Author: Complete Controller

Most of our senior citizens and peer groups advise swipe credit cards and relish services like reward points, cashback (of a certain percentage), seasonal promotions, and purchase protections. However, there are instances when credit cards should be hidden in their wallets or purses. Below mention are ten occurrences when credit is not a viable option and can go against personal interests.

Car Loan Installments

If an individual has leased out or sought a car loan and finds it financially stressful to pay Equal Monthly Installments (EMI), using a credit card to cover the EMI payment is not a viable option. In doing so, the same person is piling more debt and perhaps creating a debt trap. At the end, when the person has reached the financial threshold of payments on a car loan and credit cards, the person will pay interest amounts on both types of finances. Furthermore, if the payment expenses overtake the disposable income, both finances will pile up into default payments. Subsequently, the person’s credit report will yield a bad score.

Mortgage Payments

Of all the kinds of finances, mortgage finance and the payment is more than the EMI of a car loan. If the person uses the credit cards stack to make the payments, then, consequently, the result will be the same as mentioned. The stress is going to amplify. In this situation, the best way moving forward is to visit the bank and renegotiate the terms of the payments. It is called restricted, where the bank can grant an extension of the maturity period and lower down the monthly payment. Thus, easing out the heat coming from an empty wallet.

Online Money Transfers

Always use cash while making domestic or international transfers to anyone, such as Western Union, etc. This kind of payment is a no-go area for credit cards. The reason is that as soon as the credit card is swiped, a transactional fee is debited from the credit card balance and the interest calculation starts immediately.

Costly Art, Antiques, and Collectible Items

Avoid making purchases of frolicsome products; even there is a significant limit on the credit card, like a Black Card (Amex), Platinum Card, etc. Furthermore, such luxe items may not be covered by insurance (credit card). If cash is available or the person has sufficient balance in the savings accounts, then a simple online money transfer through debit card or cheques would be plausible.

Home Renovations

Even if the house warrants refurbishment or remodeling, the exterior and interior décor, think before pulling out the credit card from the wallet. It is pertinent to mention that renovation is a very costly business and payment via credit cards is not advisable. However, if the house requires renovation and the person requires money on dire-straits measures, then seeking out a personal loan will be a better option and less cumbersome.

Lending or Giving Money

After there is humanity in us, but when it comes to credit cards, always be selfish. Lend money or pay to your relatives and friends if you have cash or adequate balance in the savings accounts. Even if they pay the amount back, think about who is going to pay the interest amount accumulated on the credit card.

Medical Invoices

If you are not covered by insurance, then a credit card is no solution. It is another no-go area for credit cards. Medical bills and invoices for diagnosis and treatment can be exponential. Always resort to medical insurance, as medical lien agencies in the US act as a negotiator between the doctor and the insurance company.

Education and Tuition Fees

Always exhibit reluctance in swiping the credit card for educational expenses. Availing a personal loan from a bank is a much better option to pay the tuition fees, as the interest rates are comparatively lower than a credit card.

Upfront payment to purchase a House

Perhaps the quickest and easiest way to fall into a debt trap is by using credit cards. Do not go for the purchase unless there is an ample amount of balance in the savings account. Purchasing a home brings along other expenses, such as legal fees, property taxes, etc., to avoid the debt trap at all possible in this scenario.

Huge Business Expenditure

Never finance the sources of your business through personal credit cards. Even if the purchase is for small office equipment or stationery, always keep a business credit card. Just remember, never mix business with pleasure.

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 primary concern of management is to look at the approaches that could help them with the satisfaction of the organization they work with. In other words, if the bank’s client is satisfied with the company’s services, they will be able to expand their operations in a wide geographical location. In developed countries like the UK, USA, and Europe, the institutions and government are using a mixed approach in handling their operations. For instance, they are offering dual services to their clients so that they can utilize them as they choose. However, the critical advantage in developed countries is their privacy and security setup. These things are crucial to operations in these countries. 

In most cases, management works with a solid and intact structure that helps to sustain their clients’ data and avoid any external element to intrude the system, breaching their data and operating systems. However, the case of developing countries is very different. In developing countries, people face a number of issues related to the efficiency of the structure through which the rates are designed. Most of the time, it has been identified that the system is not up to their expectations, which is a significant pitfall in the US. The organization is trying to achieve maximum loans with minimal interest rates to increase their profitability, which ultimately increases their growth. It was also identified that when the companies from any particular institution face an issue, they immediately switch to the other option due to the availability of a wide range of substitutes in the country.

It will be appropriate for the banking structure in developing countries to focus on the international standards of the banking sector to design their structure of interest rates and increase the level of customer satisfaction for the company. In addition, focusing on the international standards also helps the companies to focus on their security and privacy structure that will also reduce the threats for their customers in the future. The management of the exchange rates and the interest rates by the government and the banks would help the banks for retaining their customers for the long term. It would also increase their financial and economic stability among other economies working in the same region. It is essential that the electronic business operations should be made common in the region so that access to the proper knowledge can become easier for management. Therefore, the authors stated that it is obligatory for the US that they should implement a flexible approach so that the interest rates can be made according to the satisfaction level and the feasibility of the organizations. It would help them to increase their growth on an individual basis, and they can collectively improve the performance of the US economy.

People have treated the interest rates and the exchange rates as different entities, and their impact on the stock prices has been discussed separately. However, the comparison has yet to be made accordingly. Although both are rates used for business transactions, the interest rates are normally applied on the bank loans, and the exchange rates are used in the trading identified it. He also evaluated the similar results in his study in which he discussed that the fundamental difference, which exists between both the factors, is their basic identity and the purpose for which they are used. However, the interconnected nature of both the factors has confused the researchers on many points for which they take into consideration several approaches and research designs so that their impact can be identified separately.

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.

Did you know that small businesses face a heightened risk of fraud, often arising from within their own ranks? While large corporations typically have the financial resources to invest in comprehensive and sophisticated fraud prevention software and tools, newer startups and smaller enterprises might feel overwhelmed and unsure about how to safeguard themselves against potential threats. Let’s explore several reasons that contribute to the increased susceptibility of small businesses to fraud.

Limited Anti-Fraud Software Solutions

Small businesses frequently need more financial means to invest in advanced, up-to-date software to prevent fraudulent activities. Although they may implement essential accounting software, these systems often require more robust features and security measures available to larger corporations, which can afford cutting-edge technology. Basic security protocols—such as surveillance cameras or software to monitor digital activity—are commonly seen as optional in smaller operations. Still, in reality, these tools are essential for maintaining security.

Reduced Staff Accountability

In smaller businesses, the workforce is limited, resulting in fewer employees sharing responsibility for key departments. For example, when a single individual is tasked with accounting and bookkeeping, they are under increased pressure and have fewer checks and balances in place. Without a larger team to audit or review each other’s work, it becomes easier for mistakes to go unnoticed and for unethical behavior to flourish. This heavy burden of responsibility, combined with a lack of oversight, can create an environment where trust is misused.

Employees at Risk of Embezzlement

Embezzlement is a form of theft that occurs when an employee misappropriates company funds for personal gain. This behavior often arises from employees experiencing significant financial or emotional turmoil. Employees who feel overwhelmed by personal challenges may resort to misusing company funds as a desperate means to alleviate their struggles. Additionally, workers who feel undervalued or entitled may justify their actions to themselves. Maintaining open lines of communication with your employees is vital; it fosters professional relationships and helps clarify their roles, expectations, and the potential consequences of their actions.

To combat fraud effectively, it’s crucial to conduct thorough background checks and remain attuned to the dynamics occurring both inside and outside your company.

Warning Signs of Potential Fraud

Here are some telltale signs that may suggest an employee could be engaging in fraudulent activities:

An increase in errors

Watch for discrepancies in financial statements or accounting records that do not reconcile. Combining outdated software and the absence of thorough audits can lead to a greater risk of overlooking dishonest behavior. Pay particular attention to accounting errors, especially when manual methods are used—these can be manipulated by an embezzler seeking to cover their tracks.

Disproportionate spending

If you notice employees suddenly indulging in extravagant purchases that exceed what their salary would typically allow, it may be a cause for concern. By analyzing their spending patterns against their income, you can identify potential red flags that indicate involvement in corrupt practices.

Irregular working hours

Take note of employees who begin to report significant increases in overtime or who exhibit unusual patterns in their working hours. Such behavior may signal that they are exploiting flexible schedules to steal time or engage in questionable activities during their work hours.

Summary

Statistics reveal a troubling reality: small businesses are particularly susceptible to various forms of fraud. The risks can arise from unexpected sources, whether it’s a trusted senior vice president, a newly onboarded assistant manager, or even a temporary relative helping out during busy seasons. This underscores the critical need for continuous vigilance in the workplace.

To combat these threats effectively, it’s essential to establish a comprehensive fraud prevention framework tailored to your organization’s unique needs. By implementing strong, proactive strategies and safeguards, you can create a formidable line of defense that protects your business from potential fraud and fosters a secure environment for your employees and stakeholders. 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.

Trustworthiness, expertise, attractiveness, respect, and similarity are the essential components of the TEARS (Trustworthiness, Expertise, Attractiveness, Respect, Similarity) model. These productive dimensions are illustrated in this article regarding production and entertainment.

Trustworthiness

It is the initial aspect of the TEARS model and the initial aspect of the credible endorser. It can be referred to as the productive perception and belief of the production and entertainment that can be shaped efficiently through believability, integrity, and honesty of the endorser. The lavish lifestyle of the celebrity (production and entertainment) is reflected through various means of media, which creates a positive perception of the celebrity that the endorsing corporation efficiently utilizes to attain the trust of the targeted audience.

Trustworthiness is a crucial aspect of the potential credibility that allows brands to influence the behavior of the targeted consumers. It is vital for the brand to have this potential dimension of trust. An absence of this aspect will make another dimension of credible sources ineffective and unproductive and will not be able to transform consumers’ perceptions. Production and entertainment houses tend to be more honest than the non-celebrities, as they live a transparent life due to the high interference of the media. This trait of celebrity allows them and endorsers to create trust between the brand and the consumers. This allows various advertising entities to attract potential consumers to their products.

Expertise

Expertise is another vital dimension of the source of credibility and the second potential aspect of the TEARS model. It is a crucial aspect that refers to the ability of the endorser that is enhanced with the potential aspects like knowledge, information, skills, and experience regarding the endorsed brand’s product or services. Production and entertainment firms are termed experts when they can endorse a product to the targeted audience in a productive way.

The affinity between validity and expertise of the celebrity as it assists the brand in transferring appropriate and accurate information regarding the endorsed product. The star needs to share appropriate and accurate information regarding the product innovatively, as a maximum number of individuals is attracted towards the products due to the celebrity.

Attractiveness (Physical attractiveness)

Attractiveness is another potential aspect that is comprised of physical attractiveness, similarity, and respect. Attractive is an essential component that allows the brand to attract various consumers and effectively shape their behavior.

Physical attractiveness is a part of the TEARS model that is referred to various physical aspects from production and entertainment houses. Personality, characteristics, lifestyle, and skills are the potential attractive traits that perceive the attention of media. It is evident that endorsers having attractive traits proves to be productive. One of the biggest reasons for this positive result is that consumers will have traits like the endorsers. Only excellent and attractive traits are insufficient to produce productive results, as communicating appropriate and accurate information is more vital. Production and entertainment firms effectively associate celebrities with endorsing products efficiently. In this process, involvement of a high amount is observed. Physical appearance and attractiveness are essential components that tend to drive the need of the consumer and transform their purchase intention.

Respect

Production and entertainment houses and celebrities are often respected for their effective and productive work in their respective field. For instance, the actor is appreciated for their acting, politicians are appreciated for their work, and sportsmen are appreciated and respected for their abilities. Their audience’s personalities who are respected and appreciated tend to become more productive endorsers, as they already have a fan base that follows them.

The influential association between the respected and appreciated celebrity with the advertising entity or brand allows them to enhance the brand’s equity. It tends to transfer traits of celebrities to the brand from which consumers provide the same respect and appreciation to the band. It is vital for the production and entertainment agencies to have an affinity with respected celebrities, as it tends to transform the behavior of the consumers most productively. One of the reasons for their productiveness can be their constant productive appearance on the media that tends to increase their fan base, which is eventually converted as potential consumers by various endorsing agencies.

Similarity

Similarity can refer to the similar aspects observed in the targeted audience and the selected celebrity endorser. Those similar aspects can be age, ethnicity, religion, gender, etc. It allows the targeted audience to find some similar traits in the personality or life of the endorser, which tends to attract the consumers positively and productively. The ethnicity of the celebrity endorser plays a vital role in the effective endorsement of the brand as various individuals of the same ethnicity tend to connect with the endorser and the brand in an efficient manner. Effectiveness in this process can enable endorsers to attract a maximum number of audience members because product branding will produce valuable results.

Ethnicity is an aspect that the endorser efficiently utilizes; most of the endorser treats this aspect as a valuable and operative resource. It provides productive assistance to the advertising and marketing entities to create an operative factor of trust. Trustworthiness is an operative tool that the endorser can use to manipulate the behavior of consumers and production and entertainment houses in a positive way.

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.

Do you want to invest in real estate, or do you plan to invest in real estate in the near future?

When investing in real estate, everyone thinks they have the recipe to get there:

• Buy a property
• To rent
• Use rents to repay the bank

If the method were so simple, everyone would be rich. Of course, it is a little more complicated than that, and most investors make mistakes that prevent them from achieving dazzling success.

Mistake # 1: Buy as a couple

It can be tempting to buy as a couple to reduce the investment.

Without going into the apparent human relations problems, know that legally, “No one is forced to remain in indivision.” This means that if the other wants to sell, he can demand it, and you cannot stop it.

In addition to limiting potential problems, you can maximize your profits with your spouse if you do not buy as a couple. 

Mistake # 2: Do not negotiate your sales agreement.

With the sales agreement, the seller and the buyer formalize their arrangement:

• The seller agrees to sell at the agreed price, to the buyer, within a given time.
• The buyer agrees to purchase at the agreed price, from the seller, within a given time.

The sales agreement can be signed at the notary or the real estate agency. In any case, it should be written by a professional and should be included in the agency fees and the notary fees. The sales agreement must consist of “conditions precedent,” which are clauses that protect you as a buyer. The most common is the suspensive clause for obtaining a loan. If you cannot secure your mortgage, you no longer have to buy the property. You can disengage without consequences, and the eventual escrow is returned to you. In the sales agreement, you can include a rate. For example, “subject to a suspensive condition of obtaining a real estate loan over 20 years at an interest rate of 3% maximum”. If you get credits, but at 3.1%, then you can opt-out anyway. You can also include any suspensive condition. For example, you can indicate that you will only buy if your contractor sets the amount of the work unless you pay it (x Dollars), or that you will buy only if the co-ownership, or the town hall, according to the case, gives you the right to do such or such work.

The only limit is what the seller will accept but protect yourself to the utmost. See what is essential to you, and your notary can transcribe it as a condition precedent.

However, you can negotiate the price down with the seller, saying that you sign without a suspensive condition, but that means you are obligated to buy even if the bank does not lend you money. Therefore, it is a weapon to use with great care, but it can be effective because the seller will know that you will not waste time. 

Mistake # 3: Do not use a construction broker

Finding contractors to renovate a property is a headache, especially when you are not in the business yourself. Construction brokers visit your property, know the prices, and find the contractors themselves at the best price. These brokers are helpful when you do not know much about construction or do not have time to get quotes from all trades.

Mistake # 4: Thinking that you have to pay the notary fees

The notary fees are the buyer’s responsibility, but it is not a legal obligation. With the seller’s agreement, you can therefore ask to make an “act in hand.” In this case, the seller will pay the notary fees. The main interest of this type of act is to avoid paying large sums of money in notary fees. Furthermore, banks often refuse to finance these costs.

For example, you want to buy an apartment for $200,000, but the notary fees will be $16,000. As we have just commented, banks do not like to integrate notary fees into credit, so your note will only be $200,000. Fortunately, because you do not want or cannot pay $16,000 cash, offer the seller $216,000 “act in hands.” This will allow the bank to lend you $216,000 because it will consider that it is the property’s price, and the notary fees are the seller’s responsibility. For the seller, it does not matter; he will pay $16,000 to the notary and will have $200,000. 

Mistake # 5: Buy at Multiple

It can be tempting to buy a property for couples, of course, but also by partnering with another investor because it is reassuring. Without going into the obvious problems of human relations, know that legally again, “no one is forced to remain in division.” In short, if you buy two properties because you have an investor, you will be committed to the full price of the property. On the other hand, you will only receive half of the rent. Therefore, your debt capacity will be limited when you want to buy another property. Do not invest in more than one property if you cannot do it without the other investor. 

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 ensure your business succeeds in the long run, you must set some strategic goals. Focusing on the nature of your business strategy should be aligned with revenue goals. Once you’ve identified your goals and recognized a specific target that helps sales and revenue, you can focus on the strategies leading to achievements. Here are five surefire business strategies to increase your profit.

Make it Attractive

Determine your customer preferences and identify the choices they make. Be creative when you think of your organization. Sales collateral, product data listing, the structure of your website, brochures, and pictures will draw more attention and excitement in the process. Keep checking your website traffic and improve your customer’s online experience. Focus on where customers are lacking and give them a reason to buy.

Expand Your Market

Smaller businesses serve a limited area assuming the competitors already hold the rest of the market. Do your research and take a tour of other markets as well. Make notes, and introduce your products, address your audience’s concerns and make it convenient for them to buy by setting affordable charges for longer distances.

Collaborate with other business organizations or add complementary services to your product. This will help you gain new clients and retain the previous ones. For example, a floor vacuum company might add swimming pool maintenance with little additional cost. You can also contact companies who deal with complementary products and services, request them to sell your product as well. For example, Home renovators also offer household items to sell.

Set Prices Wisely

Pricing is the most critical factor in your business to identify your profit. Before setting any profit strategy, determine how your customers feel about your product so that the price change can influence the market behavior in your favor. The prices game in the market often changes, so consider your prices as ‘Temporary’ and be prepared to adjust your prices to meet the targets and market situation.

An immediate increase in prices may bring additional revenue with a decreasing rate if it hits the sales. The price decrease will raise a lot more sales and drift the market share away from the other suppliers. Study your product from the buyer’s point of view, comparing them with similar products and the competitor’s prices; it gives you room to determine our market prices efficiently.

Once new prices are effective in the market, this might shake things up; wait for the customer’s reaction. If it’s positive, you can make further adjustments, including going back to the old prices. A small change in prices may look insignificant when you compare it to a full price change noticing customers rarely react to it, but the impact it gives on the increase of profit is magnificent sometimes.

Hire Resourceful People

Focus on the basic qualifications before hiring employees for your organization. Keep them engaged and make the work environment pleasant. This will motivate them and increase productivity, reflecting good results in profit. Take advice from expertise or hire them to train your employees. Generate good packages for employees to encourage and inspire them to work.

Track every movement in your organization by using the Human recourse database. Maintain performance records of your employees accurately. This will enable you to monitor each worker’s weaknesses and be open to ideas to improve productivity.

Enhance Customer Service

Implement a rule “CUSTOMER IS ALWAYS RIGHT,” they deserve excellent services whenever they come to knock on your door, be patient, and you must listen to what they have to say. Acknowledging their concerns and making them feel valued will buy your organization a loyal customer.

Conclusion

When starting a business, the risk is an essential factor. According to many businesses, theorists’ business is a roller coaster ride; the graphic presentation also fluctuates. Keep your heads up and take the necessary steps; these strategies are strong revenue generators in the right circumstances, but your understanding and knowledge of your customer’s preferences is a powerful key to success. If you keep your business records, you’ll know where your company financially stands and help you face challenges confidently.

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.

“Adaptability is the ability to be creative and flexible in the face of new situations.” – Laurie Leinwand.

Coronavirus came with a bang and shook the world at large. Turning our lives upside down, halting day-to-day operations like never before, it didn’t take for the pandemic to creep into our everyday routine. Whether it’s regular business operations or the virus affecting our careers, there isn’t any domain – pandemic hasn’t affected yet.

Across the globe, humans have seen and witnessed an extraordinary situation because of the pandemic. The chain of events followed by a complete lockdown of festivities, business operations, weddings being postponed, and most schools and colleges taking their routine classes to online platforms, Coronavirus has played us like a soccer ball on a playground, and there’s no wondering why.

Living through the post-era is of utmost significance to grasp precisely how the pandemic has affected us. The idea is, in history, whenever a closer situation to the pandemic hit our world, most analysts could find opportunities in even the most exciting times. Some companies rose to fame, gaining a competitive advantage, and the others couldn’t even manage to continue with their regular operations.

That said, though post-COVID-era is slightly different from how our life used to be earlier, things have changed to quite an extent. Companies are still in their struggling phases, trying to make ends meet with their routine operations.

However, considering not quite long ago – the UN officially called Coronavirus the New Normal, it must be regarded as one. For example, you can’t remain at the mercy of Coronavirus, waiting for it to leave our world and then proceed with your work-life struggles. The reason is, we don’t have our accounts flooded with a hundred million, and even if most of us seem to have some, we are sure to use them all in a flash. So, adapting your business to change after the effects of the Coronavirus is the need of the hour, and below are the reasons why.

The Effects of the Coronavirus

There can exist opportunities in even the darkest of times. At least, that’s what most of us are raised to believe in. Every cloud has a silver lining – haven’t you heard? If you have, congratulations, you are not living under a rock – and now that you are not living down there – as we would like to believe, you might as well know that there have been downside(s) to the pandemic –  especially when it comes to the business world. Still, some businesses have managed to generate larger-than-life profits even in these times. Applications like zoom made profits unlike before, and its brand awareness surpassed their forecast – all during the deadliest times in history.

Changes in the Business Model

There have been changes in the way businesses are operating after Coronavirus hit us by and large. These businesses are adapting to new business models and growing overall performance. The idea is to operate and function when businesses are only thinking to halt their operations – adapting to new business models and strategies has become mandatory now more than ever. That is to say, to retract your business’s potential – it lost along the way. It is crucial to devise new strategies and action plans so that your brand gets to achieve milestones even in the post-pandemic era.

Survival of the Fittest

One of the most crucial concepts that are quite relevant to a situation like this is ‘survival of the fittest..’ Our world has evolved, and there’s no denying that. However, our world still follows the aged old concepts as the mighty always seems to win the race. The same goes for the business working in today’s situation. With advancements taking over, it has become of utmost importance that your business adapts to the latest tools and techniques to survive the pandemic’s consequences. Again, if your brand wishes to survive, it should stay fit.

The Bottom Line

In case you are still confused, be sure to adapt to the new normal if you wish for your business to keep working in the long run. Otherwise, the competition will only take over it, and you’ll find it quite a challenge to have your business continue with its routine operations.

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.

Business coaching is an individual or collective support for company staff. This process not only optimizes the productivity of each employee but also motivates the staff of the Company. Business coaching also helps business leaders to make better decisions.

The business coaching process

Business coaching allows the coach to achieve the objectives set by the Company. During the coaching, the coach helps the coach overcome the various blockages that he might encounter in their professional life. Any problems will be dealt with throughout the process. The experienced coach will teach the coach to develop their skills during the coaching sessions. The potentials of the coach will then be assessed. Business coaching aims to improve the performance of the coach by stimulating their know-how. On average, business or professional coaching lasts one year in the order of four sessions per month. 

What is business coaching? It is a general and complete approach allowing the improvement of the entrepreneur and their Company’s performance. It includes training, advice, and coaching. One of our objectives is to make the most autonomous companies for greater satisfaction for managers and their employees. Long reserved for large companies, support for companies is becoming more and more popular with companies of a smaller size. It is a market that has a growth rate exceeding 10% per year.

Career management and motivation

You can notice, as quoted by the site Forbes that business coaching allows the coach to manage their career. Indeed, it will be called upon to target and develop its assets. Once the coach has determined their strengths, he can improve them to build better levers in the future. The business coach will guide the coach so that he can have a vision of their professional future.  Thus, he will become the master of their future. He will make sure to identify their weaknesses to eliminate them and determine their strengths to improve them. Professional coaching also helps the coach to have more motivation and more self-confidence. The more motivated he is, the more he will be convinced to achieve society’s objectives.

Increase business profit

 Business coaching is also intended for business leaders and directors. By benefiting from special managerial or mentoring coaching, managers will be able to make appropriate decisions. They will have to improve their listening skills and management method to increase the Company’s turnover. Although the leaders are at the head of the business, their decisions will have serious impacts on the general functioning of the business. Business coaching also helps business leaders manage stress. Leaders need more confidence and motivation given the Company they deal with daily. They must have a positive attitude to lead their team well. Know that professional coaching helps business leaders in conflict management,

Concretely, what will the business coach bring to an entrepreneur? The business coach will bring a very structured approach, knowledge, and an external perspective that will allow companies to be much more efficient.

We start with a diagnosis that will guide the main actions and focuses. We are working on:

• Mastery of fundamentals: vision and objectives, financial management, time and priority management as well as operations,
• Marketing: identification of the target market and levers for advancing profitability
• Systemization: implementation of easily reproducible processes
• And team management with one objective in mind: to build a company capable of operating efficiently even in its leader’s absence.

What can a business coach bring in a time of serious crisis like that of the coronavirus? It is, of course, a worrying and challenging period. Small structures are strongly impacted. But it is also a period of opportunity to structure, organize, plan, and prepare for a smooth resumption of activity.

During this period, entrepreneurs express a greater need for support. The profile is varied, but all those who join us have acquired professional experience they wish to share; they have the will to continue developing it and want to have a high level of personal satisfaction.

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 beginning, you may make some urgent decisions about your funds or financial matters. Those decisions describe the money-managing tendency you shape within you that continues to affect you throughout your life. It is imperative for you to manage your regular spending to restrain yourself from making financial mistakes.

Money-related decisions can be challenging to manage, and any mistakes we make can become even harder to resolve. Only by understanding and avoiding some money management errors can you financially prosper. When you try to understand and avoid the common financial mistakes on a daily basis, you build better money-related habits for later on, and good money management habits can save your time, money, and a lot of stress.

Here are some widely recognized financial mistakes we make that must be avoided if you want to create a better financial future:

Getting Late on Your Expenditures

When it comes to handling payments or installments, if you delay the payment, a vicious cycle formulates that becomes difficult to break. You wind up paying late fees and extra charges each time you delay the return.

The foremost thing to do is to speed up repaying your installments to avoid this situation. Similarly, you need to uncover and manage your budgeting, planning, and payment issues that have caused the delay. By speeding up in your late installments, you can get rid of the payments that caused you stress.

Utilizing the Credit Card for Everyday Payments

In a short time, you can run into major debt if you keep on using your credit card for everyday expenses. Many people think it is easy to pay using a credit card, but they do not realize that they are spending more money using a credit card. They do not pay attention to the ongoing add-on fees, and interest amounts to their account while using the credit card.

You have to quit paying via credit card for your everyday purchases. It is a better option to begin following a financial plan than shopping with your credit card every time.

Borrowing Money from Friends and Family

Many people prefer to take cash from their friends or family during times of tight financial circumstances. In doing so, they create tension and pressure on their relationship with those closest to them.

People do not realize that when they borrow money from their loved ones, they give them the authority to begin examining their purchases and financial choices. They are given permission to remark on your ways of managing money.

This could be the worst and most common financial mistake someone can make. Many financial experts advise that you should never take any sort of money loan from your loved ones. Doing so can spoil your good terms with them, so avoid any cash borrowing from your family or friends and save that relationship.

Neglecting to Budget

You cannot have any sort of control over your accounts if you do not have a financial plan or budget. Neglecting to make and maintain your budget implies that you are ignoring your money-related problems. Your business could be profiting, but you would still struggle to get by if you do not have a budgeting or spending plan.

You need to understand it can become hard to achieve your financial goals when you do not have a strong spending plan in place. So, it would be best to take time now to set up a financial plan and keep monitoring it consistently. Doing so will enable you to choose when to begin contributing to your cash retirement or other money-related objectives like a college fund, buying a house, or taking an international vacation.

Budgeting helps you make better financial choices, and it helps you know precisely where your cash is going every month.

In Conclusion

It is best to try and avoid the common financial mistakes mentioned above and take advantage of the opportunity to create a budget and achieve your financial goals.

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

What is Bookkeeping?

Bookkeeping is the process of recording all financial transactions that take place in a company. A company makes various financial transactions through expenses incurred and the revenues generated, which all must be recorded. This recording helps the company understand the patterns of costs and sales while also aiding in forecasting and decision-making. The financial data recorded by a bookkeeper is used to develop financial statements such as a profit and loss statement, balance sheet, income statement, cash flow statement, and others. Bookkeeping is an integral part of every company and must be done with great care. The following are some bookkeeping basics that should not be ignored!

1. Cash

Cash accounts include all the money that is in-hand and has been received from various sources. Be sure that the account includes only the amount that has been received, not transactions that are pending. For example, a check that has yet to clear cannot be added to the cash account. Bookkeepers generally maintain two journals: Cash disbursements and cash receipts.

2. Accounts Receivables

Some customers do not make payments immediately. Some business operations require that the customer pays at a later date. Accounts receivable includes the amount yet to be received reflected against the products or services that will be delivered to the customer. Simply put, this is the money due from customers who have received products. It is important to note that accounts receivable only include the income that the company is guaranteed to receive.

3. Inventory

A company must always have raw materials and finished products present to meet unexpected demand. This stock is called the inventory. These items are tracked, and their value is included in the inventory account. A bookkeeper must calculate the worth of all inventory efficiently. This assists in reordering raw materials at the proper times and ensures that goods are not lost or forgotten in the warehouse.

4. Accounts Payable

Accounts payable is a company’s money to an outside source, such as a supplier. This money is paid for a service received. For example, a company has ordered raw material from a supplier, and the goods have been received. The company now owes money to the supplier, which is added to accounts payable. Think of this record as the reverse of accounts receivable. An accurate representation of accounts payable helps the company clear payables on time, ensuring strong relationships with suppliers.

5. Owner’s Equity

An owner’s equity account is one of the most important accounts, as it includes the amount pooled by each owner into the company. One person typically owns small businesses, and the profit is enjoyed by him only. However, for large-scale companies, the company must pay dividends to shareholders. This account includes the funds invested in the businesses and tracks all money that has been drawn out. It is crucial that his account be carefully managed as it determines the profitability of the shareholders.

6. Retained Earnings

After paying the dividends and clearing the payables, the company may be left with some money which is called the Retained Earnings. It is a cumulative account which means the value shown on the account is the total money retained by the company since its start. The account is easier to manage because it does not require any clearing. It is an essential account as it is of interest to potential investors and lenders who may want to invest in the company.

7. Sales

The sales account is of utmost importance to a company. It includes all incoming revenues from product and service sales. It is vital to record sales on time because busy companies often lose track of receipts. The sales account determines a company’s ability to sell its products to target customers. Additionally, the sales account may be credited against cash or accounts receivables, depending upon the terms of the sales.

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.