Author: Complete Controller

Promotion and advertising for your business is a strategic investment. Whether you are just starting or have been in business for a while, marketing, promotion, and advertising will need to be part of your business plan and budget. Before you can figure out how much to spend on marketing, advertising, and promotion, you need to ask yourself these six important questions.

1. What are the most efficient ways to communicate with the market?

The objective of advertising and sales promotion is to communicate the competitive advantages of the company’s products or services to influence consumers’ or users’ purchasing behavior. But, logic tells us that this goal must be achieved with the maximum possible efficiency: achieving the desired results with the minor investment of resources.

In this sense, to the extent that the company is directed to more extensive and more dispersed markets, the greater need will be to invest in advertising and sales promotion to communicate its messages to consumers and users distributed throughout the territory.

2. What is the decision and purchase process?

In this sense, it is necessary to take into consideration two aspects. The first of these is the weight that emotional and rational motivations have in buying a product or another within the same category.

There are products and services whose purchase decision is highly emotional; the extreme examples are refreshing drinks, alcoholic beverages, cigarettes, ice creams, chocolates, and other sweets and desserts, snacks, cosmetics and luxury perfumery, products related to fashion (clothing, watches, jewelry, accessories, etc.), exclusive tourist destinations, automobiles, and the like.

3. What is the level of knowledge of the product?

A widely known product in the market, with many years of sale and that enjoys a wide acceptance, can afford to carry out maintenance advertising; that is, invest prudently to keep the brand “alive” and prevent competitors from advancing.

On the other hand, a little-known product, new or never publicized, will need significant budgets to reach a position of the first magnitude in the market. In this case, a large part of the decision will depend on what is answered to the next question.

4. What are competitors doing?

Suppose your company operates in a competing market. In that case, it has to take into serious consideration what its competitors are doing, both in terms of the type of communication it must establish with its consumers and users and the ways to use it, as well as in terms of the number of your investments.

What is known as a share of voice (“voice participation,” literally translated); that is, of all the investment made in your business sector in advertising, promotion, direct marketing, etc. What percentage corresponds to your company? The principle says that your “voice participation” must be at least equal to your market share so that the existing balance is maintained. Some observations in this regard that apply in highly competitive markets:

5. Should you use push strategy or traction strategy?

These two types of strategies are applied in the mass consumption markets. In the push strategy, the company concentrates all its marketing resources in the distribution channels (prices, promotions, discounts, merchandising, etc.) so that the intermediaries “push” the product until they reach it. Convince consumers.

On the contrary, in the pull strategy, the company concentrates its marketing resources on consumers and users (mainly advertising, sales promotion, merchandising) to go to the retail establishments and pressure the latter to have the product or brand.

6. What is the investment and profitability strategy?

When deciding on the management of a product, service, or for the entire company, your decision centers can follow one of the following options:

Investment strategy Invest even more than what the product generates to “buy” market share and achieve high levels of profitability in the future.

Stability strategy The Company invests in the necessary product to maintain its market share, generating a stable flow of profitability over the years.

Exploitation strategy The Company sacrifices the future of the product and decides to obtain the maximum benefit in the short term.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Every task in business and technology is to express the vision and IT strategy that supports their company’s purpose and manage the budget, which makes these decisions entirely feasible.

At best, this is a daunting challenge, but in an economy of unpredictable short and long-term consequences of the pandemic, this is a more complex order of magnitude. The danger of making needless mistakes is extreme. The technology industry has been a dangerous enabler in having the economy moving forward when other aspects of the economy are suffering.

The good news is that by 2020 some digitally transforming companies were willing to benefit from adversity and that the broader digital experience with service was driven by consumers, partners, suppliers, and workers. Since these companies were more suited for the remote work in volume induced by Covid-19 than other companies, they had also predicted that there would be more significant and faster trends in cloud-based workflows than their rivals had anticipated.

That said, preparations for 2021 are already hard for everybody; it could be a matter of survival for some businesses before the economy recovers. For some organizations, t may be an issue of living until the economy picks up. That might make some good budget management essential and decision-making, preparing the company for worst-case scenarios.

In 2021 the real solution will be adopted by both leaders in a variety of diverse contexts. A critical question that leaders must raise would be: What is the optimal result in the worst conditions possible? In other words, how will the company, whatever the future holds, be the most robust iteration of itself in 2021?

Part of this evaluation process calls for recognizing and minimizing the pitfalls common to leaders in a crisis. So, what are the mistakes, and how do we prevent them from being made?

Understand and prioritize your business objectives

Many IT leaders fail to understand their business objectives and must be ranked to deliver the most significant advantages. Leaders should manage these objectives and put the correct skills, technologies, and resources in place to support them.

The solution is related to the information technology budgeting procedure: the required thing to control a budget of every excellence and resourcing associated with those business goals. Leaders must assess their spending significance considering this and choose just those to determine their spending. Considering this, select just those projects that deliver the best worth and outcome under challenging times.

Do not be distracted by the latest technology trends

Another familiar mistake owners commit is being tempted away from their goals through the latest technologies, without measuring what those technologies’ actual business worth may be or how they will sustain the mission.

IT business leaders are often put under different internal, market pressures and peers to select updated innovations strategically. But they must ensure that innovations deploy in support of clear strategic goals. They also choose apps that are paired and form part of an integrated solution. Choosing the updated innovations purely as a comparative and viable show of force is a reactive and tactical move, not a comprehensible business strategy. It is imperative to understand the core advantages of the technology choice.

For instance, AI can make the business adaptive and innovative for the future, not as a “quick fix” to share costs out of the common. Artificial intelligence vendors themselves are straightforward: their innovative technology matches human exertions or work, not substitutes it to make business more efficient.

 Not being influences by disconnected investors about technology decision is significant – unless an innovative system fits within the offers and enterprise architecture a measurable and verifiable approach to support business objectives.

Leverage human skills at all levels of the organization

Another blunder is failure to chart the organization’s skills and ensure the teams have the necessary skills. For example, having too many qualifications in one field and lacking others can lead to needless bottlenecks in the research and development cycle.

Throughout the research and development process, leaders must ensure an appropriate mix between expertise and staff if they cannot find the expertise they need right away, figure out where they can get them on the market, or integrate them into automated application systems.

Get your finance in order

IT leaders will miss out on having a holistic financial view by focusing on profit and loss and not enough on available cash or expense and gain. You are an argument that should be self-evident.

Bottom line

IT leaders made some common mistakes in-resulting the market value of their business being reduced and might lose customer retention. To avoid these mistakes, follow the discussed plan.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Many of the goals that we set ourselves throughout our lives are related, in some way or another, to the improvement of our economic status. Growing professionally, buying a home, purchasing a car, planning your children’s future, or managing your assets to guarantee retirement are some of the goals many people set.

Although depending on our age, these economic needs are changing. The truth is that the focus on which of these dreams you pursue rests on saving. However, those who could manage their finances by themselves without significant complications now face larger problems such as inflation and the need to avoid it. The profits obtained do not translate into losses.

These economic issues and changes are why it may become necessary to hire a professional financial advisor to help plan a budget and investment plan. While many financially responsible adults may determine they need the help of a financial advisor, they may also have difficulty determining how to find one. Here are five steps to choosing a financial advisor that works for you.

Listening

Choose a consultant who knows how to listen. In the relationship between the professional and the investor, both can speak with confidence. Conveniently, you tell the expert what your starting situation is, what your goals are, and not let them sell you their products but prepare a proposal of advice that contemplates different products that are thought to achieve your objectives. In addition, you should talk about the returns that can be obtained, but also the risks.

Certification

The expert must have specific training in financial advice. In general, the advisors have knowledge related to finance, taxation, and, even, law. In addition to having a higher degree, they must have specific training in proven counseling with more than 150 hours of training. It is recommended that, in addition, you have obtained some accrediting certification, such as the one granted by EFPA.

Experience

Experience and demonstrable successes are a great plus. At the time of choosing the advisor, the professional trajectory that he credits will be key. In the markets, as in any other sector, experience allows us to cope with volatility with great determination and with determination.

In addition, it is advisable to be well informed about the expert who will be used to know if the strategy he applies to their clients is also carried out with themself and obtains good results. 

Independent Advisor

Make sure you go to an independent consultant. There are two types of advisors on the market: those who receive commissions from third parties for recommending some of their products and those who work entirely independently.

For this reason, it is advisable that, before going to an expert, you know what kind of advice will be carried out and that this will be completely transparent when it comes to billing your services.

Cost

You will need to consider what you can afford when hiring a financial advisor. Knowing how much an adviser’s service costs is complicated since there are different methods of payment. Some charge through a fixed fee, others do with a commission taking a percentage on the portfolio’s profitability, and those prefer to use a mixed formula.

In addition, you can consult these professionals promptly and pay them for the service provided. Be that as it may, the best thing is that you value the type of advice you need and estimate how you will pay for it.

And, most importantly, that the service we pay for brings us closer to our goals since, in these cases, we should not get carried away by the words “expensive or cheap,” but by the profitability. Finally, make sure that before choosing a financial advisor, you could contact several experts, and you can stay with the one that helps you in a more effective way to achieve your 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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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.

Like any company, small businesses also have to pay taxes. For those who do it for the first time, this cannot be very clear due to the different forms that must be completed and submitted to the Internal Revenue Service.

While it is suggested that you hire a tax preparation professional, if you decide to tackle your business taxes on your own, you will need to take steps to do it properly to avoid issues with the IRS. Here are four crucial steps you need to take to prepare your business taxes.

Step 1: Review your financial information

Make sure that information about your staff and contractors is always up to date and correct. Verify data such as the names of employees, social security numbers, addresses, and marital status. If you work with independent contractors, check their names, taxpayer identification numbers (TIN), and addresses.

Step 2: Organizing documents

Keep all of the records and documents adequately organized so that the preparation process becomes more efficient.

Keeping track of all the business documents allows you to keep up-to-date with controlling your expenses and financial statements. These details are helpful in case of an audit or demand.

In addition to that, the Internal Revenue Service (IRS) requires a person to submit documents that support their deductions, income, and credits they need to report on their tax return.

List of primary records that you must keep:

• Deposits (cash and credit sales)
• Invoices
• Accounts payable and receivable
• Previous tax returns
• Canceled checks or other evidence of payments/ transferred funds
• Receipts
• Credit card receipts
• Bank statements
• Payroll records
• Any other document which serves as a support for your income, credits, or deductions that appear on your tax return

List of other documents that a person may need during tax season:

• Contracts that you may have signed with clients, employees, suppliers, and contractors
• Formation statutes of a commercial company
• Permissions
• Annual reports
• Health, safety, and any other similar documents

Step 3: Consider extensions, deductions, and refunds

According to the IRS, business administration costs can be deducted, as long as they are “necessary and ordinary.” The agency defines such expenses as those every day and recognized expenses within the choice of the business.

On the other hand, the necessary expenses that are useful and appropriate for the company. Some examples include the purchase of vehicles or other helpful equipment.

Step 4: Look for specialized advice

Gathering all the documentation that is required while making sure you follow all the steps correctly. This process can sometimes be overwhelming. Do not hesitate to seek the help of a lawyer or an accountant to advise you. External consulting can be the quickest and easiest way to avoid audits and save money.

Do small businesses pay more taxes?

According to the Issuer’s Report that summarizes the results of two recent investigations, which evaluate the effect of taxes on companies, the complexity of the corporate tax system is reflected in heterogeneous tax burdens that vary over a wide range.

In a context of frequent tax adjustments, such as the one that characterizes Colombia, it is timely to evaluate the firms’ response to changes in corporate taxes. The elasticity of taxable income (EIG) concerning the effective marginal rate of taxation makes it possible to evaluate the behavior of economic agents in the face of this type of adjustment and the impact of tax policy on economic efficiency and collection.

According to recent research, firms that pay taxes and calculate the effective tax rate are not what the tax law says, but what they paid and divided it between the utilities. The report explains that no company pays the nominal rate, and the vast majority pays below 30%, which is lower than the tax statute, and good news does not become negative either.

Also, the report states that smaller companies pay a higher tax rate because larger companies can invest in lawyers, accountants that allow them to look for strategies to pay fewer taxes and that great inequality is what makes uncompetitive to small businesses, which are the vast majority.

The report also indicates that the smaller companies are the ones that pay the most taxes, that is to say, the elasticity of the taxes if they increase the tax rate that does not affect the profits of the companies, because the companies manage to find ways of do not take away the profits.

In that sense, the report indicated that the estimate of the elasticity for the tax reform of 2012, which reduced the income tax rate and established the CREE tax to replace the parafiscal contributions and the social security contributions of the employees with less than ten minimum wages, indicates that, given a decrease in the TEMT, the profits of the companies responded positively and elastically.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

It is crucial that when you choose a professional to prepare your taxes, you ensure they are accredited. While some tax professionals from well-known tax prep businesses may be more expensive, that reputation could end up saving you more money in the end.

You have to verify that your tax preparer is a person with whom you can constantly contact you if there are questions about your income statement after it is filed. Although not all tax preparers who only operate from January to April represent a risk, some of these temporary preparers could expose the taxpayer’s data, making them vulnerable to fraud.

An IRS representative noted that after the income presentation season, which closes on April 15th, complaints against some temporary tax preparers are pretty common sense in many cases they present incorrect statements and try in some way to take away money from the taxpayer. During the past fiscal year, the IRS received 9,277 complaints from abusive tax preparers on suspicion of tax fraud.

It is recommended that taxpayers who do not hire preparers base their billing on a percentage of the client’s reimbursement. He also urged the community to make sure the refund reaches their bank account and not the tax preparers. You should never sign a blank tax return because you are responsible for the information presented, even if you have hired a preparer.

You should be careful to avoid being the target of fraud. The taxpayer must verify the preparer’s qualifications and require him to see his PTIN number (tax preparer). You can also check them out through the Better Business Bureau, where you can see if there are any complaints with that specific preparer.

It is essential to select an appropriate resource that accurately completes your tax return and that you present it electronically so that you are not a victim of fraud and receive your refund as soon as possible as there is a lot of fraud among the different communities, such as minority communities and the elderly.

The most common mistakes incurred by taxpayers when presenting their taxes, an action that, in some cases, gives rise to fraud and delays the payment or reimbursement. Therefore, the taxpayer should verify that the names appear the same as in Social Security, that the bank account numbers and routes are correct, that the tax return is signed, and the most common: that the credits and the deductions are calculated correctly.

On the IRS.gov website, there is the Interactive Tax Assistant tool, which helps the taxpayer perform calculations correctly. During the previous year, people who earned $66,000 or less qualified for Free File, an IRS program free of charge, to do all the taxpayer’s mathematical calculations.

Less Undocumented taxpayers

On the filing of returns by people without legal documents to be in the country, a figure that has been reduced in the past two years, it has been indicated that every person in that situation must make sure that their identification number of the taxpayer or ITIN is up-to-date because if it is not there. You have a refund. It will not be sent to you until it is renewed.

In years past, the number of people without Social Security numbers who made contributions through an ITIN was 4.5 million in each year, one hundred thousand less than those who declared taxes in that way in the past, according to statistics provided by the IRS.

A report published by the Institute on Taxation & Economic Policy (ITEP) estimated, with data from previous years, that the population without defined migratory status collectively pays $11.74 billion each year in state and local taxes.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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 accounting and bookkeeping structure of a company is an essential component for business operations, and there are many functions that an accountant and bookkeeper share. One of the main functions of a general accountant and bookkeeper involves collecting and maintaining financial data and its relationship with a company and the consumer.  Accounting & bookkeeping in a glance The accountant ensures that financial records are prepared in accordance with legal and accepted procedures and corporate-level policies. The financial information of any organization must be maintained since it is a key component used in the operation and management of any business. Accounting is a much broader concept that entails additional bookkeeping, analysis, and interpretation of information provided by accounting books and financial statements, information that has been possible to generate thanks to the art of bookkeeping.

With the appearance of accounting software, bookkeeping seems to have lost its validity since the program is responsible for delivering complete information ready to be interpreted and analyzed.  Accounting is a tool for analyzing and interpreting company information. Each day becomes more important at the senior management level since accounting is the basis on which administrators must make economic and financial decisions.

  Importance of accounting and bookkeeping The true added value of accounting and bookkeeping revolve precisely around the diagnosis that is presented to the company of its economic and financial reality and the projections and trends that can be identified based on that reality. This also offers the possibility of identifying shortcomings and opportunities and formulating appropriate strategies for one situation or another. Accounting tells the company how it has been financially, how it is currently, and how it will be if trends continue.  However, it is not enough to have that knowledge, but these values ​​must be interpreted in accordance with the reality of the economy.  This means that accounting should rely on other branches of economic sciences to achieve its objective, becoming a managerial tool for the company.

Correlation with other departments

You cannot make decisions without knowing sales and their behavior, the behavior of production or marketing costs, the profile and behavior of customers and suppliers, or their own employees; fortunately, all that can be extracted with accounting.  If you do not know the profit margin and the level of resource consumption in each area of the company and of each product, then you cannot decide either which strategies to follow, nor can you define where to expand, what to produce, and stop producing, etc. 

Bookkeeping and its importance

The bookkeeper, or technical accountants, plays an important role in many companies since they oversee maintaining the accounting books; therefore, they have the responsibility to register all the corporation’s financial activities.  Their work is of value to all types of companies, whether public or private, since these individuals monitor the flow of money entering and leaving the corporation. Large companies tend to have more than one Book Holder in their staff, while the rest prefer to have only one professional in charge or prefer to outsource to a specialized accounting firm.  Bookkeepers produce financial reports based on information collected from the books they carry. Based on them, the shareholders, managers, and accountants verify the company’s financial status and determine the most suitable way to proceed in future projects.

Role of bookkeepers

Bookkeepers manage and control the accounting books of the company by establishing parameters for those books. They also work to balance them, and they are trained to take advantage of programs and systems capable of simplifying work. They are called to review and record income and activities. 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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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.

Everyone in this world wishes to achieve financial success. It is a concept that holds different meanings for every individual. For one, it could be to pay off the student loan successfully, or it could be owning their dream house or buying the perfect car. It all depends upon one’s perspective.

No matter what financial success means for anyone, they will have to walk through the same path. Having organized finances is the only path that leads one to their financial goals. Not only does it make it easy for people to achieve their financial goals, but it also provides a clear picture of the efforts required.

People do not understand, but the primary source of their financial problems arises due to disorganized finances.

This article covers the small steps that can help people improve their finances and organize them to bring them closer to their financial goals!

Creating a budget:

The secret of successful money management is creating and sticking to a strict budget. Budgeting is a common practice among the wealthiest people. Overspending and not keeping track of the expenses is one of the biggest financial mistakes. People can start by calculating the total monthly income and keeping a record of all the expenses, irrespective of their negligible. It must all include all the monthly payments for repaying the loan. It provides a clear picture of where one is spending the earnings, helping people decide which expenses to cut off.

Knowing the net worth:

Individuals can calculate their net worth by subtracting all the essential expenses, including monthly debt payments, from the total assets. If the number is positive, it is an indication that a person is doing well financially. If the number is negative, it is a sign that they are overspending and need to deal with their finance smartly.

Keeping the credit score in check:

Credit score and history hold a significant position in one’s finances. The credit score depends upon the history of all the debts, payments, and interest on loan payments. It helps in determining one’s creditworthiness. A high credit score is an indication that a person is doing well. The credit score can impact an individual’s chances of getting loans and determining the monthly payments.

Setting monthly savings account:

Saving is an essential step when it comes to achieving financial success. People can set a monthly savings account. Every month a fixed amount from the income will be transferred to the savings account. An individual can try to transfer fixed monthly amounts or can vary the amounts based on their expenses. A person must develop a habit of transferring an amount every month into a savings account.  

Make debt payments on time:

It is important to make debt payments regularly. Sometimes, it becomes difficult to make a payment; people should try to pay the minimum amount in such cases. Not paying adds to the existing balance and creates a difficult situation. Being punctual with debt payments helps in maintaining financial stability.

Saving for retirement:

One of the most determinative factors in reaching financial success is to save for retirement. Saving for retirement provides people with peace of mind. People who fail to save for their retirement end up in a bad financial state and are drowning in debt even in their last days.

Reviewing account beneficiaries:

Account beneficiaries are the people who will get financial benefits from insurance policies. Moreover, it will be these people who will get access to the accounts. These names should be reviewed regularly, especially if an individual goes through a major life event such as marriage or childbirth.

Using employer benefits:

Many companies offer 401(K) benefits and fund matching to their employees. It is a smart move to use these benefits as they can serve as extra wealth-building tools.

Reviewing the W-4:

The W-4 form is an essential document, and it is something many people do not realize. The W-4 form gives details about how much an employer withholds for taxes. It is a document that is very beneficial at the time when people get tax refunds.

Buying life insurance:

Buying life insurance is important for people who have dependent family members. It is a smart investment that can help one’s family if they die an unexpected death. It is something that people must do for the financial security of their loved ones when they are not around anymore.

Social security:

Social security benefits help in reducing the load of saving for retirement. It is not a wise choice to depend on these benefits because the element of uncertainty surrounds it. Before retirement, these benefits can increase, drop, and even get eliminated. But keeping a check on it will provide a sense of financial security.

Setting yearly financial goals:

Working towards a lot of financial goals paves the way for financial chaos. It is better to work for a single goal at one time. The smartest approach is to set yearly goals. It reduces the overall financial loads and makes the efforts result-oriented.

Take a short break from spending:

Cutting down the costs is tough and challenging. Trying to take a short break from spending can benefit people in numerous ways. They help in stabilizing the expenses and accelerates the efforts to maintain a balanced financial situation. People should try to trim their daily expenses, and they will be surprised to see the results.

Emergency funds:

No one can know what the future holds for them. But to stay prepared for the worst is a genius move. Before starting any other savings, it is best to save for an emergency fund. The ideal amount is to save 60% of one’s annual income for an emergency. Once an individual has saved the amount, they can start saving or investing in other places.

Planning and strategizing:

Planning is the most important and fundamentals step for anyone who wishes to reach financial success. Planning helps in improving finances. It will also provide a clear image of where they stand financially. Smart planning and strategizing boasts numerous benefits for people who wish to improve their finances.

People can incorporate these small steps into their financials, and they will observe a stable situation. By using all these, an individual can easily reach their financial goals at a faster pace. Moreover, it can help them set newer goals and build a financially stable life for themselves and their loved ones!

 

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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 all face changes financially; it is no news. Especially with the recent COVID-19 pandemic. More and more of us have had to face financial struggles, including finding interesting and new ways to earn extra income to cover our financial responsibilities. Your business may make a lot of profit for one month and go crashing down the other. Such is life. In such cases, people tend to find ways to make quick money with little resources. Sometimes you find ways to earn money in many creative ways. When you find yourself without or less money, then you should give one of these a shot.

Sell jellyfish!

Jellyfish is a weird way to make money. Jellyfish are not considered the cuddliest pet, but they are used for selling and making money. The least-exclusive kit on JellyFishArt.com costs $330. In that, a customer gets one jellyfish, a little tank, and enough food to last for three months. It may seem odd, but it will bring in some extra income and that is the point, right?

You can win cash as an eater

There are many contests on TV, many I am sure you have heard of and/or watched at some point, that gives you money when you win their eating contest. If you are a big eater, you may want to go to that type of contest. Firstly, look and check out the list of competitive eaters on Wikipedia or upcoming events on MajorLeagueEating.com. in that type of competition, many people have won more than $100,000 as prize money. However, be sure to prepare yourself because professional eaters that participate in these contests take it very seriously and can consume a crazy amount of food.

Playing the lottery

Playing to Lotto. It is a weird, amazing, and a game of chance in possibly winning an incredible amount of money. Many people happily take the chance because they consider the jackpot to be an amount of money that could make you rich. An amount that could set you up for the “good life”. However, you must realize the odds of winning the lottery and realize this is a game of luck. Also, there are ways to play a lottery with better chances of winning but also smaller jackpots. There are many free online apps like the app called Lucktastic. You will try free scratching on that app. They provide you a new variety of digital scratch-off tickets every day. There is a range of winning about 1 dollar to $10,00. 

You can sell your trash! 

Americans throw away about 266 million tons of waste every year; then, it turns into money for you to collect. In recent years, “dumpster diving” became so popular because it is a way to collect items of value and sell them to make money. So essentially instead of losing some profit toward a product, you get to keep all the money you make. You may think that it’s gross and there is no possible way that you can make enough money from the valuable things your find in the trash, but you would be wrong. Americans throw out a lot of valuable things, very often never used or opened. Your empty wine bottles, or your old magazines, things that could be sold online and earn money.

Use online banking!

Online banking services are easier to use than traditional banks. Even better they are also accessible, cheaper, and have better incentives.

Our one of favorites, Aspiration, offers that you will pay no monthly fees, and you will earn on your savings up to 2.00%. You can get access to an online account for saving and spending. You can easily access your money when you need it. Your spending account comes with a debit card that earns 5% cashback plus free ATMs. 

Now, you can easily make an online account keen on money-saving and using your money to work.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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.

Where the market is flourishing or facing a downfall, a good trader knows how to make a profit in it. Even in a bear market, a good trader generates profit every day. Trading is an art that can only be learned by making mistakes. Therefore, this article is lining the three most common mistakes that investors or traders make.

1. No Trading Plan: Many investors jump in with their investments without any specific investment plan. They follow the other traders or investors or invest solely based on their recent FOMO trend. All the investors talk about the opportunity in which they should have invested three to four years ago, including cryptocurrency. However, making the decision on which commodity to invest in next is a tough decision. Since no one knows the future, technical and fundamental analysis is done to predict the market’s next move. Jumping into a market, an investor must lay out an investing plan first. It will help the investor make a wise decision and hold their investment for a good future instead of making the wrong investments.
2. The Problem with Stop Loss: One of the biggest mistakes an investor can make is not to put a stop loss on his trades. Whether the position is long or short, the trader must stop losing to save himself from any unpredicted situation. The trader might sometimes put the stop loss and then cancel it in the hope of seeing his portfolio grow just before it falls. Such greed destroys all the profit, snatching the capital investment of the trader too.
3. Following the Herd: The most common mistake found in the new investors or traders is that they invest in holding the short positions into the stocks that have already risen to their point or are about to turn around. They don’t have a good or credible understanding of the market regarding when to invest and when to take out the investments. Experienced traders know the strategy of taking out the investments when the stock gets too crowded. However, new investors fail to realize the time when the investments should be taken out. They hold a long position instead of getting a larger amount of profit. It is always advised to invest only when the profit or the value of the stock is growing. As soon as you see a lot of crowd gathering in the pool, take it all out! That is the time when big fish in the sea move to another one.
4. Wanting all of it at once: One of the biggest mistakes an investor can make is becoming greedy for the returns and wanting all of it at once. The essential virtue of an investor is patience. An investor should be anything but impatient. Becoming greedy and wanting quick and big sums of returns can make an investor more vulnerable to making wrong decisions and causing a loss in the long run in exchange for a little short-term profit and return. Greed can decrease the financial visibility of an investor and their ability to project profit and loss. There are two common approaches in an investment market, the bull and the bear approach. It is said that investors with either of these approaches will make a profit. But the greedy investors will not be able to make a profit and always be at a loss.

Although there are many other mistakes that an investor or a day trader must know about before investing their investments into a stock, these three are the most common ones around. An investor must keep these mistakes in his mind while investing in stocks to make a good profit out of his capital. The best that an investor can do is to make an investment plan before jumping into the market. For the day-traders, they should make regular plans and should invest with a proper strategy. They must implement stop loss and should avoid canceling it. A good trader never follows the herd. He makes decisions considering past trends and moves his investments accordingly. He knows when and where to invest and never follows the advice of others. A good investment is always made after a good research on that particular program or stock. 

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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 are considering starting a business and hope to achieve success, it is best to take on your venture well-advised. Having an entrepreneurship coach will be a determining factor in the success or failure of your new project.

It is not necessarily a matter of how good you are, but how can you be better? In this sense, the guidance and advice of an expert can make a significant difference.

In general, a coach is a person with years of experience who has an advantage that you can put in your favor.  They can be a guide or a counselor who can help maximize your potential and boost your business to accelerated growth.

Why is it necessary to have a coach?

Despite numerous workshops, courses, and studies you can complete, it may become clear that entrepreneurship elements can only be achieved through experience.  Generally, there is no book that can offer you what the professional development coach can give you based on his trajectory in the business world and his preparation in Mentoring methodology.

Consider coaching as a developmental tool within the business industry, where the coach gathers the experience and capacity to transmit their knowledge to your own experience.  This often generates the confidence necessary for professional development and growth and, on special occasions, will provide you with the tools to solve specific needs.

It is worth noting that the training obtained from a coach is beneficial, both for the worker and the company, as it grants the development of certain skills to solve problems and boost productivity.

Benefits of having a coach

Coaching is a tool that adapts as much as possible to the entrepreneur’s specific needs and his business project and is a powerful instrument to accompany and guide your venture in its development and path to success.

In each work environment or business reality, the accompaniment of the coach plays an important role, both for the entrepreneurial process and for the performance of the business.

Among the many benefits that a good coach brings are:

1. Create a functional plan

Creating a functional plan serves as a support to structure a clear model for your project or business. Coaching promotes your creativity, helps you employ and develop ideal strategic thinking to overcome crises, adverse situations, and failures, and find the best solution to each situation or problem.

2. It allows the identification of the objectives

This plan allows for the identification of relevant objectives, establishes the best action plan to achieve them, and generates greater profitability based on objectives focused on business productivity.

3. Increase the chances of success

Thanks to harmonizing the objectives with the principles and values ​​of your business, generating greater confidence and encouragement increase your chances of success. With the advice of a good coach, you will fully enjoy doing what you love. It is impossible to achieve success if what you are doing does not bring joy or lacks value.

4. Help strengthen your winning attitude

A coach can strengthen your attitudes and help drive you to achieve greater mastery over your ideas, thoughts, and emotions so you can discover and make the most of your talent as an entrepreneur, develop your skills, and work on minimizing your weaknesses.

5. It allows the development of leadership capacity

Having a coach generates confidence, supports risk management, and can help effectively change business needs. Coaching help expand your horizons, which will allow you to cope and adapt to new circumstances and changes to achieve success.

6. Elevates the skills of an entrepreneur

Through the experience of a coach, it is possible to optimize communication skills, negotiate, and resolve conflict. Coaching promotes the support of a positive attitude to recognize and respond to situations of uncertainty, unfavorable and unexpected, which allows you to reach a greater understanding and better relationships with your environment.  Building these relationships can have positive and lasting alliances for your business.

7. It allows to use the experience and knowledge

Experience you have accumulated as an entrepreneur and helps you apply your knowledge in complex situations and problem resolution, use opportunities, and manage your emotions. Coaching helps you overcome your internal barriers, overcome your limiting thoughts, and learn to strengthen optimism and creativity.

These are not the only benefits of having a coach, but it is worth noting that they are the most widespread because coaching is applied personally according to the entrepreneur’s needs and his project.

Having a coach for your endeavor is an option that generates value to the business model structure and provides you with the tools to grow your business.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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.