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Refinancing Your Home Loan - Complete Controller

Home mortgage financing is not always that easy to handle, especially when it comes to lenders who have strict policies and lengthy approval processes, making it even more challenging to request a loan. The founder and CEO of LoanDepot.com, Anthony Hsieh, says, “Homeowners today need to be triathletes to qualify for a loan, with great income, great credit, and great value in their home.” Here are six crucial questions to ask when you are considering refinancing your home loan. Check out America's Best Bookkeepers

Do I have equity in my home?

Ideally, homeowners should have 20% equity in their homes to sign up for a loan request without paying private mortgage insurance. This lack of equity may adversely affect the benefit of refinancing and make homeowners owe more than their house’s actual cost. Home Savings’ vice president says that going for mortgage refinancing without sufficient equity only depreciates a house’s value. Another thing that impacts qualifying for the loan is the borrower’s credit score. To qualify for refinancing your mortgage to get a loan, you need to have a good credit score, much like when you obtained the original loan that created your mortgage.

What are my Financial Goals?

Most of the homeowners opt for refinancing to reduce their monthly installments. A good mortgage calculator may guide you in deciding your installment plans and reduce the interest amounts. The vice president of Home Savings says, “Some people are reorganizing their loans to a 20, 15, or 10-year mortgage, which works well for people with plenty of disposable income. But I fear that people are too concentrated on paying off their mortgage and not incorporating this decision with their overall financial plan.” Check out America's Best Bookkeepers

What are the contractual terms of my current loans?

When refinancing your home, another important question you need to ask is about your current loan terms and conditions. When it comes to terms and conditions, interest rates and fluctuations are the biggest financial concerns for borrowing homeowners. Borrowers should stick to fixed-rate loans rather than variable rates.

While asking for a refinance for your home, you should be certain about the time you plan to spend in your home. In general, Mortgage professionals inform the borrowers that a refinance may cost them three to six percent more than the home’s actual cost. If the break-even tends to happen at fifteen months while you still plan to stay in that house for the next five years or more, then it is good to go for refinancing. However, if you have to leave in two years, then refinancing is not a good option.

Is my credit score high enough?

A borrower’s credit report is an important factor that plays a vital role in getting a good mortgage rate. Any mortgage borrower needs to have a good credit score because it becomes nearly impossible for you to qualify for refinancing without a high credit score. Ideally, a borrower will have a score of 720 or more. Any credit score less than 620 may cause hassles in getting approved to refinance your mortgage. Check out America's Best Bookkeepers

Do I have other lines of credit or a second mortgage?

Getting a second loan may cause the borrower extra stress. It comes with additional complexity, and borrowers might lose track of payment schedules. Borrowers have the option of paying off the first loan before entering into the second loan, or they can combine both loans by making them into one large loan. Having only one loan will make it easier to keep your payments in order, as having multiple credit lines at a time can be confusing.

Conclusion

The bottom line is that you need to know if you not only qualify to refinance your mortgage but if you should. Consider all six of these questions before making this important decision that will affect your financial 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 Savings - Complete Controller

Every responsible adult should be focused on savings. Savings for emergencies, savings for retirement, savings for big-ticket items or vacations, and savings for your children’s education are a few motivational reasons people should focus on spending less and saving more. Even though everyone should have a healthy savings account, many don’t, or if they do, it is meager and not worth enough to cover anything significant.

The best way to focus on saving more and spending less is to have a budget. Many people hear that word and believe it is difficult to give up things they enjoy or significantly change their lifestyle. If you are savings savvy and learn to make your money work for you, you can build savings without any significant lifestyle changes, and the few things you have to give up will be worth the sacrifice when you have a healthy and secure financial future. Here are five ways to boost your savings and get on the road to financial freedom. Check out America's Best Bookkeepers

Contribute to Retirement Funds

If your workplace offers a retirement plan such as a 401(k), you should contribute to that account from day one of employment. If you have not been contributing, meet with your human resources department to begin contributing. Most companies have a 401(k) matching program, you should contribute as much as you can afford, but at the very least, you should contribute the percentage of your income that your company will match. That matched amount is free money, and you should take full advantage of it.

Assess Your Expenditures

Having a working budget will make it easy to assess your expenditures. Your luxury, entertainment, or mad spending expenditures should be a small percentage of your spending. If you are spending more than 20% of your income on these expenses, it is time to cut expenditures you can live without. You will still have a fun lifestyle while saving a lot. Check out America's Best Bookkeepers

Smart Investments

Making smart investments in stocks, real estate, bonds, and mutual funds are some ways to earn higher returns on your earnings. However, keep in mind that each of these types of investments is different and carries varying risk levels. When it comes to investing, you should hire a professional financial planner or investment specialist. Though some investors have learned how to invest intelligently because there are risks involved in these investments, you cannot suggest you handle it if you are an amateur. Regardless of hiring a professional to help you invest, you should know and understand your investments on some level.  

Live Debt-Free

The best advice that can be given is to resist owning credit cards. Most credit cards carry high interest and increase the risk on your credit score if you have difficulty paying on time or cannot pay at all. Also, paying minimum payments means you will be paying interest for the first several payments before you pay the principal. Credit card debt is the number one bad debt generating type of credit and should be avoided. If you decide to carry a credit card for emergencies, only use it for true emergencies and immediately pay the balance. However, it would be more beneficial for you to save money for emergencies, as that money will have no interest or risk of bad debt.

If you need to purchase a big-ticket item on credit, such as a car or home, pay more than the minimums as this will save you thousands of dollars on interest. Check out America's Best Bookkeepers

Health Savings Account

Saving accounts are a secure way to save protect your money for the future. They can prepare you financially for emergencies and other plans that require funding. You need to realize that your future financial health and freedom depend on your savings, and for this reason, you need to make saving more and spending less a priority. To save effectively, it is recommended that you use the reliable bucket method by following these three steps:

  • The safe and secure bucket. This bucket should contain at least 50% to a maximum of 70 % of your savings. This savings amount is dedicated entirely to low-risk investments such as mutual funds, real estate, or bonds.
  • The growth bucket. This bucket is focused on rapid growth and is used to invest in higher-risk, higher-return investments. This can be anywhere from 20% to 40% of your savings, depending on the percentage of your safe and secure bucket.
  • The luxury bucket. This bucket should only be 10% of your savings and can be used for entertainment, luxury items, or vacations.

The key to saving more and spending less is to make little changes and be thoughtful in your decisions regarding savings and investments. This mindset will have your future finances healthy while having the least effect on your current spending and lifestyle.

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

Every financially responsible adult is aware of the importance of your credit score. Most credit scores linger around the good to poor range due to unpaid or slow paid debts. Even if you have a decent score when making large purchases such as a car or home, a higher credit score can be the difference between higher interest rates or lower payments. These differences could cost or save you hundreds of dollars. Here are five strategies to boost your credit score. Check out America's Best Bookkeepers

Find Out When Your Issuer Reports Payment History

For a major boost to your credit, you must know your credit cards’ reporting date. The reason is that your credit can receive a boost if you carry less than 10% of your credit card limit each month. Regardless of your credit limits or minimum payment requirements, you will always want to ensure your balance is under 10% of your credit limit.

The reason you must know the reporting date of the credit holder is that if you get your balance below 10% or even pay the entire balance, but it is after the reporting date, it will do nothing positive for your credit score or may even lower it slightly depending on what percentage of your limit you are holding.

For the best results, pay your bill down just before the reporting date, which can be a monthly boost to your credit score. Check out America's Best Bookkeepers

Pay Down Debt Strategically

To boost your score, you now know you need to keep your balance below 10% of your credit limit. So if you have more than one credit card, you will want to pay down the balances to get them all below 10% of their limit. For those cards already below this percentage, you can make a minimum required payment.

The other strategy you want to utilize is to pay more towards loans or credit cards with the highest interest. The more quickly you pay these down, the bigger the savings and the better the boost to your credit score.

Pay Twice a Month

While sometimes finances are such that even making one payment on a loan or credit card can be a challenge, if possible, it is suggested you attempt to make two payments. This will boost your credit score and help save you money by paying off interest, gaining debt far more quickly.

Raise Your Credit Limits

If you are a shopaholic, you may be getting excited about this option; however, raising your credit limit is not so you can spend more and get into more debt. In this case, raising your limit and keeping your ratio below 10% will boost your credit score. Check out America's Best Bookkeepers

Only ask for an increase in credit if you have been on time on all your payments with the creditor as if you ask for an increase and have not paid on time or at all, this raise of your limit request may alarm the creditor and in some cases, they may even lower your credit.

Mix It Up

While having diverse credit is only accounts for 10% of your overall score, having a mix will boost your credit. Having a mix means that you need different types of current credit that you are paying off. Suppose your only credit is revolving credit, such as a credit card or an installment payment on a long-term loan such as a mortgage. You will need to diversify your credit. If you can purchase something on credit, pay it off quickly to give your credit score a quick boost.

Conclusion

Your credit score should always be a financial priority. While you may never need it to make large purchases, your credit score is used to determine interest rates and, in some cases, can be used by phone and utility companies to decide on down payments or additional fees. It can also be a factor a potential employer considers before hiring you. Whatever the reason your credit score may be used, it is important to keep it as high as possible so use these quick boosts to raise your score.

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
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
Money-Making Apps - Complete Controller

Your mobile or other smart devices can become a money maker. This income is possible because you can install it on your smart device or phone for free. Using these money-making apps can be a fun and easy way to earn extra money and even replace your income. Here are seven of the top apps to earn money and how to use them. Check out America's Best Bookkeepers

Foap

The Foap app allows users to make money by uploading and selling their original photos and videos. When a business, individual, or brand purchases one of your photos or videos, you split the profits 50/50 with Foap. You can use photos or videos you’ve previously captured or earn higher pay by taking new ones through different missions set up by the app. It is an enjoyable way to use your photography and videography skills while earning money. This app asks for the user to have a PayPal account to receive payment.

SweatCoin

This app is perfect for the individual trying to get a lot of steps in every day for the health benefits. On Sweatcoin, you make $0.95 for every 1000 steps you take, encouraging you to take a lot more steps a day as this can add up. The money you earn is not in cash, but it earns you credits you can use for shopping at 300 plus retailers. The truth is, if you’re walking anyway, why not get some free stuff while you’re at it? Check out America's Best Bookkeepers

eBay

eBay is an excellent resale app that has been around for years. Depending on the items you offer on the site, the potential for earning a great income. Some vendors that sell on eBay have developed a business around discovering things at thrift stores and yard or estate sales and restoring them or selling for a profit. On eBay, it is an auction sale that includes selling items at a “Buy It Now” flat price. For some scarcer or heavily sought after items, it is best to set up an auction sale as the competition can occasionally drive the price much higher than anticipated. All dealings are done through PayPal, making it secure. There are a few fees; however, most are negligible in comparison to the returns.

OfferUp

OfferUp is as if eBay and Craigslist were combined to make one app. OfferUp used to be an app for local sales of unwanted or second-hand items within your region. But it now has the added aspect of shipping open it up to the world like eBay. The great thing in contrast to eBay or Craigslist is that it is free to post or sell your items. You predetermine shipment costs at the time of publishing so you can contemplate it when establishing a sale price. If bought locally, you can save money on the shipment and schedule a meeting with the buyer.

Mobee

Mobee is a secret shopper app that presents tasks in your region. If you choose the objective, it gives you directions on what to do. The tasks could be taking a survey or taking a picture inside the store. When you complete tasks, Mobee pays you with points that can be exchanged for gift cards to various shopping sites and businesses, including Amazon. Check out America's Best Bookkeepers

Acorns

Acorns is an investment app that uses your spare change. Acorns rounds each purchase to the nearest dollar through a connected bank account and use that “spare change” to invest. This investment app is excellent for first-time investors that don’t have a lot of money to invest. However, it does have a maximum amount of money you can make to help you determine how to use it. It also has a small monthly fee dependent on the level selected.

TaskRabbit

TaskRabbit is an app that facilitates you to get paid to accomplish physical labor services in your vicinity. You set up a user profile with the skills and services you offer, and individuals hire you to help them out. Some of the more common tasks are moving, cleaning, rearranging furniture, mounting a television, etc. If you aren’t afraid of some physical labor, you can make a good side-hustle from TaskRabbit.

Conclusion

There are many other money-making apps, but these seven apps are the best to start making money today. And some of them are even fun!

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
Small Business Struggles - Complete Controller

There are mistakes that many people make when starting a small business. These mistakes can even occur when the business is up and running but can generally be avoided. Some of these mistakes can be unique to the business type or the individual owner, but many small businesses’ mistakes are quite common. When opening a small business and even in later stages of operations, there are missteps you want to avoid to have a lucrative business. Here are eight common mistakes small business owners make and how to avoid them. Check out America's Best Bookkeepers

No Business Plan

Business plans are essential to every business, whether large or small, or whether it is just beginning or has been around for many years. While writing a business plan can be a challenge, it will pay off if you have a well thought out business plan to utilize for investors, new staff, or even for you to refer to through the year to keep you on track. You must understand what your business plan needs for your specific business.

No Market Research

Researching the market you are in is of the utmost importance and should also be included in your business plan. It should also be something you constantly research as time goes on to remain competitive in your chosen market. It is also used to determine your target customer and should be done as often as you need to reassess your business to maximize profits and a competitive edge. You should also need to do research anytime there is a shift in your business.

Building the Wrong Team

A small business’s success will be dependent on not on your products or services, but it will also revolve around your staff. When employing staff, you must make selections that will work well in the business dynamic and with other staff members. It is also important that the team members have talents to serve your business the greatest and fill different positions needed for your company. Check out America's Best Bookkeepers

No Website

In today’s primarily digital world, not having a website for your business can be a serious mistake. Every business must be searchable by individuals who don’t know about your business but may launch a search that will bring them to you. Most small businesses don’t have a site because it is thought that the cost will be too expensive. However, having a website created is not as costly as you think, and there are even sites that you can develop your site for not a lot to free. However, you make it happen; creating a business website from the start is crucial.

No Financing

Many small business owners don’t get the right financing in place before starting. This lack of financing can trigger problems that become impossible swiftly and destroy the business. The way to prevent this mistake is to go back to the business plan. It should contain a detailed financial outline of your business, let you know how much capital you will need, and give investors an idea of your financial plan.

Mispricing Your Products or Services

Some small business owners have trouble coming up with the value of products and services. The fear is that people will not give you what you sell is priced too high. Your first step is to do research and set a price comparable to the market to face this issue. Another rule to follow is to figure out what the bare minimum is you need to make to pay bills and staff and do what needs to be done in the business and set your prices to match this need. Check out America's Best Bookkeepers

Failing to Invest in Marketing

In today’s digital world, marketing is not as expensive as it used to be. In many cases, marketing is free when using social media platforms to market. If you have the solid foundation of a business plan, marketing, and costs are built into the plan, there would be no surprises regarding planning and costs.

Ignoring Accounting and Bookkeeping

There are a lot of reasons accounting and bookkeeping needs focus. The main reason you need to focus on accounting and bookkeeping is to be aware of your business’s financial health. Whether you use a professional (recommended) or use a bookkeeping or accounting software and do it yourself, it is essential to control your business’s accounting and bookkeeping.

Conclusion

Starting and running a successful small business is not for the faint of heart. It requires dedication and intelligence. These are common mistakes, new or small business owners make. If you know what they are and have a plan, you can avoid these mistakes for your business’s lifespan.

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
banking customer service - Complete Controller

The financial service industry is an integral source of providing customer experience for any corporation. If you want to attract many clients, you must prove how responsible you will be with their money. Otherwise, there are many alternative options from competitors that they may take their business to. You must fight to stand out in the market by providing a higher return on their investment, lower charges, and the latest in digital services.

A quality customer experience can make your financial services the best option for on-going retention. According to Qualtrics research, more than 55% of banking clients are anxious due to poor services and financial suggestions. Sixty-nine percent of clients end up leaving their banking institution due to these poor services and policies. Additionally, 56% of customers change their minds if financial service providers take measures to save the relationship. Check out America's Best Bookkeepers

Suppose you want to expand your business’ influence in the market and stay competitive. In this case, you must fill the experience gap. How can you maximize your customer service experience related to your financial services in the banking sector? Read more for further understanding.

Research for customer experience information

You can obtain all the data regarding customer service experience in real-time by researching all channels and touchpoints. First, you must learn about your client’s behavior, pain points, and your services’ unique selling point. For this, collect different feedback from authentic sources or channels. You will have to search for all possible financial service improvement opportunities to yield the best customer experience. You can find such data through the following:

Office Feedback – Gauge client sentiment from audience feedback sent through mobile phones or emails. If you wish to obtain impactful customer experience data, you must work hard for more genuine reviews. Check out America's Best Bookkeepers

There are many insurance companies and banks that customers trust due to strong interactions through digital sources. This is your competition. You can defeat them by providing an intuitive, 24/7 online experience. This will encourage clients to invest with you due to the guarantee of timeless access and connection.

Improve client loyalty and satisfaction

Whether it is business marketing or business finance, the first step of success is to improve client loyalty and satisfaction by identifying key business drivers. If you want to gain positive feedback, you must replace your lost clients. Repair or replace relationships as fast as possible as this will ensure your customers stay connected with you.

Loyalty to your financial services will be proven when your bank or credit union retains clients for at least 13 to 15 years. In this timeframe, you will be able to analyze customer reviews regarding the dividend’s payment over the decades. Various companies are famous for their services or policies in the market of financial services. Still, there are bad customer service techniques in practice. If this is the case for your business, you may be on the verge of losing worth to more customer-conscious competitors. Check out America's Best Bookkeepers

Address client reviews with closed-looped functionality

Customer complaints from social media channels and low NPS scores reflect a negative customer experience. These sources are vital for gaining customers and advancing past the competition. That is why financial organizations offer automatic notification facilities to their clients through digital platforms such as websites, mobile apps, and other sources. In this way, they can quickly eradicate negative sentiment with closed-loop functionality by connecting with all customers who have had financial service-related issues. This facility will also allow you to monitor and manage each customer’s engagement and activities in the financial system. You then must take care to resolve the issue and gain positive client feedback. Update your clients regularly to give the best financial customer service.

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
Financial Freedom - Complete Controller

Though every financially responsible adult has the knowledge that they need to budget and save, many don’t know there are some financial strategies to add to their financial plans. These plans could make a huge difference in financial freedom, the ability to make large purchases like buying a home, and having an amazing retirement instead of one full of financial struggles like so many who count on social security.

Whether you have a financial planner or don’t have a penny saved, there are financial strategies you can start implementing today that will give you the boost you need in your savings and on your path to financial freedom. Here are five strategies that will lead you to financial freedom. Check out America's Best Bookkeepers

Vehicle Purchase Strategy

While a vehicle can say a lot about us, the truth is that if you are looking for financial freedom, your vehicle purchase can make a significant difference in obtaining it or not if you are anyone other than a person who can own a car to match any outfit. Realistically, your vehicle purchase should be well within your means, as doing anything outside of that can be disastrous on your financial health and credit.

Never buy payments. You need to know the price they are charging you, final and total. A common sales strategy of recent years is to find out what payment amount you can afford and sell you a car with those payments over a period that, when added up, will, in some cases, be up to three times the value of the car. Also, know the interest rate you are being charged.

Pay as large of a down payment as you can handle. If you are in a dire situation that you need to immediately purchase the car, then it is understandable that you don’t have a large down payment at the ready. However, if you have time, take that time to save to pay as much down as possible.

Do your research on the vehicle you intend to purchase and know the value. Figure the basic payments, know your credit, run your own numbers, and be armed with them before you ever walk onto the lot. Check out America's Best Bookkeepers

Insurance Strategy

Insurance is an unfortunate necessity in every person’s life, and in some cases having insurance is the law. However, just because it is a must does not mean you have to accept what you get. It would be best if you exhausted every money-saving strategy at your disposal.

Shop, shop, and then shop some more. With healthcare, vehicle, homeowners, and other insurances that you may need, there is a lot of competition. Therefore if you are a savvy buyer, you can save hundreds a year in insurance. And don’t use those sites that say they will impartially compare. You do the research. You make the comparisons. This strategy will save you so much money.

Also, take healthy preventative precautions or driver’s education classes to lower your health and car insurance rates. Insurance doesn’t have to break your bank to be good and affordable.

10/10/80 Strategy

There are a few percentage financial strategies out there, but the 10/10/80 is among the most popular and easy to apply. This strategy says to give 10%, save 10%, and spend 80% of your income. This strategy is excellent and simple, but at some point, you will need to readjust those percentages if you want to make a more significant impact on your financial future. Check out America's Best Bookkeepers

50/30/20 Strategy

50/30/20 is another money allocation type of strategy with a similar formula to 10/10/80. The significant difference is that this strategy has savings built-in, but only after debt is paid. This strategy wants you to be at zero when it comes to debt before even thinking about saving. It breaks down as follows 50% goes to bills and necessities. There is no exception to this allocation. 30% towards paying down debt, and once your debt is zero. This percentage would go to savings. 20% goes to wants. This would be anything you pay for outside of bills and necessities or debt relief and savings. This is the lowest percentage on purpose. It would be best if you never were spending on wants and missing bills or leaving debt hanging over your head.

Down Payment Strategy

The down payment strategy was already touched on a bit when discussing vehicle purchases. It doesn’t take a mathematician to understand that your payments and interest rates will be lower if you put more money down on large purchases. It is suggested that you put down at least a 20% down payment, which is a great suggestion. When implementing the down payment strategy, the most important thing is that you put something down. This strategy can pay off big in the 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