Author: Complete Controller

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.

Oil is one of the world’s most essential natural resources. Possessing this resource helps a country acquire a powerful standing on the international stage. Even the slightest fluctuation in oil prices significantly impacts a country’s and the world’s economy. 

The COVID-19 pandemic is affecting the economic growth of countries, which is hurting the global economy. Due to the world’s uncertain situation today, the Coronavirus outbreak has led to a significant decline in oil prices.

The question is ‘whether this decline in the oil price will lead to further deterioration of the economy or will it serve as an economic booster?’

Before we dive deep into this, we need to understand the major causes of the decline in oil prices. Why? It will help you understand the considered impacts of this natural resource on businesses, including other options. 

Causes of Decline in Oil Prices

Oil is a natural resource that several states refine as a product and then export to other countries. However, there are specific changes that cause significant fluctuations in oil prices.

• OPEC causes oil costs to fluctuate

The Organization of Petroleum Exporting Countries (OPEC) is one of the major causes of the decline in oil prices. OPEC consists of 13 world states. It takes care of 80% of the global trade of oil reserves. The member countries produce oil to fulfill all global demands. It causes fluctuations in the costs of this natural resource and hinders economic growth.

In the past, the cost of natural resources started increasing as there was a $100 price for one barrel. But the global pandemic starts tumbling the price of these natural resources. It significantly impacts oil importers’ and exporters’ economic growth.

• Supply and requirements cause oil price reduction.

The product manufacturing process and stock exchange also play a role in the decline in oil prices. The oil prices and the demand for products are inversely related. There is a prominent decrease in oil costs when the supply exceeds the demand.

The excessive supply of oil decreases its price. It benefits states’ economic growth, mainly the exporters of this natural resource.

• Political instability

According to the international trading perspective, the Middle East’s political instability causes oil prices to fluctuate. It happens because countries account for a significant share of the global oil trade.

According to the research, political instability in Iraq and Afghanistan caused a significant decline in oil prices. It means a single oil barrel rate reached $128 due to political unrest and uncertain security.

The Decline in Oil Prices and The Global Economy

At the international level, OPEC or other exporters control all-natural resources’ pricing strategies, especially oil. According to recent research, the decline in oil prices due to COVID-19 affected several countries’ economies, including Russia.

Russia, specifically, faced a decrease of $2 billion in its revenue. Additionally, several countries, including oil-producing ones, encountered low profits due to reduced oil costs. It happened due to a commission reduction of more than half of their rigs.

Impact of Oil Costs on Businesses

The decline in oil prices has a tremendous impact on manufacturing and production companies in the country. It also affects transportation and other business operations because the expenditures interrelate. Businesses need transport and fuel to send their goods to the importers.

So, the decline in oil prices makes transportation as cheap as possible. It opens the doors for other business operations. Hence, there is a significant advancement in economic growth.

Employment and Investment

The decline in oil prices in the world’s economies has a negative and positive impact. How can it be?

The oil exploration and refinery process needs a large team of laborers and other natural resource-extracting experts. They also need affordable transportation and experienced diesel mechanics. So, the significant decline in oil prices helps them to achieve this goal.

However, the decline in oil prices slows natural resources’ drilling and exploration activity. It makes economic activities unconventional. It increases a higher barrel cost than a conventional oil and natural resource source.

Conclusion

There is a negative and positive impact of a decline in oil prices. According to the experts, if this downturn benefits you, you should use it for future business advancements. If it isn’t leveraging you, try to cope with it by creating problem-solving strategies.

The most effective and helpful measure is to sign the future contract as discussed above. Due to this, you can decide on a specific amount for oil shopping, and the price will remain the same whenever you need to use this opportunity.

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.

Social Security is a federal government program that provides financial assistance during retirement, disability, or widowhood. To obtain these benefits, you need to have a Social Security number and have paid taxes during the years you worked.

Retirement Benefits

If you wish to obtain social security benefits when you retire, you must be 67 to receive full benefits and have accumulated 40 credits. For each year that you worked, you will receive four credits. In other words, that person must have worked for ten years, at least. You can receive benefits at age 62. However, the financial assistance you receive will not be complete.

“You can earn up to four credits per year. For example, in 2019, you get a credit for every $1,360 salary or self-employment income. When you have earned $5,440, you will have obtained the four annual credits, “explains the Social Security website.

On the other hand, it does not matter if you move out of the United States. You still have the right to receive the benefits. If you want more information, read this article: Can residents receive Social Security benefits outside the United States?

Disability Benefits

If you suffer from a physical, mental, or emotional illness that does not allow you to work for more than one year, you can apply for disability benefits.

“Normally, we give monthly cash benefits to those who cannot work for more than a year because of a disability. In general, the benefits continue until the person can return to work, “explains the Social Security office.

Benefits For Widowhood or Survivors

If a family member receives Social Security benefits and dies, they must report to Social Security immediately. In this way, the agency can make a report and decide if the immediate family (children or couple) can receive Social Security benefits. You must apply to the United States Social Security Administration (SSA) to receive survivor benefits. On the other hand, if you die, Social Security explains: “The benefits can be paid to your children and your spouse, if they oversee your children, even if you do not have the necessary number of credits. Your family can receive benefits if you have credits for a year and a half of work (6 credits) within three years just before your death. “

Taxes and Social Security Advantages

If spouses have joint income greater than 32,000 dollars or the income of an individual taxpayer is more than 25,000, they will have to pay off taxes on social security advantages. It relies on how much income you earn, but you can’t pay taxes more outstanding than 85% of social security advantages as it will regardless of income. Mostly, disabled people don’t have to pay taxes as a social security benefit. If survivors got such benefits, you would not consider the amount as your taxable income.

You can also receive the benefits if your former partner dies and you were married for ten years; you may receive Social Security benefits.

Under certain circumstances, stepchildren, grandchildren, or adopted children may also receive benefits.

The spouse or surviving child can receive a lump sum payment of $225 if they meet specific requirements, such as living with the worker at the time of death.

If, for some reason, you cannot receive Social Security benefits, you should consider saving money to be financially stable during retirement. Some savings or retirement accounts that you can consider are:

• Synchrony bank

Synchrony Bank offers a savings account with an interest of 2.25%. You do not need a minimum balance to earn interest to open the bill, and you do not have monthly charges. Also, when opening this account, you can obtain a debit card.

• Barclays

Barclays allows you to open a savings account with an interest of 2.20%. The budget does not require a minimum deposit to open it and has no maintenance charges. In the same way, you can make bank transfers without any cost from Barclays to another bank or vice versa.

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.

There are multiple ways to pay for higher education. You can pay for it through scholarships, savings accounts, jobs, or student loans. However, a student loan is the most common way to pay for college. This way of financing your education leaves you with debt before you begin the career you hope to pursue with your degree.

Though financing your education through student loans can burden you, there are several ways to structure the loan payments to give you peace of mind and not break your budget. When structuring your loan payments, you must consider a few things.

Consider how much you can pay back, how you will pay it before, and a timeline. Here are the four most common payment plans to repay your student loans and get you out of debt.

Standard Reimbursement Plan

The standard reimbursement plan requires fixed payments of at least $ 50 per month for a fixed period. The loan payment term depends on the same amount, but it will not be more than ten years. This plan will probably allow you to pay your loan faster, and it will cost less if you have the money to make the payments.

Extended Reimbursement Plan

The extended reimbursement plan requires fixed payments for a fixed period like the standard reimbursement plan. However, the period can be more extended than the standard plan. Although you must pay at least $50 per month, the payments are usually much lower than you would pay using other plans. The lower payment is because the term to pay is much longer, from 10 to 25 years. Of course, this increases your total interest, but you can make payments easier to deal with.

Step-by-Step Reimbursement Plan

If you currently do not have a lot of income but expect a higher income, this may be the best plan for you. As with the extended plan, the payment term is 10 to 25 years, but there is an additional protection interval because your payments start lower. The minimum monthly payment is only $25 and increases every two years.

Withdrawal Plan Conditioned on Income

Your monthly payments will depend on your income, giving you some security if you do not have a certain income amount. What you pay each year increases or decreases based on what you earn, and no minimum payment is established.

With this plan, the payment term can be up to 25 years. After the deadline, the government will cancel or forgive any unpaid amount, although you must pay the income tax for the amount forgiven.

What can You do if You do Not Have The Money to Repay The Loan?

If you have problems paying your student loans, you can request deferment of your payments for a set period if you are in college, at least at half time; you request permission to be absent from work to be a parent; you enter a public service organization, such as the armed forces or the Peace Corps; Unemployment, a temporary disability or other events may also entitle you to request a deferment.

If your loans are deferred, your payment program stops, and the balance does not accrue interest. If you do not have a valid reason to obtain a deferment but cannot pay your loans, you can request a forbearance. If this request is granted, you will not have to make payments, but the loans will continue to accrue interest. In some cases, it is possible to get your loans forgiven or canceled.

This loan forgiveness usually requires extreme circumstances, such as total disability or other life-changing events. The government sometimes forgives loans as a reward for working full-time in specific positions linked to people with disabilities, low-income families, education, or other public service areas.

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.

Some people start a business to make a good living and improve their quality of life. Others tend to work for themselves and see it as an opportunity to succeed in the competitive market. But if the desire to bring positive change ignites the entrepreneur trait in you, it is called “social entrepreneurship.”

Social entrepreneurship brings innovative new solutions to improve the world. But being a source of change means overcoming social taboos, which requires three main factors: determination, grit, and idealism.

Changing the world is a massive challenge beyond one imagination. Do you want to contribute to the world as a social entrepreneur? Take the first step and ignore all those who suggest not to do it.

We have noticed many organizations are working towards a good cause. Their mission is not to transmute into a renowned titan and make money but to do good in the universe. Finally, it enters the orbit of social entrepreneurship.

Here, we will discover the nitty-gritty of social entrepreneurship, types of social entrepreneurship, and examples of good personas of social entrepreneurship.

Shedding Light on Social Entrepreneurship

Entrepreneurial philanthropy is diverse and includes profit and non-profit organizations playing their part for a good cause. Examples of social entrepreneurship are Doctors Without Borders, which depends on donations and grants, and profit organizations such as Tesla, which profit by putting up clean energy products.

You can also count brick-and-mortar companies and online business ideas as social entrepreneurship. Social entrepreneurship is when people set up companies committed to giving back to the world.

Types of Social Entrepreneurship

There are many forms of social entrepreneurship. Let’s see some of them:

• Non-profit – non-business entities that invest in the mission of the world’s well-being.
• Cooperative – a business organized or developed for members. Credit units and community groceries are examples of cooperative social entrepreneurship.
• Social purpose organization – These businesses are established to address and work for a social mission.
• Social firm – Social firms are working for a good cause. Their mission is to employ people in the community who are needy and looking for jobs. 
• Socially responsible business – These companies’ mission is to support charitable work. They support people who want to change society, make it their vision to help people, and include it in their day-to-day mission.
• For-profit—These businesses have been established to make a profit, but they donate a lot of money to raise awareness and organize social events. Their primary focus is to contribute a part of their profit to funds.

Reasons Why Social Entrepreneurship Matters

Among many individuals striving for freedom and financial stability, many social entrepreneurs are trying to solve the world’s biggest problem. They are creating an impact on people to improve other lives and surrounding environments. Making money is not everything for them. Social entrepreneurship matters because:

• You can be an inspirational source of impact for people.
• You can respond to customers’ needs efficiently.
• Create a relationship with people of social and economic networks.
• Develop better economic and social values
• And make the world a better place to live.

Social Entrepreneurship Ideas

So, you want to contribute to a social cause. Here are a few things you can do to develop an idea of your own:

• Crowdfunding
• Baking for cause
• Educational travel
• Employment services to the needy
• Funding or mentorship
• Micro-lending
• Crafting for cause

Famous Social Entrepreneurs

Durell Coleman

Coleman is the founder of DC Design, a social entrepreneur who creates plans to impact and solve the most significant world problems. His firm has addressed challenges in criminal justice, introduced the care system in the United States, designed refugee camps, and worked with multiple global organizations for a good cause.

Emily Kirsch

Kirsch is a true social entrepreneur and founder of a powerhouse. His noble contributions are countless, including his organization’s installation of solar panels in houses in California.

If you want to contribute, build an idea or follow one mentioned and do your part to improve the world. As Ann Cotton, founder of Camfed, said, “Be greedy for social change, and your life will be endlessly enriched. The only failures are lying in not trying and giving up.”

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.

Ideal Customer

If your small business does not know its ideal client, it will not grow properly.

For a small business, knowing your ideal customer is essential. Suppose you do not know who to turn to in this situation. In that case, everything you do, no matter how good, will not make sense. You will lose it in the annual balance of the year, which will be challenging to be positive because it will be missing to dedicate time to those who want to know and make it grow, your ideal customer.

You can solve it by standardizing some forms to ask your best customers for the information you need to know to standardize your ideal customer.

Strategy

If you don’t have a strategy, your small business won’t grow

Small businesses focus on their daily work and do not have the time to plan a proper long-term growth strategy.

This strategy must be the fruit of observation. The results obtained so far provide clarity and efficiency in all the actions undertaken because of that moment to achieve the objectives set.

To know where a small business wants to go, it needs to know where and where to go in the short, medium, and long term. A strategy is nothing more than that.

If you want your business to grow, discover what we offer you below because it may interest you.

Modernized Brand Image

If they do not have a brand image according to the times, small businesses do not grow.

An outdated company image on the Internet (professional website) and in the real world is obsolete and unattractive to potential clients today.

Therefore, it will be interesting to change this image with renewed and modern airs that make the company live up to the current circumstances. Above all, awaken sensations that attract the attention of potential customers so that the small or medium-sized company can attract the attention of potential customers to grow and develop fully.

Times change, fashions change, and customers’ perceptions of them, and it is not about changing your logo every five years but considering if you have had the same for ten years.

It’s not about changing your logo every five years, but if you’ve had the same logo for ten years, consider it because small businesses don’t grow.

Lack of Investment in Marketing

If they don’t spend money on marketing, small businesses won’t grow

It can also happen that the marketing methods are outdated. The exact sales methods of decades ago are still used, which no longer work at the same level as in the past since the market, tastes, customs, and everything related to business has evolved.

Many companies are stagnant and have not adapted to the new reality of technology and online marketing.

To grow as a small business and evolve, it must have a dynamic, active, decisive spirit and adapt to the present in all senses. In this way, evolution will be possible, always accompanied by all those advantages that marketing offers.

Marketing is getting ahead of how you want to be seen by your customers, telling the story yourself, and not being told by others for you.

Search on Google

Small businesses do not grow when they do not appear on Google when potential customers search for their products and services.

Another reason small businesses do not grow is the lack of investment in visibility in Google. If a company is not found by its potential customers in this search engine (when they search for its products or services), it is as if it does not exist.

Some small business comment: “Of course, I’m on Google. If I look for my company, I appear in the first results. “- Yeah, but what about those who don’t know your brand, products, or services? You do not appear in Google if you search for your product or service.

Increased visibility on the Internet through available and specific techniques for this, such as web positioning (SEO), make it possible for the brand image to be updated, dynamic, and visible because small businesses don’t grow.

It is a matter of time before all current small and medium-sized companies begin to modernize, become visible in the market, and use effective marketing techniques to attract customers as they should. As a result of all these advances, leading and updated small businesses will be obtained, as yours will become.

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.