Author: Complete Controller

For those considering investing, it is worth considering the real estate industry as an alternative. Have you stopped to consider the characteristics of the properties that can present immense advantages for the consumer? For example, long-term usefulness, quality production of the property, and a high property value.

Among all the investment options on the market, real estate is undoubtedly at the top of the list. If you are interested in real estate investment, consider the following to prepare to purchase a property.

Is There a Right Age for This Investment?

In practice, there is no age to invest in real estate. It does not matter if you are a young single person who still lives with your parents, have recently married, already have a family, or are old. Buying a property, increasing your assets, and securing your future is correct at any age.

Buying property is a good investment for anyone, regardless of age. It is important to evaluate the most advantageous way of doing it.

What is the Flexibility of a Property?

Generally, the priority is to buy a property in which to live. However, buying a residential property or land can provide equally good results for other purposes. Commercial real estate is in high demand due to space competitiveness.

Residential spaces are an opportunity to generate income through commercial office rent. For example, you can buy a residential property to open a business or rent it for business purposes. Another way to generate income is by renovating your home or buying a property to rent event space. A banquet or event space has an open space in the structure of the building with a wider outside environment. It is also possible to buy residential property for resale or residential rent.

The key factor in real estate investment is to choose a desirable location and renovate the property to meet the rental purpose, if necessary. The following important factor is offering tenants flexible prices and payment methods.

It is also worth remembering that investing in land can also be very profitable, whether for resale or building. The priority regarding land purchase is to mark the property lines with a wall, fence, or signage. Once boundaries have been marked, keep the property clear until a buyer or renter assumes the property.

Is Real Estate Better Than Other Investments?

Buying a property is a wise investment; however, several types of investments available may compensate more than others.

Of course, there are profitable investments that differ based on their returns in the short, medium, and long term. If you still do not own a home and have some money to invest, consider whether you prefer to buy a property or apply funds to savings, stocks, or bonds. Nevertheless, the income from these investments should be directed to some end; what about including purchasing a property? In practice, nothing prevents you from diversifying your investments. But remember that a property will always be necessary, so consider owning or investing in one.

Many believe a home is not an investment and only costs the owner or tenant. Of course, renters provide a monthly rent to their landlord. However, owning a home, apart from housing, is an integral part of a person’s assets. Additionally, owning a home means you will not have rental costs, and any expenses you incur through improvements and renovations can contribute to the home’s value. Similarly, living as a renter means improvements depend on the owner’s approval and are often non-refundable.

Conclusion

Investing in real estate offers numerous advantages regardless of age or financial situation. Real estate presents opportunities for all investors, whether for long-term stability, generating income through rentals, or capital appreciation. With its flexibility and potential for growth, real estate stands out among various investment options. Moreover, owning property provides security and stability, making it a valuable asset in any investment portfolio. So, whether you’re a young professional or a seasoned investor, real estate remains a smart choice for securing your financial future and building wealth over time.

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.

With the multiple cuts that public health experiences worldwide, many people have decided to transition to private health insurance to be treated quickly or consult a specialist without waiting months.

However, purchasing health insurance requires considering the fee to be paid and the guarantees it offers. One of the most essential points is whether it is an ethical company. If you need insurance at a certain time, they will not tell you they will no longer insure you.

Some health insurance companies include in their conditions that they will not increase the rate to be paid after one year has elapsed. Similarly, they will not apply abusive prices, will not throw you out because you get older, will not apply co-payments that were not communicated up front and will attend to ailments.

Sometimes, it is discovered that insurers terminate their clients’ policies when their clients are in any of these situations:

• They get a chronic disease
• They are older
• Have a serious illness

Although not typical, it nevertheless happens. But if you face these situations, you should first ask whether the insurance company can cancel your policy.

Unfortunately, they can cancel it because insurance companies are not obliged to keep customers, although in most cases, they will face a complaint or litigation from the client. 

Reasons for Policy Cancellation

An insurance company is a business, so you must meet all the insurance company’s conditions. If not, they have the power to cancel your contract. Insurance is a risky business as the insurers sign their contracts understanding payments will be made while trying to avoid losses.

Insurance companies know how to survive as a business, but in many cases, people have claims that do not suit typical coverage. An insurance company will readily cancel your policy if you become a non-payment candidate or you falsify your information regarding your policy.

To avoid these practices, carefully read and consider the terms and conditions of each insurance policy before purchasing their coverage. Typically, health insurance companies only cancel or terminate the health contract for the following reasons.

Policy Termination and Age Discrepancies in Health Insurance

If the insured fails to disclose all relevant health conditions or provides false information, the insurer reserves the right to terminate the contract within one month of discovering such discrepancies.

Additionally, if the insured intentionally misrepresents dates of birth to lower premiums and the actual age falls outside the insurer’s coverage limits, the policy may be canceled.
However, if the insured’s true age falls within the coverage limits, the insurer will only request payment of the difference between the premium paid and the premium that should have been paid based on the accurate age information.

Similarly, there are five reasons an insurance company might not renew your policy or cancel a request:

• Excessive claims requests
• Disrepair, renovation, or maintenance required for home
• Several missing payments or policy of non-payment
• Moral hazard, criminal record, or false declarations
• A material change in risk or change in circumstances

Avoid Insurance Cancellation

It is an unpleasant experience to be threatened with or receive a cancellation notice from your insurance company. You may be in trouble regarding insurance due to cancellation, or you may pay extra for insurance in the long run. After all, it affects your insurance credit. The insurance company can withdraw its decision to cancel insurance by negotiation and explanation; however, the chances of this are minimal.

Conclusion

Many individuals are turning to private health insurance for quicker access to care and specialized consultations in response to the strain on public health systems worldwide. However, selecting the right insurance involves more than just considering fees and guarantees; ethical factors are crucial, too. It’s vital to ensure the insurer is reliable and won’t terminate coverage during critical times, such as illness or aging. While some insurers offer favorable conditions like fixed rates and comprehensive coverage, others may cancel policies under certain circumstances, such as non-disclosure of health conditions or age manipulation.

Understanding the reasons for policy cancellation and renewal denial can help policyholders navigate potential pitfalls and avoid surprises. To mitigate the risk of policy cancellation, it’s essential to carefully review and adhere to the insurance contract’s terms and conditions, be transparent about health conditions, and pay premiums on time. Although negotiating with the insurer may be an option in some cases, prevention through diligence and adherence to policy terms is the best strategy to avoid insurance cancellation and safeguard one’s health and financial well-being.

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.

Driven by the implementation of data in businesses, data visualization solutions (also known as DataViz) have multiplied in recent years. Choosing a tool adapted to each company’s needs and specific constraints has become challenging. Fortunately, a few essential criteria can help you evaluate these different solutions and answer the question: “Is this data tool made for my business?“

Here are five essential selection criteria.

Tool Versatility

The selected tool must cover many functionalities, starting with data preparation, which will generate relevant visualizations to process data optimally. The advanced and predictive analysis capabilities are also essential to help you better anticipate the future and make the best decisions. However, a good DataViz platform must be accessible to data specialists and novices. Select the tool that is best suited for your users.

The Offer

Data visualization software uses two main models: inclusive offers, including all the functionalities, and drawer offers, with additional paid options. The first has the advantage of transparency; you know what you are paying for without unpleasant surprises. Conversely, drawer solutions offer flexibility in choosing functionalities, but the accumulation of options can quickly become a financial strain.

Deployment Costs

Implementing a DataViz solution is a significant project that requires anticipating the cost of deployment. Pricing should be tailored to your business, size, needs, and resources. For large structures, for example, it is necessary to ensure that the solution chosen has a model compatible with large-scale deployment, including attractive prices depending on the number of users and concurrent licenses.

Data Processing Capacity

Data processing capacity is crucial since the very purpose of a data visualization tool is to speed up and simplify data processing. We must, therefore, ensure that the chosen solution can offer exemplary performance while processing a large volume of data. 

The ability to manage multiple sources also needs to be closely examined. The tool should be able to easily connect to different databases and import files of all types. Additionally, you should be able to easily view multiple datasets from a single dashboard in a unified fashion.

Adaptability

A good data visualization tool must also be customizable according to the sector of activity. For example, retail companies do not have the exact needs of finance professionals or public administrations. Hence, a flexible solution that can adapt to each structure’s requests for functional changes is essential. When choosing your data visualization solution, performance, flexibility, and economic model must be prioritized.

Due to the COVID-19 epidemic, many companies have had to stop their activity temporarily or are experiencing a sharp drop in turnover. Many aids have emerged with options available to entrepreneurs to save cash to help overcome these difficulties.

Many companies encounter severe financial difficulties even though they are in a healthy business, and these difficulties are only cyclical. To avoid an increase in corporate bankruptcies in France, the government has taken several measures to save the most troubled companies, including a flagship measure: freezing the state of cessation of payments.

The Stop Payment Status

A business is in a state of cessation of payments when its available assets no longer allow it to meet its current liabilities – which implies knowing what these two concepts cover:

• Available assets correspond to the cash held by the company, which it can use concisely without putting its activity in difficulty.
• Current liabilities correspond to debts that the company must pay immediately because they have come due and for which the creditor can initiate a recovery procedure to obtain payment.

In principle, when a company finds itself in this situation, within 45 days, it must imperatively declare cessation of payments. Depending on the gravity of the situation, the company then falls into bankruptcy or bankruptcy proceedings.

Conclusion

In the rapidly evolving landscape of data-driven businesses, selecting the right data visualization solution is paramount. By considering factors such as tool versatility, pricing models, deployment costs, data processing capacity, and adaptability, companies can ensure they invest in a solution tailored to their unique needs and constraints.

As businesses navigate challenges such as those posed by the COVID-19 pandemic, it’s essential to leverage available resources and government measures to mitigate financial difficulties and sustain operations. Understanding concepts such as cessation of payments can help businesses make informed decisions and navigate through uncertain times, safeguarding their financial health and long-term viability.

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.

Keeping your accounts updated is critical to realizing your financial dreams. The problem is that even the money-watchers in the world can fall into some difficulties, accumulating unnecessary expenses.

Below are ways to identify and reduce extra expenses that burden your monthly budget. That way, you have better financial health, allowing you to change cars, change apartments, take family trips, and more.

Identifying Unnecessary Expenses

Identifying unnecessary expenses seems obvious, but not in reality. Although they know about the importance of spending control, few people put it into practice. There are a few excuses for not keeping an eye on your money when countless online applications and solutions, such as Google Sheets, are designed to help you track and identify unnecessary expenses.

Analyze Your Budget

Controlling costs is not used if you collect and calculate financial data only to set the information aside and forget about it. For the mobile app or spreadsheet to have a practical effect, you need to analyze and reflect on the accounts that make up your budget. Do this to find improvement points, whether an unnecessary expense will be cut, or even identify a good investment opportunity.

Organize Your Routine

It often seems inescapable that you tend to waste money when your life is messy. For example, if you do not organize your routine and control the household food supply, you may have to call for a delivery order or go out to dinner at the last minute. This results in spending more money than you would have spent preparing a home-cooked meal. Similarly, organizing your financial routine helps you avoid other unnecessary expenses, such as delayed account fines, interest financing, duplicate item purchases, etc.

Plan for Family Life

The more time you research something, the bigger the budget. When planning your family life, you can make budgets, look for additional sources of income, and look for alternatives with the best value to save money.

Planning is helpful for diverse situations, from charting a family vacation to acquiring a property. Analyze your current spending compared to needed financing and organize your financial routine. Be careful about your plans because this will allow you to enjoy life even when the bills tighten.

What to Eliminate?

Accounting refers to the systematic recording of financial operations in any business. Everyone knows that every stage of business needs to prepare the accounts. Still, small companies often encounter several trivial challenges, and these obstacles intentionally or unintentionally lead to a few accounting errors.

Business errors happen occasionally, but the most common area for mistakes in accounting. These mistakes vary from minor to major ones, which can seriously threaten the business. However, many common accounting mistakes can be avoided timely with conventional preparation. Surprisingly, rectifying the problem at the start rather than waiting to correct it later is also inexpensive.

To make your business a successful long-term project, you might want to dynamic by becoming familiar with the most common accounting mistakes. The awareness will save you valuable time and provide competitive benefits with more streamlined operations. Here’s a list of small businesses’ eight most common accounting mistakes.

Not Hiring a Professional Accountant

Hiring a professional accountant is a mandatory requirement for the long-term growth of your business. They deserve to be hired because of their accounting expertise. A skilled accountant can help you with numerous tasks, including financial management, business strategies, payment of taxes, and so on. Entrepreneurs with less knowledge of accounting principles usually determine the profits wrongly. This act can also lead to closing the deal with the client.

Combining Business and Personal Accounts

Making payments for business expenditures from your bank account can be a vicious habit and even be declared illegal during the audit. You must consider getting a separate credit card specifically for your business account so it will be easier to differentiate between the funds.

Poor Communication with the Accountant

If there’s a communication gap between you and your accountant, it might result in improper cash management and transaction recording. Honest and regular communication with the accountant is of pivotal importance. As an entrepreneur, you might be occupied with business responsibilities and lack time to heed financial management. A fluent conversation with the bookkeeper will help you understand the current monetary operations.

Procrastination

Accounting is a hassle for many entrepreneurs because of the vast learning base that it requires. Not maintaining the accounts due to a lack of time or knowledge can lead to substantial accounting mistakes. You must check the reports at least once a month.

Tossing out Cash Receipts

Not every entrepreneur has the patience to track every cash receipt. Since cash receipts are essential to prevent a future audit, keeping virtual records of the receipts is more feasible. Moreover, securing the cash receipts for years after the transaction will be a good practice.

Lack of Accounting Software

A lack of sound accounting software leads to poor decision-making and financial complications. For this purpose, accounting software is available to keep track of all the current cash transactions and prevent every possible error. The righteous accounting software for your small business is occupied with specifications to make financial management more effortless.

Absence of Budgeting

Starting a new project without setting proper budgeting might lead you to run short on cash for other business operations. In such circumstances, you may have to quit the project in the middle because of the lack of financial assistance. It is always preferable to plan while making a big move.

Skipping Regular Reconciliations

You might assume that your small business doesn’t require timely reconciliations due to the fewer cash transactions. However, if your business needs an older record of a product in the future, it won’t be available as you didn’t record the transactions regularly.

Conclusion

It is no longer a manageable task to manage a small business single-handedly. You will make the above monetary mistakes when you try to operate accounting operations without prior experience. Small business accounting errors are not minor and can even lead to the business’s solvency. Following the above-described strategies will help your business accomplish its financial goals.

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

Your employees are your most significant resources, so if you want your business to reach the height of success, look after them. How you treat your employees in the wake of challenging situations in your business organization is up to you. Remember, they will return the favor if you show interest in your employees.

Today, effective business owners look for a dedicated professional to help them achieve objectives. However, these individuals want more than a basic salary, including learning opportunities, career growth, and recognition. Thus, Human Resources (HR) professionals are essential to the organization to help individuals achieve what fulfills them.

A dedicated HR team is focused on recruiting and hiring the right candidates and monitors training, development procedures, compliance with employment law, safety compliance, employee benefits, and more. Given the expansive list of responsibilities, below are the challenges HR representatives face in today’s organizational infrastructures.  

Change in Management

As companies continue to expand their operations, management changes as well. Revamped strategies, structure, and internal procedures often accompany the change in management. Unfortunately, this creates a sense of unrest among employees.

Challenges in HR management arise due to management changes and unrest, compounded by the implementation of revamped strategies. However, HR teams must collaborate with other employees to help them understand and adapt to further company objectives and development.

HR Effectiveness

Improvement happens with the right measurement tools; such is the case for HR. Like other areas of business, the HR management team also needs to measure their results regarding positive or negative influence on business.

In other words, HR representatives are under strict scrutiny if the company faces employee turnover. Moreover, these HR individuals also provide organizational value and measure the effectiveness of the entire company.

Adapting to Innovation

Technology is consistently changing and becoming integral to business operations. Hence, enabling organizations to embrace innovation is a crucial business responsibility for HR. However, to attain maximum benefits from innovation, companies must train their employees to adapt.

Thus, in such circumstances, HR representatives play a vital role in enhancing communication between different teams to understand the core aspects of new technology. So, HR representatives need to set goals and train employees to produce positive business outcomes.

Training and Development

In previous decades, the purpose of employment was to earn a basic salary. Today, much of the workforce requires more than a paycheck. Especially regarding the Millennial generation, employees want growth in their respective fields.

As a result, HR representatives are responsible for helping them hone their skills and take them to the next level in their careers. From organizing training and development seminars to providing occasions to study further within the organization, HR teams are responsible for presenting growth opportunities to associates.

More Than Benefits

Currently, we are impacted by the after-effects of the COVID-19 pandemic. This global incident highlighted that healthcare insurance, benefits, and work-from-home flexibility are just as important as basic salary.

Thus, if you wish to keep your employees loyal to the organization, provide them with the right benefits. There are many options to choose when searching for the best health plan based on the number of your workforce. Remember that your workforce is a vital resource, so they must be benefitted and kept healthy.

HR management and its teams have become an essential aspect of any organization. HR is far from recruiting and hiring, so adopting these procedures is just as important. If you want your business to reach the height of glory, take care of your people. It could be disastrous for your organization if employees are in a crisis because they were not provided the right benefits.

Conclusion

In conclusion, prioritizing employee well-being and professional growth is paramount for business success. HR management is crucial in addressing challenges such as adapting to change, measuring effectiveness, fostering innovation, and facilitating training and development. By investing in their workforce and providing comprehensive benefits, organizations can cultivate a loyal and thriving team, essential for achieving long-term success in today’s competitive landscape.

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.

Apartment living offers many benefits, from enhanced safety to convenient amenities, making it an appealing choice for many. However, it also comes with its own set of drawbacks to consider. Let’s explore the advantages and disadvantages of residing in apartments and high-rise condominiums compared to traditional single-family homes.

Advantages

In apartments and even real estate in high-rise condominiums, there are several advantages over a traditional single-family home.

Safety

The security of an apartment is more significant and can be enhanced if the tenant wants. It is currently possible to put a lock on elevators, making it challenging to access residences.

Social Contact

For individuals or families, apartments are great options.

First, the common area can be an excellent environment for children to socialize with others. Apartments offer greater security and several options so children can play with others on the playground, at the swimming pool, or even in the garden.

Moreover, many modern condominiums have several in-house amenities already included in the condo fee, like a gym area, gourmet space, or pool. Some buildings even have a BBQ area that all residents can use, provided a prior appointment is made. Similarly, many feature a ballroom, which can be used for birthday celebrations and other meetings.

 Consider that those who buy a house can enjoy this type of interaction in their neighborhood, clubs, associations, plazas, and projects in the community.

No Maintenance Responsibility

Any residence requires constant maintenance, whether in a building or a house. Some maintenance must be done with significant frequency in an apartment building, like cleaning, for example. Other maintenance, like elevators and electronic gadgets, can be completed less frequently. Like a house, you must manage some expenses for a condominium, which takes work.

The monthly condo fee may not be cheap, but it frees the tenant from worrying about maintenance. Therefore, the building will always be clean, and other maintenance will be done by third parties, which would otherwise be a homeowner’s responsibility. For example, if there are problems with water supply, energy, or equipment, the landlord will likely react quickly and find a solution faster. It is much more convenient, especially for those who do not have much time to complete or schedule repairs.

Amenities

There is a lack of amenities when we buy a home. Still, we have clear access to an apartment’s amenities, including a gym, communal barbecues, a swimming pool, a standard room, covered parking, and a security system.

Disadvantages

Rules and Regulations

The residents of apartments and condominiums must agree to pay the fees and submit to the rules applied to all condominium owners.

Those who do not submit to the internal regulations or what was imposed in the condominium agreement may suffer pecuniary and financial penalties. In certain circumstances, such as non-payment of fees, the tenant may even be prevented from attending common areas such as swimming pools, barbecues, and sports courts.

Less Privacy 

Privacy is reduced since one coexists with neighbors in this type of property. Sometimes, it is possible to hear everything from the other side of the walls. Similarly, the common area is shared, and the owner or tenant does not have autonomous access to amenities. In an apartment building or condominium, there is a lot of noise because people speak, shout, or sing in the unit next to yours, and they hear you as well.  

Stairs

In the absence of elevators, stairs can become a significant problem common in low-rise buildings. Stairs can be a limiting factor for people with compromised mobility, wheelchair users, the elderly, pregnant women, or children. Similarly, situations in which one arrives at home with heavy bags or luggage can be difficult and inconvenient because of stairs. This can also be problematic when moving into and out of the unit.  

Conclusion

While apartments and high-rise condominiums offer numerous benefits, such as enhanced safety, social opportunities, and convenient amenities, they also present challenges like shared spaces, maintenance fees, and potential noise issues. Ultimately, deciding to reside in such properties versus a traditional single-family home depends on individual preferences, lifestyle, and priorities. By carefully weighing the advantages and disadvantages, individuals can make informed choices that best suit their needs and preferences for housing.

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.

Generating business credit is crucial to growing a company as a professional platform. Even if you’re bootstrapping through the primary stages of your small business or having funds from investors, it will probably develop an optimistic business credit rating.

Business credit can be a useful negotiation tool when discussing products and services with other companies. Precisely, it is a powerful indicator of how financially stable your business is. Without it, your small company will struggle to find loans and credit cards, develop relationships with vendors, and succeed as a new business venture.

Additionally, many small businesses are evaluated on the business credit when they bid on contracts for their services to potential shareholders. Companies want assurance that they work with a reliable associative with a lower risk of quitting the business.   

When keeping your company and personal finances separate, the primary step is to start generating credit in your company’s name. The five steps below will position your small business for credit success.

Establish a Separate Entity for Your Small Business

Ideally, entrepreneurs consider getting credit before starting a company. Business credit is the primary consideration for how potential lenders or business partners judge the credit outlook. Limited Liability Corporations (LLCs) exist as individual entities and are usually a clean slate for developing initial business scores and ratings. The individuality of the entrepreneur and small business is often the best approach when establishing your business credit.

On the contrary, entrepreneurship permanently links your private credit with business credibility. Consequently, potential creditors and lenders can rely on your credit score to judge the business.

Register for an Employer Identification Number (EIN)

The next step for generating the business credit is to get an EIN. The IRS requires an employer identification number (EIN) to track the companies for tax purposes. Like the Social Security Number, EIN serves the same purpose for your small business. Generally, entrepreneurs can utilize the owner’s social security number for tax payments, but EIN is mandatory for partnership businesses.

One of the most significant advantages of an EIN is that it helps you generate business credit. Also, the procedure of applying for an EIN is quite effortless.

Get a Business Bank Account

Once you get an EIN, you should get a personalized business bank account with a credit card that fits your small business venture best. As stated above, a business account is required to develop business credit. Additionally, a business credit card represents your business entity. By getting this card, potential lenders or creditors can quickly determine the cash flow management and add the information to your business credit report.

Get a Verified Business Address and Contact Number

Although the next step might seem easy, getting a verified business address and phone number will consolidate your business’s individuality. A confirmed existence is essential for building business credit because it will register your small business.

When you set up a certified address and contact number, you will develop your first credit trade relationship with the phone company. After considering you a verified business identity, the credit agencies will help you generate business credit.

Monitor the Business Credit Files Regularly

As an entrepreneur, it is essential to monitor every business credit report regularly. The reason is that three diversified business credit reporting agencies have different sources to collect information about the financial stability of your business.

However, you can update your company’s basic monetary information before presenting it to the agencies. If you reveal any obsolete or inaccurate information, you must contact the agencies to make the appropriate alterations.

You might get higher credit approval, loan repayment terms, and better interest rates with a maintained business credit report.

Conclusion 

In conclusion, establishing business credit is vital for the growth and stability of your company. Following these five essential steps, you can position your small business for credit success, paving the way for financial security and growth opportunities.

Learning to generate business credit isn’t like surviving daily, but it’s a permanent success. Strategic entrepreneurs prioritize getting business credit and earning a good credit score because it’s mandatory to thrive in the long run. Eventually, you’ll create a credit history that could last for decades.

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.

Accounting is pivotal to the success of any business. Business accounting keeps track of your business’s financial standing. It gives you a clear idea of your strengths and weaknesses, allowing you to make timely decisions to promote or revoke a service and product based on its performance and resonance with the customers. 

While accounting software has minimized the risk of errors by a great deal in comparison to literal bookkeeping with pen and paper, it has also, at the same time, increased the risk of reflecting a minor mistake in one figure in the comprehensive financial report of the company. There have even been instances where poor accounting has led companies to heavy losses and even bankruptcy. That is why you need to understand the risks associated with accounting and what mistakes can cost you a fortune as a business owner. 

Here are the top accounting errors you must know and avoid to prevent risking your business. 

Data Entry Errors

Attention to detail and focus are significant when it comes to accounting. You can’t be multitasking while handling the finances of a business. A minor error, an extra or less zero in the number, can drastically affect the overall finance sheet. Focusing on the task and cross-checking numbers at every step is essential to avoid any significant blunders and eventual monetary loss to the company.

Failure to Match Account Books with Bank Accounts

One of the most common mistakes business owners make is failing to check finance books with the actual statements of bank accounts. If done regularly, this practice can cost a lot of money to the business. If the accounting team frequently cross-checks the two, there’s a high chance that no discrepancy will happen in the amount reflected in the bank account listed on the accounting software. 

Ignoring Small Transactions and Petty Cash

Another common mistake accounting officers make is the ignorance of small transactions and little money. The accumulative effect of all these transactions and the continual depletion of petty cash can create an imbalance in the budget and even cost you a fortune if not detected in time. These leakages often amount to a significant chunk of the budget, which might seem insignificant initially but can become a nightmare in seconds when collectively reviewed. Ensure that your accountant logs every small or big transaction of depletion of liquid cash into the finance books so you have a clear idea of the leakages and how to restrain them or stop them altogether at the end of the tenure. 

Compromising Budget Allocations

Business owners often use their authority to breach budget allocations and increase the spending of one or the other aspects of the business. Before doing so, consulting with the accountant or reviewing the business’s financial standings is essential. Such budget reallocation disturbs the entire chain of operations and often lands SMEs’ owners in hot waters. Failing to budget effectively also makes it problematic for you to rein in a venture that has cost you more than it should have. It can cause your business to expand its limited funds on developments that won’t produce a return on investment.

Deprioritizing Bookkeeping

Many times, accountants leave the job of maintaining the company’s financial records until the very end or when the closing of tenure is near. It can cause a lot of hassle and lead to missing out on essential transactions or making errors. It should maintain business accounts daily to avoid stacking work, increasing the margin of error. 

Poor Communication with an Accountant

For any business to run smoothly, communication is the key. When it comes to the person who is managing and recording all the finances of your business, it is imperative to maintain regular and transparent communication with your accountant. It is also essential to keep your accounting team from being occupied in any other work to ensure their complete focus on the job at hand. 

Conclusion

In summary, accounting stands as a cornerstone for the success of any business, offering crucial insights into its financial health. While accounting software has revolutionized the process, minimizing errors and maximizing efficiency, it also introduces new risks if not carefully managed. Understanding and mitigating these risks is paramount for business owners to safeguard against potential losses and ensure the accuracy of financial reporting.

Key errors to avoid are data entry mistakes, failure to reconcile account books with bank statements, neglecting small transactions, compromising budget allocations, deprioritizing bookkeeping, and maintaining poor communication with the accounting team. By addressing these common pitfalls and maintaining diligent financial management practices, businesses can enhance their stability and pave the way for sustained growth and success.

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.

Are you tired of doing business the old way? If so, now is the time to do it differently, so get started already. Entrepreneurs who can see far and beyond are likely to incorporate modern business concepts. Your business will thrive if it has a presence on social media. In other words, the business may not survive long without modern concepts of business for long.

Doing Business in a More Connected World

Marketing concepts combined with modern social media tech will rule the business world. Even then, the ever-changing marketing concepts will continue to change. Effectively, we are in a world where marketing and business concepts are changing forever. Perhaps the next era of social media is here or is about to enter significantly.

Think about the old ways of using social media platforms. Back then, not many platforms were available, only a few. It is no longer the situation as we have numerous platforms available where businesses feel their presence big time. So, is this the end of the road, or have we just begun? Mark Zuckerberg is on record saying he wants to see a digital living room happening soon.

Perhaps he hinted that the early days of social media are now long gone. Operating without social media marketing is a no-brainer. It is just a matter of time before media marketers develop fresh ideas for innovating to achieve better business results. As social media expands into our lives in a big way, we are about to witness a boom in marketing and promotion.

Live to Stream

It started as entertainment, but live streaming is now more mainstream in social media marketing due to its popularity. A recent study explains that marketers look to include live streaming when running social media campaigns. A unique social media platform, Instagram, has included live streaming in the list of features for its users.

Live streaming continues to be popular, and social media marketers constantly tap into solutions that attract the masses and show interest. Live streaming channels such as YouTube are among the most popular globally, with over a billion users worldwide. Marketers actively use social media channels that host live streaming and allow users to upload videos or host streaming sessions on their accounts.

Use of AR

The use of augmented reality is becoming more common these days. Companies are using VR and AR for training employees and arranging conferences due to pandemics. Augmented reality is already happening in its basic form in several social media platforms such as Instagram, Snapchat, and even Facebook. One social media platform has added AR functionality during video calls.

Influencer Marketing

It is trendy among corporations. Companies love to attract social media users using various techniques. They do not hesitate to use methods such as influencer marketing. For this purpose, they hire tremendously popular influencers on social media. These fans would follow anything their beloved influencer asks them to do.

This way, companies get access to millions of users that influence their services and products. Influencer marketing can be costly, but it is one of the quickest ways of getting noticed and attracting a sizeable audience.

Transparency

Social media marketers can establish a large fan following by ensuring excellent transparency. Social media has had its share of issues of controversy for one reason or another. Most of this was related to privacy, which is addressed through different means. Media platforms have worked hard to ensure users’ privacy and have successfully achieved this for the most part. Social media users show satisfaction with these measures.

Storytelling

Did you know that Instagram stories attract a minimum audience of 500 million every single day? It goes to show how many users read stories. Storytelling is also equally common on other social media platforms. Storytellers have 24 hours to come up with stories that are highly engaging and attract readers. Millennials show great interest in stories as they find them engaging and readable. They are interactive, so they attract those who may not initially be interested.

Conclusion

Using the next generation of social media marketing will likely give your business better recognition while raising your return on investment in little time.

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.