Author: Complete Controller

Facing any risk, we must protect ourselves and understand that we cannot walk around with armor or inside a bubble. We should anticipate and prevent unforeseen events that would prove difficult and stress our economic future and stability.

Daily, we encounter events that put at risk our resources, our health, and even the future of our family. Similarly, there are unexpected issues we face or have a fear of happening. When these events become a reality, they first attack our financial status. That is why people prefer to have insurance benefits coverage so any unforeseen expenses will not disturb personal cash flow.

Below are different insurance coverages to research and purchase to protect your assets, yourself, and your family when facing unforeseen circumstances or damages.

Car Insurance

Typically, when we start working, we first want to buy a car for which we save or incur debt. It is also the first important asset we appreciate because of its service and the effort put forth to acquire it. However, we expose ourselves to possible theft or damage through daily use. 

If theft or damage occurs, would the financial strain to replace or fix the car be insignificant, manageable, or disastrous? It is possible that if we do not have insurance to protect the car, which took so much effort to acquire, it will force us to replace or repair the vehicle using resources we do not readily have available. It is best to have car insurance in place at acquisition to avoid unnecessary expenses in the event of an emergency or loss.

Homeowner’s Insurance

Here is another example of insurance coverage. Shortly after buying our car and as we grow, the next significant purchase that we all want to make is a house. It causes us to work even harder, save more, incur more debt, or invest any income surplus. But, much like our car, our house is not exempt from a flood, fire, earthquake, or robbery.

If one of these terrible events happens, will we be upset that our capital, home, and family security disappeared without taking preventative steps? The most straightforward answer for this case will also be having a homeowner’s insurance policy that protects our property, home structure, and contents.

Disability and Life Insurance

In addition to car insurance and homeowner’s insurance, it is important to detail and discuss disability and life insurance. After a time, most people desire to start a family, so our new goal is to work hard and give them all possible comforts, meet their needs, and build a future together. Income plays an important role in the family, but what happens if future circumstances prevent you from working and earning an income?

If an accident disables you, disability insurance can financially assist you and protect your income. For example, disability insurance is vital for a medical professional who relies on his hands to work. If he is injured, this disability insurance coverage will help offset his expenses when his income is in jeopardy.

Similarly, life insurance will guarantee an insured value your family will receive if they are listed as a beneficiary if death occurs. This value could serve as an additional income or money to invest and can still guarantee future dreams and the stability of the family.

Conclusion

The cases mentioned above are only examples, but there are risks in every personal and professional activity. Fortunately, insurance is available to mitigate these risks and become a true solution to meet needs. Insurance is a factor worth the redundancy because it helps ensure our future financial stability, protects us, and gives us the peace of mind to continue living.

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 decision to purchase insurance to cover your needs is an essential decision because your family budget will need to support and pay for the premium. For this to be possible, you must establish priorities for your insurance contract before signing it. When signing an insurance policy, it will be important that you understand the terms that insurance use agents during this process.

Of course, one of the most relevant terms is that which refers to the policyholder; it will determine part of the coverages that users seek. A policyholder is responsible for subscribing to the insurance product and assumes the premium payment. In most cases, “policyholder,” “insured,” and even “beneficiary” correspond to the same person, although it does not always have to match.

Policyholders are motivated to subscribe to a policy for various reasons. Whether reasons regarding health, travel, home, death, or automobile, it is an economic goal to guarantee all acquired goods or financially cover unforeseen incidents. The policy will vary depending on the profile you present as a policyholder, but there will always be some scenarios that will best meet your coverage needs.

Below are five needs that most policyholders have, but they will depend on the lifestyle you lead right now.

Preserve Safety 

Safeguarding you from any incident that may develop while working is vital, so you have an economic response to face these unforeseen processes like illness, accident, or even disability. Coverage that meets this need means you will have insured capital through different insurance formats: accidents, life, or travel, among some of them. Even if you set aside monthly income in case of serious illness, the fear of what might happen in the future will be an incentive to accept insurance proposals.

Guarantee Personal Property

Surely, you have wondered what would happen if your home were affected by fire, if jewelry or other valuables were stolen, or if you caused serious damage to your neighbors because of a breakdown in your home facilities. As such, it will not be strange that you try to solve these and other scenarios using insurance that addresses these contingencies before they occur. As a policyholder, it is often a to preserve all, or a good part, of your wealth no matter what happens in an unforeseen accident.

Avoid Unnecessary Expenses 

When you sign an insurance policy, you do it with the intention of saving money. Fees are determined based on the investment and will help you pay for unexpected expenses. A malfunction in the bathroom, the need for surgical intervention, or the need for disability are some of the scenarios that may arise and need financial coverage. As such, you must define what your priorities are and give them appropriate insurance coverage.

Have Necessary Coverage

The insurance that you should value most is the one that meets your needs and can range from medical assistance to home protection. Some additional helpful coverage to your family or personal life included repatriation for accident or illness, legal assistance, or even travel cancellation or lost luggage coverage on trips. Do not forget that you can also include a legal defense service through these products.

Do Not Duplicate Benefits  

One of your goals as an insurance policyholder is to spend minimum money while receiving maximum benefits. A practical strategy is based on reviewing all aspects of the insurance coverage and canceling any possible duplicated benefits. Do not forget that this is something that happens frequently and implies that you are paying several times for the same or similar service. Whatever insurance policies you have secured, optimizing your budget allocated to these products is important is important.

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

If you are considering buying a house, you are likely interested in knowing what financial institutions offer different types of mortgages. It is essential to be aware of the main characteristics of each product so you can sign a mortgage according to your needs. Signing a mortgage is perhaps one of the most critical decisions in your life, so you should be well-informed.

Below are the most critical features of mortgage products banks currently offer and information regarding repayment versus interest-only mortgages.

Repayment Mortgages vs. Interest-Only Mortgages

Often, mortgages are arranged based on repayment, called a Capital and Interest mortgage. You will be required to repay borrowed capital and the portion of the interest you accrue. At the end of the term, when all payments have been made, you have paid the actual borrowed amount and interest to purchase your house outright. Fortunately, there are mortgage term options you can select, whether you prefer it to be shorter or longer, and are dependent on your capacity for monthly payment.

People arrange some mortgages based on an interest-only basis. You must repay your monthly interest rather than the capital you have borrowed. However, you will be required to pay off the borrowed amount at the end of the mortgage term. Interest-only mortgages can be helpful because monthly payments will be lower than the amount you pay in a repayment mortgage. 

Mortgages Based on Interest Rate

• Mortgages at a fixed rate: The fixed-rate mortgages are those in which the interest rate does not change, and therefore, the same monthly payment is paid throughout the life of the loan. This type of mortgage is an exciting alternative that is gaining market traction. In the long term, fixed-rate mortgages may be more expensive than variable-rate mortgages. However, loans with a fixed interest rate do not have long terms, generally 20 years. Conversely, variable-rate mortgages tend to extend to 30-40 years.
• Variable-rate mortgages: In a variable-rate mortgage, the monthly installments vary depending on the type of mortgage reference. One of the official reference types of the mortgage market and most used in the United States is the Euribor. In the United States, 93.6% of mortgage loans have a variable rate compared to around 7% of fixed-rate mortgages.
• Mixed-rate mortgages: Mixed-rate mortgages combine variable and fixed interest rates. In these cases, a percentage of interest may vary depending on a benchmark such as Euribor, and the other would be a fixed interest rate agreed upon with the bank.

Additional Mortgage Types

• Mortgages with fixed or constant rates: This type of mortgage is highly demanded and is composed of a part of the interest and another part of the requested capital. During the first years of the mortgage, the portion of interest to be paid is high, and the amortization of capital is low, reversing this situation over the years.
• Mortgages with armored installments: The monthly payment in an armored installment mortgage is always the same regardless of what happens with the interest rate. The only thing that changes is the number of terms depending on whether the interest rate increases or decreases.
• Mortgages with final installment: In this case, a part of the requested capital is paid in the last installment, which is usually around 30%. If this type of mortgage is taken, bear in mind that money must be saved to cover the payment of this last installment.
• Mortgages with increasing share: In this mortgage class, the quota grows a certain percentage every year, to which the variations must be added to the interest rate.
• Mortgages “only interests”: this type of product is not as popular in the US, although people from abroad widely use it. In the monthly installments, no capital is amortized; only interest is paid. Once the installment period ends, the homeowner must pay the full amount of the requested capital or sell the house to cancel the debt.

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.

One of the biggest dreams of many people is getting out of the rent and buying their own home. However, this requires a lot of planning, savings, and personal budget control. It is possible to count on some applications for mobile that allow managing the revenues and the expenses of the family.

Here, we list the top spending control applications that help with monthly budget planning. Keep following the reading and find out what they are right now!

1. Travel guide

It is an application for iOS and Android and is also available for browsers. To use it, the user only needs to create his profile and enter the Internet banking data to synchronize all the transactions made automatically. It is worth mentioning that it is possible to register different bank accounts for the same user.

The classification of expenses by group – purchases, markets, bars, and restaurants, among others – is done automatically by the app. In addition, it allows you to create a monthly budget as a goal and track the progress of the plan drawn. You can also view a chart that tells you which categories of money spend is more significant and how much you have in the month, taking all your revenue and expenses into account. In addition to helping you control spending, this app enables you to make financial planning based on your monthly budget.

2. Moni

This spending-control application has a simple and intuitive interface, making it easy to use. However, it is only available for iOS.

The Moni has one of the most agile ways of recording income and expenses. However, it requires manual registration of the groups. The main screen displays a red button with a negative symbol (for expense information) and a green button with a positive sign (for revenue data). In addition, the user can add information to the postings, which helps differentiate expenses.

3. Finance

Finance is available for both iOS and Android. It allows the user to control expenses and revenues simply because of its intuitive interface. It displays various expense categories using icons that help illustrate the cost group to do the record more quickly. To use the app, click on the icons and register each post manually.

It even allows the visualization of a chart that points out all the revenues and expenses every month, which helps create and better control financial planning.

4. Finance plus

The Finance Plus was developed exclusively for users using the Windows Phone platform and is free. It allows the user to post all the postings that are credited or debited from their account. In addition, it will enable you to view a monthly summary and back up your releases to OneDrive. It works from version 7.5 of Windows Phone.

5. Wally +

Available for iOS and Android, Wally + is an expense control application that lets users know which categories their money is going to most. To use it, you first must register and inform the salary and date of payment.

Once this step is complete, you can begin to plan budgets – daily and monthly – and the application informs you of the evolution of spending over the weeks. In addition, it allows you to scan purchase receipts, which gives the user a digital version and does not need to accumulate paper to control each purchase.

6. Organize

Organize can be used on the iOS and Android platforms. The great advantage of this application is that it allows access to finance even if the device has no connection to the internet. The interface is simple and very intuitive, which makes it very easy to use.

All postings are manual. However, any user changes to the application will update with the version available to the browser.

7. My savings

The My Savings has versions for both iOS and Android platforms and the web. To get started with this app, you must create a profile and set up your account. It is possible to consult the balance of the bank accounts registered and register new revenues, expenses, transfers, and installments. In addition, you can make notes in the app and still make online transactions.

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

We will discuss how to use data on the organizational level so more people can get help from data analysis.

The data hunger is excellent; nobody says no to extra information. The only issue is that organizations often don’t know how to transform data into actionable insights once they start collecting data. During our last Innovation Thursday webinar, we discovered what it takes. Get started to realize your data’s potential, which is strategically important in a data-driven world.

Not knowing the best method to read, understand, and turn data into intelligent actions can cost a business dearly. Lost opportunities, lower efficiency, productivity, quality problems, etc., make no one happy. Yet about 60% to 73% of all data within a company would go unused (Forrester).

It is a shame that the stars have never been so good for Smart Data. A recent report by McKinsey shows that 58% of organizations are exploring the possibilities of Smart Data in almost all sectors. Underlying trends such as the Internet of Things, cheap data storage, and the immense cloud computing power ensure that companies can fully utilize the added value.

When surveying those organizations about what they want to use intelligent data for, we see many different applications. Frontrunners improve current products and services, optimize business processes, and automate tasks to give employees more creative space. Businesses can create new value in almost all areas of an organization with the proper management and use of data. Value creation is not the only advantage; companies also see their revenues increase and their costs decrease simultaneously by using data better.

Where to Start? Discover the Data-Driven Platform

How do you start turning data into actionable insights? First and foremost, it is required to understand how such a process works and what it takes. We speak of a data-driven platform if all these steps are combined. During the webinar, it became clear that about 60% of the attendees were still looking for this.

In short, it is about a platform that receives data, which processes, reworks, combines, and enriches it to generate results/output ultimately. The network and its components create a picture of the significant steps your data can (but not always have to) go through. If we zoom in further, we distinguish from left to right the different ‘silos’ through which data moves. It is important to note that these are not actual silos; they often overlap or even partially overlap.

For example, we first look at data capture. From where does data come? Which existing data sources are available? Is data delivered live? Is there batch processing? What about unreliable data sources if a sensor fails, for example? In short, which qualitative data is valid?

Afterward, or simultaneously (remember: no silos), you look at the storage options. Is it about data that already contains a lot of structure (for example, users can transfer this to relational databases), or just not? Is it textual data? Video? Audio? Scannable documents? All these kinds of questions will impact how you construct your data platform. Usually, there is no wrong answer, and different data stores are combined.

The data is stored correctly and securely. And what now? Now, you can get started effectively. Many people see this as the black box of the process; it is a more than necessary step, but it remains very technical and, therefore, less susceptible. Data engineers are working with machine learning and data mining models. They pour specific business logic into formulas and models; in this way, they build an intelligent layer on top of the existing data.

The final interpretation occurs through dashboards (real-time or not) and visualizations using Microsoft Power BI reporting. Think, for example, of reports with analyses of the sales figures or cluster analyses of the customer base. You can also feed systems with these insights and automatically act based on those results.

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

What Is Meant By Voice Search?

Voice search is a technology that allows users to search by voice instead of typing keywords into search engines. The best-known and most-used voice search technology is Google Voice Search, which uses the principles of Natural Language Processing (NLP) to simulate human hearing and reasoning. Also present in intelligent artificial assistants like Siri (Apple) and Cortana (Microsoft), audio technology uses human speech recognition to precisely understand what you’re saying. That is, you say what you want to search, and Google gives you an answer. Lovely, isn’t it?

Voice search further proves that the user experience (UX) should be valued. The more customers use this technology, the more adaptations you must make to digital marketing strategies to meet their demands. Before we understand how voice search impacts your communication with the user and your business results, let’s know why people prefer to search by voice.

What Are The Impacts Of Voice Search On SEO Strategies?

When thinking about voice search, we must remember that this technology changes three main factors in users’ behavior: how they search, where they search, and what they search. The keywords used in voice search have been much longer than in typing search. That’s because they bring a tone more like a real conversation. In other words, it’s a more human language and less a computer language.

Naturally, you answered the first sentence because that’s how you would say it if you were looking for information online. Note that we bring here the verb to speak as the central point of the question. And why do we emphasize this verb in the context of internet search? Because we are facing a solid trend in the digital world, which directly impacts SEO strategies. We are talking about voice search, or voice search, as it is known internationally.

Let’s go back to the example we brought up above. It shows that users are increasingly looking for humanization in their relationship with technology (content humanization is one of the 2019 trends for digital marketing). A person is much more likely to say, “What are the 2019 trends for digital marketing?” than “2019 digital marketing trends”.

This way, research becomes complete and is not limited to head or short tails. The more you explore the semantic field in content writing, the more value your content. It includes using words from the same family or interest group and answering questions using long tails. You can rank a single page for different voice searches by doing this. A Google report says people generally look for information and nearby establishments. In a worldwide context, searches with the expression “near me now” grew around 150%. Think that if a person is on the street and wants to eat when using the voice search, he will say, “Which restaurant is closest to me?” and click on the first results that appear. Or, if a customer searches for “Where is the furniture store closest to me?” they will find results that answer their question. If you own a business establishment, it is much more efficient to be ranked by Google when working the keywords “close to me” and “close to me” in your content.

How To Improve Keyword Usage From Voice Search?

1. Develop keywords with more natural language, just as a person would speak. Remember that the searchers are human beings and not robots.
2. Since the idea is to simulate a conversation, develop longer keywords in spoken sentence format, with about five words or more.
3. Invest in keywords in the form of questions. If a person doubts something, it is more common for him to do a voice search with questions than to state something. At this point, consider that the words “who,” “where,” “what,” “when,” and “how” are used a lot. So, insert these words into your content essay.

What Are SEO Strategies To Optimize Content For Voice Search?

Produce content with a more human and natural voice and always clear language. If your content needs to be more detailed or technical, break it into smaller chunks so anyone quickly understands it. For your website to rank up on the Google page, in the snippet feature, produce a concise paragraph, with up to 29 words, with information on your main content. Google quickly reads site sections containing hashtags, lists, and topics. Also, be sure to include long-tail keywords in the snippet feature.

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 Asset Liability Management (ALM) process helps a company manage its assets and liabilities in such a way as to avoid loss due to defaulting in the repayment of liability. It allows management to monitor assets and cash flows to provide the best advantage to the company and increases the chances of the company securing future loans.

Asset Liability Management not only helps businesses with risks related to currency and liquidity but also helps maximize profit on assets, creating a surplus. Therefore, it is also called surplus management. Asset Liability Management makes its decisions by reviewing past and recent performance through financial statements using indicators to make a financial decision accordingly and in the business’s or the bank’s best interest. The funding strategy is also concerned with countering liquidity issues and increasing the rate of return.

Uses of Asset Liability Management

Gap Management: A change in the interest rate causes a gap between the assets and liability. This gap ends up creating Sensitive Rate Assets and Rate Sensitive Liabilities. You can reduce such gaps by making time bands, checking, and matching assets and liabilities after completing each time band, optimizing the earnings of the current economic cycle.

Meeting the Liquidity Needs: The primary purpose of Asset Liability Management is to make the assets available whenever needed. This method maximizes profit by allocating the assets to the department that needs it the most and where its utilization will be the most cost-effective.

Alteration: The method of alteration by the asset management tool helps the business reduce the risk imposed on the company through the balance sheet. It does not eliminate the risk but allows the company to manage and reduce it.

Banks

A banking institution deals with a massive number of transactions regularly. Such an enormous number of transactions increases its chances of having risks on the balance sheet. Therefore, banks try to find a balance to prevent themselves from risk in case of a sudden change in the interest rates. A bank must fix the interest rate on its funding; otherwise, banks will incur a significant loss if the interest rates increase higher than the charged rates. Moreover, banks are exposed to the risks related to foreign exchange rate fluctuation and currency depreciation. Therefore, banks make use of Assets Liability Management to manage such risks because they cannot be prevented but can only managed. ALM helps banks manage liquidity, risk analysis, future projection, and capital planning while mitigating risks.

Business Use

Asset Liability Management tools help the company find the best funding structure using an analysis of the company’s dynamics. Every company has a core product in which it uses some material, causing the material to be its essential material. A management tool like ALM helps the company forecast the fluctuation in the prices of the core material and make decisions accordingly. Moreover, it helps businesses make decisions by reviewing past and recent performance through financial statements, performance indicators, and consideration of company goals and interests.

Seven factors revolve around the asset liability management cycle and are necessary for smooth operational activities. They are data collection, cash flow evaluation, portfolio architecture, result monitoring, decision making, risk/revenue evaluation, and strategy development. Asset liability management refers to capital development and transformation, including gap financing, cash flow, and interest rate analysis.

Asset Liability Management and Market Environment

ALM and other modules offer a certain way to help you manage the environment market:

• Instruments costs and dividends
• Indexes, yield curves, and credit spread curves
• Foreign exchange trading rates
• Stock indexes
• Interactive broker rates
• Implied volatility
• Bond baskets for future
• Table of life for insurance instruments
• Eligibility for providers
• Multiple market application

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.

Financial statements, also known as annual accounts, are documents or reports that show a company’s economic and financial information in a structured manner. This information includes assets and debts, financial results obtained, income, and cash outflows.

Financial statements are essential because they present economic and financial information in a structured way, allow you to interpret and analyze this information, and make decisions that benefit the company based on that analysis.

These documents are required and used by the company’s owners, shareholders, and executives to determine assets and liabilities management, profits generation, losses suffered, and cash flow management.

Also, financial statements are required and used by people or entities external to the company, such as:

• Investors: to know the profitability of the company and determine investment participation
• Government entities: to know the results the company obtained and calculate taxes that must be paid
• Banks and financial institutions: to determine if the company will be able to repay the loan you and decide an approval
• Suppliers: to know the creditworthiness of the company and establish a working relationship or credit relationship

Balance Sheet

The balance sheet shows a company’s assets, liabilities, and equity at a given time.

The balance sheet allows you to analyze the assets and liabilities within a company, including how much was invested, where funds were invested, liabilities management, and earnings.

Statement of Income

The income statement, or profit and loss statement, income statement, or profit and loss account, shows the income, expenses, and results a company has experienced during a specific period, generally one year.

The income statement is helpful because it allows you to review income and expenses, and so you can determine income generation, growth potential, or unnecessary expenses. 

Cash Flow

The cash flow statement shows the cash inflows and outflows you experienced within a given period. It allows you to examine how your company has obtained and spent income and what amount is available at the end of that period. This information lets you determine whether to buy additional merchandise or apply for credit.

Other Financial Statements

The balance sheet, the income statement, and the cash flow are the main financial statements; however, there are others that are beneficial to compile and review:

• Statement of changes in equity: The statement of changes in equity, or surplus statement, shows changes in equity within a given period. These changes include variations in contributions made by the partners or shareholders of the company and changes in the use or distribution of the profits.
• Statement of changes in the financial situation: The statement of changes in the financial situation, also known as the statement of movements of funds, shows the origin of funds and movement during a determined period.
• Memory: Memory, or notes of financial statements, presents information that helps expand the information in the other financial statements. Memory additionally explains relevant information that could be difficult to interpret or analyze.

Types of Financial Statements

Financial statements are usually classified according to their functionality:

• Projected financial statements: These are financial statements that show projected figures, that is, figures that have been predicted for a date or period in the future. They are used to project the results achieved in the future and determine if the company will be profitable.
• Audited financial statements: These are financial statements whose information has been reviewed and verified by independent auditors or public accountants. They are required when a company is listed on the stock exchange.
• Consolidated financial statements: These are financial statements presented by different companies or independent bodies as if they were a single entity. They are used to analyze a multinational company financially.

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.

Your business will only progress if you stay in the competition, which is only possible by keeping track of the constantly changing drifts and keeping up with the latest trends. If we talk about the bookkeeping trends, they are not slowing down any sooner, and one must keep pace with them.

Technology has taken over the entire world; the word itself means development. It is reshaping businesses and industries in the modern setup. Take the worldwide crisis of COVID-19 into account; it has transformed almost everything, including systems and processes, and changed manual tasks into automated jobs, from the traditional ways of working to now an increased dependency on digital technology like online schooling, work-from-home businesses, etc. Digital industries are evolving increasingly, and now businesses, big or small, depend more on remote bookkeeping. 

With prevailing technology and the evolving IT industry, a paradigm shift has occurred, and businesses operate more efficiently and effectively.

The six key bookkeeping trends that young entrepreneurs and small businesses can use in the coming years follow.

Bulk Data Transfers

Today, data doesn’t mean numbers and figures, which accountants have dealt with for decades. It also includes amorphous numbers that can be analyzed through natural language processing. It works like a fuel driving various transforming finance and accounting in the fourth industrial revolution through swiftly changing technology trends. The audit process has also been digitalized now. These reforms are vital and help generate more revenue by improving internal operations. Now, it’s no big deal to transform numbers and figures, i.e., date in bulk, and save considerable time and extra effort.

Majority Of SMEs Shifting to The Cloud

Many small businesses and medium-sized enterprises adopt cloud-based computing services, also known as software as a service or SaaS; they allow users access to various software applications that run on shared computing resources. It is not only user-friendly but convenient as well. You can use different software like QuickBooks and Xero for this purpose; however, every user has their requirements and can choose any such digital software according to his demands. 

Data Analytics

Data analytics is one of many rising trends in technology that helps to reach fresh, innovative, and valuable insights from your existing data. This helps to bring the faults and deviations of your technology into sight. While it also provides solutions to deal with them. All of this is possible in less time now due to analytics. It also offers detailed and actionable statistics that help to build trust among your clients.

Artificial Intelligence (AI)

Artificial intelligence can help accountants and bookkeepers to be more productive and efficient. Robotic process automation or algorithms allow machines or AI workers to finish lengthy and time-consuming tasks in significantly less time. These machines also help reduce manual labor, reducing the chances of high costs and errors. Modern technologies have altered client’s expectations of businesses and corporations. Clients demand high-level accuracy and more efficient jobs since AI has made things more precise.

Improvement in Inventory Tracking and Management

With the increasing use of the internet and the development of modern technology and devices combined with artificial intelligence, communication and operation can occur without much human assistance. Now, professional financers can track their transactions and other records in real-time. Audits have become much more streamlined due to this uninterrupted monitoring. Inventory tracking has become more accessible, and checking and managing the right amount of available supply (in a business stock) is not a problem. 

Learning Bookkeeping is No Biggie

Thanks to technology and the internet, every piece of information is available online, and with a single click, one can search for anything. Online video tutorials are a big help, and beginners and entrepreneurs running either small or low funds can get help from these software programs.

Bookkeeping trends will keep changing and evolving in the future, and you can only succeed in your business if you keep pace with these shifting trends.

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.

No matter how big or small, every businessperson loves to maintain a level of focus on business targets. Entrepreneurs now realize the importance of using technology to achieve goals. Not only that, but they also learn how innovative tech helps companies achieve the impossible. Training is a must for all employees, and companies realize why. Organizations ask managers to develop innovative training programs based on meeting the upcoming challenges resulting from organizational changes. Cutting-edge tech tools like augmented reality are becoming increasingly common.

Why Use Technology For Training?

It is where innovative technology comes into play. Using Augmented reality for employee training is the way forward. Sooner or later, companies will use it as a matter of requirement. Knowing this helps managers realize what and how they are required to do:

Identifying The Requirements

Is there a need to introduce new technology for employee training? If old procedures were working great, where does the new training method come into play? Businesses must ask questions like these before incorporating new technology. Firstly, the company hierarchy must identify the need to induct the latest technology. The company hierarchy will ask questions like these so they know if there is a need to incorporate the tech or not. Managers will revisit previous employee training methods and check for the possibility of integrating with AR. The idea is to provide better technology to pave the way for proper training. Accustoming employees to modern methods of training is equally important.

Identifying Training Targets

In the second phase, the management will identify the company’s targets by revisiting training regimes. Incorporating AR will improve training remarkably. It will pave the way for new possibilities and help employees learn interactively. The AR will effectively replace previous technologies for good.

Gaining Momentum

Did you know that augmented reality is by no means a new technology? It has been around for decades, albeit it maintained a low profile. AR was the brainchild of Howard University computer scientist Ivan Sutherland. The far-reaching implications of this technology were evident. They have been using the tech for decades very seldom. The possibilities were endless, being mindful of its capabilities. 

It combines hardware with software and produces a simulated environment. The visual effects are cutting-edge, and it can use different types of software, be it gaming, training, or simulation. IDC estimates that AR combined with VR is an 18-billion-dollar industry that will likely continue growing.

Steps To Introduce AR

As discussed, businesses around the world are welcoming new technologies. These companies are willing to accommodate changes if necessary. Introducing new technology is as good as implementing a change. Steps are implemented to ensure the tech correctly implements the organization’s structure.

Providing AR To Users

After introducing the technology to users, the next step is to continue with the assessment. Augmented reality is flexible enough to be incorporated into different situations if needed. The ability to produce demonstrations to meet various conditions is where AR tech comes in handy. It is worth noting that AR is a technology that was designed with versatility in mind. That’s why it stands out when used for negotiating with different scenarios. It is dynamic and has the flexibility to perform.

Building an innovative AR experience is essential for training. Employees will get a hold of the technology once they have studied it. Trainers can help them with the tech by explaining how to use it properly. Training using the VR may take some time, but they’ll love it once they get used to it. An immersive experience is where employees learn the most. Initial states may call for an audit of the technology necessary for removing caveats and gaps. These are common obstacles when a new technology is presented for employee training.

Each time a versatile tech such as AR is handled, these gaps will occur as the training program may be specific, whereas the technology used is dynamic and has a broader scope. Identifying this using auditing techniques is necessary, as it will help companies properly use the tech and eliminate possible gaps.

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.