Author: Complete Controller

In our increasingly digital world, where financial transactions are more often performed with the click of a button rather than the exchange of physical cash, the importance of protecting personal financial information cannot be overstated. With instances of cyber theft and financial fraud on the rise, securing personal finance data has become as crucial as locking one’s doors at night. This piece is dedicated to understanding why safeguarding financial information is pivotal and how secure accounts pave the way toward this safety net, supplemented by compelling facts and statistics that underline the urgency of the matter.

Why Protecting Your Financial Information is Critical

At its core, personal financial information encompasses everything from your bank account numbers to your credit card details and social security number. When such sensitive data falls into the wrong hands, the consequences can range from unauthorized transactions and drained bank accounts to the more severe, long-term repercussions of identity theft. The Federal Trade Commission’s report reveals a significant increase in identity theft, with over 1.4 million reported cases in the United States in 2020, almost double the number from the previous year.

The digital era, for all its conveniences, has also opened new avenues for cybercriminals. Phishing attacks—where fraudsters masquerade as legitimate institutions to deceive individuals into providing sensitive information—saw a significant uptick, with the Anti-Phishing Working Group reporting over 200,000 attacks in a single quarter of 2020, marking the highest level since 2016.

The Role of Secure Accounts in Safeguarding Financial Information

Secure accounts stand as the first line of defense in protecting your financial data. In essence, a secure account is any financial account that employs robust security measures to ensure that only authorized users can access it. This includes your bank accounts, credit card accounts, investment accounts, and more. The security measures can vary but generally encompass several key features:

Two-factor authentication (2FA)

2FA, or Two-Factor Authentication, goes beyond a standard password by requiring a second form of verification, such as a code sent to your phone or an authentication app. This significantly lowers the risk of unauthorized access since the odds of a cybercriminal having both your password and your phone are slim.

Encryption

Secure financial institutions use strong encryption to protect the data transmitted between your computer (or phone) and their servers. This ensures that even if data is intercepted, it remains unreadable to the thieves.

Fraud monitoring

Many banks and credit card companies monitor accounts for unusual activity and alert you if something seems amiss. This can help catch fraud early before it spirals.

Secure socket layer (SSL) certificates

Websites with SSL certificates have URLs that start with “https” rather than “http.” This means the data you input is encrypted, adding an additional layer of security.

How to Ensure Your Accounts Are Secure

Opt for institutions that prioritize security

When choosing a bank or credit card company, research their security measures. Are they using up-to-date encryption? Do they offer two-factor authentication? What is their policy on fraud protection?

Enable two-factor authentication

If your financial institution offers 2FA, enable it. This simple step adds a significant layer of security.

Regularly monitor your accounts

Don’t wait for your monthly statement. Regularly check your accounts online for any unauthorized transactions.

Use strong, unique passwords

Avoid common passwords and use a different password for each of your accounts. Consider using a password manager to keep track of them.

Be wary of phishing attempts

Always be skeptical of emails or messages asking for your personal information. When in doubt, contact the institution directly through official channels.

Facts and Statistics to Keep in Mind

• A disturbing find by a cybersecurity firm revealed that over 60% of email-related cyber threats in 2020 involved phishing attempts, highlighting the need for vigilance.
• In 2019, the global cost of cybercrime exceeded $1 trillion, a figure that underscores the economic impact of these activities.
• A study by Pew Research Center found that approximately 64% of Americans have personally experienced a major data breach, which stresses the widespread nature of the problem.

In conclusion, the adage “forewarned is forearmed” aptly applies to protecting one’s personal financial information. Secure accounts offer a comprehensive way to safeguard against the escalating threats of cybercrime, provided individuals take proactive steps to utilize the security features available. Living in the digital age demands not just enjoying its conveniences but also guarding against its perils. By understanding the critical importance of security and taking the necessary precautions, we can all play a part in ensuring our financial safety in this interconnected world. About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

The tax season has already started, and like every year, we all look for the most comfortable and most practical way to present our tax returns, and why not? Claim the benefits of well-earned money.

But receiving them is not so simple, so we turned to the top high expert in financial matters, to give us practical advice to survive this season and deliver our declaration.

Open a Traditional IRA, and You Could Pay Fewer Taxes

Contributing to an Individual Retirement Account (Traditional IRA) could help you reduce the taxes you pay for income. What does this mean? Suppose your salary is $40,000 per year, and you would spend about $10,000 in taxes. What would happen if you saved $2,000 on a Traditional IRA? Your taxable income is reduced to $38,000, and you would pay $9,500 in taxes or $500 less. The best thing is that you would save $2,000 for your retirement. Also, opening an IRA will help you form the intelligent habit of saving for your retirement. It is automatic, so you do not have to worry about making deposits manually.

Do Not Stress and Declare Your Taxes as Soon as Possible

The IRS has already started accepting tax returns, and you have until the deadline to present yours. Schedule an appointment with your tax advisor as soon as possible. If you will use an online service, be sure to verify that you have your information from last year at hand or already registered in your account. 

The most important thing is that you are already gathering all the forms that you will need. For example, if you had more than one job last year, you must receive at least one form for each one. If your contributions include more than one dependent, you will need to have their social security numbers and dates of birth.

Check that Your W-4 is Up to Date

This season is perfect for evaluating your finances, including tax withholding, which is done automatically from your salary. Please discuss with your tax advisor whether you should amend the W-4 form so that it is updated and only retain what is necessary. Most of the time, you can request this form from your employer or directly from the human resources department.

Plan Well How to Invest Your Refund

If you receive a tax return, take the opportunity to spend on the Stock Exchange. Remember that you worked hard for that money (it is not a gift!) So, you must use it to reduce your debts, and why not? Buy yourself something that you need or want a lot. The important thing is that you dedicate a good percentage, say half, to invest in your future. This simple decision will help you grow your money over time. It may sound not extremely easy, but today with the help of technology, you can open an investment account in just 10 minutes and safely.

Most Frequent Errors

• Deduct expenses such as the purchase of the pantry, home address, telephone, etc. You can only deduct the necessary expenses to conduct a professional activity of your business or company. 
• Deduct costs, purchases, or investments without an invoice, receipt of fees, or lease. The sales notes are not enough; if you use them, the authorities can charge you surcharge fees. 
• Deduct expenses with vouchers that have the name of another person. If you do not have your complete information, it cannot be considered.
• Deduct the purchase of a car and the expenses related to it when it is used personally or as a family. If you want to deduct, it must be for when you work independently and need it to receive income, for example. 
• Pharmacy notes cannot be removed only if they are included in the hospital bill.

What if You Must Refile a Tax Return?

What if you made a mistake in filing your tax return? But fear not. All you must do is to file a recovery again. These amended tax returns must be filed before three years are passed from the original filing date.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

If you have been recently avoiding IRS notices regarding tax debt, you may want to think about taking numerous steps to resolve it. If not, your business, as well as your personal life, might become a lot more complicated and stressful. Nevertheless, the IRS has huge powers, for instance, to seize assets. Here are some of the steps that can be taken with your IRS tax debt:

Know Where You Stand

Carefully review all your IRS letters along with your tax returns. It should not come as a surprise that the agency might have made some mistakes. This means that you might ultimately reduce your debt. Even though it is usually a good idea to get support from a tax professional, these potential savings you gain might be more than the fees that you are going to pay.

Negotiate the Penalties

Tax penalties can spiral out of hand very quickly. This is the reason why you should act very swiftly when you deal with IRS debt. However, you might also be able to negotiate with your agency to lower and, sometimes, even eliminate the penalties if you show reasonable cause. Examples of this can include serious illness, difficult financial circumstances, and/or the destruction of your home or the business you are running. The IRS, furthermore, has a program that offers relief to those who have gotten in trouble with the agency for the very first time.

Payment Plan for Business Debt

After you know how much you owe, you can easily put together a working plan. One of the most common approaches is to set up an installment agreement. This arrangement might last for as long as six years (all payments should be made on a monthly basis with interest, or the penalties will continue to accrue). Remember, this kind of an agreement is going to put a stop to actions such as liens and levies. If you are indebted to $50,000 or less, then this process is most likely to be forthright. This can be done online; however, you are going to follow the IRS, for instance, having made the tax filings, deposits, and withholdings.

Reduce Business Expenses

You should always look at your operating costs. Figure out the expenses you might be able to deplete versus the services required for the daily operations of the business. For instance, are you going to pay for a subscription that you can make use of infrequently? Are there some professional memberships which you can suspend temporarily until you get the financial house back in order? Consult a professional accountant or use accounting software to predict the financial impact it would have on cutting costs.  

Other Options

Television advertisements often make bold claims about settling IRS debt at “pennies on the dollar,” but this proposition is usually too good to be true. However, the IRS does offer a legitimate option known as the “Offer in Compromise” (OIC), which allows individuals to settle their business debt at a discounted rate. This process involves completing and submitting forms 656 and 433, which require disclosing detailed financial information. The IRS uses this information to determine an amount that is considered reasonable for the debtor to pay without facing severe financial hardship. About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

If you embark on a journey to earn a degree in economics and finance, you’ll delve into captivating subjects such as business analysis, statistics, accounting, micro and macroeconomics, and much more. This comprehensive education will equip you with an in-depth understanding of international business, the application of economics to specific industries, business foundations, financial reporting, management accounting, risk management, and taxation, as well as enriching courses in history, psychology, and global literature.

The importance of economics is paramount as it guides us in navigating through the concept of scarcity, a fundamental aspect of economic decision-making. When pondering the significance of economics, consider the role scarcity plays in our lives as we grapple with choices related to essentials like food, shelter, clothing, transportation, healthcare, and entertainment. Throughout our lives, we are all tasked with allocating our resources wisely, making tough decisions such as buying a new car or relocating to a different apartment. With finite resources, scarcity emerges due to financial constraints. Economics and finance aim to provide insights and strategies to address these constraints and make informed financial decisions.

Economics is a multifaceted discipline that encompasses the production, distribution, and consumption of goods and services within economies. It involves analyzing how individuals, businesses, and governments make choices about allocating limited resources to satisfy their needs and wants. This field also delves into the examination of regional and global economies, including factors like trade, inflation, and unemployment and their impact on markets.

On the other hand, finance delves into the specific realm of financial systems, including banking institutions and policies, credits, investments, and savings. It also encompasses the creation and management of money, as well as the study of financial markets and institutions.

Studying economics and finance offers a myriad of advantages. It provides access to diverse career paths, including roles in banking, finance, consulting, and government. Additionally, it has the potential to significantly boost your income, with opportunities to specialize in areas such as investment banking, financial analysis, and economic research. Furthermore, a degree in economics and finance equips you with versatile skills that are valuable across a wide range of professions, including critical thinking, data analysis, and financial management.

Abundant employment opportunities

Earning a degree in economics can open doors to a variety of professions, including economist, data analyst, accountant, investment analyst, economic researcher, financial consultant, financial risk analyst, and financial planner.

Diverse skill set

Your economics degree will arm you with a diverse range of soft and hard skills, including statistical and mathematical prowess, effective communication, research proficiency, a solid grasp of economic theories, ICT expertise, critical thinking, and leadership and management capabilities.

Global perspective

Studying economics provides an international outlook, enabling you to comprehend the financial challenges faced by individuals across borders and preparing you to expand your career horizons beyond your current parameters.

Transferable skills

The skills honed through an economics degree are transferrable to various other fields, such as IT, journalism, law, business intelligence, human resource management, market research, and public relations.

Lucrative job prospects

The Bureau of Labor Statistics predicts a 13% growth in economist positions over the next decade, yielding around 1600 new job opportunities from 2020 through 2030, marking a promising career trajectory.

Competitive salaries

Economists in the U.S. command an average annual salary of $108,911, with potential for earnings influenced by experience, employer, and position. The lowest annual compensation for this occupation is expected to be $64,373, with the highest exceeding $184,265.

Conclusion

Deciding to embark on a journey to earn a degree in economics is seen as a wise, exciting, and adaptable choice. If you possess a deep-rooted passion for the subject and aspire to bring about significant changes in the economy, pursuing this area of study offers an inspiring and rewarding path to realizing those ambitions. The multifaceted nature of economics allows you to delve into various aspects of our global financial system, equipping you with the knowledge and skills to tackle real-world economic challenges. Through in-depth analysis and critical thinking, you can develop a deep understanding of how economic factors influence societies, businesses, and governments, paving the way for impactful contributions to the world of economics.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Hey there! Want to know the secret to a thriving business? It’s all about smart money management! It’s not just about having a great idea or finding a niche market; it’s also about handling your finances like a pro. When you’ve got a good grip on your money, even the most creative businesses can soar. So, before you dive into your entrepreneurial journey, let’s explore the six top finance tips. These tips are backed by solid stats and facts, helping you turn your dreams into successful businesses. Let’s make your venture a financial success story together!

Start with a Solid Business Plan

Before spending a single dollar, it’s imperative to have a detailed business plan. A business plan not only outlines your business idea but also provides a comprehensive analysis of market conditions, potential revenue streams, and financial projections. According to the U.S. Small Business Administration, a well-thought-out business plan significantly increases your chances of success. In fact, businesses with a plan grow 30% faster than those without one.

Understand Your Financial Health

Knowing your numbers inside out is not optional. According to a U.S. Bank study, 82% of businesses fail due to poor cash flow management. Entrepreneurs must monitor all cash inflows and outflows, understand their profit margins, and know their break-even points. This detailed awareness helps them make informed decisions and avoid common financial pitfalls.

Keep Personal and Business Finances Separate

Combining personal and business finances can lead to tricky tax issues, but we can handle it together! Setting up a business bank account is the first important move in keeping your personal and business finances separate. It’s a great way to start organizing your finances! Effective organization not only demonstrates professionalism but also fosters a positive impression on your clients and stakeholders.

Plan for Taxes Ahead of Time

Managing taxes properly is crucial for maximizing profits. It’s inspiring that 60% of small businesses avoid IRS penalties. With thoughtful planning, small businesses can minimize the impact of taxes and keep more of their hard-earned money. To avoid this, set aside a portion of each sale for taxes and consider consulting with a tax advisor to ensure compliance and explore potential tax deductions and credits.

Monitor and Control Your Costs

It’s easy to get carried away with spending when starting out, especially if you’ve secured an investment. However, a Lean Startup methodology can be beneficial. This approach emphasizes keeping your operating costs as low as possible without sacrificing the quality of your product or service. The Kauffman Foundation found that the most successful startups are those that start with limited budgets and gradually grow their spending as their revenue increases.

Invest in Financial Management Tools and Education

In today’s digital age, you’ve got a ton of tools at your fingertips to help you manage your business finances like a pro! From accounting software like QuickBooks to budgeting tools and invoice generators, leveraging technology can save time and reduce errors. Furthermore, investing in your financial education by attending workshops or enrolling in courses can equip you with the insights needed to make strategic decisions and grow your business.

Conclusion

In essence, effectively managing your finances with diligence, foresight, and a commitment to continuous education is absolutely vital for the success of your new business venture. With only 50% of small businesses surviving their first five years, as highlighted by the Bureau of Labor Statistics, it’s evident that those who plan, monitor, and adapt have the best chance at longevity and success. By embracing these finance tips, entrepreneurs can confidently navigate the challenging economic landscape, laying the foundation for sustainable growth and prosperity. About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

The ACFE (Association of Certified Fraud Examiners) Global Fraud Study revealed that businesses experience an estimated 5% loss of their annual revenue due to fraudulent activities, resulting in a staggering global total of around $3.7 trillion in losses.

This report emphasizes the critical importance of implementing robust preventive measures and maintaining constant vigilance to protect against fraud.

Aside from financial losses, fraud has various unanticipated consequences. These include reduced productivity, decreased employee morale, negative impacts on brand reputation, and tarnished corporate image due to unethical behavior from both employees and employers.

You’re fortunate! Even though fraud statistics are concerning, there’s still an opportunity to equip yourself with the most up-to-date information and take proactive steps to protect your business. Remaining well-informed will allow you to effectively prevent, identify, and address potential instances of fraud. It’s vital to understand the various forms of workplace fraud and how to implement strong controls in vulnerable areas of your organization.

Small Businesses Suffer Bigger Monetary Losses

Although both small and large businesses fall victim to fraud, it’s crucial to be aware that the Association of Certified Fraud Examiners (ACFE) has definitively determined that businesses with fewer than 100 employees are at a significantly higher risk compared to larger companies. This information underscores the importance of staying vigilant. Bigger companies are well-equipped with anti-fraud measures like internal audits, hotlines, and employee fraud training to ensure integrity and security. Smaller companies are less likely to implement anti-fraud measures to detect fraud at an earlier stage.

Fraud Creating a Monetary Impact on Businesses

The ACFE has reported that cybercrime and identity theft, including credit card abuse, are the most common types of fraud in small businesses. Unfortunately, small companies suffer a bigger financial hit due to unscrupulous business behavior.

ACFE’s statistics reveal that corruption cases and asset misappropriation caused significant business losses. Financial statement fraud caused the most monetary damage, with a median of $1 million.

Another source of trouble for businesses is workers’ compensation fraud. According to the NICB (National Insurance Crime Bureau), workers’ compensation accounts for an estimated 25% of the $7.2 billion annual insurance fraud. If the business can review bookkeeping records, they might be able to calculate their business’s fraud statistics specifically.

Battling Fraud in Your Business

Extensive research demonstrates that fraud is pervasive across all industries, regardless of employer size or geographic location. It is absolutely essential to proactively take steps to prevent and minimize the negative impact of fraudulent activities.

CFE fraud experts assert that implementing anti-fraud regulations is instrumental in reducing monetary losses and the duration of fraud schemes. Decreased duration of fraud is imperative, as the longer it persists, the greater the financial damage it can cause a business.

Best Practices for Detecting and Preventing Fraud

These are the proven practices that are highly effective in detecting and preventing fraud in businesses:

1. Establishment of an anti-fraud hotline
2. Implementation of a code of conduct and an anti-fraud policy
3. Provision of fraud training and management review procedures for executives, employees, and managers
4. Execution of surprise inspections
5. Arrangement of external inspections of internal controls utilized in financial reporting
6. Utilization of systems that actively analyze and monitor company data

It is imperative to implement and rigorously monitor anti-fraud measures, as not all of these processes are equally effective. According to the ACFE, a significant 42% of fraud cases were successfully detected through hotlines, while a mere 3% were identified through external audits out of the 80% of reported fraud cases. Suppose you are uncertain about which anti-fraud measures to implement in your business. In that case, seeking advice from an anti-fraud consultant, a fraud examiner, or an auditor is advisable to determine the most effective approach for your business.

Conclusion

The key is to be attentive to both preventing and addressing fraud. Some business owners believe it won’t happen to them and often need to pay more attention to this aspect due to their many tasks and concerns. It’s important to tackle fraud early in the business to prevent it from becoming a major problem.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Insurance companies play a vital role in fostering economic development by providing risk management solutions that allow businesses to operate confidently. This provides businesses the ability to manage financial risks by offering coverage for unexpected events like natural disasters, accidents, and liability claims. This support enables businesses to stay resilient and focused on growth. This, in turn, encourages entrepreneurship and investment, as businesses can pursue opportunities with greater assurance. Additionally, insurance companies contribute to economic stability by promoting resilience in the face of adversity, which is essential for sustainable growth and development. It’s indisputable that investing thousands of dollars in an insurance company may only yield a legitimate return if a claim is filed. Still, it’s hard to think of another industry that affects the economy more than these insurance companies. Without the insurance industry’s presence, the economy will likely be at a standstill. So, the question is, how do these insurance companies affect the economy?

Insurance is indispensable for shielding businesses from unforeseen risks and enhancing their appeal to potential investors. Additionally, insurance companies provide coverage for a wide range of needs.

Obtaining Financing

A person cannot buy a home, obtain a loan, buy a car, boat, or even an airplane without proof of insurance. Business owners and other entrepreneurs can only purchase a building or any other commercial equipment or even invest in their business with the proper proof of insurance. Loan givers will only lend with insurance simply because it’s too risky.

A business cannot expand without proper finances, and when a business fails to expand, it can’t offer job openings. This may also lead to the firing of a few older employees. Without jobs, consumers don’t have enough money to spend, and the economy decays.  With time, employees’ quality of life suffers due to decreased income.

Expanding Business

Whether it’s about introducing a new product, recruiting a new sales agreement, or purchasing a new company, the business needs assurance that the other party is conducting business in good faith. Insurance provides the necessary protection in case the business does not proceed as planned. Insurance is also vital for protecting the employer while assuring an Income to the employer during an event that may put them out for work. Insurance companies pay around three hundred billion dollars annually for claims and policy benefits. This amount ensures business recovery and losses, whether it’s the loss of property, lawsuit, or family member loss. These funds given by insurance companies allow people to rebuild their lives after a tragedy or an accident. Insurance isn’t only crucial for a business to continue its operations but can also be used to protect intellectual property, etc.

Funding Development

These premium insurance companies invest funds that are not used to pay claims / operating expenses. Such insurance companies often invest in bonds that will finance big private and public projects. Some of their investments, including retail development, apartment buildings, and similar projects, include stocks, as the increase in stock prices benefits all investors.

The International Association of Insurance Supervisors (IAIS) stated that insurance companies offer vital input to banks’ financial reliability and, more generally, financial steadiness by investing in bonds and other stuff issued by financial institutions. Brokers also allot money to the economy by buying debt securities of industrial companies or through real estate investments.

Paying Taxes

Insurance corporations, along with their staff, pay taxes. The taxes help fund government programs that help needy people contribute to education and maintain and expand the infrastructure. Insurance companies don’t receive any tax benefits over any other business; therefore, tax contributions could be substantial.

The examples provided above clearly demonstrate the crucial role that insurance companies play in driving economic prosperity. It’s indisputable that insurance companies have a profound impact on the success of the economy. This positive economic influence underscores the significance of purchasing insurance—not only does it provide peace of mind for yourself, but it also actively contributes to the overall growth and strength of the economy. Your decision to purchase insurance truly makes a meaningful difference in our economic landscape.

 

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

We can point out countless reasons you should be swift about setting up an accounting system for your freshly started business. Your business requires an accounting system to keep its financial records in check. Being aware of your company’s finances, investments, revenue generated, and sales will allow you to calculate its asset value.

The asset value of the account would assist you in uncovering the worth of your business, which would allow you to maneuver around when making essential decisions strategically.

For this sole purpose, businesses require bookkeeping services to take care of the financial records while the business owner hustles to compete in the market.

You must choose the appropriate bookkeeping services to avoid any inconvenience later on. But before we get into the dos and don’ts of bookkeeping services, let us give you a brief rundown of what bookkeeping services are.

What are Bookkeeping Services?

Bookkeeping services refer to the act of keeping the financial record of a business straight.

Bookkeepers keep all the financial data around the business stored in these accounting journals.

When you acquire the help of someone else to cater to this job, you are looking for services from someone else. There are a lot of professionals in the market posing as bookkeepers, but you cannot just dive into it without checking a few things out first.

Are They Trustworthy?

Trustworthiness is the most critical trait you should look for in a bookkeeper.

One cannot simply trust a random stranger with the financial data of their business. God forbid this data falls into the wrong hands and your business crumbles. The importance of this position to your company’s success means you need to see some credentials before hiring this professional. Always ask for a referral from a reliable source. This referral would serve as evidence to support the authenticity of the person you are hiring.

Are They Keen on Working?

Accounts and financial records are just areas you never want to mess up. If the company’s accounting system is in shambles, chances are, so is the business. It is easier to keep your books in order from the beginning than to fix inaccurate books. It is always suggested to keep the business’s financial data straight before it gets messed up beyond the point of return.

If you hire a bookkeeper who is doing it for money and does not respect the job, stay 50 feet away from them and fire them immediately.

A bookkeeper who is not keen on working and paying attention to precise details will mess up accounting journals.

Are They Using the Correct Bookkeeping Software?

Bookkeeping software assists bookkeepers in handling financial data. It eases the bookkeeper’s job, which means the better the software, the more accurate the data curated.

Always ensure that the software the potential bookkeeper of your business is using is up-to-date; this will translate to you having wrinkle-free data for your business.

Do They Understand Your Business?

While interviewing someone for the job, make sure you ask them a few questions regarding the industry in which you conduct business. It would help if you also asked a few questions about the particulars of your business.

If the bookkeeper does not understand your business, how can they help you make the right decisions regarding the company’s finances?

Hire a bookkeeper who understands the complexities of your field and is willing to help in every way possible.

Are They Professional?

While reviewing their curriculum vitae, consider their experience as bookkeepers. The listings on the CV could help you determine whether they are good at their jobs.

Always ensure that you hire a professional for the job to avoid inconvenience later on, which will likely come knocking on your doorstep if you don’t heed their professionalism.

You should ask these five questions when shortlisting candidates to hire. Once you are content with the answers you are receiving, know that that choice is perfect for your business.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Every entrepreneur must be willing to challenge the paradigms. A successful business builds if you maintain the mentality of an employee. The work dynamics are different.

Being excellent in everything you do can be incredibly useful, but hustling is the key to business success.

Do not plunge into the venture thinking you will earn more by working less. You will be disappointed at the beginning. Before quitting your job, develop an entrepreneurial mind to face the challenges you will encounter along the way.

Here, I show you the paradigms of the mentality of an employee versus that of an entrepreneur.

Comfort and Security vs. Freedom and Independence

You get a secure income with a job. You will receive a payment every fifteen or thirty days. There you have it, regular and stable money. To undertake is to dare to jump into uncertainty. Your salary will now depend on you.

The freedom and independence that having your own business gives you is an opportunity to discover your full potential. A boss or contract will no longer limit your income. They depend on your commitment to your business.

Find Boss vs. Look for Clients

Suppose you maintain the employee mentality when undertaking. What will happen? You will see your clients as someone to whom you must subordinate yourself. Then, they will have your time, and they will define how much they will pay you.

Did you see what happened? You returned to the model you wanted to escape. Again, you are under someone else’s orders, with a work schedule and a salary imposed by them.

Change your focus. Instead of working for companies and people, you collaborate with companies and people. This will give you autonomy. Please do not sacrifice your health or allow them to belittle your value to secure a client. You establish the working conditions.

Work on What You Must Monetize Your Passions

The best entrepreneur is the one who knows that their ideas, passions, abilities, and talents can cause an impact and an improvement in the world. Instead of seeing work to survive, he sees it as how he fulfills his life purpose.

Take advantage of that. Nobody is going to tell you what to do next. Start in a category of products or services that excites you. Develop your projects as a contribution to improving the living conditions of your customers.

Sell Your Time vs. Add Value

Customers are not interested in the time it takes you to prepare a product or service and deliver it. They want your work to contribute value to their lives.

Study what your potential clients want or need. Then, build a value proposition of what you offer them. They will be willing to pay the price if they feel your product or service supplies the value they seek.

Work for Hours vs. Work for Goals and Objectives

Useful resource management involves more than time and money. How you use your energy will also determine how long it will take to reach your goals.

Prioritize: learn to discern between the urgent and the important. The point is that you are sure that the tasks to which you are dedicating your energy are the ones that help you achieve your goals.

Success in undertaking does not come from the number of hours you have worked. It defines the results you have obtained. Set goals and objectives that guide your actions. Be clear about the difference between being busy and being productive.

Save to Spend vs. to Invest

Success is not in making money but in knowing how to manage it. The worst thing you can do is spend your business income as soon as you get it.

You must invest in your business to grow. While you are taking your first steps, your business’s needs will be above your desires. Know other things you should never do with your money.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

There are many reasons a person may need to raise money. Fundraising is not just for non-profit organizations or charities. Nowadays, people raise money for events, financially assist an individual, or invest in a project. Whatever the reason, it can be challenging to reach your fundraising goals.

While some people are experts at raising money, not everyone can have the same fundraising skills as a professional. If you are tasked with raising money for something, you need to know how to do it. Here are six ways you can raise money.

Raise Money by Organizing an Event

Establishing close ties with your community is essential for an association. Events are the perfect opportunity to reunite your neighbors, friends, and family. For example, organize a barbecue, lunch, concert, quiz, or movie night.

Also, ensure access is affordable (avoid entrance fees that are too expensive or registration fees that are too high). Take good care of your hosts, making sure they have fun and come back more and more each year. Encourage your members to invite friends, family, acquaintances, and colleagues.

Share your event via email or social media. Interested parties can order tickets online directly to attend your event. Look for local traders or even big companies to sponsor the event in exchange for visibility.

Raise Money by Soliciting Donations

Do you have a specific project for which you are looking for additional resources? Do you want to buy new equipment for the club? Does your association want to raise money for a good cause? Think about the donation campaign.

Be grateful for small donations, but do not hesitate to ask for more donations from those with more resources. For some projects, it is possible to obtain a tax certificate through organizations. Use online platforms like Facebook and Twitter to spread your project online, too, and receive donations online.

Raise Money by Taking Out a Loan

Individuals can contact their bank for projects such as building premises or developing (redeveloping) the grounds of a business. The loan will require proof of a stable repayment capacity at the bank. Therefore, not all individuals can take out a loan from the bank. On the other hand, the bank can grant a loan to large non-profit organizations that have a stable past income.

Raise Money by Creating a Flea Market

Another good idea is to organize a neighborhood flea market to raise money quickly. You can sell your old clothes and some of your household items, or you can organize a small food stand (cook cookies or biscuits) and drinks (make lemonade).

Raise Money with a Charity Dinner

If you have a specific project for which you need a lot of money and want to involve those closest, nothing like organizing a charity dinner among your friends, family, and acquaintances. A dinner in which you cook, and they make donations. You can promote it on social networks.

Raise Money with a Crowd-Funding Campaign

It is recommended that money be raised through a crowd-funding campaign, which allows individuals to find “partners” for their business or project. This type of campaign is conducted on the Internet.

All the individuals will have to submit a budget and a time used to establish the fundraising timeframe. Individuals can also specify different amounts of money to donate and, with each amount, establish incentives or prizes for those who donate.

Conclusion

Not everyone will be comfortable raising money. However, if you find yourself in a position where you need to raise money for something, these tips will help you reach your fundraising goals.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.