Author: Complete Controller

Employee satisfaction is the root of success for any firm, big or small. Your employees are your driving force, and as much as you instruct them, you won’t be able to move forward if they do not provide the results you need.

It has been a topic of conversation for many decades now. Maslow presented the hierarchy of needs model in 1943, proving how long this matter has been sustained. The results you achieve, the growth your company experiences, and the revenue it generates are directly proportional to the productivity of your employees.

Maslow introduced a Hierarchy of Needs, a one-size-fits-all type. When you establish yourself at a new job with new people, you first look for fulfilling necessities. We look for our income to accommodate our basic needs, such as food, water, warmth, and shelter, a roof over our heads. Once we achieve that, we grow slightly confident and move forward.

As we move forward, we become more involved in our work environment and seek job security and safety, confirming that you’ll have money coming in every month. You then move on to greater purposes that focus more on your desires and less on your necessities. It enables confidence and an increase in belief in yourself. When that happens, you grow.

Further, healthy emotional health starts playing a role in this evolution because your emotions are now tied to your job. You start developing an attachment to your workplace. Once this happens, you subconsciously rely on it for support since you spend more of your day with your co-workers.

Attachment to a specific something also leads to some form of expectation. Therefore, it becomes the employer’s job to ensure their employees are doing well emotionally.

Emotional Well-Being

Employee Satisfaction is wired with your employee’s mental well-being. If your employee is not performing well, they are not feeling well. For a second, think about why an employee whose production rate is 98% has suddenly dropped to 59%. There is an issue. It is not just a professional issue now; it has become personal.

Your employee comes into work every morning at nine and leaves 9 hours later, generating you revenue every minute that they are there. A low performance occasionally is typical; however, if your employee’s emotional health affects their work rate, it becomes a grave issue. Your employees are not just people working for you; they are your responsibility, making employee satisfaction a part of your job specification.

Kirsty Jagielka from Cigna writes, ‘With emotional well-being concerns often lasting for many years, early intervention is vital. The right support at the right time can help your employees to achieve positive emotional well-being and enable them to remain productive members of the workforce.’ Your employees breed results; they can either raise you from the ashes or drive you into the ground.

Avoiding Burnout

Burnout can also drive people to quit their jobs. Reaching a point of burnout indicates you have been overworked for a while now, and it has eventually reached a point of no return. It also shows how your employers might have ignored it for it to get such a point.

It takes a toll on an employee’s emotional well-being, making them question their place in the firm. Burnout suggests you are giving more than receiving, which can impact how one views their firm. 

It can lead to employees quitting their jobs. It can be incredibly detrimental to the firm’s health because they are losing an employee and a trained employee who knows the ropes of the system. The firm must now invest time and energy into training someone else. That is not the only result they will have suffered. The situation can get worse when the reason an employee left gets out.

Conclusion

Your employees are your responsibility. You can tell yourself as an employer that there are more significant matters to prioritize, but you need to realize that if you prioritize your employee’s emotional well-being, you will not need to prioritize anything else; they will do that for you.

Richard Branson once said, “Take care of your employees, and they’ll take care of your business.” Your employees are your firm’s greatest assets, and you realize that is your greatest asset. When you consider an interviewee for your firm, you know they can handle it. It then also becomes your job to take care of them.

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

When you launch your business, you must ensure your data is backed up somewhere. That ‘somewhere’ should be a place you are familiar with, such as cloud storage. Before you start using the cloud for data storage, there are many security measures you need to consider. 

All data must be backed up, from your staff’s personal information to the data you receive from your clients, payments, and much more. That’s why knowing the security measures is necessary before selecting the application to save your data. Cloud storage is the safest place to back up your data.

Cloud storage is a form of data storage where digital information is saved in logical pools, not in a physical hard drive. Many companies use cloud storage as it gives a new level of reassurance. Your business data on the cloud, such as important documents, videos, and images, won’t be lost once saved on the cloud.

Another thing about cloud storage is that anyone in the company (authorized personnel) can access it anywhere. They only need an internet connection and authorization to access cloud storage anywhere.

Here are the best cloud services:

• Google Cloud platform
• Microsoft Azure
• Dropbox
• iCloud
• Amazon Drive
• Nextcloud

Now, there are two types of clouds: private cloud and public cloud.

Public cloud – Operated by a third party. You will pay for the service, and the host will be responsible for storing the data.

Private cloud – You are responsible for operating, saving, and opening the data.

Benefits of Business Data on the Cloud

Scalability and flexibility – With the help of the cloud, you can quickly increase your business storage according to your needs. You can also decrease it. In the cloud, the solution can soon adapt according to preferences.

Remote collaboration – With your business on the cloud, you can easily access your data. You can also control who can access it.

Automatic backup – When you save your business data on the cloud, the data gets automatically backed up.

Reduced costs – With your data on the cloud, you can save sufficient money.

So, these were the benefits of saving your business data on the cloud. The fundamental question remains whether backing up your business data on the cloud is safe. The answer is yes; it’s safe to back your business data on the cloud.

The data you have saved on the cloud is safer than the data stored on your computer. It has more protection layers than any other system and can keep the data secure on your cloud if something happens to the computer.

Event Logging

Whenever someone opens your data on the cloud, it will notice the logging and keep a list. For example, if someone in your company opened it on Monday at 3 p.m. and Tuesday at noon, there will be a record of every time someone accessed it. This way, it evaluates the threat and keeps your business data on the cloud safe.

AI Tools

A few cloud servers use artificial intelligence to secure the business data saved on them. With the help of these artificial intelligence tools, a defense layer forms so that the professionals stay focused on the threats.

Firewalls

When you save business data on the cloud, it remains safe due to the firewalls. There are two types of firewalls: internal and advanced. These walls ensure that the direct traffic goes through a series of security defenses.

Redundancy

This point refers to the several copies of business data on the cloud backed up. If the computer goes through any failure, there will be a backup of your data on the cloud, and you won’t have to worry about losing it.

Third-Party Security Checking

Many companies that provide cloud services check up on other security companies to see if their program has the same level of security. This way, the cloud service company will be on its toes to ensure your data is perfectly safe.

So, these were the points about cloud security. If you are running your business, you should consider saving your company’s data on the cloud so that it remains secure and nobody outside the company can hack into it.

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

When you think of investing in a business, we are sure you wouldn’t have ever considered investing in trees. Isn’t that so? Well, nobody would have thought of that. Even saying that sounds so foreign, like a strange combination of words rolling off your tongue.

But no matter how odd it may sound, many people invest in the Timber market, and they know it’s the best decision they have ever made in their life (apart from their spouses if they are reading it beside you!)

We know lumber is a commodity used for furniture, paper, and burning. But why would you invest in something that is used for burning? That’s the beauty of this investment. Here are five reasons you should invest in the timber market.

Steadiness and Reliability

As you enter the timber market, you will realize how steady and reliable this business is. There are many other businesses that you can invest in, but it’s a rollercoaster ride with them. Why take the risk when you have a much more reliable investment option?

Even in 2020, many businesses lost money due to the pandemic. Like that, other businesses are not that steady, and if you aren’t a fan of uncertainty, you should invest in the timber market. It’s a stable and reliable business.

Once you see it, you will understand how you earn money through this business. It’s not like stocks and bonds. You will get a paper, and you will have to assume that there’s a legit company behind it.

When individuals think of investing in the timber market, they check out the timberland themselves. You should know before investing that old trees cost more than young trees. And it would help if you kept hold of young trees for them to grow old.

Easy Investment

When you invest in the timber market, you invest in the timberland. All you have to do is sign the papers; the land will be yours. If you aren’t willing to invest in the timber market directly, you don’t need to worry because you can invest without involving the direct ownership of the land. But how?

You can invest indirectly through a real estate investment trust (REIT). REITs are trusts investing in real estate. You can easily invest in the timber market for as much money as you wish through timber-focused REITs.

It’s Convenient

When you invest in the timber market, you don’t have to do anything. You sign the papers, hold the timberland, and other things will get simple for you. Either you lease the land or sell the trees to someone, and the investment will eventually pay off in large sums. Also, if you are saving the forest project called reforestation, the income can come in significant ways.

Many invest in the timber market, hoping to pass it down to their grandkids.

A Hedge Against Inflation

This investment saves the investors from significant losses when there is a fluctuation in the currency. Some people opt for gold because it’s an asset that can keep you when the country’s economy is down. But if you wish to save yourself from the game of insurance, wild swings, and holding fees, you should invest in the timber market.

It’s proven to be one of the effective ways to save investors money when the value of a country’s currency begins to decline. 

Good Land is Valuable

Investing in the timer market means investing in a good, profitable land. When there’s land with older trees, the profit will come through harvesting. The investment won’t go in vain when there are younger trees because you will be living licenses to the anglers and hunters.

Investing in the Timber market won’t make you regret it because the volume of trees keeps increasing, which adds value no matter the situation of the state’s currency. Even if timber prices aren’t in favor, the timber stock can be saved up and grow until the prices are in favor again. Investing in the timber market rather than stocks, gold, and bonds is better. You can enjoy while owning timberland without worrying about losing money in stock or bonds.

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.

Amazon is one of the first platforms to introduce affiliate marketing. You can enjoy countless benefits of Amazon affiliate marketing and boost your sales graph from base to pinnacle. Are you wondering whether you should go for the affiliate marketing gold rush?

We will give you an insight into affiliate marketing for Amazon sellers and how you can benefit from it. Without any further ado, let’s unfold some truths about affiliate marketing. You might be astonished that Amazon has the title of being the first platform to launch affiliate marketing.

It started in 1996 and has reached the pinnacle since then. Apart from being the favorite shopping site, it has emerged as the best platform for earning money.

Many marketers prefer other platforms over it, but they are unaware of Amazon’s glory. Yet, affiliate marketing and selling on Amazon have worked wonders for the others! 

Affiliate marketing offers online marketers and influencers many opportunities to interact with customers. If these affiliates contact people to purchase the product through the link they provide, they can make money.

Amazon affiliate marketing in other different ways as well. Once an affiliate link is updated, it will direct the potential purchasers to your Amazon product, elevating your sales scale. You might be making a handsome amount of money from it, but you can double your profit with affiliate marketing!

Affiliate marketing offers numerous benefits to Amazon sellers or anyone who acts as an affiliate. Before we tell you about the benefits, let’s discuss affiliate marketing.

Amazon Affiliate Marketing – Decoded

If we talk about the typical definition of affiliate marketing, ‘it is one of the online sales tactics that create opportunities for an Amazon seller to boost their sales by allowing other – ‘affiliates’ – targeting audience to earn a commission by recommending their product.’

In a nutshell, affiliate marketing is about referring products to potential consumers through social channels, blogs, or websites. It creates a win-win situation. The affiliate earns a commission, and an Amazon seller enjoys increased sales. 

Many people use affiliate marketing as a passive income, and others use it as a revenue generator. Regardless of the purpose, affiliate marketing is an excellent source for people who want freedom.

Level Up – Steps of Affiliate Marketing

Unfolding the five simple steps of the affiliate marketing process:

• Join the affiliate marketing campaign
• Select a product to promote
• Obtain a unique affiliate link
• Share those links on blogs, websites, or articles
• Collect a commission whenever someone is directed to the product through your link.

Benefits of Affiliating Marketing for Amazon Sellers

Affiliate marketing offers several benefits to its sellers, one of which is ease and convenience. Let’s discover other benefits together.

Reliable and trustworthy

If you are new to affiliate marketing, it works wonders for Amazon sellers. It is a trustworthy and reliable way to increase your product sales. Amazon offers affiliate marketing campaigns. The affiliate marketer shares your product link on different sites and targets audiences from those sides to visit your product and website.

Great source of income

Since Amazon is the most powerful and recognizable brand in today’s marketplace, it is an excellent source of income for both affiliate marketers and sellers. Whenever a user visits your product page through an affiliate link, it increases the chances of sales.

Affiliate marketers demand a monetary commission in return for the number of visitors and profit. It has become a great source of income for many marketers promoting Amazon seller’s products and contributing to their sales.

Earn online and offline

When you are associated with affiliate marketing, you earn even when immersed in deep slumber. Affiliate marketing has provided lots of opportunities to Amazon sellers. You have to put a little effort in the beginning. You will then earn money whenever making purchases if you are not working or working partially.

More sale, more money

Whenever someone visits Amazon’s site, they usually don’t purchase a single product. Browsing the whole area, they will buy some items unrelated to the initially purchased product. By scrolling your site, you will not earn on the item you purchase and products the customer will buy.

Simple and supportive

Affiliate marketing is famous as a simple process among Amazon sellers. You can target several potential customers by sharing links on sites and social platforms.

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.

Repaying a mortgage is a critical financial decision requiring much thought before execution. People commonly think paying off the mortgage is a good thing. If you have saved money and have some financial sense, you must decide whether to pay off your mortgage or use that savings to invest and grow your money.

Mortgages are one of the most common types of loans. Suppose you have some savings and consider paying off part of the mortgage in advance. In that case, you must consider many variables and assess the better use of your savings, paying off the mortgage, or investing. 

To make a good decision, you must first know the most important thing: nothing but understanding what repaying a mortgage is and when you can do it. There are distinct advantages and disadvantages to paying off your mortgage early. 

What is the Mortgage Repayment?

Repaying a mortgage is paying extra money on your real estate loan to reduce the monthly payment or shorten the loan duration. You can partially repay the loan amount and shorten the length of the loan. The partial repayment of the entire loan is generally more feasible, given that few people save enough to cancel the mortgage loan altogether.

The average amount of a mortgage loan in the US is approximately $150,000, with a repayment term of between 25 and 30 years. If you pay a monthly installment of $1,000 without considering the fluctuations of the interest rates, you could reduce your mortgage by $12,000 a year, with less interest and expenses.

But if to the monthly installments, you add an extraordinary $10,000 as repayment. You would reduce your loan considerably in one cut. In that case, you have two options: reduce the amount of your monthly liability or reduce the life of the loan.

When is it Good to Cancel Your Mortgage Early?

Is it better to use savings to pay off early canceled mortgages, or is it better to use that money to invest? The answer is somewhat complex, and there are four factors that you should keep in mind:

• When did you sign the mortgage contract?
• The interest on the mortgage?
• Your knowledge of investment products?
• Your risk tolerance?

Should You Pay Off the Mortgage?

You have several legal assumptions regarding repayment, the most important being that you bought the property before 2013. So, you can deduct a maximum limit of $9,040 annually if you are the sole owner or $18,080 if you share the loan ownership and declare taxes separately.

In those cases, the Treasury returns 15% of the amount contributed by investment in habitual residence.

However, there are some assumptions in which you can deduct the amortization of your mortgage as indicated in the 2018 Income Practical Manual for the 2020 campaign, published by the Tax Agency.

Amortize Mortgage by Interest

An essential factor to consider is your interest rate for your fixed or variable mortgage. Since the great financial crisis at the end of the last decade, central banks have embarked on policies to lower interest rates, which impacted the cost of mortgages.

Today, it is normal to find mortgages that pay 2% or even less. Against this information, it is wise to analyze whether you must pay a loan that costs 2% per year or invest in the stock market or equities that offer an average of 10% each year.

Faced with a low-interest rate scenario, we should evaluate the possibility of investing the money to gain from the interest rate differential. It is a risk, but you can earn a little money in that operation. In addition, you can always withdraw the money from the investments and pay off the mortgage if the Federal Reserve decides to raise interest rates.

Your Knowledge About Investing

Suppose you do not know much about the product you will invest in and are interested in paying your debts as soon as possible. In that case, the decision is straightforward, and amortizing the most money is your thing. This way, you will leave the mortgage as soon as possible.

How Tolerant You are to Risk

If you know about investments and you like risk, the option you could consider would not be to reduce the time of your mortgage through early repayment but to invest that money saved. In the stock market, you can make an average of between 5 and 10% per year, while you pay about 2% in a mortgage.

If you have a conservative risk profile and a low level of risk, it would be best to pay off the mortgage. On the other hand, if you have a moderate or aggressive risk profile, you may find it more profitable to allocate the savings to investment products.

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.

Going by what the statistics suggest, COVID-19 affected small and large businesses. The global market went down in its operations, and economies of the world had to face the brunt of all such inconveniences. The outbreak posed severe challenges to the strategists to devise strategies to help businesses continue their operations.

The circumstances had more extraordinary minds brainstorm ideas where experts could devise plans to cope with the aftermaths of the outbreak. According to statistics, FTSE witnessed a 14.3% drop in 2020. It was by far the worst performance since 2008. Because of this, several countries’ stock markets cut down their interest rates, which helped economies grow as it encouraged consumers spending power.

On the other hand, the past year was difficult for job seekers. Most businesses halted their operations, and most employees lost their jobs. The proportion escalated to 8.9% in the United States, as explained by the International Monetary Fund. The tourism industry also halted its operations as the world went into lockdown.

The IMF puts the global economy squeezed by 4.4% in 2020. This decline is considered the worst since the Great Depression that hit the world in the 1930s. That said, considering the world closed down its hospitality sectors, millions of employees lost their jobs, and companies went bankrupt. As a result, the global tourism industry crumbled into bits and pieces.

The tourism industry lost billions of dollars last year. The entire world is said to struggle with the same condition till 2025. However, according to forecasters, 2021 is when things can go to their former state. Let’s discuss how the pandemic turned the global market local again.

Airline Services Going Down All Around the Globe

As already discussed earlier, airline services went down last year. With hospitality shutting its doors worldwide, millions of people couldn’t get the chance to travel. Millions of people died last year and were buried without getting goodbyes from their loved ones, which is why the year was one of the saddest years in history.

The shutdown in the airline services had companies operating internationally to start their functions locally. Instead of halting their routine operations completely, they cut down their frequency of operations and resorted to running their operations on small scales.

Online Sessions 

Schools, colleges, universities, educational institutes, and companies worldwide operated from online platforms during the pandemic. Students took their classes online, and most world giants conducted meetings and sessions online as a precautionary measure to stay healthy and well and save employees from contracting the virus. It wouldn’t be wrong to say that these online platforms were a reason; most companies could come out of such repercussions.

From platforms like Zoom, experts in their respective fields decided to conduct their business-related strategies to develop solutions to the problems. Platforms like this generated robust returns and made larger-than-life profits. As a result, continuing with routine business operations didn’t become a hassle for them. 

Companies Operating Digitally

Considering how the world’s giant fell, companies resorted to online platforms. Companies and consumers decided to look for brands with online channels. According to surveys, about 80% of customers interact with brands through digital media during the pandemic. Since then, the situation hasn’t changed one bit.

As a result, companies have adopted new and better platforms and have taken on programs to develop strategies that improve their operations and help them become stronger after the pandemic’s aftermaths start to fade.

Advantages of Operating on Small-Scales During the Pandemic 

Some of the repercussions the pandemic brought were closed operations and businesses going bankrupt, employee turnover, and many more. However, new strategies also took the front seat, and companies found ways to operate even in such conditions.

Out of such strategies, one strategy that sold the deal for many companies operating locally generated substantial results. It helped the companies continue their operations locally, following precautionary measures to ensure every customer’s health is prioritized in their utmost capacity.

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 pandemic has upended the conventional way we work. Even though remote work was not a new concept, the pandemic fortified the importance of confining everyone to their home. Where the businesses benefitted from increased productivity, the global workforce faced balancing personal and professional lives.

The social distancing and widespread lockdown impacted the global economy; the home-boundness increased the emotional and psychological challenges. With employees struggling to manage responsibilities, the overwhelming change in work style led to depression, anxiety, and burnout.

Before the pandemic, working from home excites job applicants—no commute, comfort of home, and no need to follow a strict office schedule. However, amid the realities of the pandemic, remote work became a terrible idea for most of the workforce.

The combination of fear of the virus and worries about family, financial, and job security exacerbated the mental health issues. The extension of social distancing, lockdown, business closures, and remote working not only adds to economic uncertainty but has also increased the toll on mental well-being.

Employees working at home are investing more hours in their jobs while dealing with the burden of maintaining a livelihood in unhealthy ways. The added psychological pressure could decrease employee engagement, reduce work satisfaction, and reduce work productivity and performance. 

The Mental Well-Being Concerns

The last year they marked a healthcare dilemma, prevalent health danger, forced isolation, complex economic downturn, and record-breaking unemployment. The predominant uncertainty and limited ability to assess the risk led to increased reports of stress and anxiety. Social isolation is uncomfortable through and through, regardless of the circumstances.

Accredited to the cumulative nature of anxiety, the increased possibility of job loss, loss of a loved one, and danger to oneself serve as personal stressors. The deteriorating mental health damages the physical self, making you prone to the virus—another factor that worsens overall well-being.

About 4 in every 10 adults are reported to suffer from anxiety and mental disorder symptoms. Some typical troubles and negative impacts on mental health are difficulty sleeping, trouble eating, increased alcohol consumption, higher substance use, and worsening existing chronic conditions. The lower-income households are more susceptible to mental illnesses that come with the fear of job loss and potential income loss, leading to an increased suicide rate.

Addressing the Persisting Concerns

Arranging weekly team meetings and interactive sessions to check each employee’s well-being helps establish more robust connections. Team building exercises help colleagues to stay connected even in the days of social isolation. Allowing the employees to go on vacation and providing leverage in casual leaves could help the employees take the allay of the developing stress. Offer leniency in working hours and avoid bounding the employees to work more than eight or nine hours even when the assigned job is completed.

Please provide them with childcare insurance and eldercare resources to show that you care about your employees. The employee assistance program could help those experiencing mental health issues with the required mental help.

The free counseling and therapy sessions help the stressed employee deal with personal relationships and professional concerns. Watch your employee’s behavior and evaluate the possible direct life threats. If the employee expresses any self-harm and suicidal ideas, conduct a one-to-one session to evaluate his condition better to perform the regular tasks.

The management and HR could handle the mental well-being of employees by organizing weekly webinars and virtual mental health conferences. These activities help the employees to combat mental issues. Promoting and practicing the collaborative approach in these times of isolation is crucial.

Conclusion

The organizations need to develop a psychological first aid set to observe and handle the employee’s mental state. The management must be more flexible and patient with employees going through such challenging times.

On the other hand, recovering from the all-pervading impacts of the pandemic will not be easy. Employers need to demonstrate empathy and compassion when it comes to decision-making. On the other hand, employees need to find the right balance in their professional and personal lives.

Pandemic or no pandemic, businesses can benefit from a more productive and engaged workforce if they understand the needs and concerns of their employees.

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.

Clearing and suspense accounts are designed to hold financial transactions until they can be designated to revenue or expense accounts. These accounts need to be current and accurate since they will feed into the primary financial accounts of the company.

Clearing and suspense accounts are accounting tools designed to prevent errors. While the clearing and suspense accounts are used for a similar financial function, some key differences exist between them and how they are used.

Understanding Suspense Accounts

Suspense accounts contain entries where there were financial discrepancies and uncertainties. For instance, if an individual makes a deposit but enters an account number incorrectly, that money will be deposited into the suspense account until the error is corrected. In another scenario, a client might issue a payment but couldn’t specify which invoice they intend to pay with the funds.

Regardless of the uncertainties, suspense accounts are only used until the error or confusion is resolved. The funds are then designated to the correct business account. Banks monitor and reconcile suspense accounts regularly. Unresolved suspense items are written off when classified as uncollectible and entered as a loss in the final report.

Suspense accounts are also known as general ledgers that contain pending transactions. For instance, when a person has multiple items with outstanding payments and makes payments without mentioning them, instead of leaving the payments off the financial records, you can keep the transactions in a suspense account until you decide where they belong.

Following are the few benefits of a suspense account.

1. It allows a temporary space for recording evident transactions.
2. It keeps the account books organized by removing anonymous transactions.

Understanding Clearing Accounts

A clearing account is generally a temporary account containing amounts to be transferred to another account. An example is the income summary containing income and expense costs to retained earnings at the end of every fiscal period.

Clearing an account makes it easier to secure the cash until the amount is acknowledged, verified, and deposited back into your account. It can also be utilized for account receivables.

Often, amounts are transferred into the clearing accounts for security purposes and later deposited in a more suitable account. Moreover, these accounts can verify the processing income and expenditure amounts. Both amounts are recorded promptly to make the financial records as accurate as possible. Clearing accounts are valuable for situations that include,

1. Funds that are not deposited in the bank account until the following year.
2. Alteration of payments needs to be cleared out.
3. Inaccurate amount postings need to be excluded.
4. All expenditures should be paid to get zeroed out.

Clearing Account vs. Suspense Account

Temporary accounts

Clearing and suspense accounts are somewhat similar because both are temporary accounts. However, they both have entirely distinct functions. Clearing accounts are utilized to hold transactions and to ensure that information is recorded accurately. At the same time, a suspense account comes in handy for an emergency or problem. It offers to secure the cash until the issue is resolved.

Handling variability

Suspense accounts are the general ledger accounts that hold transactions when there’s a vagueness involved. However, a clearing account keeps the payments that are supposed to be transferred to another account. Securing the suspense account’s payment would be accessible until you anticipate where it belongs.

Scope variance

Clearing accounts can probably assist larger corporations because, in small businesses, there aren’t many cash transactions to separate the records. However, a suspense account works amazingly well for every stage of business. For instance, when a company can’t decide the type of account, a suspense account comes in handy to secure the transaction.

A company generates many transactions throughout its business operations. Sometimes, a cash transaction might contain missing information that gets entered into records. Specifically, a business has to record every transaction, and you’ve to choose whether you opt for a clearing or suspense account for your business purpose.

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.

As we move forward emotionally and physically, we also shift how we live our lives. Our cell phones have evolved from inventing airplanes to developing phones, a technology the world is grateful for. With everything going digital, why should money take a pause? After all, cash leads the game.

Cryptocurrency is a type of payment that can be dealt with online only. You cannot touch it; you cannot see it. You can, however, see your progress. That’s all. This currency works using a technology called a blockchain.

Because of its demand and how it instantly vibes with the public, many different cryptocurrencies have taken the market by storm. Although the foundation for all of them is blockchain, using a decentralized technology spread across many computers that manage and record transactions.

This currency is hot in the market right now because of its tight-knit security. You won’t wake up one day fearing you’ll get robbed or walk through the streets questioning yourself if you’ve dropped a $100 note somewhere. Crypto saves us from that trouble, therefore appealing to the latest generation.

Convenience

This generation lives on convenience. With e-commerce on the rise, it only makes sense for crypto to take over the market. Here are a few ways Cryptocurrency is doing us all a favor:

• Reduced risk of fraud

With cash or money in bank accounts, being a victim of fraud is as easy as counting 123. With money supported by technology, it is nearly impossible to transfer your money fraudulently. The plus side of this currency is how it was created using technology. Blockchain technology helps tremendously in maintaining the integrity of crypto.

• Stability

With the world surprising us every other day, inflation and unstable currencies have become a part of our lives. We wake up daily not knowing if we’ll get the desired conversion rate. Unstable currencies have long been a part of the stock market, and it’s never something you can trust. For people who live in countries where inflation is at an all-time high, Cryptocurrency can change the narrative, and if we see the bigger picture, it can even help the country change for the better.

• Take back your control

With Cryptocurrency, you have control over your money. Sure, you can’t see it, but you can check its progress anytime you want. Every other day, there is a case of fraudulent activity or even institutions where we store our money, and acts are committed.

Our money is never safe. Someone or another will always have access to it. Keeping money in your house is also not safe. You see, that fear always lingers on if we have cash around us. Cryptocurrency is secure; it’s all under your eyes.

Types of Cryptocurrency

Since Cryptocurrency took over the market, many different currencies have come through. Here’s info on some of the most significant leagues:

• Bitcoin

Bitcoin is primarily leading the market. It has more liquidity because of its acceptance in the market. The idea here is the more a currency is used in the market as a medium of exchange, the more liquid it becomes. And that is precisely the case with Bitcoin. It has more exchanges, acceptability, hardware, and an intricate software system.

• Ethereum

Ethereum is fundamentally different because of its technology. Bitcoin is a currency; however, Ethereum is also a technology to build new and more extensive programs. Vitalik Buterin, the founder of Ethereum, summarized it, saying, ‘Ethereum is a smartphone while Bitcoin is a calculator.’

• Dogecoin

Initially created for humor to make fun of Bitcoin, Dogecoin has managed to up the stakes with Elon Musk backing up the game! Dogecoin can buy things or make payments online if those you deal with accept the respective currency.

Risk

Cryptocurrency is, after all, an investment. And as much as it has enormous potential to make you rich, is an investment not risky? The gamble here is volatility. You would never be advised to put your trust in the market, but prospective benefits act as a bribe well enough. It is a part of our innate nature for humans to feel pulled towards risk.

That does make sense. Because then we ask ourselves how superior we’ll feel once we win. Cryptocurrency does not seem that much of a risk for the generation that is winging it right now, and I’m guessing that’s alright. There’s always a way to bounce back. Because what if you win?

Conclusion

Cryptocurrency is risky, but it is also worth it. With everyone shifting to online currency, it won’t be too late till it’s not a choice anymore and more of a way of life. Having currency online that you can constantly keep track of, knowing where it’s going and where it’s not to the %, is our best choice.

It’s rather stressful keeping money in our banks only to find out later those fraudulent activities were committed, and we’ve lost all our hard-earned money. Therefore, it would be a rather brilliant idea to get in the game now and learn the ropes so that you’ll know the depths of this industry when the kids come through.

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.

Every financially responsible adult should be focused on having a savings account. However, many don’t for one reason: lack of discipline. There is a distinct difference between those who build savings throughout their lives and those who fail to have the discipline to save.

Savings of any kind take discipline to achieve, whether saving for emergency funds, college for your children, buying a home, retirement, or opening a business. It also doesn’t matter if you have wealth or live paycheck to paycheck; saving money requires discipline.

Financial experts point out that disciplined savings are one of the keys to generating a solid financial future. They suggest paying yourself at least 10% of your income first. This money will be put into whatever savings accounts you choose. 

For example, a person who earns $10,000 a month would have to save between $1,000 and $1,500. Another way to decide what percentage of income to save is to consider your current age. If you are 25 years old, you have to save 25%; if you are 45, it will be 45%. In short, it would have to increase by 1% every year of your current age.

Automated Savings

Discipline is something every person should have when it comes to their finances. It requires focus and dedication to saving towards your goals. Because so many don’t feel they have the means to save, they don’t try. While you recommend putting a percentage of your income away, discipline doesn’t have an amount requirement. Start by putting something away, no matter the amount.

If this is your case, there are options to help you save, invest, and achieve your financial goals, including an automated savings program. It should be done on your payroll or other regularly deposited checks so you never see or touch the money.

Discipline doesn’t mean you must find a way to part with the money you need to save once you have it in your pocket or main bank account. Discipline is taking measures to save and stick to it using every tool at your disposal to accomplish your savings goals. You can make automatic deposits into your savings account in two ways.

You can have your banking institution automatically debit your checking account on a specific day of the month and deposit it into your savings account. Some banks will have automated options for deposit transactions that will allow you to designate a certain amount each month to be taken from another account or financial source and put in your savings.

You can also have your employer direct deposit your payroll check into a checking account and a designated amount to a savings account. This direct deposit can take one to two paychecks to begin after signing up. However, you can manually deposit into your checking and savings account.

Investment Savings 

With an investment savings program, you can hire an investment professional to make regular savings investments on your behalf or advise them on where to put your money each month. This type of savings can be for a specific or longer-term period.

If you use an investment company and give them the ability to do so, they will do all the investing and allocating savings revenue on your behalf. This type of savings is another way to have a hands-off approach, making it easier to work money into savings without missing it.

Life insurance is another way to have investment savings. Depending on the policy and terms, you can eventually borrow against the money you put into your life insurance policy. Also, you can sell your life insurance policy for a profit later in your life and use it for your final retirement years.

Conclusion

No matter what type of savings plan you put into action, the most important thing is that you have savings or multiple savings accounts or options. Whether you have an emergency expense that needs to be covered, you want to purchase a house, or you want to be able to live it up in your retirement years. Savings accounts are essential for everyone to have.

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.