Author: Complete Controller

Cryptocurrency is any currency in a digital or virtual state; encryption (cryptography) is used to shield transactions in cryptocurrencies. There is no central authority to administer or regulate cryptocurrencies. A decentralized system is operated to record transactions and issue new units. Cryptocurrency is a digital earnings system that does not affect banks verifying transactions. Cryptocurrency payments exist exclusively digitally in an online database describing specific transactions. They do not imply transactions with physical money that have circulation and the possibility of exchange in the real world. When transferring funds in cryptocurrency, transactions are recorded in a public ledger. Cryptocurrency is stored in digital wallets.

Bitcoin As an Investment Object

The first official bitcoin to dollar exchange rate was published on Year 09 October. Then for one dollar, they gave 1310 BTC. For comparison, less than a year ago, in February 2016, one bitcoin cost 375.89 USD. Experts agree that demand will not decrease. Therefore, the price will remain the same or will increase. The Bitcoin community is confident that by the end of 2018, the value of one BTC will exceed $2000. However, many focus on the volatility of the currency, which makes any forecasts meaningless. In addition, the future fate of cryptocurrencies bitcoin, as the most popular representative, is influenced by legality. If this currency is outlawed around the world, its value will skyrocket.

Where To Get Cryptocurrency?

Mining is the extraction of cryptocurrency based on solving mathematical problems by a computer. This process was widespread several years ago, when there were much fewer participants in the chain, and everyone could mine a few bitcoins for themselves – it was enough to have a powerful computer. Mining had to be paid for with spent electricity and a worn-out video card. The time when a home PC was sufficient to receive cryptocurrency is gone forever. The competition among miners has increased, and generating new bitcoins requires enormous computing power. Mining has become the priority of bitcoin farms – natural data centers with thousands of operating processors and video cards.

What Are Methods of Mining Cryptocurrency Known to A Simple User?

1. Exchange services – we convert money into cryptocurrency and vice versa. The scheme is simple and standard for everyone who has ever changed currency online.
2. Exchanges – the high volatility of cryptocurrencies makes them a welcome guest here. If you have shares in, say, Apple or Netflix, you can easily exchange securities for cryptocurrencies.

Wallet On PC

They are famous for their incredible size, divided into thick and thin. The former download and updates all blocks with deals; the latter store such information on the developer’s servers. Such a wallet is reliable; the disadvantage is the lack of mobility. There is hardly a person who wants to go shopping with a laptop. Of course, there is no problem if the transaction takes place at home.

Mobile Clients

They do not download the blockchain, so they take up much less space. The wallet is stored on the smartphone, and you can pay with cryptocurrency at any time. We recommend downloading proven applications for Android, iOS, Windows Phone, and Blackberry (as well as for PC) on the official websites of cryptocurrencies. Here you can choose a bitcoin wallet. They vary from one another by means of security – we advise you to give preference to those that support two-factor authentication and guarantee essential privacy.

Online Services

Creating a wallet on a third-party service is simple. Please focus on the reliability of the service, genuine reviews of its customers, and the size of the commission for operations with online coins. The primary disadvantage of this option is that the cryptocurrency is not under your control. Experienced users recommend you not put all your eggs in one basket, use several online services, and do not trust all your crypto coins in one vault. Nowhere without standard security rules – let’s say a firm no to suspicious programs, pass strangers’ passwords, and follow strange links. Another thing is the loss of cryptocurrency directly during transactions. The legal position of this money is somewhat shaky, so it will not work to return the lost money.

Hardware Wallets

These are hardware devices on which cryptocurrency is stored in encrypted form. They are sold together with an individually generated cipher card and a data recovery sheet. As a rule, they look like a regular USB flash drive.

Conclusion

Since the legal position of bitcoin is very shaky, its reputation largely depends on the companies that support the cryptocurrency. Among the latter are corporations such as Microsoft and Apple. Bill Gates directly mentioned bitcoin, noting that the technology is promising for the future of global business. So, you can pay for the company’s products in the Windows Store, buy a paid application for Windows Phone, or a game on Xbox using electronic coins. 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.

Before you start marketing your business, it is good to find out more about your prospects. For example, you can do market research to find out who your customers are and how you can best solve their problems, monitor different industries worldwide, and investigate how your main competitors are doing. You can consult a business expert if you’re confused about how to communicate your message or which channel is appropriate for your company.

Specific about Marketing

You must be careful that marketing must adhere to the Marketing Act. The Marketing Act was enacted to combat deceptive and coercive marketing. The design or promotion of your marketing should be looking at marketing rather than just some information, knowledge facts, or anything else. It must also be apparent who is taking care of marketing, and it should not be deceptive.

Marketing Information needed

The Marketing Act specifies the types of marketing that can be used and the information you should include. For marketing, the information requirement states that you must consist of content in your marketing that is likely to be of particular interest to a customer, such as product content, features, and pricing. Although the law does not provide a comprehensive list, you must figure out yourself what information needs to include.

Calculate your budget

To get a first starting point for how big your market budget should be, you need to link it to your goals. One way to do this is to start from your plan and count backward with the help of the measured values you are aware of. As one of your concrete goals, you probably have a figure on how many new customers you will get in during the year. How many leads are required to bring in these customers based on your conversion rate (conversion of leads to customers)? Then you calculate how much reach you need to get so many leads, such as how much traffic you need to your website. When you know that, it’s easier to figure out what budget is required to create that traffic and reach.

Use a rule of thumb

You allocate a certain percentage of your sales to your marketing budget. To know how large a share you can choose to be at the same level as your competitors or based on how large a share you invested in your marketing last year. You can also start from your industry index to indicate how much you should invest in your marketing.

Use your free Google listing

When marketing your business more effectively, the first step is always to make it easier for customers to find you. Consumers today will Google everything, but especially when it comes to the products and services, they always prefer someone nearby. It is where Google comes in. You need to create a free Google My Business account, making it much easier for local customers to find you. Once you fill Google My Business form and submitted, you get instant online visibility, and you’ll start appearing on Google Maps as people search for what you’re selling. Ensure all your information is filled in correctly and include a website link.

Work with branding

To take your company to a higher level, one of your most valuable marketing tactics is to work with your brand. Do not stick to designing a logo, as that’s not enough. Customers will remember your brand if they recognize it and are aware of it, which could be positive for your sales results. For a small, local business, branding can be miraculous, and making it work isn’t as difficult as you would imagine. Consider your desired demographic and tailor your brand, color theme, and tone of voice to represent that audience. Although the brand can develop, especially as you grow, it must have a solid foundation to work from. When it comes to knowing how to market your business locally, you should consider branding a top priority.

Web Presence is necessary

In addition to Google My Business and Facebook page, you should also consider making your web presence using a website where users can get desired information anytime. It must be easy to use, mobile-friendly, and consistent with your new brand. You do not have to learn to code or hire someone to design your website. There are several easy-to-use website creations and hosting systems available, so even if you don’t have any technical abilities, you can get your small company online and look amazing in no time. There are many ways to get more out of your website as you become more accustomed to these marketing methods, but it is essential to have a web presence.

Business cards and stationery

After you’ve developed your brand identification and have visibility on both website and social media platforms, the next step is to ensure that you seem as professional as possible. Knowing how to market your business locally means combining traditional and modern marketing methods. If you are handing out service invoices on scrap paper or talking about your interaction with potential customers, you need to look at some branded products. Business cards are essential for distributing out to relatives and friends and meeting new people who may become prospective local customers. Word of mouth is just as important as having a website to promote a local business and make your business successful. You should have to be professional.

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.

What is digital marketing? — Simply put, digital marketing uses digital channels such as websites and social media as marketing communication tools. If you are using social media, you will be well-versed in the ads that appear in your feed – digital marketing.

What is traditional marketing? On the other hand, traditional marketing includes traditional channels such as billboards and print media. Think Don Draper in Mad Men, brainstorming TV commercial ideas and copy for Coca-Cola. Up until the development of the Internet in the 1990s, traditional marketing was practically the only type of marketing. Digital Marketing vs. Traditional Marketing:

What’s the Difference? — The main difference between digital and traditional marketing is how the audience encounters the marketing message. While traditional marketing uses traditional media such as magazines and newspapers, digital marketing uses digital media such as social media or websites.

Traditional Marketing: Pros and Cons

Pros and cons with the rise of social media, traditional marketing is often underestimated by marketers. However, traditional marketing still has a place in the consumer’s daily life. You could well spend your money if you have the budget to share your campaigns in magazines and primetime.

Pros:

Effective and easy to understand A visually bold billboard or a flashy TV commercial is a normal part of most people’s daily lives. They are easy to digest and often enjoyable.

• Print Marketing: Materials Are More Permanent If you have an ad in an issue of The New York Times, it will be there until the magazine is redesigned. It is excellent if the consumer is an avid collector.
• More Memorable: Seeing something in real life rather than on your phone is more likely to be remembered. The anticipation of a new Super Bowl ad or a beautiful and impressive storefront is more likely to stay in your head than an Instagram ad that you will scroll through in seconds.

Cons:

Campaigns are harder to measure; there are ways to measure traditional marketing campaigns, such as brand tracking, but they are nowhere near as deep and intelligent as the tools available for digital marketing.

• Often Expensive: If you’re a brand in its infancy, you don’t have the means to spread four pages in Vogue. Many forms of traditional marketing will cost you a lot of money.

Digital Marketing: Pros and Cons

Pros:

• More Opportunities for Engagement: Through channels such as social media, you can physically see what your audience thinks of your brand and marketing efforts. You know you’re doing something right if your marketing has been shared, liked, and received positive feedback.
• Easily measure your campaigns: On the other side of traditional marketing, the tracking features of digital marketing are intense. It makes your knowledge crystal clear for your next round of marketing efforts.
• Makes smart targeting possible: If you have tools tailored specifically for a 29-year-old female writer who loves Lizzo and drinks Guinness, can you create perfectly tailored content?

Cons:

• Digital advertising can be considered annoying by some.
• Think about that moment when you’re browsing the Facebook home page, and all you want to do is see what your old school friends are up to. Then you get a scary promotional ad for something related to the embarrassing affliction you googled last night. It will surely make you dislike the same brand that makes smart targeting. Less permanent
• Digital marketing activities such as Google ads, banners, promotional emails, or social media ads may be temporary. They are intangible and can be easily ignored. If your target audience keeps scrolling or clicking on the next page, your ad will disappear from their screen.
• Constantly evolving: There is a lot to learn to get the most out of your digital marketing efforts. Each channel requires a professional to get the most bang for your buck. Each channel usually requires a different specialist, from search marketing to social media. However, a grassroots social media marketing strategy is a great place to start. Look at our digital marketing strategy guide for inspiration.

What type of promotion do you require for your business?

Traditional marketing has several drawbacks. For starters, companies have little to no real-time engagement with the customers to whom they sell their goods. When you see a supermarket billboard, you can’t even send it a digital message asking if gray duvet covers are on sale today.

Furthermore, some marketers find conventional marketing to be cumbersome. You can’t adjust the discount amount you entered in a radio advertising. A print ad that has been printed cannot be changed.

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 credit limit of the card is renewable. If you pay off your debt, you can spend money again within the available limit. Loans are issued one-time. When you pay off the debt to get a new loan, you need to apply to the bank again. After giving a loan, you pay interest from the first month, regardless of whether you spend money or not. No charges will be made if you do not use a credit card. In addition, the cards have an interest-free period.

Distinction Between a Debit Card & A Credit Card?

A credit card is bank money. The debit card is tied to your bank account. To pay for purchases with it, you must replenish your account. Some cards allow you to spend a small minus if the overdraft option is activated. But most debit cards are your wallet, and you can only take out what you put in them. The principle of financing your expenses is like a consumer loan: you receive money for a certain period in a specified amount and must return it. The main difference is using the available limit for free during the grace period, also called interest-free, and a more straightforward design. For example, it takes only 2 minutes to pre-approve a credit card.

Make Payments on Time

Avoid late payments on credit cards. It is the most important credit rule, and your credit history depends on it. A good credit history guarantees the approval of a large loan if such a need arises. Therefore, you should not neglect this rule.

Moreover, the delays hit and affordable. After all, banks charge fines for violations of the terms of payments. As a rule, credit cards set a period when you can return the money without paying interest – the so-called grace period. It is often 55 days, although some banks do not charge interest for holding their cash longer – for 110 days. The bank will not charge any interest if you have time to pay off the entire debt during the grace period. If it is not possible to pay off debt, then make at least a mandatory payment before the expiration of the grace period.

Never Use More Than 30% Off the Loan

The more inferior the ratio of used money to the available limit, the better your credit history. Banks do not like customers who pay almost the entire line of credit provided to them. Even if you slightly exceed the 30% credit limit threshold, you risk getting into the list of uncomfortable clients. Then you may be refused a new credit card, not only in this bank. You risk getting into a position where you must pay interest for months. If the amount is too large to be repaid in total during the grace period, you will spend the accrued interest for its help. If you fail to repay the debt next month, the claim will increase.

Understand the Terms of The Loan Agreement

Before signing a contract for banking services, you should carefully study it. Every bank has its lending conditions – and they may have their pitfalls. Carefully read what interest rates the bank offers and what terms you will write off the interest. “You need to read each page of the contract, including the fine print. Often, it is in these lines that information is contained, ignorance of which can play a cruel joke on you. And be sure to keep the printed agreement with the bank. Otherwise, you will not be capable of quickly solving the problems.

Check Your Credit Card Statement

Banks constantly deliver all kinds of bonuses to the most disciplined borrowers. Checking your credit card report is another way to improve your credit history. Firstly, you can detect any inaccuracies – banks are also not immune from errors. And you are secondly, reviewing the report disciplines you in terms of future expenses. It will be manageable for you to understand where you could save money and what unnecessary costs.

Spend Money by Budgeting

The importance of a credit card is not in use but only in situations where it is necessary. Many do not follow this lending rule because they consider a credit card a financial lifeline. Meanwhile, you should only utilize credit cards for purchases that cannot be paid independently without a loan. Do not pull yourself into a debt hole. Plan your budget. Uncontrolled spending leads to increased interest payments.

A credit card should not be determined by consumer credit. No bank will publish a consumer loan for a loaf of bread, and with a credit card, you can easily afford bread on credit. A car loan typically lasts no more than two years (unlike consumer loans, which can be issued for seven years). This term is determined by the obligation to repay monthly an amount not less than a fixed percentage of the debt plus accrued commissions and interest. Failure to pay the minimum payment violates the contract, delays, and damages the credit history.

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.

On Entrepeneur.com, the website about entrepreneurship, we recently picked up an exciting column that looks at the secrets of successful entrepreneurship.

The secret to a successful business

Nope, it’s not about innovative software, a particular way of managing, or the willingness to innovate. However, successful entrepreneurship has everything to do with the right mindset.

When faced with a task, a problem, or an unexpected situation, some people ask themselves: can I do this? And some people wonder: how am I going to tackle this? And therein lies the difference. The mindset of successful entrepreneurs leaves no room for doubts. They take the bull by the horns and do not shy away from any challenge.

Create the mentality of a successful entrepreneur yourself

So, successful entrepreneurs have a certain mindset that leaves no room for self-doubt. The question is: can you also create such a mindset in yourself? The answer: yes, you can train yourself in this!

The next time you are faced with a challenge and feel insecure about your abilities, ask yourself: how can I handle this? Be done with these kinds of thoughts! You don’t limit yourself that way when you question whether you’re the right person for this challenge.

Fall in love with the problem

So be aware that there are different ways of looking at a problem. Only by thinking in concrete solutions (and not in terms of one’s limitations and uncertainties) can a company become a success.

Bottom-line here is that if you dream of being a successful entrepreneur, you shouldn’t put too many limits on yourself. Change your mindset from a ‘ can I do this ‘ to a ‘ how am I going to do this ‘ mindset, and you will see results much faster. Good luck!

The mentality of successful entrepreneurs

Entrepreneurs turn out to be doers. Of course, a plan and a goal are essential, but whoever continues to perfect a plan to the last points and commas is not an entrepreneur in the end. That’s a planner.

Don’t delay. Why should you do tomorrow what you can do today? To perform tasks immediately as possible or outsource them? Anything that disappears from your to-do list gives you air and the time and freedom to focus on other things.

Learn from mistakes. It will not all go smoothly. Don’t blame yourself, and don’t blame anyone else. Just guess what you can learn from it and how you can do it better the second time around. Maybe it even leads to new ideas and insights?

Dare to ask. You may think you can do everything on your own, but no one is an all-knower. The Internet and Google often offer a solution and dare to ask experts, relations, friends, and family for help and advice. It also quickly leads to new ideas and insights.

Always stay businesslike. Not every customer is equally friendly, but every customer is a customer. So, they ‘nag,’ and they are never ‘difficult.’ But maybe you can make them pay more as the demands become unreasonable or pile up?

Be good and tell it. Modesty is suitable for a person but not for the entrepreneur. Tell the world what you have achieved and accomplished as an entrepreneur because this proves that you are good at doing business. Make what you have achieved as concrete as possible.

Grab opportunities. Have you been asked to give a presentation? Contribute to the ideas of another entrepreneur? When attempting to invest in a startup, one thing leads to another and saying ‘no’ leads to nothing. So, think carefully before refusing something and seize opportunities presented to you.

Step out of your comfort zone. Research shows that daring to take risks is the most critical success factor for entrepreneurship. So don’t stay in your safe comfort zone, but try, experiment, test, and test. Dare to do new things.

Stay flexible. Are things going differently than you thought? Then you must move along and be flexible. Be challenged by sparring with entrepreneurs or other professionals in your area. They often ask critical questions that allow you to adjust your working method or strategy.

Do business efficiently

In addition to the right mentality, knowledge, and characteristics, something else is essential: working efficiently. Just think, the lower your costs, the less turnover you need to turn to make a profit. Staff costs (and your salary) are often the highest cost items. The more productive you and any employees are, the more you get out of the hours and the less they cost. Entrepreneurs who do not budget their time tightly and do not understand the importance of (handling) time efficiently will not make it. So, value working hours – and get the most out of them.

Know your customer

We would almost forget, but you work for your customers in the end. Successful entrepreneurs know their customers through and through. They know how to differentiate themselves from their competitors and serve their customers appropriately. Not only with the right products but also with the right customer conditions, distribution channels, and customer service. Do their customers prefer to buy in an online store, and do they find a delivery time of one week acceptable? Then they get that. Do they want to be delivered immediately? Also, fine. So, keep the focus on what you do and do those things well (or excellently). Of course, you can always contact Graydon. You can find information about customers and potential prospects and how you can use big data for your marketing activities, for example, to get to know your customers better.

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.

It ensures consistent behavior and actions of employees and recognition among customers. Again, a culture introduction and embedding program can significantly contribute to this.

Many organizations invest in recruitment and selection to bring in the best people but pay little or no attention to the integration and socialization of employees. Frequently shaking hands, going around the shop, and handing over an information package are often good introductions. A survey of 1481 companies showed that a third of these companies did not have any form of induction policy, formal or informal.

What exactly is organizational culture?

An organizational culture consists of the shared values and norms within an organization. Conscious and unconscious assumptions, rituals, and beliefs thus determine how people should behave. Mutual interaction creates a social process in which desirable behavior is maintained, and undesirable behavior is punished. In this way, the character of an organization is gradually formed. Meaning arises for the so-called ‘that’s just how it goes here.

Capturing culture in core values

An excellent way to capture an organization’s culture is through the core values: the unique values that characterize a specific organization. Organizations that more often invest time in understanding, articulating, and propagating these core values have a well-lived and robust corporate culture. Their values radiate outwardly and ensure recognizability among customers. So, no marketing slogans like ‘customer-oriented’ or ‘reliable,’ but ask yourself as an organization what you stand for and, what you believe in, what the organization is essential.

Stay ahead of the competition

A healthy and productive culture is increasingly seen as an essential precondition for staying ahead of the competition. You can copy products, services, and processes from the competition; an organizational culture that reflects core values is not. To promote recognition among customers and the involvement and performance of employees, employees must live the culture and associated core values. But how do you handle this? Simple: with a culture introduction and anchoring program.

Social glue and involvement

One of the effects of such a program is that it ensures connection and involvement. Shared norms, values, and behavior among employees form a social glue that binds them together. They are part of a team that works together for the same goal. When they have a positive image of the organization and feel part of it (social glue), employees are often more involved in the work. A global survey of 142 organizations shows that companies with high employee engagement are more profitable and productive, have higher customer satisfaction, and have lower absenteeism and turnover.

The culture program ensures consistency

When workers know what the organization stands for, they can also better fulfill their expectations. For example, at Zappos, where happy customers are the most important thing, the duration of phone calls is not measured, although this is very common in in-service departments. Customer satisfaction after a conversation, on the other hand, is measured. Therefore, a culture program mainly contributes to the consistent translation of culture into the structure of the organization. The result is that the entire organization becomes more consistent in what they think is important and what they do.

How do you change company culture?

Introducing a new corporate culture is very valuable but not prominent. The visible aspects, such as the mission or processes, are easier to adjust than the invisible aspects. After all, patterns and behavior are difficult to break. Yet it is certainly possible.

Involve management and staff

To begin with, consider what needs to change. First and foremost, provide management support. When the highest levels don’t believe in it, nothing changes. Ensure the values are carried out because that’s how the implementation works best. Indeed, today it is the employees who shape the company culture. As an employer, try to ensure that the critical people in your organization recognize themselves and feel at home in your organizational culture.

Set a good example

‘Lead by example is the message: you start yourself and show how you expect all employees to apply the new values. The communication of the values is also essential: internally to the team and externally on your website, in a vacancy, etc. Living your core values is necessary. Otherwise, you will lose your credibility. Just think of a bank where ethics is of paramount importance but which subsequently comes up with scandals in the press.

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.

At the dawn of retail lending in the US, in the mid-2000s, almost anyone could get a loan. Today, credit history is the most critical factor in deciding whether to approve or reject a loan application. The banking sector has faced several problems, due to which it suffered losses and managed to accumulate credit history data that allow identifying bonafide and unscrupulous borrowers.

What is a credit score?

A Personal Credit Rating (PCR) – either a score or an indicator of financial health – is based on all the records of your credit history. In other words, it explains the applicant’s chances of obtaining a loan or mortgage from a bank. According to him, financial institutions judge the good faith of the borrower. Today, a standardized system for evaluating borrowers’ “credit quality” has been developed. A credit rating is a tool for self-assessment of one’s ability to obtain credit products. Receiving such an analysis, a person not only immediately understands how “quality” his credit history is but also what specific conditions on bank loans he can count on.

How is a credit score calculated?

The credit rating is formed based on:

• Conscientiousness in fulfilling obligations to creditors: Timely repayment of loans
• Loan diversification: The use of different types of loans, even multiple ones, has a positive effect on the rating, while an excessive number of loans of the same type is negative.
• Length of credit history: This indicator reflects the borrower’s experience in lending.

Since the credit history, you updated the period: Fresh entries have a more significant impact on RCC than old ones.

Do not forget that not only applicants with a low scoring rating fall under the suspicion of banks, but also those who have no rating at all. These are people who have never taken out a loan. That is why it is difficult for young people aged 22 to 25 to get a loan. The optimal age for opening a credit history is about 27 to 35. It is recommended to start by opening a credit card for a small amount and return the funds on time to form a portrait of a conscientious client.

Why do you need a credit score?

Different experts in determining credit rating use their rating scale. But in general, the logic is simple: the higher the value of a personal credit rating, the higher the probability of getting approval from the bank. A credit score does more than make it easier to get loans. It has other benefits as well like:

Tracking personal Financial Health

The rating helps to exercise self-control over the number and frequency of loans. A low rate indicates a high level of debt, leading to personal default. For example, if it takes more than half of the salary to pay off a loan, financial health is at risk.

Detection of fraudsters

The credit rating reflects all activities related to obtaining loans. Thus, it is likely to identify fraudsters who have issued a loan for another person.

Increasing Financial Literacy

The score helps you evaluate financial behavior and develop healthy financial habits. For example, if a borrower notices that his rating has gone down because he took out ten loans in the last year, this will be an occasion to reconsider consumption and personal spending.

How to find out your credit score?

The rating itself is formed based on the borrower’s credit history. It considers many elements – for example, the number of open and closed loans and the total debt burden. It is important how a person has serviced or is servicing loans, what kind of loans they were, and what amounts and terms. But the most important thing is the existence or lack of delays. A specific score is formed—the more elevated this score, the lower the borrower’s credit chance level. Based on the level of a particular credit rating, banks choose whether to give a loan or not. For the borrower himself, this is a chance to look at himself through the eyes of the bank and evaluate his possibilities of obtaining a mortgage. The borrower understands how good his credit history is and what specific conditions on bank loans he can count on.

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.

Are you prepared to meet the next challenge with your head held high, guiding yourself, your team, or your whole company through anticipated or unexpected change? These strategies brought to us by the experts will help everyone come out the other side feeling included, energized, and prepared for what lies ahead.

Communicate your mission

 Managers and workplace leaders have an additional responsibility: to ensure that employees adapt well to unexpected changes (such as a recession) and those anticipated (such as a merger or acquisition). “If you want to function adequately as an organization, as an employer, you have to build an environment in which change will not end up altering the lives of employees and hurting the business in the long term,” she says. “Even if you’re changing in a positive direction, you’re going to want everyone on the same page because if you accidentally end up creating high levels of stress and mistrust, it could backfire on the changes you’re promoting.”

It will never be too much that you can communicate about the changes’ benefits. Craig Schneider, the founder of Nectar Sleep, tells us about his experience moving his company from We Work 524 Broadway in New York to a company-owned building that will be operated by We Work. “We are working on making people understand how wonderful the space is, that it is located in an incredible area of the city,” he says. “And there will also be personalized follow-ups once the collaborators get there, to make sure energy levels are high; we’ll host parties and celebrations and highlight new ways the space can be used.”

Senior Director of People Operations at Sonos, Liz Welch (a member of the We Work Holyoke Building in Seattle, US), says there are reservations about sharing more, not less, information. “We tell teams, ‘This is what I know, this is what I don’t know, and at that point, you’ll have more information.’ “We are more likely to exchange information earlier and in a less complete state, merely because we believe that people need to know as soon as possible about things that may affect them,” she says.

It assumes that people react differently to change

Welch discovered that people continually react to change and that there is no right or wrong way to do it. “There are people who have a great drive, who adapt quickly,” he explains. “They are innately excited about change and can quickly translate it into opportunity, innovation, and optimism.” Then some like the position quo. “Many people get that knot in their stomach, that gut feeling that says, ‘I don’t know, this is kind of scary, I don’t like it.’ Who is in the middle? The rest of us. “Most people have some reservations about any change, even if it looks like a good thing on the surface,” he says.

When trying to navigate any change effectively, it is essential to know your reaction to it and the reaction of the people on your team. “Leaders who are architects of change have to be attentive to all the people throughout that process and leave no one behind,” he maintains.

Don’t rule out those who are slow to adapt

 “It’s comfortable for anyone to judge people moving more slowly towards the acceptance end of the process and think they seem like a complainer,” says Welch. “But these people carry an enormous force correlated with a feeling of strong distaste for ambiguity or change. They can be deeply convinced and deeply loyal, and both are positive characteristics. You never want to lose certain people just because it took them longer to adjust to change,” she says. “It’s better to adapt as an organization around those people, rather than rush them or lose them.”

It is undeniable: when something changes, it is because the reality we used to know will no longer be the same. Faced with the certainty of what we cannot control, the advice of these experts can help you focus on what you can measure and predict. And do not forget, as, in many other situations in life, the first step is introspection to be able to register first what happens within ourselves.

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.

In 2019, banks received a credit history 5.12 million times, 78% more than in 2018. Most people remember credit history, and some learn for the first time now when the bank suddenly refuses to issue a loan. The borrower either had delinquencies on previously taken loans or has a poor credit rating, which banks are guided by. However, the credit history of any of us can affect the possibility of obtaining a loan.

Credit History Knows About Your Debts for Housing and Communal Services

Sometimes even a client who repays a debt on credit obligations in good faith can get a refusal from a bank. You should pay attention to delays in payments or other debts, such as when paying bills for communications, utilities, or transferring alimony. In addition to personal information and details of loans and borrowings, their maturity, information about the outstanding balance, and the presence or absence of overdue debts, banks are trying not to get involved with malicious non-payers for housing and communal services. For example, insurers ask for credit history to determine a fairer price for a policy.

Debt In Inheritance

Sometimes, along with the property or instead of it, a person receives numerous debts as an inheritance. There are cases when the heirs were forced to sell the property acquired under the will to cover the obligations of the deceased and spend their funds. To conclude entering an inheritance, you need to determine if the dead has debts. To do this, you need to contact a notary. From his credit history, you can find out about the credit obligations of the dead person.

Data for both your credit card and your mortgage

After adopting a single scale, it will be easier for users to correlate the values obtained in different credit bureaus. You can store that information in several organizations at once, and with a different maximum score, it is not always possible to compare the values. It is essential when the values are borderline and different bureaus have additional data. For example, one has data for both your credit card and your mortgage, while the other has only your mortgage; to assess the credit history quality as accurately as possible; it is necessary to compare the results from both bureaus. A favorable credit rating does not guarantee mortgage approval: each bank has its scoring system and considers various factors when considering applications. It is not recommended to apply to microfinance organizations: they have lower requirements for borrowers. Suppose you plan to receive a large loan, for example, a mortgage in a bank. Therefore, a new loan received may indicate that you were refused by the bank but not refused here. In that case, it is better to apply for a consumer loan here: this way, you will reflect your solvency in the global credit history and the intra-bank one.

I remember here. I don’t know here.

There are cases when incapacitated people under care took loans. At the same time, his guardian must deal with banks and tax departments. It is impossible to forbid anyone from receiving loans in our country and make bans on their credit history. However, if the court declared a person incompetent or partially incapacitated and decided to include this information in the BKI reports, you can add relevant information to it. If the bank or IRA has documentary evidence of incapacity, it also has the right to send this information to the bureau. But it is not an immediate ban on the issuance of loans or loans but only serves as a warning to creditors.

Challenging Is Easier and Faster

Previously, to correct information in the credit history, the borrower could only apply for a low amount loan. From 2021, you can do this through a bank or loan app. According to the new rules, they must notify the borrower within 15 business days that the information in the credit history is correct, and no changes will be made or make the required adjustments. The time has also been reduced by almost half – up to 8 working days. At the same time, the Central Bank recommended that banks provide an opportunity to submit applications to challenge information in the credit history in electronic form. Credit score checks do not affect the quality of history. You can request this information regularly from your bank or the websites of various bureaus to track changes and adjust your track record if necessary.

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.

Many people say that they can afford to buy the most sophisticated TV or smartphone; no, you can’t if you don’t have the total amount to buy. It will allow him to go through the path of trial and error earlier and understand how to act in the future. He will learn to plan expenses, save money, independently make financial decisions, and value his time and resources. Let his first financial goal be a toy – but he will buy it himself and understand how to move towards his goal. Children are more vulnerable to scammers. Without preparation, the child will not recognize deception because he does not yet understand the risks and trusts everyone.

Check with a friend by phone or at a meeting whether he asks for money, look at the phone balance – whether there was a transfer. It is better to discuss with the child what methods of fraud he may encounter and how to act in such situations. For example, hackers have hacked into a friend’s page on a social network and will be asked to transfer money on his behalf. Or an SMS message was received stating that they allegedly made a transfer to the wrong phone number by mistake and asked to return this amount. It is necessary to explain to the child that such messages need to be checked. Better yet, ask your parents for help.

Explain In a Playful Way

The best way to introduce children to money is through games and experiments. Offer the child a game: imagine that you have found a treasure. How do you know if it’s real money or fake money? You can use actual bills and money from Monopoly. Investigate how to distinguish a genuine bill. Tell your child about the signs of the authenticity of banknotes, show pictures of watermarks, how letters and numbers shimmer, and where other security features are hidden. You can gather friends and hold a competition: who will find the most animals and plants on the banknote using a magnifying glass.

Explain to your child that money does not grow on trees and does not take from the box (ATM), as many kids believe. The child must understand that money does not appear by itself at the first request. Tell us what professions are and why they are paid differently. You can arrange a game, for example, in a profession. Children can choose their role: hairdresser, doctor, baker. Give everyone a set of toy money so they can ask each other for favors and pay for them. Please start with the elementary: we receive products and vital services in exchange for money. For example, if you don’t buy milk, you won’t have anything to eat muesli in the morning, and if you don’t pay for electricity, the house will be dark and cold. Playshop: put a price on different products. Someone will be a seller; someone will be a buyer. The main thing is to convey to the child that things do not get just like that; you need to pay for them first.

Time to Learn to Plan Properly

You can teach planning on the example of a family budget. The child must understand that the costs are divided into:

• Obligatory Predicted Payments: utilities, transport costs, and sometimes – loan payments.
• Necessary purchases: food, clothes, medicines
• Optional Payments: entertainment, travel, buying toys, etc.

First, you should subtract the mandatory projected payments from the budget and calculate the approximate number of necessary purchases. And only then decide what the remaining amount will go to. This approach will help the child to understand the difference between what I want and what I can and teach them to make the right choice. Help your child plan purchases properly – teach him to make a list of necessary products before going to the store. Tell them that products in the same category prices may differ due to composition, volume/weight, brand value, etc. Teach your child to use resources rationally: explain how to use water and electricity economically and why it is not always worth buying what is cheaper – a better thing will last longer.

Conclusion

Finally, explain that a dream is a goal, and a plan is needed to achieve it. If the child correctly prioritizes purchases and saves some pocket money, he will be able to save up for the desired thing. Please encourage your child to regularly keep a diary of expenses to be easier for him to understand what he spends his money on. Some banks issue children’s cards to which you can transfer pocket money. It is very convenient as parents can track their usage. Explain to your child how to protect yourself from scammers – do not give bank card details to anyone, cover the ATM keyboard with your palm while entering a pin code, etc.

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.