Author: Jennifer Brazer

The balance sheet and profit and loss statement are used to calculate indicators. You can do the calculation of indicators in two ways. There is a temporary one when calculating the mean values across the examined period using balance sheet data after the period. For example, the second approach is preferred if a corporation makes significant payments at the end of the month. Using an average for the settlement account’s values over time eliminates the resulting distortion in the liquidity indicator—the technological mode of production changes based on the widespread introduction of computer technology and informatization. The increasing role of science and scientific and technical progress as a factor in economic growth, the strengthening of the social orientation of production activities, the implementation of privatization, and the development of entrepreneurship, including medium and small businesses, led to the evolution of property relations and types of management in the direction of the diversity and multiplicity of their forms, the relationship between the employer and the employee, the activation of their participation in equity capital and management, the development of collective-contractual relations. In auditing, you can also use bookkeeping to find out the numbers.

Principles of Financial Accounting

Accounting is a method of generating relevant financial data by applying fundamental concepts. The basic principles of accounting are rules, concepts, and definitions that enable the clear, consistent, timely, and understandable identification, estimation, accounting, creation, and transfer of financial information. Financial statements are designed to offer information about a bank’s financial situation, activities, and changes in a financial position that might be valuable to various users when making crucial economic decisions. It is vital to evaluate the requirements to provide financial information to interested parties to perform this process effectively. The needs of internal users (management of banks) and external consumers of financial information are usually separated into two categories. Internal users are interested in the financial statements’ information. Still, they also have access to extra management and financial data that assists them in fulfilling their planning, decision-making, and control tasks. External users are interested in details about the bank’s actions, indications, and financial situation changes, which can help various users make economic decisions. Financial reports meet most users’ basic requirements.

Financial Strategy

The financial strategy encompasses all areas of a company’s operations, such as asset optimization, profit distribution, non-cash settlements, tax and pricing policies, and security measures. It is created as part of a company’s strategic financial planning. It aims to reach a certain level of performance in the major characteristics of its operations: cost price, profitability, sales volume, financial stability, price competitiveness, and payments.

Financial Ratios and Indicators

The essential requirement for the break-even operation of the enterprise in the conditions of market relations is economic and other activities that ensure profitability. The financial measures aim to reimburse expenses by the received income profit reception to satisfy economic and social requirements of members of the collective and material interests of the proprietor. Engineers and architects can use a variety of metrics to characterize their work, including gross revenue, turnover, profit, costs, taxes, and other factors. Financial stability, liquidity, profitability, and business activity are the major economic indicators for engineers and architects of the organization and their operations for all types of businesses.

The indicator dynamics are considered while determining the genuine liquidity index, which allows to choose the firm’s financial strength or bankruptcy and to indicate the critical status of the organization’s finances due to rising demand for the industry’s products. Because its capital comprises cash and short-term loans, such an entity has a high degree of solvency. The dynamics of the leading financial indicators demonstrate that the situation looks worse if the organization has working capital only in the form of many stock products, which are current assets. Their money conversion necessitates a period of implementation and the presence of a consumer base. The creditworthiness status is determined by the enterprise’s primary financial indicators, including liquidity. The company’s current assets must be sufficient to repay existing short-term debts. These values are roughly at the same level in the optimum position. If the company’s circulating assets are worth substantially more than its short-term debts, this implies that it is investing money in current assets inefficiently. If the working capital is less than the value of short-term loans, the company goes bankrupt.

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 costs of day-to-day business upkeep and management are known as operating expenses. These expenditures are commonly referred to as operating expenses, operations expenses, or OPEX by businesses. The cost of things sold (COGS), a direct cost linked with creating a product, is essential for operational expenses. The cost of goods sold includes prices for raw materials, consumables, manufactured parts, and shipping. Other types of running expenses include the following.

• Wages and labor costs
• Costs of maintenance and utilities
• Pensions, health insurance, disability insurance, and other rewards for employees
• Create a commission
• Assets that depreciate
• Depreciation

One technique for increasing productivity and thus your bottom line is to reduce the cost of various spending items in your firm. “This is vital because resources are limited, especially in small and medium-sized firms, and you must unlock their full potential, whether human, financial, material or technical,” Mr. Trudeau said. Expense elimination is a more drastic move that entails examining your numerous expenses and removing some of them. The true goal of this move is to boost earnings.

Here is how to save money on your business’s operational costs.

1. Make use of technology.

There are numerous business systems and software platforms to choose from in today’s digital age. Specific processes, including payroll, inventory tracking, and supply chain management, are automated and simplified using these solutions. These technologies will boost productivity and allow businesses to operate more efficiently with fewer human errors. As a result, firms can save money on labor and avoid delays caused by mistakes.

The following questions should be considered while selecting a business system or program.

• Which of your company’s functions is performing well?
• What tasks need to be improved? What are the company’s most time-consuming processes?

2. Look for service suppliers.

Businesses that rely on material and finished product providers must conduct significant research to identify a source that fits their budget. It is crucial to think about their wholesale rates, minimum order quantities, delivery timetables, and shipping expenses. Small firms, for example, should seek suppliers with smaller MOQs because they have fewer consumers and demand.

3. Responsibilities beyond the company

Outsourcing is another cost-effective strategy to boost performance. If a retailer, for example, does not have substantial accounting skills, he may delegate this work to a tax professional or accountant. This ensures accuracy and frees up time for organizations to focus on other essential tasks.

4. Encourage people to work from home.

Working from home is getting increasingly popular. According to statistics, 4.3 million people in the United States work at least half of the time remotely. Furthermore, Upwork estimates that 22% of its staff will be working remotely by 2025. Companies do not have to rent office space or pay for services when they work remotely. It also eliminates the need for office equipment like printers and desktop computers.

5. Payment to suppliers on time

Paying all payments on time is also part of cutting operating costs. Supplier invoices must be paid in advance or on time by businesses. This will save late fees, interest, and other costly penalties. Furthermore, some providers provide discounts to consumers who pay their payments in advance.

6. Keep an eye out for inefficiencies.

Processes and procedures that are ineffective waste money and resources. If a retailer’s demand forecasting method is useless, he will waste money on things his consumers do not require. Business owners should examine their operations regularly to detect inefficiencies early and keep expenses low. Collecting feedback and suggestions from employees can also be beneficial. They better understand what works and what does not when they collaborate directly with customers and procedures.

7. Unsubscribe

Business owners and managers should check their subscriptions to numerous services regularly. If you have not used the platform in a while, you might be considering canceling it or switching to a lower plan.

8. Sustainable

Purchasing environmentally friendly items such as recycled paper, intelligent thermostats, and energy-saving light bulbs can help you save money. There are also environmentally friendly air conditioning and heating alternatives. This allows businesses to save money while maintaining a pleasant and welcoming workplace. Many firms may get closer to reducing selling expenditures, increasing earnings, and improving cash flow by following these cost-cutting recommendations. 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 are all distinct culturally, socially, and psychologically. Everyone brings their own set of experiences, ideas, beliefs, and values to the workplace and how he interacts with others. When you work alone, it is OK. When it comes to keeping a project on track or building a business, though, team cohesion becomes a full responsibility.

Here are some tools to help us interact with teams more effectively, including team-building exercises and personal reflections.

The concept of 3C

Gene frequently employs the three C’s when engaging with management teams, but this concept can be used in any workgroup. It is built on three pillars:

1. Cohesion

The management team’s ultimate goal is to achieve this. After all, how can we expect other employees to follow suit if the unit is not cohesive? And in which direction are you going? A team’s ultimate goal is cohesion. Two pillars support this coherence. Trust and conflict, respect, transparency, efficiency, and greater production are core ideals.

2. Have faith in

There can be no unity without trust. There can be no cohesion without agreement. Trust, on the other hand, cannot be purchased. She is progressing. In this case, bringing the team together and inviting everyone to share their tales is a good exercise. Team members might tell their colleagues who is behind the employee by narrating anecdotes. Of course, he is a strong man. However, there are flaws and gaps. Jin then encourages the attendees to share what they know about their colleagues and have a discussion following this exchange. What is the point of all of this? Create a trusting environment in which you may disclose your faults and flaws. Apologize. Seek assistance. What kind of cooperation is this?

3. Disputes

Centralized conflict is healthy and constructive. They make sure that all viewpoints are heard. Leadership meetings are frequently charged. They are the root of tensions, problems, doubts, and disagreements. Catch! These confrontations often extend beyond the topics at hand, and they should always be centered on issues rather than people. Organizations can benefit from encouraging these favorable dynamics because focus and disagreement are healthy and productive. They ensure that all viewpoints are heard and that all points of view are considered. They make it possible to make more informed selections. To avoid a stale meeting environment, Jean Mongo advises that everyone agree to a set of rules that they must follow. This includes the boss!

Are you a judge or a learner?

Who hasn’t been to a brainstorming session when one or two persons oversee the gathering, assessing the ideas’ relevancy and timeliness? Doesn’t it frequently tell ourselves, “We don’t judge” in the preamble? We believe it, and our perception of others reflects this. As a result, our experts recommend that you read Marilee Adams’ book Change Your Problems, Change Your Life.

What are the judge and learner?

He is a guy who prefers to communicate protectively. She attacks to defend herself. He had no idea that his replies were mechanical and that they were usually focused on the charge. She prefers the security of her assurance since she “knows” the other person (concept or person) will fail. The win/loss relationship is the foundation of the model. One must die for the other to succeed.

On the other hand, learners are always in open mode when they focus on openness. He is interested, attentive, and makes no assumptions. His decision is based on objectives and facts rather than strict convictions. As a result, he promotes a cooperative approach centered on the ongoing pursuit of win-win outcomes. I do not need you to lose for me to “win.” You and I both came out on top.

Learn how to become the “learner”?

Many authors explain how to do it straightforwardly. Form learning groups.

• Understand the distinction between assessment and teaching methods while speaking with the team.
• Have each person in the group share their learning or evaluation experience. We are not hunting for the bad guys; we are just trying to figure out what is happening.
• Form a coalition in which everyone on the team is committed to assisting one another in keeping the student on track.

Create interaction specifications to help your team collaborate and communicate more effectively. Including the boss! 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 attest that those devoted consumers are a goldmine in a digital marketing business. According to one study, a company’s profits improve by 25-95% for every 5% increase in client retention. On the other hand, recruiting new consumers can be expensive, costing anywhere from 5 to 25 times more than keeping existing clients.

You can lower your costs with a single marketing plan while increasing your earnings. Customer retention doesn’t have to be difficult, especially if your business is well-established. Spend less time acquiring new customers and more time boosting the frequency with which existing customers purchase and spend. Here are five suggestions for increasing customer retention and increasing revenue.

Keep your SME up to date regularly

Even when funds are tight, new technologies allow you various options for keeping your consumers visible. For example, you can maintain your online presence by being constant in your posts and reaching out to your clients on social media frequently (but not abusively).

Share a blog entry or make a Facebook post with your weekly recommendations. Tweet links to relevant publications in your field. On Interest, save a nice photo. Attempt to engage the audience with a call to action in each piece.

Reward customers who refer new customers to you

When recruiting new consumers, word of mouth is always a viable option. Who better than a friend or relative to persuade us to buy a product or service? This is especially true when you consider that social proof can help you convert more potential customers. Why not reward customers who refer new customers to you if your firm fits this description?

Fitness centers, for example, frequently give a month of free gym access to users who suggest a friend. This strategy helps you grow your customer base by persuading your current customers to stick with you.

React to consumer feedback

According to the Business Development Bank of Canada, 7 out of 10 internet users rely on online reviews to make purchasing decisions, so don’t underestimate the significance of this!

Leave no doubt whether your clients are complaining about their online experience. Contact them. You’ll “improve the problem” by proposing a solution and demonstrating that you’re satisfied with it.

Thank your customers and start a dialogue when the evaluations are positive. Others may appear, and those glowing testimonials will contribute to your online reputation.

Make special offers public

Offering discounts is a terrific way to attract new consumers. And keep them coming back. Regularly offering offers is an excellent approach to keep them in mind. Especially if your request is well-worded and relevant if coffee drinkers learn that you provide a $2 unique “Latte des Broken” every Tuesday, they’ll remember it on their way to work. Customers will become attached to your recurrent offer, which will become part of your logo.

Offer individualized service

Why not utilize the customer’s name when sending a newsletter or invoice with a package? Directly address him: Create a bond with your SMB’s personality. Immerse yourself as much as possible in your clients’ ideas and ask yourself how you might improve the service you deliver. What small gestures can you make to make their life a bit easier? Can you, for example, provide free shipping or a flexible return policy? There aren’t any tiny enhancements. Every step toward improved customer service leads to increased loyalty. 

It would help if you designed a complete hiring policy and meticulously prepared for interviews to ensure internal harmony in the organization. At the same time, make sure your expectations are clear and that roles and duties are defined. Allow new employees to learn more and advance their careers as soon as they join the company. You can track this learning by directly linking your HR tools/database software with your feedback management platform. Encourage them to share their knowledge on social media or through blog articles. As a result, the input can be considered automatically at various employee training and development phases.

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.

Tax season has begun, and millions of Americans collect their records to prepare for their tax refunds. The Internal Revenue Service (IRS) encourages taxpayers to file as soon as possible, preferably electronically. Due to laws and official orders, several tax changes will take effect on January 1, 2022. From declining balance depreciation to pension provisions and VAT, an overview of taxes is new for 2022. Below you’ll find new tax rules coming into force in 2022.

The basic allowance has been increased

In 2022, only taxable income above the basic allowance of $11,000/$22,000 (single/joint assessment) will be subject to income tax. However, it estimated the basic allocation for 2021 to be $10,600/$20,200.

Employees can earn up to 48 dollars per month of tax-exempt benefits, with higher benefits in kind so far. By 2022, the monthly tax exemption ceiling will increase to 55 dollars. However, if the benefits in kind are provided via vouchers or payment cards, the requirements of § 2 paragraph 1 no. 10 of the Payment Services must fulfill the Supervision Act (ZAG). If these criteria are not met, the controllers of social charges will withdraw the exemption in 2022. By January 1, 2022. (BMF letter of April 13, 2021).

Rich tax 2022

Income tax is usually levied at a rate of up to 42%. Only the top earners must reckon with a tax increase of 3%. Income in 2022 above USD 30,500/USD 610,000 (single/contributory) will be taxed 45%.

Corporate tax option

According to section 1a, anyone filing in 2021 will benefit from the new option model for the first time in 2022. Under the new rules, craft businesses operating in partnership can now be taxed like LLCs or joint-stock companies.

Lower interest rates

It must now reform the new federal government after the Federal Constitutional Court declared default interest by the tax authorities illegal during the interest calculation period from January 1, 2019. From the old rate of 6% per annum, it will approve a substantial reduction in interest rates at the end of July 2022.

Retirement Plan

From 2022, entrepreneurs can deduct 94% of their contributions to the Rürup pension scheme as a particular tax expense. However, when deducting extraordinary costs, you must observe several restrictions. In 2022, the deduction for single people must not exceed $26,500 (maximum contribution of $28,100, i.e., 94%), and the deduction for married couples contributing must not exceed $53,000(maximum contribution of $56,200, or 94%). 

Travel Expenses Abroad

If your employees travel abroad, you can pay them a particular one-time, non-taxable cost of room and board. A letter from the Federal Treasury established its amount. Overseas travel food and overnight allowance in 2021 will continue in 2022. (BMF letter dated December 3, 2020).

Tax-free Corona bonus

By section 3 of the Income Tax Act, you can offer incentive bonuses of up to €1,500 per employee tax-free. Payments are due March 31, 2022. After that, starting today, these payments are no longer tax-exempt.

Company pension plan

Employees who pay part of their Christmas or vacation pay into a company pension plan in direct insurance, pension funds, or pension funds are tax-exempt in 2022 up to a maximum of 6,768 euros.

Flat Rate for Home Office

Home office flat rate of $5 per day, up to a maximum of $660 per year, is deductible as income tax savings for employees and operating expenses due to reduced benefits, only for 2020 and 2021. However, you could extend the tax exemption to many people working from home again.

Pension amount

For the first time in 2022, everyone who turns 64 in 2021 will receive so-called pension benefits. In 2022, the Treasury will reduce the income of the self-employed or non-self-employed by 14.5%, but only by a maximum of 684 euros.

Age relief amount

The so-called old-age benefit will be offered for the first time in 2022 to those who turn 64 in 2021. In 2022, the tax authority reduced self-employed or non-self-employed income by 14.5%, but only 750 dollars.

In the culinary industry, Value Added Tax (VAT) is charged

Bakers and butchers who sell products in their restaurants will not see a change in their reduced VAT rate for ready meals in 2022. Food will continue to be taxed at 7% until the end of 2022, whether consumed on-site or away from home.

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 Makes a Great Manager? A Guide for Small Business Owners

Being a small business owner is no walk in the park. You juggle budgets, wear multiple hats, and often double as the HR department and chief coffee officer. But as your business grows, one of the most impactful decisions you can make is hiring (or becoming) a great manager. Why? Because a great manager doesn’t just keep the wheels turning—they energize the entire engine.

So, what exactly makes a manager not just good, but great? Let’s break it down.

They lead with empathy, no ego

Empathy isn’t just a warm and fuzzy buzzword. It’s the ability to understand, care about, and respond to your team’s needs, perspectives, and experiences. Great managers lead with empathy because they understand that people aren’t cogs in a machine—they’re the engine.

Example: Imagine two bakery managers. One barks orders during the morning rush, dismisses employee concerns, and rarely checks in. The other listens when a team member shares they’re overwhelmed, adjusts the schedule, and provides backup. Guess whose team stays longer and delivers better service? Yep—Empathy wins every time.

Pro Tip: Use regular 1-on-1s to check in on team members, not just about tasks, but how they’re feeling.

They communicate clearly and often

You know what employees dislike even more than low pay? Unclear expectations. A great manager sets the tone with open, transparent communication.

Specifics That Work:

• Weekly team meetings with agenda and follow-up

• Clear KPIs (Key Performance Indicators) for each role

• Regular updates on business goals, wins, and areas for improvement

Example: At a small marketing firm, the manager starts every Monday with a short stand-up meeting: what’s happening this week, any changes in client needs, and goals for the week. It takes 15 minutes and prevents hours of confusion.

Pro Tip: Be consistent in your communication and choose the right format—some things belong in email, others are better face-to-face.

They cultivate a culture of accountability

Great managers hold people (including themselves) accountable without blame or shame. It’s about making sure everyone owns their results and learns from missteps.

How to Build Accountability:

• Set clear goals and deadlines

• Address missed targets promptly and constructively

• Celebrate wins, both big and small

Example: A salon manager noticed that appointment bookings were being missed. Instead of pointing fingers, she introduced a simple double-check system and retrained the front desk team. Result: no more missed bookings and a team that felt supported, not attacked.

Pro Tip: Use mistakes as learning moments. Ask, “What happened? What can we do better next time?”

They develop their people

Training isn’t a cost—it’s an investment. Great managers know that when their team grows, the business grows.

Ways to Develop Your Team:

• Offer cross-training opportunities

• Send employees to workshops or online courses

• Encourage team members to set personal and professional growth goals

Example: In a small auto repair shop, the manager noticed one of the techs had a knack for customer service. Instead of keeping him in the garage full-time, she trained him for a hybrid role, eventually promoting him to a service manager position.

Pro Tip: Ask your team, “Where do you want to grow this year?” Then help them get there.

They set the example

You can’t expect punctuality, professionalism, or positivity if you don’t model it. Great managers walk the walk.

What It Looks Like:

• Arriving on time and prepared

• Admitting when they make a mistake

• Treating everyone with respect, from interns to vendors

Example: In a local boutique, the owner-turned-manager always greets every employee by name, pitches in during inventory days, and thanks the team after busy weekends. That tone of mutual respect trickles down into customer service, too.

Pro Tip: What you model, you multiply. Make sure your actions reflect your expectations.

They recognize and reward

It doesn’t take a six-figure bonus to make someone feel valued. A handwritten note, a surprise coffee, or a shoutout in a team meeting can go a long way.

Recognition Ideas:

• Weekly MVP shoutouts

• Peer-to-peer recognition programs

• Celebrating work anniversaries and birthdays

Example: At a dog grooming business, the manager keeps a whiteboard of weekly wins. Every Friday, the team gathers to celebrate moments like happy customer reviews or mastering a new grooming skill.

Pro Tip: Make recognition timely and specific. “Great job on that client presentation yesterday” hits harder than “You’re doing great.”

They manage conflict with confidence

No team is free from tension. But great managers don’t sweep it under the rug. They address issues head-on, with fairness and clarity.

Conflict-Resolution Formula:

• Don’t delay: address issues quickly

• Stay objective: focus on behavior, not personality

• Facilitate resolution: allow both sides to share their perspective

Example: When two baristas at a coffee shop clashed over shift responsibilities, the manager brought them together, clarified expectations, and created a shared task list to avoid confusion. Peace restored, espresso shots flowing.

Pro Tip: Your job isn’t to be everyone’s best friend, but to ensure a healthy and productive team environment.

They understand the business

You don’t need an MBA to be a great manager, but you do need to understand the nuts and bolts of how your business runs.

Business-Savvy Skills:

• Reading basic financials

• Understanding customer needs

• Aligning team efforts with business goals

Example: A restaurant manager who notices ingredient costs rising adjusts the menu, trains staff to reduce waste, and communicates changes clearly. The result? Higher margins and a stronger bottom line.

Pro Tip: Give your managers visibility into key metrics. It helps them make smarter decisions and align their team’s efforts with business success.

Final Thoughts: Your Role as Owner

Whether you’re managing people directly or hiring someone to do it for you, remember: Great management isn’t about barking orders. It’s about building relationships, solving problems, and lifting others up so your business can thrive.

You don’t need a corporate playbook. You just need heart, hustle, and a commitment to helping your team shine.

Because at the end of the day, a great manager doesn’t just make work better—they make businesses stronger.

Ready to level up your leadership game? Start small. Pick one trait to focus on this week. Whether it’s giving more feedback, improving your communication, or just listening more—those little changes make big waves.

Because when your team thrives, your business thrives.

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 nervous system of today’s economy is the financial system. Over the last few years, finance has been relatively organized. There is a lot of dismal information about this complex environment, which relates to many negative stereotypes and verifiable realities, such as a hectic personal life, unending work hours, etc. Finance has a shark image fueled by the desire for profit. However, this continuing fixation with money has not spared young pupils.

Finance, from a theoretical standpoint, encompasses a wide range of activities. Financing entails supplying the funds required to carry out economic activities. It is impossible to manage all financial relationships without a banking or payment system. Finance is essential to a country’s competitiveness and prosperity. It ensures that every decision adds value and wealth. Finance should, in theory, enable everyone to attain a greater level of living.

What is the difference between economics and finance?

Economics

The world economy is derived from the Greek word oikos, which means house, and refers to family property, the rule of law. In actuality, the phrase refers to systems formed by groups of individuals, institutions, and organizations to organize activities of this sort for this aim and the use of finite resources to meet best individual and community requirements by managing expenditures. As a result, an economic system is defined as a network of interdependencies and links between operators and economic agents. Financial status is linked to natural and legal people’s property and thus to society. The economy is built on exchanging goods and services between buyers and sellers. The study of economics is concerned with the creation, distribution, consumption, transfer of wealth, and all other factors that influence these processes. 

Finance

Finance is defined as the economic discipline that deals with managing relative monetary flows through time by corporations, institutions, organizations, and countries. Finance is the study of optimal asset allocation or the investments that an organization or individual should make to achieve the best potential return over time. It is nothing more than the organization and management of corporate funds, which is the lifeblood of the industry. No entity can last a long time without it. It focuses on capital flow, interest rate variations, price fluctuations, and market changes, among other things, with three capital, time, and risk factors. Similarly, finance can be defined as the study of allocating money among various uses to meet its needs best. 

Financial condition is determined by the debtor’s ability to repay and pay his debts, whereas all assets determine the economic situation. Although they are closely connected, their paths are divergent. An estate cannot be overrun by debt to enjoy good financial status. To be financially comfortable, you must avoid debt or have enough money to pay it off without restriction. It is highly recommended that you pay close attention to financial news regularly to keep up with the country’s economic and financial situation. The following are the fundamental distinctions between economics and finance.

• Finance is concerned with structuring the optimal use of funds for a greater return on investment. In contrast, economics is concerned with the production, consumption, exchange of goods and services, and wealth transfer.
• Finance is not part of the economy, but the economy is part of finance.
• The monetary value of time, or the sum of money, is the focus of economics; you can spend money to buy “time.” On the other hand, finance is concerned with the time value of money, which means that a dollar is worth more than a dollar a year from now.
• Finance provides the reasons for any goods, cash inflows, outflows, etc., such as interest rate fluctuations, changes in commodity prices, etc. At the same time, economics discusses the factors behind surpluses or deficits of goods and services that influence society.
• Finance is a discipline that investigates the distribution and management of funds, such as loans, savings, fees, and investments. At the same time, economics is a social science that studies the management of products and services.
• Finance aims to maximize wealth, whereas economics aims to optimize finite resources.

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.

You have weighed all the pros and cons, assessed the risks and opportunities, and are ready to open a personal file. To start, you need a material base – office equipment, premises, raw materials, tools, and, of course, finances. Entrepreneurial activity is always associated with risk. A young organization does not yet have any long-term positive dynamics, no business reputation, no position in the market – that is, there are absolutely no guarantees of success. Therefore, credit organizations impose quite stringent requirements on such borrowers. They may differ in different banks; therefore, before applying, we recommend that you familiarize yourself with the conditions of the selected credit institution in detail.

Types Of Loans for Small Businesses

In addition to start-up capital and business development from scratch, money is needed to expand the market, acquire assets, etc. Depending on the purpose, different types of loans are suitable for you.

Cash Loan

Suitable for replenishment of working capital, purchase of equipment, real estate – for any purpose associated with significant expenses (for small ones, it is better to issue a credit card). The loan term varies from 3 to 120 months and depends on the amount, purpose, and availability of collateral. After signing the contract, the entire amount is credited to the account. For registration, it is not required to open a bank account, and you will make a preliminary decision within two hours.

Overdrafts

Given the specifics of the product, it is mandatory to have a bank account. An overdraft is opened to cover daily expenses if there are not enough funds in the current account. Payments are debited from the existing account 30 days after the transaction.

Bank Guarantees

The service is most relevant for participation in public procurement tenders. It is a fast and convenient way to provide collateral. The bank undertakes to pay any amount for you if necessary.

Credit Card or Cash Loan

To decide which suits you best, you should first understand the critical differences between these products. If you have bigger goals, then it is better to choose cash. The credit card is aimed at non-cash transactions. It is unprofitable to withdraw money – there is a commission for withdrawal, a higher interest rate is applied, and the possibility of interest-free repayment during the grace period is lost (the presence of this period is a massive plus for credit cards). Another advantage of the card is a revolving limit, which allows you to reuse money after depositing. Thus, you should opt for a credit card if additional funds are needed for non-cash settlements with counterparties’ small periodic expenses.

Stages Of Obtaining a Loan

An enterprise must be registered with the tax authority to receive borrowed funds. We recommend that you choose a bank for further service in advance and open a current account in it – this will increase your chances and expand your lending opportunities. Make an innovative business plan, reflect the costs of launching and developing the project, potential income, and planned activities to achieve the set goals to assess the development prospects and the payback period of investments. Representatives of small and medium-sized businesses in any industry will be able to take advantage of the turnover and investment programs in force until the end of the year.

Independence is good, but financial institutions are more favorable to projects based on models of well-known brands. Read the terms and conditions and choose the right loan program. Pay attention to the overpayment amount, the planned and early repayment requirements, and the procedure for calculating fines in case of violation of payment terms. Collateral for the loan will increase the chances of approval of the application and allow you to get more favorable conditions. And it is better to have several at once – in different banks. You can do this online to save time. A bank specialist will contact you and invite you to the office in case of preliminary approval. The more documents you provide when applying, the higher the probability of loan approval. Therefore, prepare a franchise agreement, a letter of cooperation, and contracts with landlords and suppliers. Small business is a tasty morsel for banking organizations: entrepreneurs are ready to overpay considerable interest on loans because, for example, they do not have enough working capital, and there is nowhere else to get it from the bank.

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.

To establish a chart of accounts, define account categories important to your company, then assign a digit numbering system to the funds you create. You’ll need to create account categories that pertain to your small business before developing a chart of accounts for it. Because the chart of accounts is the initial stage in constructing your company’s accounting system, it begins by organizing all your financial data. You will then assign the accounts you’ve created a digit numbering scheme.

Create Parent Accounts

The parent accounts assist you in categorizing your various business sub-accounts. For service-based firms, there are four types of accounts to consider:

• Accounts of Assets
• Accounts of Liability
• Earnings
• Expenditures

Create Your Business’s Accounts

Consider the type of firm you run while creating your accounting records. Create a parent account for each of the account subcategories. Cash and funds receivable, for example, would both belong under Assets. Certain accounts are widespread among service-based businesses, including:

• Cash
• Accounts Payable (A/R)
• Hardware
• Receivable Accounts
• Taxes to be paid
• Services-based sales

What Is a Chart of Accounts?

A financial statement is a handy tool for organizing your company’s financial information. The chart of accounts you design for your company will serve as the foundation for your financial records, so it’s an important document. The chart of accounts lists all the accounts in your firm, grouped by the assets you own, the liabilities you owe others, revenue, and expenses. The chart of accounts is an excellent tool for quickly and easily preparing financial statements since it organizes all the data linked to your business’s finances.

Why Do We Need a Chart of Accounts?

A chart of accounts helps small firms organize their accounting for easier and more accurate financial reporting. Because your chart of accounts consolidates all your financial data into one document, it’s simple to keep track of all your business data. A chart of accounts provides a clear view of your company’s overall financial health and reveals where your money is going. That data can be used to better your business process in the future. Because the chart of accounts serves as the foundation for all accounting reports, it will aid you (or your accountant) in preparing financial statements and filing tax returns.

Categories of Chart of Accounts

The Chart of Accounts has five categories:

• Assets: They are anything of worth that you can exchange for money. Accounts receivable is an example of this (the money owed to you on outstanding invoices).
• Liability: Any money you owe is referred to as a liability. It includes any taxes and debts owed by your company.
• Equity: An ownership interest in a business is referred to as equity. You can leave this off your chart of accounts because it usually doesn’t apply to freelancers.
• Revenue: The amount of money your company makes from delivering services to customers. Client payments would fall under this category.
• Expenses: The funds spent by your company to earn money. It might cover items such as office supplies, utilities, and rent.

Use Your Chart of Accounts

You can utilize your chart of accounts to better know your company’s financial situation and make future. The chart of accounts is used in a variety of ways by small businesses:

1. Keep an eye on your company’s finances

Your chart of accounts may show you where all your company’s funds are coming from, and you can keep track of all your sales and figure out which assets may be rapidly liquidated if you require cash for your business.

2. Understand What Your Business Owes

Your chart of accounts gives you a visual representation of all the money your company owes. Your chart of accounts will show you all your short, medium, and long-term debts and what your firm owes for payroll if you have any employees.

3. Keep tabs on your expenditure

The chart of accounts makes it simple to keep track of all the money that leaves your company. Your recurring payments, such as rent, utilities, and insurance, will be visible. It can also assist you in making better financial decisions by allowing you to see where your money goes and determining where you can achieve improvements.

4. Submit Tax Returns

Tax season is much more efficient when the chart of accounts is well-managed. All the expenses and revenues you’ll need to report to the IRS at tax time will be tracked in one location by your chart of accounts. 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 the past, to prove their skills, freelancers took a printed portfolio – usually a portfolio of projects – to meetings with clients. Today the Internet offers much better possibilities. One of them is a professional portfolio website. So far, this is the most efficient way to present your results online. A digital portfolio may serve as a business card, CV, and exhibition of your best work all at once. Furthermore, having a well-placed portfolio website improves your internet visibility. That suggests that local clients will be able to locate you more readily by using an online search engine to type in the relevant term.

What To Choose

Once you understand that you need a portfolio, it is time to choose which form suits you best. You can go to the classic material portfolio or select an online portfolio. So, which one to choose? Nowadays, more things are being done online. Discussions are becoming increasingly common in the online world. As a result, our presentation style has evolved. It is becoming increasingly crucial for us to improve our internet image. As a result, when selecting whether to construct a portfolio, it is essential to consider its online version. This will make you stand out from the crowd and astonish your audience. Of course, there are even more benefits to having an online portfolio. Having an online portfolio is mandatory in this day and age, where having an online presence has become crucial for everyone. One of the most acceptable methods to make an excellent first impression on your potential audience is to have an online portfolio. It will allow you to express yourself from the best side and professionally.

Huge Time Savings

A portfolio site allows you to present your projects easily, quickly, and effectively to your audience. If you want to send your proposal to clients, you do not have to worry about collecting PDF materials, printing them, or creating complex presentations. Use your online portfolio! This is a considerable time saver not only for you but also for your recipients. You will offer them your best work and talents openly and honestly. Executives/recruiters will appreciate your style immediately because of this and will decide to collaborate with you much more quickly without wasting your energy.

The Easiest Way to Submit an Offer

 A website portfolio is the most convenient way for your clients to know your offer. They only need one click to freely view your projects on a laptop or mobile device at any time. Opening multiple attachments or unpacking directories requires extra effort. Why would clients do this when they receive numerous letters like this from different freelancers or organizations daily? If you send him something easier to use, you will stand out. A path to your work that is too complicated can lead to rejection right away! With an online portfolio, you put everything you need in one place, where anyone can quickly get to – by going to your site.

Reaching A Much Wider Audience

Every day, people from all over the world browse the Internet, searching for products, services, or innovative solutions. You can boost your internet presence by creating a portfolio in the form of a website. An SEO-optimized portfolio is an excellent chance for anyone to reach a wider audience. This will bring potential customers to your website after entering a keyword related to your brand, industry, services, or location. However, do not forget to follow basic SEO guidelines on your website! Make sure the keywords you include in specific sections of your portfolio are relevant to your specialty, preferably ones that are related to your region or products.

An Unforgettable First Impression

If you think that presenting your achievements is enough to stick a few links on the site – do not do it! It does not look very professional and certainly will not make a good impression on your potential audience. Even if the best initiatives are given at random, you will not gain the audience’s trust! You are responsible for ensuring that you are not turned down. More than several long resumes, a gorgeous online portfolio will be your calling card and tell others about your talents, creativity, and expertise. Before choosing you, recipients will surely research and explore alternative options. A professional online portfolio allows you to stand out from the crowd. You will demonstrate that you are serious about your projects, that you are a trustworthy expert, and inspire trust by doing so. Your experience and the number of tasks you have completed are crucial, but how well you explain your findings will decide your ongoing effectiveness. 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.