

In December, many people lose control of their expenses using credit cards or lines of credit. This lack of control and overconfidence can make it very difficult to recover economic stability in January and possibly even during the first quarter of the year. Here are four tips to make saving money at Christmas possible. Check out America's Best Bookkeepers

Pay Yourself First

Many people designate a portion of their bonuses or bonds to pay debts, either from credit cards or lines of credit. However, it is recommended that you pay yourself first and reserve a portion of your bonuses to your savings. Keep in mind that setting a clear goal for the money you save will help you meet your overall financial goals, regardless of whether they are short, medium, or long-term.

Additionally, it is advisable to designate a part of your retirement savings, either as a voluntary contribution to your personal savings account or as an investment into a company retirement fund. The National Commission for the Protection and Defense of Users of Financial Services recommends allocating at least 10% of your income to savings.

Remember There is Life Beyond Christmas

Many people use credit cards and lines of credit to purchase presents at Christmas. Many reports take the entire first quarter of the year to recover from Christmas spending. Some go beyond due to unforeseen financial issues that prevent payments and expand the debt. If you plan on spending a lot at Christmas, you should plan to save with a Christmas savings account instead of using your credit card or obtaining a credit line with fees and interest. Check out America's Best Bookkeepers

You have to keep in mind that after Christmas, you will still have bills and responsibilities. If you can’t afford to purchase gifts without putting yourself in debt, you and your family may need to reassess how you do Christmas. You must think beyond the holiday and know the best gift you can give yourself and your family is financial stability and a look forward to financial independence. By staying within your means at Christmas, you will not only stay out of debt, but you will also be able to put money into your savings account.

Be a Thrifty Shopper

While it is understandable that many believe in and promote Santa Claus in their households, you can still control spending and get your kids what they want for Christmas. One thing is that if you want to provide the magic of Christmas but not over commit to what Santa brings, you can let your kids ask Santa for one gift and then ask them for a list of things they want that they may or may not get.

Once you have limited the Santa gift to one gift and receive the desires of your little one’s hearts, you need to shop intelligently. There are several ways you can do this while still giving your family a great Christmas. You can do comparison shopping, find coupons, or look for second-hand items on any of the many apps that both buyers and sellers use to share items for sale second hand. You can also hit up estate and yard sales. Shopping can be fun and rewarding if you look for the deals and ways to give without doing it until it hurts you financially. Check out America's Best Bookkeepers

You Can Buy on Credit

Almost everyone who has a credit card will use them for Christmas shopping. You should be encouraged to use them, but do so as sparingly as possible, and don’t max them out if you can’t pay them back within a billing cycle or two. Remember, you are making purchases on credit without knowing what the next few months hold for you financially. Purchasing anything on credit that expands your spending outside your means is a risk.

The bottom line is, you can buy on credit but keep it within reach even if you should hit financially difficult times. Understand that your credit card or line of credit may be needed for an emergency expense if you don’t have a savings account, so you should leave room on it for those unforeseen possibilities.

Conclusion

We all want to spoil our kids and loved ones at Christmas, but the most loving thing you can do for them is to provide a financially stable and debt-free future. If you are smart and use these tips to find money-saving ways to celebrate Christmas, you and your loved ones can relax and enjoy the season without unsurmountable debt hanging over your heads.

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