Author: Jennifer Brazer

Making the taxes yourself is less demanding than a person might suspect. A few projects make tax-exempt and charge readiness, and programming encourages them to spare cash by documenting charges. A person can save some money by not paying a bookkeeper and making their assessments. In this guide, we indicate to you progressively that it is so natural to do the duties themselves.

Make the taxes yourself: when you should pronounce your changes independent from anyone else

Many people don’t know that it is so natural to make their expenses. Because of expense projects, for example, [Key word], [Key word], and [Key word], you can record levies for nothing much of the time.

When you get a W2 form, presumably a government form is anything but painful to round out since the numbers required is printed on this. Moreover, the prescribed projects to make the assessments enable them to locate the most reasoning and credits for which a person qualifies. Not all bookkeepers will improve the situation you.

Make the expenses yourself: recommended programs

A few organizations offer projects to do the assessments; however, not all are prescribed. We dissect every single one of these organizations in detail.

The product of these organizations is basic, shoddy (now and again free), and simple to utilize. These projects enable a person to do the duties yourself rapidly, effectively, and without migraines.

Why do you have to do the expenses yourself?

A person requires the same data they would take to their bookkeeper to do their duties. The most spurring part is to make your expenses: do half of the bookkeeper’s work without acknowledging it. Underneath, we demonstrate the means to take after pronouncing the taxes for yourself.

Stage one – make the duties yourself: gather your archives

When making taxes, a person requires similar libraries and evidence to give to the bookkeeper. Ensure they have the essential structures and records to help with their announcement.

Get verification of wage. It incorporates W-2 shapes that a manager gives and any 1099 frame if a person fills in as an independently employed individual or has speculations. On the off chance that a person has not discovered their W-2 shape, they can visit our guide: How to make charges without W2.

It will be helpful for you to duplicate your expense form from a year ago since it will be substantially more straightforward to have your data and other valuable data.

Stage two – make the assessments yourself: gather your receipts

If a person intends to assert certain credits (for example, assess confidence for youngsters) or derivations, they will likewise require receipts to demonstrate sure buys or installments. These incorporate restorative costs, changes to their home, and expenses if a person is independently employed.

A person ought to likewise have the conclusion shapes on the enthusiasm of an obligation (if a person has understudy advances or a home loan credit), even though the product to make the assessments will help them remember the minute they should enter this data.

Stage three – make the expenses yourself: help accessible

It is impossible that a person requires it since the expense programs are incredibly total; however, it will be valuable to realize that the IRS gives assistance and clarifications on the most proficient method to round out the tax documents on their site.

These are accessible and are anything but trying to explore regardless of whether their English is constrained.

Stage four – make the expenses yourself: choose a duty programming

Choose a program that is not awkward to utilize and direct during the time spent doing these duties deliberately.

One that also consolidates a collaborator responsible for finding the derivations and extra credits for which qualify with the goal that you can get more cash in the charges. It implies they work to support you with the intent that a person pays fewer fees.

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 definition of financial transparency is the open and reliable disclosures about a company’s financial performance so that investors can make an informed investment decision. In other words, investors go for companies whose financial statements, business operations, and strategies are easily understood, clear, and reveal rather than hide information. Not only this, lack of transparency or visibility is generally a significant concern and causes problems for the business in the long run. Transparency creates openness between managers and their employees; this builds trust and good communication and leads to a successful organization.

Financial transparency or business transparency has various advantages. Some might even say transparency is a glass door between a struggling workforce and an innovative team. Effective teams will eventually need transparency for collaboration, cooperation, and collective decision-making within the firm. Some of the benefits are as follows;

Increased Employee engagement is one of the most critical factors in employee satisfaction in workplace transparency. It shows the employees that their feedback and contributions have value, and their hard work brings rewards. Employee Engagement increases productivity as employees can see the inner workings of the company and its strategic plans. Workplace transparency also builds trust between the managers and the employees and welcomes open conversation. All of this combined results in increased employee engagement, improved morale, and better employee performance.

Improved workplace culture with increased employee engagement and trust among the employees and management comes to improved workplace culture. Trust plays an essential part. Employers have to make a conscious effort to show their employees that they are honest leaders willing to engage in open conversation and can be trusted; this can only be done by providing the proper transparency to the employees. Clarity gives the employees the security that co-workers or managers won’t steal the credit for their work, and they will be able to set and achieve realistic goals. As a result, you will see a strengthened workspace environment.

Attract investors

Before extending funds to a business, investors consider all significant financial statements of the business. Investors review these financial statements to judge the company’s financial health and then decide whether to invest in the company or not. These financial statements help them analyze the company’s plans. Transparency makes this analysis more accessible and lowers the risk for investors when investing in stocks. If a company withholds information, it will be perceived as trying to hide something; hence the investors will automatically back off.

Attract quality candidates

You are more likely to attract quality candidates in your recruitment efforts when you are open and honest about your company’s structure, priorities, financial position, culture, and salary range for the position. This clarity will allow the candidates to have an insight into your company. You will attract genuinely invested candidates in your mission and can genuinely make a difference by working in your company for both your company and themselves. If the company information is hard to obtain, worthy candidates might apply somewhere else. Once hired, these employees will be welcome to workplace transparency, making them feel valued and heard creating a sense of trust and loyalty. This culture will also work in your favor to retain employees.

Well-managed expectations and financial transparency provide a clear picture of the company’s goals and expectations to both the employees and the employers; this prevents any misunderstandings or false assumptions regarding the company or the employee’s job. It also avoids setting any unrealistic expectations, which lead to unmet goals. Greater clarity also keeps everyone within the company on the same page.

Boost brand reputation

Accountability and transparency build the credibility of a business. A company in the public view is more likely to enjoy a positive image and boost its reputation by giving financial transparency to its employees, competitors, and the market in general.

Better shot at getting a loan

If you own a small business or require a loan from a bank for your business, you will have to show a clear picture of your financial statements. Transparency is necessary for such instances. The lender will analyze your financial position using these statements and then decide whether to extend credit or not.

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.

Small businesses are easy to manage, but it is not as easy as you think. Keeping track of expenses can be challenging when the correct methods are unknown. Bookkeeping is an excellent way of keeping track of things daily as it helps to calculate all the costs at the end of the day.

What is bookkeeping?

As the name says, bookkeeping includes keeping day-to-day records of all the financial transactions taking the place of a company. The work of a bookkeeper is to record bank transactions, cash, expenses, sales in a general register.

For a small business startup, a bookkeeper needs to know the importance of the ledger. Keeping it updated and accurate is the crucial aspect of understanding the company’s finance. Transaction recording is posting a bookkeeper’s work that might also include invoice generating or/and completing payroll.

The bookkeeping complexity process depends on the business size and the monthly, weekly, and daily transactions.

What are the bookkeeping methods?

There are two ways of bookkeeping:

1. Single-Entry
2. Double-Entry

Many businesses use the double-entry method where every record to an account needs a matching and opposite entry to a varying account. For example, a cash sale of $10 would need posting two entries: a $10 debit entry to a “Cash” account and a $10 credit entry to a “Revenue” account.

You can also do bookkeeping on a lined piece of paper or spreadsheet. Moreover, much of today’s bookkeeping is automatic. The software also includes some accounting process components.

The crucial aspect of a great bookkeeper is being strict about precision and completing the record. As humans are bound to make errors, a bookkeeper is usually under the supervision of an accountant to deal with the matters.

Key points to remember for bookkeeping as a small business

Given below are a few key points that are important for any small business’s bookkeeping:

• Dedicate a business account precisely to all revenue and expenses. When a company draws a bank statement to do bookkeeping, everything is in one place.
• It is essential for a business to use statements and mark things as they are entered into a spreadsheet. With the marking off eliminating all items on the bank statement, it becomes clear what expenses have been used.
• Keep a record of all the money earned by the business, including the loans and investment funds. It is essential to keep the investments and loans in different registers and not be kept as revenue. The incoming revenue is generally recorded with related database categories, such as category, date, memorandum, and payee payments.
• Keep an upcoming payment timetable for all the payments to be received in the future by business-like utilities, rents, and other frequent payments. It is known as AP Account Payable.
• If there is an expected one-time expense in the future, it can also create a budget from the same ledger.
• Many businesses book their AP with two dates: the due date and the deadline, expected before the penalties are suffered.

How to manage bookkeeping?

Starting with bookkeeping can be easy when performed accurately; however, you can manage the stats with books or simple spreadsheets. As the business grows, considering more advanced techniques taking QuickBooks and bench into account is essential.

With the growth of a business, it is vital to keep reviewing the time spent on books. It is also important how much time is putting a cost on a business. The right bookkeeping solution helps a company be more focused and precise about the cost and aids in saving more money for the business.

The most important part of a business is to have a hassle-free payment method. It will help the company generate a smooth payment acceptance method that can either be a merchant account or a third-party payment method like PayPal.

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 will never tire of talking about the importance of establishing and maintaining good credit. In the FICO score range (300 to 850), the average national score is around 690. The higher your score, the better concessions and financial offers you will receive. For example, you will get better interest rates on mortgage loans, car loans, and credit cards. You also get lower auto insurance premiums, housing rents, and it opens doors for you to find specific jobs.

To benefit from this, you must know the factors that influence your score and learn to read your report so you can detect and correct errors in your file.

Five factors influence your FICO credit score directly:

• 35% Payment history: the timeliness of your payments and if you have ever failed.
• 30% The amount owed: how much you owe on each line of credit concerning the total of your available credit.
• 15% The antiquity of the credit history: from when you have and maintain your history.
• 10% New credits and applications: how many times have you applied for new credit in the last two years?
• 10% The mix types of credits: the diversity of credits, fixed fees (car payment), or rotating (credit cards).

Although no one knows precisely the formula used to obtain your score, at least we know the percentage in which these factors influence your credit. Therefore, you can implement strategies to increase your score.

Understanding your credit report is a bit more complex, and it may be a little harder for you if you do not know English. But do not worry, here we are to help you and offer you a guide to interpret it.

How to read your report

The three leading credit agencies and issuers of your report are Experian, Equifax, and TransUnion, which should offer you the same information in a different format. If you find discrepancies once you get your reports, you must make a dispute so that you can fix the error and if it is something that your score is affected, eliminate it.

The credit reports contain the following information:

• Personal information: your name (and its spelling variations), current and previous addresses, work, and others.
• Public records: your public and legal information on foreclosures, liens, and bankruptcies.
• Collection or collection agency activity: if you have some collection account.
• Credit history: the types of accounts you have, the amount due and credit available, the history of the activity in each account, and in what state it is an account
• Credit requests: compilation of your high-impact requests (made by a creditor to give you credit) in the last 24 months and those of low impact that you request (which do not affect your score).

Fix errors in your credit report

If you discover some incorrect information on your credit report, you are responsible for fixing it. You must submit a dispute directly with the credit bureau that issued the report with the error. Remember that sometimes you will write your name with different spellings. Still, it is not recommended that you correct this error since doing so can eliminate part of the positive history connected to that name.

Once you inform the credit bureau, it must contact your creditor to determine if an error has been made. The Fair Credit law guarantees that the creditor and the credit bureau must solve your request within 30 days. If they have not done so, they should delete the information in question. This law has led many companies to “fix” the credit and “guarantee you remove all negative information in 30 days.”  These companies do not tell you that if the credit bureau and the creditor verify that the damaging information is correct, it is included in your credit report again, even if the 30 days have already passed. That is, it is temporarily removed, and only the creditor has the power to change the information reported in your credit report.

Remember that the information of your accounts stays in your credit report for seven years and bankruptcies up to ten years.

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 country and local governments are responsible for enforcing property taxes. They utilize it to fund public service and community projects. High property tax can be highly burdensome. Annual property tax bills tend to rise steadily over time despite on-time debt payments. Most people are conversant with their income taxes, but they are unaware of their current property tax value. Unfortunately, Natural Taxpayers Union reports overvaluation affects 60% of all homes during property tax payments.

As O’Connor Property Tax Reduction Experts reports, only 7% of property owners file appeals that challenge their annual property tax evaluation. It means 90% of property owners pay excessive taxes.

Generally, the local authority has the power to alter your property taxes. But even you can reduce your property taxes with a bit of research and a lot of determination. For this, let’s consider these ways that will help you a lot.

Go through real estate websites

Typically, checking your neighbor’s property tax records is not an exciting prospect. Going through some real estate websites is the best alternative to get the information before appealing to property assessment. You need to check which property the real estate has sold nearby your area.

If you need to know the actual rate of the property:

1. Don’t look at the automatic listings.
2. Remember, the evaluated costs of your property will not always match the fair market prices. You can find some calculations on home sales while remaining by replacing the value of your home with the taxation of the land that it stands on.
3. Remember that if your house is not more than a dump between expensive mansions, it still has the same worth due to the surrounding area.

Try to reduce your tax bills

Authorities decide the property tax rate at the state level, and they use it for schools, streets, and public safety. While purchasing a house, you already know that you will have to pay property tax. But you will not know its exact amount. So, do something for tax reduction rather than fume over the high tax bill. Find the actual value of property tax and check it up regularly so that you won’t have to pay an excessive tax bill.

Eliminate errors from your property tax card

A property tax card contains the official record of your property. The information includes:

• Your home evaluated value.
• Square footage.
• The year of its construction.
• The multitude of bedrooms and bathrooms.

But this card often has errors. Get a copy of your tax card from the local state assessor’s office. Then, check it thoroughly and eliminate all mistakes from it.

For example, you can find the error like your card reveals you have more bedrooms than reality. If you detect such errors, inform the assessor immediately and send him a request for reevaluation for tax. It will save the money that you usually spend on excessive property taxes.

Send a request for immediate tax evaluation

Many assessors limit a particular time to send a request for tax evaluation. As per some rules, the amount of time is minimal, as 30 days. It would be best to appeal as soon as possible because you will miss this opportunity. As a result, you will have to pay an excessive property tax. You will fill out a form to send a request and explain why the demand or the assessor’s valuation is too high. You would have to pay 50% of the fee if you sent a request for a tax reduction for the first time.

Hire a third-party company

There are lots of ways by which you can successfully reduce your property taxes as like the above ones. You can also get help from a law firm for property tax reduction. It will offer you a professional advocate that will handle all your filing deadlines. Don’t select the attorney that doesn’t charge an upfront fee. If you need to pay the bills of their services on your first year of tax savings, hire them. 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 are Clearing Accounts?

A clearing account, in short, is an account that is used as a temporary location to keep money before transferring it to another account. A business owner might be getting rid of his business accounts by the end of the year. To move the finances into a new account, they must have a safe place to keep all the money before making the big move. For this purpose, clearing accounts are helpful. It serves as a temporary place to store your monetary funds before you are ready to shift them into a new account for a fresh start.

Clearing accounts serve as a temporary location to keep your money for a short amount of time. During this time, business owners may be waiting on some financial data to deduce the performance of their business during that year. Some business owners may also use this time to prepare Balance sheets and other financial statements.

Now, consider two things when one uses a clearing account. The first point is that the financial health highlighted in the clearing account is not in use in the balance sheets.

The second point to ponder is that a clearing account is not synonymous with a suspense account. Both are two entirely different things and are not to be confused with one another.

Difference Between a Clearing and a Suspense Account

As explained, clearing accounts’ primary use is to store monetary funds for a company as the accounting year concludes. A business owner may be waiting to process some data before shifting the amount to a new account. For this purpose, they would make use of a clearing account. They would store all their money for a short period as they waited for their new account to become active.

On the contrary, a suspense account also stores your money for you but only caters to the difference not covered by the debit and credit, meaning that it holds the trial balance in this account. On the other hand, a clearing balance keeps all the finances in a ledger without a difference.

Why Do You Need a Clearing Account?

Clearing accounts generally have three uses.

The first use would be as explained above. A business owner uses a clearing account when they are waiting for specific financial data before transferring it into a new account. Once they can retrieve the required data, the business owner would empty the clearing account by transferring the funds to the new account.

The second use would be utilizing a clearing account as an asset clearing account. An asset clearing account is needed when a business owner is waiting for an incoming payment. Once the invoice amount is received, the business owner can empty the clearing account.

Businesses use payroll clearing accounts to clear out payrolls. Payrolls clear from the bank as well as a ledger.

If you have learned a thing or two by reading this article, you will now know the importance of using a clearing account. A clearing account should always be discreet and could aid the business owner in their financial maintenance.

It is essential to note the difference between a clearing account and a suspense account. A business owner must understand the kind of account they need for a short period while figuring out their financial situation.

You do not have to be an accountant to know how to use a clearing account. You should be aware of your financial data. Using a clearing account would assist you in maintaining a presence in the market as you would be able to keep your finances clear.

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

If you take time at work and feel valued, you have raised the possibility of asking for a raise. Life is becoming more expensive, and little is left to give you some notion with fixed expenses. Money is one of the great sources of motivation at work, so something else would not come to you at the end of the month.

This article gives you some tips to ask for a salary increase at work and not to fail in the attempt.

How to ask for a salary increase

If you have considered the possibility of asking for a salary increase, there are a series of situations that are favorable to do so and others that are not. For example, it is not a good idea to propose to your boss that you modify the payroll for the better when the company is going through a bad stage and is cutting staff to avoid expenses.

So, when is it better to ask for an economic improvement? To know the answer to this question, pay attention to the following points:

1. Find out the average salary of your job

You can omit this point if you already know what you earn in your sector and specifically in your job. However, if you are not sure, you can do some searching to see if you’re making less than you should.

If you ask your co-workers directly, they may not tell you so, so you can use the internet and find out the average salary for the work you do. Each situation is different, so after knowing these data, you should value how valuable you are within the company, your studies, the years you have been in the company, etc., and make a global assessment of what you perceive.

2. Presents facts

It is necessary that you also find out how the company is doing. Suppose you are having a good time or not. If your company has good economic health and the sector in which it operates is at a good time, you have a better chance of achieving a salary increase. Now, to win over your boss, you must present facts and proof to see that the money he invests in you is profitable.

3. Choose the right time

You should be cautious when asking for a salary increase because you should avoid it in cases where the organization is going through an economic hurry or there is uncertainty in the sector. It may also be essential to know if there are other company members whose salary has been increased. After investigating, if conditions are favorable, go ahead. Maybe this is the time to earn a monetary incentive.

4. Do you have a better offer?

Undoubtedly, the best strategy to get a salary increase is if your superior values you and the other companies in the sector. You may be fortunate that other companies have been interested in your services and want you to work with them. If you have already interviewed another company and want to hire you and would not mind leaving where you are now, you can tell your boss the situation and renegotiate the contract you have in your job. Maybe you can get an extra.

5. Decide what you will do if it goes wrong

Before entering your superior’s office to ask for an increase, think carefully about what you will do if your answer is negative. If you do what is explained in the previous point, you must be clear that not only must you have in mind another company to blackmail, but also you must be clear that you will leave the company if you do not increase your salary. If you say they have offered you another position that is not valid, the play can go wrong.

6. Ask for an interview with your superior

Asking for a raise should be something well thought out and planned. It is not a question of entering directly into the boss’s office and presenting the situation as it is. It would be best not to ask your ideas when you meet him in the hall. Please make an appointment with him and plan well what you are going to tell him.

7. Use the appropriate words

Asking for a pay raise can be a somewhat uncomfortable situation and, therefore, it is crucial to state the situation. Ideally, not only explain what you bring but also highlight the achievements of the company. For example: “I realize that the company’s economic situation is improving. Our department has been working hard, and my last performance evaluations have been exceptional. I wonder if a five percent increase of my salary would be possible?”

8. Take care of the attitude

It is okay to use the appropriate words, but it is also essential to consider how you say them. You must stay calm and be as objective as possible. Your speech should be only facts and evidence. If you ask for a salary increase, justify it, and show that you deserve it.

9. Go to the point

If you ask for an agent, it’s because you think you deserve it, so be clear about what you are requesting. If you believe that you have made sufficient merit to receive a certain amount, expose it. Now, be realistic. If your boss argues that the economy is not there to make more expenses, maybe you can get other benefits: improvement training, a better schedule, or an internal promotion.

Conclusion

According to an authentic site called “Pay someone to write my coursework online UK, “asking for a raise can be a delicate situation, so you should be very clear about how you do it. Therefore, you should assess if you charge below the average concerning your sector and work position and if the company can afford to increase the monthly remuneration because it has a healthy economy.

If you think that you can increase your payroll, choose the right time, be very clear about what you ask, and explain why they should pay you more. Do not forget that, if the economic situation does not allow it, you can get other benefits such as a better schedule.

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 already taken the most crucial step to save money month by month, and it is to look for information on how to do it. Therefore, I have spent days preparing this mega guide on savings, in which I will teach you to step by step everything you have to do to save money.

I warn you; you will not be able to read it in five minutes because I will not give you two magic secrets to start saving money every month since that does not exist. Of course, if you read it entirely and apply it, I assure you that your monthly savings level will increase significantly.

In the article, you will discover how to save money step by step, and I will surprise you by showing you how small savings that seem insignificant can change your life. In addition, I will tell you tricks to save money day by day, and I will tell you what you have to do with the money you save to make the most of it.

Control your expenses

It is impossible to optimize savings if you don’t know how much you spend precisely and on what. Therefore, you must spend at least 2 or 3 months writing down all your expenses in a spreadsheet in Excel.

If you are more technological, I talk about a savings application to automatically keep track of your expenses. It may seem like a lot of work, and it is. But I have told you before, the answer to how to save money is not to apply some magic tricks; it requires effort. Nothing good is easily achieved.

Once you have all your monthly expenses, you can group them into categories to have an overview and sort them by priority. The best way to save is to eliminate unnecessary costs of those that do not contribute much.

So, you can see how to control your expenses practically. Here are two real examples of people I know who have already managed their expenses. I have taken these examples from my book, Investment and money management, available to everyone.

I will analyze them thoroughly and give my opinion on when these people could spend less to save more money.

Set your savings priorities

Going out to dinner outside once a week can be essential, and for others, it can be silly but going to an expensive gym is a necessity.

All positions are equally respectable; what is not possible is that everything is a priority. If all expenses are considered a priority, it will be impossible to save and leave the rat race for many years to work, so we all must have the costs in section C and be willing to cut them if necessary. If you now run out of work and must live with $ 1,000 per month, you could surely miss here and there and get it, so you can also without losing your job.

Start little by little, eliminate some expense of those who do not contribute anything to you, and you will see how at the end of the month you have an extra saved and you have not missed that expense at all. I used to order takeout several times a week, assuming enough money at the end of the month. I currently control myself (it costs me, like everyone else), and I ask for a maximum of once a week, saving good money at the end of the month.

This control applied to different expenses can be the difference between spending more than what is earned month by month or saving hundreds of euros. It is not about eliminating all small pleasures and living like a poor person, but about moderating with expenses and not living like a rich person without being.

Do not buy on credit; plan your savings

Living on loans and borrowing more and more is very common, but you should avoid it at all costs. Twenty years ago, people asked for a loan to buy a house, which they used to pay in about ten years, quite a reasonable figure. To buy televisions, computers, or go on vacation, you had to save until you had the money for it, something that is not necessary today.

Before, people who did not have money to go on vacation were left without going, saving that expense, and going the following year.

Now someone who cannot go on vacation has no problem asking for a loan to get it, which implies the use of credit. Things bought on credit cost much more because of interest rates.

Prepare a domestic budget

An excellent way to save more money is to prepare a household budget, a budget that considers all your expenses and how much money you can dedicate to each category. My advice is not to prepare the budget now, as it will be too theoretical.

If you don’t know how much you spend on average, you cannot make a realistic estimate of how much you would like to spend. My advice is that you first control your expenses, as I have told you before, and once you are clear, you get the budget later.

Making a household budget is not difficult. You must decide how much money you want to spend a month or a year on each thing. Since you don’t have to do it now, I prefer not to tell you in detail how to do it.

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 COVID-19 epidemic has become the primary cause of disruption in different organizations worldwide. With the radical virus drastically changing the macroeconomic outset of the world’s economy, companies are left with only devising strategies to survive this onslaught.

The outbreak has also neutralized supply chain practices since organizations are left with handling crises with no guarantee of continuity. Let us discuss the disastrous challenges faced by enterprises with the current situation today.

Safety stock

Looking back at the initial days of the outbreak, customers were stocking supplies in panic. The result affected the retail sector’s inventory significantly, given that they were short on supplies in no time. Who is to say that something like this cannot happen again? Thus, organizations need to devise a safety stock inventory for rainy days. In other words, they need to forecast the demands and needs of the consumers to tackle the uncertainty that lurks around in these times.

Switch channels

Some providers have come to an abrupt stop due to the COVID-19 pandemic. Businesses, such as restaurants, will not be providing services for some time in the future. Thus, to ensure that the distributors survive this epidemic, they must switch their clients to resume productivity. For instance, different startups deliver food from their homes and can be the next set of clients for the distributors.

High demanding products

If COVID-19 has reduced the demands of many products, it has also increased the claims of some essential commodities. Products such as soaps hand sanitizers all have increased usage. But all of them are minimum supplies. Additionally, the demands for these products continue to grow overall, significantly since people are changing their habits drastically.

Thus, if suppliers want to continue to provide their services, they need to adapt and change to the situation. In other words, they need to look for customers to whom they can supply their products, depending on the requirement of the public. Moreover, these enterprises need to tweak their business objectives to keep them active during these challenging times.

Considering the present economic turmoil at the hands of the dangerous virus, the return to total production can be robust. Moreover, regional supply chain operations are at a definite risk since they continue to be forced to reduce their services. But the current supply chain situation requires preparedness and resilient practices that can withstand reducing production size. Nonetheless, such methods aim to ensure that the business keeps running presently. Another goal is to ensure these enterprises are in battle-ready mode after the locked down is lifted.

Banking and finance – How to resolve the adverse situation

The advent of global pandemic emergency, related actions, and limitations that public administration implement affects all human activities. It disturbed the economy, businesses, and household operations. 

The declaration of an epidemic emergency and the emergency measures and restrictions implemented by the public administration shall not impact the economy, businesses, and households. To mitigate the adverse effects of this situation, banks are working on short- and long-term solutions to relieve borrowers.

16 March 2020 The Polish Bank Association announced the “Communication on aid measures taken by banks connected with the coronavirus pandemic COVID 19”. According to this communication, the package proposed by the banks includes several solutions addressed to both businesses and individuals, including the following:

• The banks shall facilitate the deferral (suspension) of the repayment of interest and capital installments for three months,
• For entrepreneurs who were creditworthy at the end of 2019, their financing expires in the coming months and has been affected by coronavirus effects. Banks will renew the existing funding for six months,
• No fees will be charged for the motions covered with the above measures. The banks will enable filing those motions without extensive formalities, and remotely,
• Similar rules will be applied by leasing and factoring companies that are within groups of the banks.

How to mitigate these supply chain disruptions?

• Build a supply chain risk management governance framework and link underlying processes and key risk triggers to a business continuity plan
• Collect internal data on disruptions
• Leverage external data and models
• Identify the most prevalent supply chain risks.

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.

Data-related offers provide companies with the opportunity to develop new, future-oriented business areas. Companies must create new business models and consolidate their databases for this to work – a time-consuming and cost-intensive task. Promotional banks provide financial support.

Data form the basis for promising business models. This is shown by a study by the Lisbon Council in 2019. According to this, the “data economy” could reach a volume of between $600 and $1 trillion in 2025, depending on the scenario. The data economy is based on value creation models based on technologies such as the Internet of Things, machine learning, and data analysis using big data and analytics.

Data as an opportunity in coordination

The topic of data is relevant for companies from all industries: retail, mechanical and plant engineering, the tourism industry, and many others. Sometimes data is even the basis for a new business idea. Here, a machine learning-based system helps to reduce empty runs. Customers can leave information about their freight on the platform, and the algorithm calculates how it can be optimally divided among one or different transport companies – and at what price. This is how companies and the environment benefit.

Data also play an essential role in ensuring that vehicles can drive autonomously in the future. The basis is formed by sensor and camera data from test vehicles, which are evaluated by algorithms. In this way, the software learns how road traffic works.

Data economy is still with obstacles

Beyond these examples, the data economy is a promising field for medium-sized companies to position themselves for the future. However, for data-based business models to work, it is not only necessary to have a corresponding budget. Instead, companies need both technical and organizational knowledge of data.

Many companies find it challenging to use data profitably. According to a study, 84% of companies are “beginners.” This refers to companies that rarely store central business data digitally and hardly systematically evaluate or process them. The importance of data for their processes and products is often not yet evident for these companies. One reason for this is the lack of resources and the lack of the necessary skills.

To make matters worse, the amount of data in companies is increasing, while at the same time, there is a lack of specialists who can view, process, and analyze such information, such as data scientists.

Start with the business model

Given these challenges, preceding data orientation is not an option with a view to the future. Instead of reacting hastily, it is helpful in the first step to identify potential and develop clear goals for a data-oriented business model. In some cases, customers can function as whistleblowers themselves. According to a report, 74% of companies stated that they had developed their data-oriented business models at customers’ suggestion.

The next step is to view and prepare the databases that are to serve as the basis. An essential criterion for success is to ensure the high quality of the data. This is done based on criteria such as completeness, consistency, and timeliness of the information.

In addition, it often makes sense to combine the data from different “silos” such as CRM (Customer Relationship Management), ERP (Enterprise Resource Planning), and MES (Manufacturing Execution System) on a central data platform. From the combination of customer information (CRM), data from sales and inventory management (ERP), and production information from the manufacturing level (MES), a company can gain exciting insights to develop data-based services or to make them available to partners and other interested parties.

Financial support

However, collecting, consolidating, and summarizing data on a data platform is complex. In addition to challenges such as legal security when dealing with data, the company also often incurs costs. According to the study of data-driven business models, around 42% of US companies would like financial support to implement complementary products and services.

Such support is provided, for example, by government-sponsored loans. Medium-sized companies can finance the infrastructure development to analyze substantial amounts of data, the development of data-based services, and many other digital projects.

With these loans, companies also can bridge liquidity shortages at short notice. This means that You can use the opportunities of the data economy even in challenging times.

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.