Author: Complete Controller

When a business undertakes a new project, the management team must first identify and determine the project’s goals and objectives. This can include input from sponsors, a board of directors, or stakeholders. Harvard Business Review also notes that a project manager is required to determine “which activities will produce the intended results. He then prepares and schedules work, supervises day-to-day execution, and keeps track of progress until he assesses performance, wraps up the project, and documents the lessons learned.”

The project manager is responsible for ensuring a project is completed successfully and on schedule. As a result, having the correct person in this role is vital if you want the project to be successful. Below are the characteristics of an efficient project manager.

Can See the Big Picture

Whether the project manager comes from outside the business or from within, they must have a broad understanding of the project and its components. The project manager should mentally visualize the project as planned so that they understand how every aspect works together and have a better comprehension than anyone else in the room. While they may lack the technical abilities to complete each project component, they must first comprehend the overall purpose and goal to ask appropriate questions and monitor progress.

Is Flexible

While the broader picture is crucial, an innovative project manager will know the project’s high-level ramifications and the details. They can operate within both sides of the spectrum by understanding that focusing on the large picture or the minute details will sabotage your project’s success. Similarly, every successful project manager can communicate and collaborate with big-picture and detail-oriented team members.

Is a Leader

Although numerous projects are technical, project management success requires strong communication and “soft skills.” In a variety of contexts and circumstances, good project managers successfully interact with all sorts of personalities on a project. Good communicators can ask the questions that aid the team in developing a successful project strategy. Additionally, past facilitation experience or natural abilities in the field are beneficial. A project manager’s effective facilitation may help team members succeed by guiding, motivating, and supporting them.

Can Adapt

Only some projects run well from beginning to end. In reality, many projects that have veered off track cannot be corrected and salvaged. A competent project manager sees where things have gone wrong and realizes that getting back on track will require adapting, maneuvering, and patience.

Will Say No

Good project managers understand that they must be brutally honest occasionally. They recognize when the individuals clamoring for the results need to be informed that their expectations are unreasonable. Companies all too frequently “overlaunch” by initiating projects without considering resources, capacity, and unreasonable expectations.

Subsequently, some project managers may hesitate to deny upper management, so they attempt a project and over-extend resources only to fail. It would help if you had a project manager who is not scared to communicate and highlight facts and reasonable concerns even when the truth is unpopular.

Will End the Project

In a similar spirit to the capacity to say “no,” the most successful endeavor is sometimes the one you do not complete. Ending a project to which one has devoted a substantial amount of time and energy is difficult, mainly when it affects a team of individuals who have also committed a significant amount of time and energy. Some initiatives, however, should not be finished for various reasons. Effective project managers understand this distinction and may persuade their management and teams that time would be better spent working on other projects with a higher chance of success.

Conclusion

In conclusion, the success of a project hinges on the meticulous identification and determination of its goals and objectives by the management team. The project manager plays a pivotal role in this process and orchestrates the project from conception to completion. Essential qualities of an efficient project manager include the ability to envision the big picture, flexibility in navigating between high-level implications and intricate details, effective leadership and communication skills, adaptability to address unforeseen challenges, and the courage to say no and, when necessary, to bring a project to a timely and strategic conclusion. These characteristics collectively contribute to the project’s success and underscore the significance of selecting the right person for the crucial role of a project manager.

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

When acquiring a home and opting for home insurance, it’s imperative to deliberate on critical considerations. Whether compelled by financial institutions or embraced as a proactive measure, obtaining home insurance becomes necessary. With time, homes are susceptible to significant and minor damages, impacting not only the residents but potentially extending to third parties. A well-crafted policy serves as a protective shield, mitigating challenges and financial repercussions that may arise in the event of damages.

Differences to Consider in Home Insurance

When selecting home insurance, it’s crucial to have a clear understanding of critical concepts that enhance our comprehension of the policy:

Continent

This category is vital for creating the home-encompassing elements integral to the housing structure. It depends on factors such as the home’s square footage and type. Components like foundations, walls, doors, fixed installations, pipes, decorative elements, shutters, garages, and storage rooms fall under this classification.

Content

This pertains to the possessions housed within the residence and varies based on the coverage limit chosen, considering personal valuables. Within this category, it’s essential to differentiate between items such as furniture, jewelry, money, and objects of exceptional value. Understanding these distinctions is crucial for making informed decisions when tailoring insurance coverage to one’s needs.

Home Insurance Coverage

In home insurance, the extent of coverage hinges on the specific terms agreed upon with the insurance company. It is paramount to ensure coverage for direct material damage. The damages encompassed within this coverage include protection against a spectrum of perils, such as:

• Fire
• Explosion or implosion
• Accidental smoke production both inside and outside the premises
• Lightning strikes
• Atmospheric phenomena (wind, rain, stone, hail, or snow)
• Water leaks
• Glass breakage
• Damage to moons, mirrors, stained glass
• Acts of vandalism
• Vehicle collisions

A comprehensive understanding of these covered damages is vital for homeowners to tailor their insurance policies to safeguard against potential risks and uncertainties.

Supplementary Home Insurance Coverage

Supplementary home insurance coverage goes beyond the introductory provisions, offering additional safeguards for homeowners. This supplementary coverage includes protection against various scenarios, such as:

• Robbery on Public Roads: Extending coverage to incidents of theft that may occur outside the confines of the home.
• Repair for Electrical Damage: Providing financial protection for damages resulting from electrical issues within the home.
• Compensation for Fraudulent Use of Credit Cards: Mitigating the financial impact of unauthorized and fraudulent credit card transactions is essential.
• Replacement of Locks: Offering coverage for replacing locks and enhancing security measures in case of a breach is a proactive approach to safeguarding against potential risks.
• Breakage of Glass-Ceramic or Countertop: Providing coverage for damages to glass-ceramic surfaces or countertops in the home.

These supplementary coverages add a layer of protection, addressing specific vulnerabilities that standard home insurance policies may not cover. Homeowners can benefit from a more comprehensive safety net against various unforeseen events and potential financial losses.

Supplementary Home Assistance Coverage

Supplementary home assistance coverage extends a helping hand beyond traditional insurance provisions, offering valuable support for a variety of urgent needs. This coverage empowers the insured to address critical situations, including:

• Family Assistance: Providing financial assistance or support services in emergencies involving family members.
• Home Repairs: Covering urgent repair services for essential home components that may require immediate attention.
• Travel Assistance: Offering assistance during travels, ensuring that unexpected challenges are addressed promptly.
• Pet Insurance: Extending coverage to include the well-being of pets, covering veterinary expenses and related costs.

This supplementary home assistance coverage goes beyond the standard scope of insurance, providing a holistic safety net for homeowners during unexpected crises. It recognizes the diverse needs of homeowners and aims to offer comprehensive support across various aspects of life.

Exceptional Coverage in Home Insurance

Exceptional coverage in home insurance addresses specific circumstances that go beyond standard provisions. This specialized coverage is designed to provide financial support for:

1. Lodging Expenses: If a home is under repair or rendered uninhabitable, this coverage ensures that the insured is financially supported in covering temporary lodging expenses.
2. Replacement of Documents: Covering costs associated with replacing important documents that may be lost or damaged due to covered perils is a valuable aspect of comprehensive protection.
3. Furniture Movement: Assisting with the expenses related to furniture movement, facilitating the process during repairs or other necessary situations.

Expenses Not Covered in Home Insurance

Expenses not covered in home insurance delineate specific situations where the policy does not provide financial protection. Home insurance typically excludes coverage for:

1. Insured Neo-Intelligence: Damages arising from deliberate acts by the policyholder are not covered, ensuring that purposeful actions leading to losses are not financially compensated.
2. Deterioration Due to Time or Use: Home insurance generally does not cover normal wear and tear, gradual deterioration of property over time, or damage resulting from regular use.
3. Humidity Problems: Damages caused by humidity issues, such as mold or mildew, are typically excluded from coverage unless explicitly specified otherwise.
4. Natural Disasters: Home insurance may not cover damages caused by certain natural disasters, such as earthquakes, floods, or hurricanes. Additional coverage or specialized policies may be required for protection against these events.
5. Armed Conflicts: Damages from armed conflicts or war are generally excluded from standard home insurance policies.

Civil Liability in Home Insurance

Civil liability coverage in home insurance provides a broad scope of protection, encompassing legal events within the home and in shared communal areas. This coverage offers the insured the following benefits:

1. Legal Events Coverage: The policy extends coverage to legal events that may occur within the confines of the insured home or in communal areas shared with neighbors.
2. Defense Coverage: In legal proceedings, the insured can request defense coverage, ensuring financial assistance for legal representation.
3. Legal Advice: Home insurance policies often include provisions for obtaining legal advice. Policyholders can seek guidance from the insurer to navigate legal complexities.

Details to Consider in Home Insurance Coverage

Insurance for Jewels

Standard home insurance typically covers treasures up to a certain amount. There is supplementary insurance for gems. This coverage extends to jewels, pearls, precious stones, precious metals, works of art, old books, and collectibles without limits on damage or theft.

In the event of theft, a complaint must be filed within 72 hours, and a claim must be submitted to the insurance company to ensure protection for these valuable belongings.

Flood Insurance

Standard home insurance often covers only a portion of damages caused by heavy rains. To enhance coverage, homeowners can opt for complementary flood insurance. This additional coverage ensures comprehensive protection for damages to the house and personal belongings (documents, furniture, clothes, appliances) caused by flooding. It may also include services for house cleaning and restoration.

Fire Insurance

While insurance companies may offer fire insurance with limitations to reduce policy costs, most insurers cover total damages caused by fire. In a fire, a claim should be made directly to the insurer. Homeowners may approach the General Directorate of Insurance and Pension Funds for resolution if there is no response within two months.

Coverage for Aesthetic Damage

This coverage addresses aesthetic damage during the repair of covered material damage. However, it’s important to note that this coverage is limited in scope.

Conclusion

Crucial considerations warrant attention when investing in a home and securing home insurance. Whether mandated by a financial institution or adopted as a preventive measure, obtaining home insurance becomes paramount. Over time, homes are susceptible to major and minor damages, impacting residents and potentially affecting third parties. A comprehensive insurance policy is a safeguard, alleviating complications and financial burdens in the face of unforeseen damages. Understanding home insurance coverage is essential for homeowners to make informed decisions that align with their needs and provide comprehensive protection against unforeseen events.

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.

To grow a small business, it needs exceptional sales and generate a profit. If things are going differently than planned, a company will often ask for a loan. A small business owner can seek out a lender in several different places. However, banks are the first option. Many small business owners apply for a loan without realizing that banks have a reputation for declining small business loans.

Telling others that you intend to take a business loan is often met with their opinion and advice on which institution to contact. Be cautious not to fall into debt unnecessarily, but if you are ready to move forward and secure a loan, consider the following reasons for small business loans.

Build Credit 

If you need to secure financing in the next couple of years, the process can be started by obtaining a smaller short-term loan. Smaller businesses usually have a more challenging time applying for a long-term loan if neither the owner nor the company has a good credit report. If you start by taking smaller short-term loans, you can build a much stronger loan credit for your business and ensure future financing.

This also ensures you can build a good relationship with the lender. Once the lender trusts that you can and will pay him, he is more inclined to lend more than you requested. Be sure you request a loan amount that you can repay. One late payment on a smaller loan can affect your credit score and lender relationship more than if you had never applied for a loan.

Expand the Location

Imagine your workspace is bursting at the seams, and your new assistant needs to set up a desk inside the kitchen. It seems like you have outgrown your original office location. Or perhaps you run a retail store or restaurant with so many customers inside and outside that you need to increase the physical space to serve them properly.

These pains are good because they prove your business is growing and you are ready to expand. Unfortunately, business expansion needs do not mean you will have cash to pay for them. As such, you might need a term loan to support your big move, whether you must expand your location or completely change it.

Before committing to an expansion loan, consider changes that might occur in your revenue because of expanding your location. Ask yourself if you could still cover your loan cost and earn some profit. Similarly, if you plan on setting up a second location, you must research the area and move thoroughly, or you might end up in even more debt than before.

Banks are interested in financing large businesses because of their benefits and can present various reasons to reject your small business loan approval.

Below are some common reasons banks reject small business loan requests.

Cash Flow

Credit history is a factor that can impact a bank’s decision to approve your loan request. A short credit history increases your chances of rejection, but a long credit history is not a guarantee either. Any financial blemish on your credit history can force banks to decline your application. Likewise, one of the essential considerations is your business’s cash flow. When you face cash flow issues, you risk receiving a decline from the bank. Poor cash flow often indicates you cannot consistently repay your loan.

The Preparation

Sometimes, a business succeeds, and the business credit score is satisfactory. However, a business plan with the proper groundwork for loan approval may be lacking. Banks ask individuals to present a lot of documentation with loan application requests. Some of the documents that you will be asked to present at the bank are:

• Existing loan documents
• Income tax returns
• Personal financial documents
• Financial statement
• Business lease documents
• Affiliations and ownership

You must be careful while presenting these documents to the bank because any discrepancies can result in loan rejection.

Credit History 

The most common barrier you and your business loan can face is a credit history. A bank looks at your personal and credit reports during your application review. The length of your credit history affects the loan approval, too, and it can be negative or positive, depending on the history.

The more information your bank has to assess your business, the easier it is to approve the loan. But if your business is new and its credit history is short, banks are unwilling to extend the desired loan amount.

Conclusion

While applying for a loan, ensure that you can repay it and that it is beneficial for your business to take it. If so, try borrowing small amounts to ensure repayment, increase your credit history, and build lender relationships to help you secure future long-term loans.

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.

These are extraordinary times, and you find yourself walking a tightrope. As you check your online banking, the predominant color is a stark red, signaling that your business is in “emergency mode.” The urgency to act quickly is palpable; your business continuity hinges on your immediate response.

Amidst the anxiety, worry, and burden, it’s all too common to lose perspective, leaving you uncertain about the following steps. The many challenges may feel overwhelming, making it difficult to discern a clear path forward. You’re tasked with extinguishing numerous fires, and in the midst of it all, the clarity you need is obscured by a mountain of problems, leaving you unsure of where to turn. 

Here are some tips for getting your business out of crisis and into cash flow.

How to Use Your Time to Get Your Business Going

In times of urgency, operating in “emergency mode” is crucial, directing our efforts solely towards activities that swiftly attract customers and generate revenue. The key is to trim away anything unnecessary, allowing us to channel our focus on initiatives that yield immediate results.

But Where do You Start?

When determining where to start, the most effective approach is to focus on activities closest to generating immediate revenue. Essentially, prioritize anything representing the shortest path between the present moment and securing capital. Everything else can be deferred.

In times of emergency, your primary concern in the short term is to identify and invest time in activities that yield maximum benefits as quickly as possible, helping you navigate out of the current situation. You no longer have the luxury of working on tasks geared towards long-term, gradual growth. Your sole priority at this juncture is to ensure immediate financial stability.

Every day, your activities should be strategically planned across three distinct categories:

Category #1: Immediate Revenue Generation

Focus on tasks that bring in money immediately or within a concise timeframe. This includes activities such as:

• Sending targeted emails to your customer list
• Crafting an article for your website featuring a special promotion
• Issuing reminders or invoices to customers with outstanding payments
• Reaching out to potential affiliate partners who can swiftly promote your initiatives in the coming week

These activities take precedence over everything else during the emergency mode. Despite the potential discomfort associated with tasks like sending promotional emails or chasing overdue payments, it’s crucial to remember that the alternative—risking the loss of your home or the closure of your business—is far more painful. Now is not the time for leisure; it’s the time for decisive action.

Category #2: Near-Term Gains

Allocate time to tasks that contribute funds to your checking account within a relatively short timeframe, typically between 2 and 3 weeks. This category encompasses activities such as:

• Completing a product or finalizing a sales page that is on the brink of generating revenue
• Advancing ongoing projects with the potential for immediate benefits

If you find yourself on the cusp of completing projects with promising possibilities for generating revenue, capitalize on these opportunities. Leverage your unfinished initiatives that have solid potential to contribute to your financial goals in the near term.

Category #3: Future Opportunities

This category encompasses projects likely to generate revenue within the next 3-6 weeks. However, it’s important to emphasize that these activities should never take precedence over the first two categories. Activities in this category include:

• Sending project proposals to potential clients
• Sending personalized emails to individuals who may be interested in hiring your services
• Initiating collaboration with colleagues in your industry for joint projects

Maintain a sharp focus on activities that are objectively likely to yield benefits. In your day-to-day operations, you may encounter tasks that don’t fit into these three categories but are perceived as necessary, such as social media presence, website maintenance, or participation in networking activities.

The reality is that these tasks hold little significance during the emergency mode. For instance, if you abstain from social networks for three months and dedicate that time to acquiring new customers, your business can weather the storm, even if your follower count stagnates or declines. Similarly, neglecting networking activities and personalized outreach won’t jeopardize your business survival in the short term, compared to the critical focus on revenue-generating activities outlined in the first two categories.

Conclusion

In times of exception, it’s imperative to relegate activities focused on the future—those seeking future opportunities—to the back of your priority list. The immediate goal is to secure liquidity swiftly, as it holds the key to overcoming the current challenges and building a more prosperous future. Prioritize actions that bring in revenue promptly, ensuring your business remains resilient and well-positioned for the times ahead.

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.

Creative decision-making has been known to be linked with creativity. Brands in the past have employed creative and digital marketing agencies for this skill and have created campaigns and ideas that sent internet contributors buzzing. However, due to artificial intelligence and its many branches, brands are changing how they want things done. 

Artificial Intelligence (AI) has caused panic in industries worldwide, with countries employing its different branches to outperform the competition. AI has been a rapidly growing innovation, leaving researchers and scientists to find ways to employ it. Predictive algorithms and machine learning are teaching us something about human behavior every other day, helping brands make decisions that align with emerging trends. 

How Has Artificial Intelligence Impacted Creative Decision-Making?

Data collected by innovative AI programs are changing the creative decision-making arena into a systematic process. More brands want to create strategies and design campaigns around what data interpretations tell them. As the industry dictates, brands are investing in technological solutions for decision-making rather than basing their decisions on creativity. 

Because most companies want to make a profit, this method of consumer insights works perfectly in their favor. For instance, extensive research and statistics show consumer preference for non-plastic goods for packaging. This has also led brands preceding plastic bottles to provide a more sustainable and environmentally friendly solution. 

Data-Driven Creativity

Technological advancement and the rapid pace of data collection online have rarely afforded brands the luxury of time to develop purely creative campaigns. This urgency has created an objective creativity phenomenon, where creativity emerges from a place of uniformity. Brands now have access to similar kinds of data. The starting point of most creative decision-making processes has been set, thanks to AI. 

Companies and their strategies are now driven by data and what popular trends exist. Creative think tanks where teams sit down and put their heads together based on a crazy, disruptive idea for a brand from scratch seem to be a past technique. Technology has made the process of successful campaigns one step shorter.

Evolution of Content Creators

Content creators will shortly move from solely writing and content creation to more decision-making roles based on the interpretation of data. Marketers often feel pressured when they need to roll out multiple campaigns quickly. For instance, within a typical year, brands have a combination of campaigns, starting with New Year’s Campaigns, Seasonal Campaigns, Product Launch Campaigns, Brand Awareness Campaigns, and more. 

Brands can depend on data-driven statistics to keep up with changing customer demands and competitor brands. Not only will this approach help managers reach more milestones, but it will also help them cut down multiple costs and save time. 

The Impact of Automation on Content Creation and Photography

An incredible amount of automation of processes means more content creators are entering markets. AI efforts can now create journalism content, forcing people entering the field to be open to an evolving industry in the future. Similarly, photography will no longer be perfected for four years of college education. 

The evolution of intelligent, professional cameras and smartphones has helped interested parties learn editing and photo enhancement with the click of a few buttons. Artificial intelligence reduces the time to complete redundant tasks, leaving more space for people to think even more creatively. As a result, what is considered a professional process today will just be a skill you can pick up tomorrow. 

Harmony of AI and Human Creativity

However, the progress of AI is not to be mistaken for replacing human creativity. On the contrary, humans will have more time to spend being creative once the monotonous tasks have been reduced and outdated data collection and interpretation processes are replaced. With so many ways of measuring creative effects, creative decision-making will transform into science and no longer be about art.

What Is Next for Creative Decision-Making?

With monotonous tasks reduced, we can focus on creative ways of developing and executing campaigns. Artificial Intelligence and its rapid growth benefit companies by saving essential resources such as time, costs, and human resources from being devoted to tasks that can easily be carried out with the help of algorithms and machine learning. 

Changing times call for innovation and subsequent adaption to stay relevant. Technological changes are the silent helpers to take care of tedious tasks, so more important aspects of businesses can be worked on while saving valuable assets. 

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.

In the contemporary world, almost everyone possesses a card. These cards come in various forms, including banking cards (both credit and debit), establishment cards (enabling purchases within a network of stores or businesses), and telephone or point accumulation cards.

However, our attention will be directed towards a specific category of cards that can lead to complications if lost or stolen – namely, credit, debit, or establishment purchase cards. The criminals’ potential misuse of these cards can lead to unwelcome alterations in our financial accounts.

Loss of Credit, Debit, or Purchase Cards

When it comes to credit, debit, or purchase cards, a crucial piece of advice is to carry only a select few at a time, considering the current era. The loss of a wallet is a bitter experience, given the array of cards it typically holds – from IDs and driver’s licenses to insurance cards and Social Security.

However, if an unfortunate loss occurs, swift action is imperative. Ensuring the safety of your cards and maintaining a constant awareness of their whereabouts is paramount. This vigilance is the key to promptly realizing their absence and taking the necessary steps.

Theft of Credit, Debit, or Purchase Cards

In the event of the theft of credit, debit, or purchase cards, it is crucial to take immediate action. If you have evidence that your cards were stolen, such as a robbery, break-in, or car theft, your first step should be to call the respective card issuer to cancel them. Simultaneously, report the theft to the authorities promptly.

Filing an official complaint is a crucial document detailing the day and time of the incident. This documentation becomes invaluable when addressing any potential misuse of the cards. While you may be fortunate enough to cancel the cards before unauthorized individuals use them, the risk of monetary loss or unauthorized purchases remains. Therefore, swift reporting and follow-up actions become essential in such circumstances.

Understanding Responsibility for Unauthorized Card Transactions

In instances of theft, customers are typically held responsible for unauthorized transactions made before the official complaint, with a liability limit of $150. The financial institution will assume responsibility for amounts exceeding this limit. However, suppose funds are withdrawn from our accounts via an ATM using our PIN. In that case, the entity may not bear responsibility, as it could be considered product misuse, especially if the PIN is readily available (e.g., written down somewhere). It underscores the importance of safeguarding personal identification information to prevent unauthorized use in case of card loss or theft.

Unauthorized Establishment Charge

If the card has been used for purchases in establishments following a report of theft or loss, the user should file a complaint referencing the earlier report. Any purchases made after the denunciation date will not be the user’s responsibility. This is supported by evidence that the user did not sign the receipts for those purchases, and the establishment failed to identify the cardholder through their ID accurately.

Consequently, the establishment is obligated to refund the money to the cardholder. When making purchases at establishments, it is advisable to avoid losing sight of the card to prevent the duplication of the magnetic strip. Additionally, retaining all purchase receipts is recommended to safeguard against being charged amounts exceeding those documented on the invoice. This proactive approach helps protect the cardholder from potentially fraudulent transactions and ensures a smoother resolution of any disputes.

Unauthorized Online Charge

When dealing with online purchases, fraud becomes more intricate, mainly when establishments are located in different parts of the world, making the claims process more challenging. In such cases, reporting the incident to the authorities and promptly canceling the affected cards are crucial steps.

To proactively prevent misuse of cards on the internet, it is imperative to ensure that the websites where card information is entered are exclusively secure. This means using pages with security certificates, identifiable by the “HTTPS” at the beginning of the web address – indicating security. Additionally, a padlock icon should be visible in the lower-right part of the screen. These security measures help users verify the legitimacy of online platforms and enhance protection against potential fraudulent activities.

Duplication of Cards

In the unfortunate event of card duplication and subsequent fraudulent use, it is crucial to report the incident promptly and cancel the affected cards. Moreover, it’s essential to be aware that in such situations, cardholders typically have the right to avail themselves of insurance coverage to address the theft.

Many cards come with built-in insurance coverage that extends to various contingencies, including those discussed here. This insurance can offer financial protection and assistance in mitigating the consequences of unauthorized transactions resulting from card duplication. Therefore, in addition to taking immediate action to address the security breach, cardholders should explore and leverage the insurance coverage associated with their cards to facilitate recovery and resolution.

In summary

In summary, when faced with the loss or theft of cards, the immediate and crucial steps are to call and cancel them as soon as possible. This swift action is essential to mitigate potential risks, prevent unauthorized use, and initiate the necessary procedures for reporting the incident to the authorities and relevant card issuers. Additionally, proactive leveraging of insurance coverage associated with the cards can contribute to a more comprehensive and efficient resolution of the situation.

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.

2020 was a year of struggle and challenge for people and industries, but the housing market stood firm in adversity. Now, in 2024, markets are recovering and stabilizing, adapting and evolving around new innovations and shifting demands. 

Here are some trends and innovations to consider if you enter the housing market this year.

Rising Prices

Prices in the housing market have been on the rise for some time now, having more than doubled in the past 30 years. This trend is about to stay the same, but data shows that prices are now rising slower than in previous years, which is a good sign.

Low Inventory

The primary cause for the consistent rise in prices in the industry is a low inventory; too many people are trying to buy houses, and not enough homes. COVID-19 exasperated this issue further when people started trying to move to locations with lower infection rates. Even after the pandemic ends, it is unlikely that this problem will be resolved.  

Rising Mortgage Interest Rates

Not long ago, the middle class could take on a mortgage to pay the full price for a new house and pay it back gradually over time. This has become increasingly difficult as mortgage rates have risen to impossible highs.

The COVID-19 pandemic positively impacted mortgage rates as interest rates across the country fell in 2020. Market analysts predict that this decline should continue downward throughout 2024.

Demographics

Since 2019, Millennials have surpassed Gen X and Baby Boomers as the dominant age group in the home-buying market. This trend will continue as more Millennials consider buying their first homes.

From Cities to Suburbs

More people have started to migrate away from urban city developments instead of looking for homes in smaller suburban communities. As the new predominant demographic in the buyers’ market, Millennials prefer suburbs over city residences because they are more affordable and experience lower crime rates.

Virtual Reality  

As Millennials have taken over as the primary demographic in the housing market, the tech-savvy generation has brought technological innovations quickly, pushing the industry in a bold new direction.

One such innovation is using Virtual Reality (VR) in the housing market. Virtual Reality housing tours were already a niche practice offered by a few realtors and agencies before 2020. However, the pandemic saw VR becoming a popular method of conducting long-distance house tours.

VR home tours have many advantages over in-person ones for both agents and buyers. 

• VR allows real estate agents to market and sell properties with little investment.
• It allows buyers to participate in several daily tours, making their home-buying journey much faster and more efficient.
• Thanks to VR, buyers can experience house tours from their homes and across cities and countries if they hope to move internationally.
• It allows potential buyers to experiment with the interior design and décor of the house by instantly customizing a digital 3D representation of it in VR, as per their liking, when such modifications to the real house would be time-consuming and expensive.

Smartphone Applications

Since smartphones started using applications over a decade ago, they have become an important part of our everyday lives. There seems to be an app for everything, and we are always connected to our smartphones in some capacity. Seeing this, real estate agencies have also decided to leverage the power of apps, creating their own apps that make the home buyer experience easier and more efficient. Apps allow buyers, sellers, and agents to remain connected and provide a platform upon which buyers can find the best options currently on the market.

Cryptocurrency

The sky-high price of Bitcoin has made it difficult for the virtual currency to function as a standard means of exchange. But with prices rising daily, the housing market may be the perfect space for Bitcoin to thrive. Experts believe the technology upon which cryptocurrency is produced and traded, Blockchain, could also be a tool for innovation in the housing industry.  

Conclusion

In conclusion, the housing market, resilient in the face of the challenges of 2020, is now in a phase of recovery and adaptation in 2024. Despite ongoing struggles like rising prices fueled by low inventory, the market is showing a positive sign with a slower pace of price increases. Demographic shifts, particularly with Millennials as the dominant force, influence preferences toward suburban living and drive technological innovations. Virtual Reality (VR) and smartphone applications have transformed the home-buying experience, offering efficient and customizable solutions.

Moreover, the potential integration of cryptocurrency, such as Bitcoin, into the housing market reflects a dynamic landscape open to innovation. Navigating these trends and embracing technological advancements is crucial for those entering the housing market in 2024, ensuring a successful engagement with the industry’s evolving dynamics.

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: Subcontract or Hire? A Comprehensive Guide for Business Owners

As a seasoned financial consultant with over 15 years of experience guiding businesses through critical decisions, I’ve witnessed firsthand the pivotal role accounting plays in ensuring financial clarity and overall success. The decision to subcontract accounting services or build an in-house team is a crucial crossroads many business owners face. This comprehensive guide will navigate you through this complex decision, drawing from my extensive experience and the latest industry insights.

Key Takeaways

• Understand the nuanced differences between subcontracting and hiring in-house accounting services.
• Gain insights into the pros and cons of each approach, backed by real-world examples.
• Learn practical strategies for aligning your accounting choices with your unique business objectives.
• Explore cutting-edge trends and technologies shaping the future of accounting services.

Understanding the Core Accounting Needs of Modern Businesses

Accounting forms the backbone of any successful enterprise, encompassing essential tasks that directly impact financial health and decision-making. These tasks include:

1. Bookkeeping: Accurate record-keeping of all financial transactions.
2. Financial Reporting: Generating comprehensive reports for stakeholders and regulatory bodies.
3. Tax Preparation: Ensuring compliance with ever-changing tax laws and maximizing deductions.
4. Auditing Services: Conducting internal audits to maintain financial integrity.
5. Management Accounting: Providing key insights for strategic business decisions.
6. Cost Accounting: Evaluating the true cost of operations to optimize profitability.
7. Payroll Management: Ensuring timely and accurate employee compensation while adhering to tax regulations.

From startups to established corporations, these services create a cohesive financial strategy crucial for sustainable growth and success.

Subcontracting Your Accounting Services: A Deep Dive

Subcontracting, or outsourcing accounting services, has gained significant traction, especially among small businesses, freelancers, and startups. This approach involves partnering with external professionals or firms to handle specific accounting functions or leverage advanced software solutions.

Advantages of subcontracting

Cost-effectiveness

My clients have consistently reported significant cost savings through flexible pricing models subcontractors offer. One small business owner I worked with reduced their accounting expenses by 30% in the first year of outsourcing.

Access to specialized expertise

Subcontracting opens doors to a diverse pool of experts. For instance, a tech startup I advised gained invaluable insights from a forensic accountant specializing in their industry without the long-term commitment of a full-time hire.

Scalability

Subcontracted services can quickly adapt as businesses grow or face seasonal fluctuations. A retail client of mine seamlessly scaled their accounting support during peak holiday seasons without the complexities of hiring and training temporary staff.

Cutting-edge technology

Subcontractors often invest in the latest accounting software and tools, providing businesses access to advanced technology without the associated costs. The benefits of cloud accounting, in particular, have revolutionized data accessibility and security.

Disadvantages of subcontracting

Reduced control

Some business owners express concerns about losing direct oversight of daily accounting practices. However, implementing clear communication channels and regular check-ins can mitigate this issue.

Communication challenges

Potential delays or miscommunications can occur with external providers. Establishing clear protocols and leveraging project management tools can help maintain smooth collaboration.

Data security concerns

Handling sensitive financial data externally introduces potential risks. It’s crucial to choose subcontractors with robust security measures in place. For a deeper dive into this topic, I recommend reading this insightful article on outsourcing security.

Building an In-House Accounting Team: What You Need to Know

Creating an internal accounting department involves hiring dedicated professionals to manage your financial needs in-house. This approach is common among both growing startups and established enterprises, particularly when direct control over financial operations is paramount.

Advantages of hiring in-house

Direct control

Maintain complete oversight of your accounting processes, allowing for immediate adjustments and real-time financial insights.

Enhanced collaboration

In my experience, having accountants physically present fosters easier internal communication and leads to more tailored financial strategies.

Customized financial strategies

In-house teams can develop deep knowledge of your business, resulting in highly customized financial approaches aligned with your specific goals.

Disadvantages of hiring in-house

Higher costs

Full-time hires come with increased payroll, benefits, and management costs. One mid-sized company I consulted for saw their accounting-related expenses increase by 40% after transitioning to an in-house team.

Recruitment and retention challenges

Finding and keeping qualified accounting professionals can be difficult, especially in competitive job markets.

Ongoing training requirements

Keeping your team updated on evolving accounting practices and software requires continuous investment in education and development.

Comparative Analysis: Making the Right Choice for Your Business

Choosing between subcontracting and hiring in-house depends on various factors unique to your business. Here’s a framework I’ve developed to help clients make this decision:

Business size and complexity

Smaller businesses often benefit from the flexibility and cost-effectiveness of subcontracting, while larger enterprises may require the dedicated attention of an in-house team.

Industry-specific needs

Certain industries with complex regulatory requirements may benefit from specialized in-house expertise.

Growth trajectory

Fast-growing companies might find subcontracting more adaptable to their changing needs.

Budget constraints

Consider both short-term costs and long-term financial implications of each option.

Control and customization requirements

Assess how much direct oversight and tailored financial strategies your business needs.

I recommend reviewing our guide on small business bookkeeping best practices for additional insights.

Cost-Benefit Analysis: Crunching the Numbers

Based on my experience working with diverse businesses, I’ve observed that hiring in-house often incurs higher fixed costs. These typically include:

• Salaries and benefits for full-time employees
• Office space and equipment
• Ongoing training and professional development
• Specialized accounting software licenses

In contrast, subcontracting can be more economical, especially for small to medium-sized businesses. Subcontractors often bundle various services, including payroll management and taxation expertise, into their fees, potentially offering significant savings.

Decision-Making Strategies: A Step-by-Step Approach

To make an informed decision, follow these steps:

1. Assess your current and projected accounting needs.
2. Analyze your business size, industry, and long-term growth plans.
3. Evaluate your budget constraints and financial reporting requirements.
4. Consider the level of control and customization your business requires.
5. Research potential subcontractors or the costs of building an in-house team.
6. Consult with industry peers and financial advisors for additional perspectives.

Remember, accounting software solutions can play a crucial role in either scenario, offering functionalities seamlessly integrating with subcontracted and in-house approaches.

Real-World Insights: Learning from Success Stories

Throughout my career, I’ve witnessed numerous businesses successfully navigate this decision. For example:

• XYZ Supplies, a growing e-commerce company, transitioned to subcontracted services, realizing a 25% cost saving and improved operational efficiency within the first year.
• ABC Enterprises, a multi-national corporation, opted for an in-house team to maintain closer control over their complex financial operations, resulting in more agile financial decision-making.

These cases underscore that the right choice depends on specific business contexts and goals.

Future Trends Shaping Accounting Services

The accounting landscape is rapidly evolving, driven by technological advancements. Key trends to watch include:

Artificial intelligence and machine learning

These technologies are automating routine tasks and enhancing data analysis capabilities.

Blockchain technology

Enhancing transparency and security in financial transactions.

Cloud-based accounting

Offering increased accessibility and real-time collaboration.

Data analytics

Providing deeper insights for strategic decision-making.

I recommend this insightful resource on AI and machine learning advancements in accounting to stay ahead of these trends.

Conclusion: Making the Right Choice for Your Business

The decision between subcontracting and hiring an in-house accounting team is pivotal and should be tailored to your business’s unique needs and circumstances. Based on my extensive experience, subcontracting often suits smaller operations needing flexibility and cost-efficiency, while hiring in-house can offer more comprehensive control and tailored strategies for larger or more complex businesses.

Ultimately, the key to success lies in carefully weighing the pros and cons, considering your long-term business goals, and staying adaptable as your needs evolve. Remember, this decision isn’t set in stone – many successful businesses have transitioned between these models as they’ve grown.

For personalized guidance on making this crucial decision, don’t hesitate to contact us at Complete Controller. Our experienced professionals are ready to help you navigate this complex landscape and find the optimal accounting solution for your business.

FAQ

What are the primary differences between subcontracting and hiring in-house for accounting?

Subcontracting offers cost efficiency and access to specialized expertise without long-term commitments. Hiring in-house provides direct control and the ability to develop tailored financial strategies specific to your business.

Is subcontracting accounting services always more cost-effective than hiring in-house?

Not necessarily. While subcontracting can be more cost-effective, especially for smaller operations, the most economical choice depends on your business’s specific needs, size, and growth trajectory.

How does innovative technology impact modern accounting practices?

Technologies like AI, machine learning, and blockchain are revolutionizing accounting by enhancing efficiency, automating routine tasks, improving data analysis capabilities, and increasing transaction security and transparency.

What key factors should I consider when choosing between subcontracting and hiring?

Consider your business size, industry-specific needs, budget constraints, desired level of control over financial processes, and long-term growth plans.

How can I ensure data security when subcontracting accounting services?

Choose a reputable firm with robust data protection measures, ensure they comply with industry regulations, and establish clear data handling protocols. Regular security audits and open communication about data practices are also crucial.

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.

Effective communication is the cornerstone of successful relationships, and this holds, especially in the realm of customer interactions. Shifting the focus from viewing customers as mere conduits for profits to acknowledging them as individuals is a fundamental step in enhancing communication skills. The language you choose and how you convey messages are pivotal in shaping these interactions.

Whether it’s face-to-face communication or digital correspondence, the methods employed and the content of your messages significantly impact the customer’s perception. Avoid the temptation of sending generic email blasts and expecting swift responses. As you observe how a shopkeeper addresses you, recognize that your customers are equally observant of your approach.

How do you build relationships with people? These techniques are the same ones you would use to build a relationship with your customer. First, the foundation for building any relationship is trust. When you put your trust in someone, and they trust you in return, you both work on building something that can last for a long time. If that relationship is the foundation of your business, then trust is the cement used to fortify that relationship.

Improve Your Communication Skills

Communication is the bedrock of any good relationship. Work on how you communicate with your customers and treat them as humans instead of a means for profits. If you notice how a shopkeeper talks to you, it stands to reason that your customers would notice the same in you.

Language choice is critical, and communication methods and messages matter significantly. Do not send email blasts and expect quick responses. If a customer walks in, be prepared, and do not give them the impression that they are an imposition.

Consumer’s Point of View

Some states require a form of agency disclosure at the beginning of a relationship. Forget about legal requirements from the agency from the perspective of the licensee and regulatory agencies. The main reason agencies exist is to impose the licensee’s fiduciary duties that need them to protect the customer. Customers trust you because you are representing them under agency employment. You are bound to keep their information confidential, disclose facts, obey the lawful instructions, safeguard all monies entrusted, and be loyal to them.

Consumers do not care about the intricate nature of the regulatory agency rules. They genuinely care whether we will protect their interests and if they can count on us.

Use Realtor Pledge of Performance

The National Association of Realtors (NAR) has summarized the Code of Ethics in a single-page document. The document sets a promise that each realator is bound to uphold in working with consumers and ensuring that their interests are placed above all others.

Ensuring customers that they can trust you because you adhere to a code of ethics and will promote their interests increases customer confidence and loyalty.

Gather and Use Testimonials 

Trust is essential, but you cannot convey that clients must trust solely you. Take a lesson from those businesses and companies that have spent millions of dollars learning and using the power of customer testimonials. When we go to Amazon to purchase a book, what is the first thing we see? Testimonials from others. What determines when you look up a new restaurant or hotel? Testimonials. People tend to trust others’ experiences more than what the hotel or restaurant has to say.

Gather testimonials from your previous and current clients and post them on a visible platform like LinkedIn, Facebook, YouTube, and your website.

Ask for Feedback and Use it

When you ask for feedback, the customers feel heard and valued. It also helps improve your brand, products, services, and processes.

Ask your customers to review your products online and check your reviews at least every week. Timely replies to feedback show how attentive you are to your customers. However, feedback is only valuable when you act on it, so be attentive to customer needs and demands for maximum profit. Be aware of customer feedback because it is critical to building any relationship.

Conclusion

You must do your best to build a long-lasting relationship with your customers. Customers want to buy something from a company they can trust and support. Similarly, create a necessity and use all your selling skills, but remember that customers are people just like you who want a positive buying experience.

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

When you are forming a company, there are types of business options you can choose. Understand its legal structure and rules to decide what type suits your product or services best. 

Typically, there are four types of businesses

• Sole proprietorship
• Partnership
• Limited Liability Companies
• Corporations

Before creating a business, entrepreneurs must carefully consider their enterprise’s best type of business structure. Let us provide a quick overview so that you, as an entrepreneur, can make one of the most critical decisions in life easily.

Sole Proprietorship

Sole proprietorship allows people to open their businesses with complete ownership and responsibility for their successes and failures. However, it is essential to remember that starting and then operating a business can be equally stressful and demanding as it is rewarding.

Even if you believe that sole proprietorship is the best option for you, surround yourself with positive energy and great support from other business owners; local business centers can also help you thrive in operating and growing the business.

A sole proprietorship is an unincorporated business owned and run by one person – with zero distinction between the owner and the business. The sole proprietor enjoys all the profits and is personally responsible for all business liabilities, losses, and debts. A sole proprietorship is one of the latest expensive business structures to start.

Partnership

A business partnership is the best source for business growth since it makes extra deliveries possible with superior quality. What is interesting is that there is no burden on one person. You can grow your business with the highest speed by enforcing strict laws to conduct your trades. Various companies are following this trick because of different partnership manifestations in other forms. There is an investment in projects with a total share of technical education and influential ideas from the business owner.

However, even the best partners may not be all rainbows and butterflies; we are humans. It is natural to disagree, have an opinion, or not understand and comprehend what the other person is trying to implement.

When the blues hit all your business partnership vibes, how do you manage to rebound? To set the partnership up for success from the start is a significant first step. Take all the time you need to sort the details out and trust your instincts. If it does not feel right now, the chances are high that it will not be right later.

Limited Liability Company

Limited Liability Companies, or LLCs, are one of the best and most flexible business types. LLCs include aspects of corporations and partnerships. They retain the tax benefits of the LLC. If the LLC chooses to be treated otherwise, i.e., as a C corporation.

Plus, Limited Liability Companies benefit from the limited liability status. The company exists as its legal entity in an LLC, protecting the LLC owners from being personally liable for the debts and business operations.

Corporation

A corporation is a separate legal entity that the shareholders create. When you incorporate a business, you protect owners from liabilities for their legal disputes and debts. Establishing a corporation poses greater challenges and complexities than other business entities.

Suppose one of the owners declares bankruptcy or passes away in a partnership or sole proprietorship, which is a complete dissolution. Corporations exist as officially separate entities.

A corporation is divided into three types

• S Corporation: This consists of up to one hundred shareholders. This corporation passes through entities like partnerships, meaning profits are not taxed twice.
• C Corporation: It is the most common type of corporation. It is taxed as a corporate entity, and owners take gains that are later taxed individually.
• Non-profit Corporation: Charitable organizations often utilize this one. You must use all forms of incoming cash flow to spend on any organization’s plans or operations.

Overall

If you are thinking of starting your own business, give it a go; do not stop or wait. Get all your resources in action. We hope this article has helped you understand where your business should lie. Study more about how these businesses work legally; you will have a clear mental picture of what you want.

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.