Category: Content

Everyone, individually or as a family, should have an emergency fund to deal with the contingencies and setbacks of life. But what is an emergency fund, how much money should be saved in that emergency fund, and how long should those finances be able to sustain you?

An Emergency Fund

An emergency fund is a quantity of money that must be set aside but available in a liquid form to cover contingencies and emergencies to cover fixed expenses for a few months. When an emergency fund is characterized as liquid, it is meant that you can use it from one day to the next without losing purchasing power or being penalized for the release of this money.

How Long Should It Cover?

Calculate the expenses and economic needs you have each month, including electricity, water, mortgage, food, etc. The emergency fund should be able to cover those expenses for 6-12 months in case no additional income is received during that period.  This eliminates the need to sell any assets.

It is estimated that more than 70% of people do not have savings to cover more than 3 months in case they stop earning income tomorrow, which is a sign that their finances need immediate attention and a savings plan developed.

How Much Money Should Be Saved?

Many people assume a minimum of $3,000-6,000 is sufficient, but an emergency fund will depend on your current lifestyle. Some families have such a frugal lifestyle that only $3,000 could sustain them for 6 months. Other families have fixed costs that would require a fund of $5,000 that does not cover them for even two months.

Other than stipulating an amount of money to keep in the emergency fund, it is better to determine the time the funds should cover. An emergency fund ready for economic catastrophes should be able to cover at least 6 months of fixed expenses.

1. Psychological Factor

Nearly anyone can experience a personal financial crisis or distressing situation at a given moment in their life. It is important to avoid panic and think in a relaxed and realistic way. Avoid making desperate decisions because rarely do these decisions come to fruition. An emergency fund will give you peace of mind and stability, as well as the patience necessary to develop a strategy.

2. Loss of Employment

Some people see a job loss or unemployment coming, while others are caught by surprise. When our economic situation is going well, we should look for alternative sources of income and plan our emergency fund. Remember that sooner or later, things are bound to happen, and the only way to avoid a negative impact is to be prepared.

3. External Factors

The world economy or national economy can cause our bills to increase. We can find astronomical price increases in basic products, electricity, water, etc., and this situation usually coincides with a decrease in salary to avoid downsizing personnel.

4. Unforeseen Events

Your car can break down at any time, and the repair can be expensive. In more extreme cases, you may have to replace it completely. Likewise, home appliances can suffer a small breakdown and disasters that insurance does not cover. Your emergency fund will prevent you from using credit to pay for damages or disasters.

5. Diseases

If you are self-employed, an emergency fund should be a priority for you because being sick will prevent you from working and earning money, and medical procedures can be costly. Similarly, for pet lovers, veterinary services are not inexpensive.   An emergency fund can be utilized to compensate for time not worked, medical bills incurred, or veterinary services for beloved pets.  Regardless of the medical situation, it is best to be prepared and have liquid cash to mitigate financial stress.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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.

Each company needs financing; without it, the business would not have adequate capital to maintain operations. Debt financing is when a business chooses to borrow the funds necessary to continue operating the company. The debt is acquired through accepting a loan where the business owner agrees to pay back the money gradually with interest. Financing with debt can be classified into one of the following categories: short-term and long-term.

Short-term Debt Financing

Financing with short-term debt generally means that the lender and the borrower agree that the total amount borrowed, plus interest, will be fully repaid within one year. Typically oriented towards the maintenance of the daily operations, financing with short-term debt is commonly used to pay for equipment and buy any inventory or supplies vital to the company’s production process.

Long-term Debt Financing

Financing with long-term debt is still a loan that is requested from a bank or a financial institution. It includes a promise of reimbursement plus interest but is not used for daily business operations. Financing with long-term debt is generally used to acquire a building, land, or expensive equipment or machinery necessary to operate or expand the business. Financing with long-term debt is repaid for more than one year.

Advantages

There are a couple of advantages associated with debt financing. First, it is one of the only ways to get money for your business without losing any property quickly. When you choose debt financing, you retain your ownership privileges over your business, and the lender has no legal input about managing it. The other advantage is that financing loans with debt are tax-deductible. You can compensate for your payments and interest with its income tax by considering the loan as an expense.

Disadvantages

While acquiring a loan to carry out your business is not considered irresponsible, debt may be unattractive to potential investors. If your business fails, you may still be personally responsible for the loan payment, which could result in the loss of any guarantee. Every loan you secure goes impacts your credit rating. Continuing loans could adversely affect your credit score, raising interest rates and making future loans more difficult to obtain.

Significant Considerations

Your company’s capital structure is comprised of equity and debt. The dividend amount that you have to give shareholders is the cost of equity, and the interest money that you can transfer to bondholders is the cost of debt. All companies have debt issues, but the cost of debts provides them leverage. With such amounts, you can promise to compensate lenders and repay the principal amount. For this, you need to pay off all your annual interests. Lenders present borrowing prices to the issuer on behalf of the interest amount that people have paid on these debt instruments.

The company’s price of capital is always the sum of the cost of debt and equity financing. Minimum return means the price of money as the amount that a company has to make. This way, you can satisfy creditors, capital providers, and shareholders. Industries always earn money returns higher than the capital price. The amount that is the base of the company’s investment decisions relates to the new operations and projects.

Businesses will not make positive money for investors due to the lower capital expenses than the cost of capital. Only companies require to rebalance and recalculate the structure of their worth. The formula for the debt financing cost is:

• KD = Interest expenditure × ( 1 – Tax Amount)
• Where KD = price of debt

In most cases, people have to pay a deductible tax, and lenders cut interest amounts when we pay our taxes. It becomes more comparable to the price of equity as the tax of stock’s earnings.

The debt to equity ratio will help you measure your company’s debt financing. When we have one dollar of debt financing, the equity will be five dollars. Lower debt to equity ratio relates to a higher one. After all, companies need to have more tolerance for debt than others. You can look at the measured cost of equity and debt on the balance sheet statement.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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.

Responsibility

While the terms may look alike, make no mistake: vehicular insurance and vehicular protection are not synonymous. The first is offered by traditional vehicle insurers, while the second is an association of people whose participants share responsibility for cars, a cooperative.

In vehicular protection, no institution guarantees payment in case of incidents. In this cooperative model, the risk of each car is divided among all participants. Thus, if one of them suffers an accident, all bear the costs.

Car insurance is provided by a traditional insurance company following a series of strict standards. In this case, there is a policy by which the car owner transfers the risks of his or her vehicle to the insurer. If something happens in this case, the owner is responsible.

Premium

The premium is the amount that the customer pays to the insurer for a guarantee of payment of the indemnity present in the contract.

A car insurance premium is stipulated based on countless factors, including locales, customarily frequented, and additional drivers.  Vehicle protection considers only the characteristics of the car. Unfortunately, if you are part of the cooperative, you could end up paying dearly for the recklessness of a careless driver.

Collection

While vehicle insurance depends on a single quota or fixed installments, the protection of cooperatives charges a variable monthly amount. This fee is made up of a fixed management fee, added to the division of losses with the protected cars in the previous month.

Indemnity

Insurers are required by law to have a reserve to guarantee payment of the indemnities. Vehicle protection cooperatives, however, depending on the payment of monthly payments by all members. Therefore, if there is a default, the association may run out of money to cover expenses.

Regulation

Car insurance companies are approved and regulated by each state but are supported by the National Association of Insurance Commissioners (NAIC). On the other hand, Cooperatives do not have any regulations, either by laws or government agencies.

If you want to understand the difference between insurance and vehicle protection, you must know what kind of insurance you can choose. Here are a few:

Comprehensive Insurance – You can replace or repair your car after an accident, if you are responsible or not. You can repair your vehicle at the time of an emergency. It also allows for transportation costs and damage repair that are the fault of other drivers.

Insurance for a compulsory third party is green slip insurance, as every registered or legal drive needs to have in their respective countries. In the case of a car accident, the drivers who are responsible for the catastrophe must repay because they are legally liable.  Other individuals such as pedestrians, drivers, passengers, cyclists can leverage this insurance.  

The theft covers and the third-party fire – This coverage can help you replace the loss of your car. If a thief stole your vehicle, then the damage has been incurred.

Property insurance of the third party – You can use this insurance policy only to repair the damage of another person’s property. You cannot repair damage to your car with this insurance. Typically, it covers the legitimate expenses and specific damage that occurred due to uninsured drivers and service claims.

Extra Coverage Choices or options with different varieties – With insurance policies, you can cover all the standards and take advantage of all the services that insurers provide you. You can leverage the additional features and benefits that are available for you. This might include the choice of repairer, new vehicle replacement, or the protection of the No Claim Bonus. It is your responsibility to select the most suitable insurance policies that meet all your standards of car maintenance.  

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

As the name suggests, cashless payment is fundamentally a no-touch strategy of dealing with cash. Payments are made via digital methods such as online transfer, debit card, credit card, or even a digital wallet. 

Cashless payment methods call for security and less risk of losing your ‘cash.’ As it is a safe strategy, is it strategic? Let’s have a look at a few myths that exist regarding Cashless Payments:

Myth 1: Cashless Payments Means Fewer Chances of Stolen Cash

We all have been preyed to stolen cash. We have all lost money from our wallets at some point or the other. Whether it was stolen or we misplaced it, we have been through the experience. A myth exists that cashless payments would mean you lose less cash. 

Since you’ll keep less money in your wallet, the chances of your money being stolen are slim to none. 

Well, the problem here is that online fraud is also quite common. Your credit card contains sensitive information that can be detrimental if it falls prey to online fraud. As much as it might have the potential to be tracked down, a risk still exists. Stolen identity is worse than stolen cash. 

Myth 2: Convenience

Sure, it is convenient to add a few things to my cart online and place an order from under my blanket in the comfort of my home. It is a rather tempting thought, but it also costs me more than going to the shop and buying what I want. 

In return for this convenience, online payment methods usually involve third-party processors who charge extra fees. These fees are highly subjective and may have you paying more than you should or need to. Most of the time, so many technical errors occur online since this technology may naturally falter.

It is a myth that cashless payments provide more convenience when a product costs more. Plus, dressing up and going out is a healthy activity! It will keep you active, positive, and a good day can potentially have you coming back home in a good mood! 

Myth 3: Everyone Has Shifted to Cashless Mode

Thinking cashless payments fit the box for everyone because, hey, everyone has a bank account and an internet connection? Not really.

It is important to remember that societies going completely cashless can pose a problem for many reasons for people who don’t have bank accounts. It can also cause issues for low-income people who don’t know the intricacies of opening a bank account, let alone managing it. 

Banks charge service fees which can be stressful for low-income people who work hard to save every penny they earn. Cashless payments do not fit the box for everyone; it provides only for those who think it holds for them. 

Myth 4: We Can Buy Anything!

Sometimes, using your debit or credit card to buy something that costs a dollar or five can be difficult. It isn’t easy because it can consume time and energy to pay via your card for something that costs $5 at a Super Mart. Some of these places charge extra if you pay by card, whereas some stores do not set on a card unless your bill totals a specific amount. 

In terms of this, not carrying cash can be a struggle. For example, you don’t have some money on you and want to buy a water bottle. The shop you are standing in does not accept cashless payments unless you buy products totaling up to specific dollars.

Now you’ll have to buy three more things to get that one bottle of water. Consequently, you are spending more money!

Conclusion

Cashless payments are intelligent and accessible. But they are not the correct mode to click on every time. These myths are altering the way people look at money and how it exists, and in the long term, it can prove to be problematic for everyone, starting with us. 

Plus, there’s a different form of satisfaction you get when you open your wallet, and you see cash, you touch it, and you appreciate it. 

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

The emergence of the internet has offered companies with more data than ever before. Multiple online platforms and networks use data collected from customers to identify trends and emerging patterns in consumer behavior. No matter what industry a business operates in, critically analyzing and leveraging value from consumer data can provide the company with a competitive edge that will help them stand out in the face of competition. 

Why Is Deriving Value from Customer Data Important?

Customer data helps businesses identify their relationship with their general audience. For instance, a company that sells organic skin products can determine which product is performing the best. A company that sells high-end products can gain insight to sell to a different niche. A company can use data to identify if its price points are working for its target audience. 

Whatever the corporate and business strategy of the company, customer data can help managers and owners keep abreast of changing patterns. Gathering value from customer data includes basic customer information, behavioral trends, and even attitudinal tendencies that will help make critical decisions for the company. 

Types of Customer Data

Four primary types of customer data can be collected and then used to devise essential company strategies, et cetera. No matter the type of data collected, its primary purpose is to better understand the customer’s needs because, after all, the customer is indeed king! 

Basic Data 

Primary data include surface-level customer information such as their name, contact number, residential address, and so forth. This type of data helps with the general bifurcation of audiences by demographics such as their gender, geographical location, and income bracket. 

Interaction Data 

This type of data provides a deeper level of data collection that deals with more qualitative information such as what the customer thinks of the product, how they interact with the brand if they are captivated or engaged with the company content, et cetera. Companies can set important, fundamental key performance indicators with such data, including link clicks, downloads, website visits, and bounce rates. 

Behavioral Data

Behavioral data extracts much more detailed information, such as what the customer does with the product after purchasing it and returning to the brand for more. This kind of data also helps brands identify their typical customer journey and even convince their audience to choose a particular lifestyle. 

Attitudinal Data 

Attitudinal data helps companies identify their brand perception with the audience. This perception helps businesses understand what the customer wants, where it is lacking, and what strategy they need to compete. 

Extracting Value from Customer Data

There are five ways to extract leverage customer data and use it efficiently. Companies must master the art of sifting through tons of online information and identify ways to create value from customer data to target their pain points. Below are the different ways in which companies can have their cake and eat it, too! 

Understanding the Power of Big data can be overwhelming to have access to millions of bytes of data. Large companies have the financial muscle to hire a specialized team to turn this raw data into understandable graphs and reports that managers and supervisors can use to develop brand strategies that will materialize in their interest. There are multiple management platforms available that are built for the specific purpose of categorizing data for companies. 

Invest In an Analytics Software 

Platforms like Google, for instance, provide analytical software that further organizes data into understandable chunks for organizations dealing in customer services. Once you acknowledge the importance and potential of data for your business, you will want to get as many tools on board as you need to decipher technical information. According to their financial abilities, there are multiple analytical solutions present in the market for small, medium, and big companies. 

Leveraging Historical data

Businesses can use past data such as case studies to learn essential lessons from previous years. Managers can use this data to look at past trends and predict the company’s future. 

Use Social Media As a Data Source

Social media is a great place to get customer traffic and listen to current customer perceptions. Hashtag trends and other challenges get customer engagement and help companies capitalize on other marketing trends and extract value from customer data. Many companies have also become market leaders based on how much traction their content receives on social media. 

Automate Operations

Automation is a process that helps the top management streamline the functions of the entire company and its departments. Automation encourages companies to provide customer service and deliver better day-to-day operations. Also, it works well where there’s a massive amount of data as it enables the company to extract the relevant information and customer data.

Conclusion 

Organizations can use multiple innovative solutions to extract value from customer data to compete in the market efficiently. With the business arena getting more competitive and cluttered, companies can use data to stand out by providing customers exactly what they want using data-driven insights that will give them an edge. Lastly, the more precise the understanding of the audience’s needs, the more innovative a company can be by saving up on essential resources like time and money. 

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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 one of the most repetitive, tedious, and time-consuming tasks in any business. It is also one of the most vital components of the company. However, most accountants feel that conventional accounting is no longer enough to stay competitive in the present era as it lacks innovative recording features. Managing your business’s finances can be a difficult task, which is why your business requires advanced technology in the form of the latest accounting tools that help you track the money as it flows in and out of the accounts frequently.

However, the accounting tool’s sophistication might vary by vendor. While some tools offer just the basics, allowing you to keep the record of what’s coming in and going out, other tools might offer advanced mechanisms, providing the feasibility to do the tasks you’d have to perform manually automatically. The lessons include reconciliation, recurring invoicing, and daily data transfer through a bank feed.

Here’s a list of some of the top-rated payroll-focused accounting tools of contemporary times. Each one of them is beneficial in its way.

FreshBooks:

FreshBooks is one of the easiest and simplest accounting tools you can get for your business. Its design is primarily for the small companies, keeping it ridiculously facile to use, and they have stated this on the front of their website. A cloud-based accounting tool permits you to connect with the industry leaders to increase your contacts and help your company grow. It provides all the stellar features, including.

* Invoicing: It produces professional invoices within seconds. It also helps to create an eccentric impression on your clients.

* Time Tracking: This is another great feature for keeping track of you and your employee’s work hours, so it’ll create a fair and accurate invoice for the clients.

* Expenses: The days of securing receipts are long gone. Instead, you can keep all your expenses in check with FreshBooks.

Wage Point:

Designed in North America, the WagePoint tool is an uncomplicated online payroll application. Managing payroll is more important for SMEs than more giant enterprises, and thus WagePoint works exceptionally well for the financial management of every stage of business. WagePoint is an ideal tool for companies with a diversified workforce, and it helps pay the contractors or employees while remaining cavil with the IRS regulations.

This tool can manage government remittances, direct deposits, reporting for hourly and salaried persons. Thousands of SMEs use WagePoint, and it serves as an easy interface that allows the user to set up the application in a few hours.

Sure-Payroll:

Sure-Payroll is a complete virtual payroll tool for any business. Essentially, it has also developed an administrative platform in its software known as one-click payroll. It simplifies all the processes related to payrolls without bargaining in accuracy and reliability.

This bookkeeping tool features an interactive, customizable dashboard, and it also supports multiple payroll kinds and determines the payroll taxes. Many companies choose Sure-Payroll to handle their payroll procedures because of its powerful payroll-processing tools and recordkeeping.

With this accounting tool, employees can instantly check their payroll data, including vacation leaves, paychecks, and pay stubs. Accessing this activity can be easily done with their smartphones.

Gusto:

Gusto is a featured payroll welfare administration platform. Its primary development is to assist chiefly the small enterprises. Gusto primarily manages core HD requirements, including hiring, time tracking, and training. With devoted virtual accounts, employees can fill in their details and track the agreement at once. Moreover, they can make charitable donations directly from their paychecks. The tool mechanically determines pay and federal payroll taxes. Additional stellar features include payment schedules, custom reporting, multiple pay rates, and third-party calendar consolidations.

Apart from the standard features, when choosing the best accounting payroll tool for your business, consider the various accounting aspects, including ease of usage, compatibility, integration, and security. However, please choose a cloud-based model. Although an accounting tool is already an investment, it can prove beneficial in the long run. It doesn’t matter if your business is a low-scale one; implementing an accounting tool can enhance your operations.  

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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.

5G has been intended from the initial stage to meet the requirements of enterprise customers, and it’s already starting to make an impact. 

From large enterprises to microbusinesses, businesses of all sizes are looking to 5G to provide mobile communications and service an innovative work-from-anywhere (WFX) paradigm. Though no one could have foreseen this current situation, it turns out that 5G has arrived at only the right time to assist us in reshaping and rebuilding the post-pandemic economy.

One of the most exciting applications is blended reality, which involves superimposing simulated images over real-world environments to create an artificial reality scenario that can aid front-line staff in doing their jobs more efficiently.

“Augmented and virtual reality technology is a core area of focus at T-Mobile for 5G use-case growth, and you can apply it to a wide range of industries, including healthcare, retail, agriculture, and more,” says the company.

Immersive collaboration virtually anywhere.

Since businesses now must use specialized machinery while still dealing with a skilled labor shortage, it’s more significant than ever that they can provide sophisticated training and technical assistance to their employees.

Technicians may use virtual reality over 5G to undergo immersive instruction or work with remote experts when conducting complex activities. T-low-latency, Mobile’s high-capacity 5G network, which uses mid-band bandwidth, is suitable for this use, offering companies the increase in efficiency they need.

T-own Mobile’s network is being upgraded and maintained using AR over a 5G link by a corporation developing telecom technology. Tactile, a recent graduate of the 5G Open Innovation Lab and a T-Mobile co-founder, created AR software hosted in the cloud. TCI’s technicians can conduct routine repairs and troubleshoot issues using remote assistance by superimposing graphic commands on appropriate equipment. Front-line staff can upgrade their expertise from any position using AR solutions like this, which enable them to experience machinery and installations in 3D from any perspective.

Moving forward

T-Mobile is hard at work developing 5G use cases to help its corporate clients change their companies through its accelerator platform and 5G Open Innovation Lab. T-Mobile, which supports all emerging 5G usage cases, is now asking innovators and developers to create groundbreaking solutions that can further unleash the promise of 5G for businesses.

Without a doubt, 5G’s pace, capability, and coverage will help companies increase teamwork and efficiency no matter where they work. However, the question remains: can networking providers assist you in unlocking this new level of innovation?

Super changing business growth

5G technology has the potential to offer creative ways for companies to grow and for organizations to meet emerging demands such as telehealth, in addition to making it possible for individuals to work from home and for children to be home-schooled. Consumers will shortly receive contactless home delivery from small drones, trucks, and even robots.

To assist organizations to get back on their feet after a pandemic, you would need even more innovative technology applications to keep people healthy and efficient. T-Mobile contains the United States’ first national stand-alone 5G network. 5G means that instead of being installed on top of existing 4G networks, the network utilizes 5G kits designed from the ground up.

SA 5G lays the groundwork for innovative technologies such as edge computing and network slicing, transforming industrial IoT and allowing us to develop intelligent factories. Small autonomous driven vehicles can transport goods and parts around warehouses and factories. At the same time, supervisors can operate robots and cobots on the factory floor and sensors tracking critical processes from the comfort of their workplace or even from a remote worksite.

It’s become especially challenging for remote employees to collaborate and operate efficiently and for local companies to develop online offerings in well-developed areas, where fast broadband rates can be slower or less stable. 5G fixed wireless connectivity, which uses mid- to high-band frequencies to have a more stable home broadband experience, can fill the void.

Giving new dimensions to video calls 

Although video calls have surpassed in-person meetings as the preferred method of communication in the last year, the drawbacks of communicating with a flat 2D picture can be daunting at times. Video calls could be made even more immersive using holographic telepresence technologies. Multiple traveling projections of lifesize HD and 3D images may be projected into space, creating a virtual presence experience. The technology offers a more practical, intuitive means of interacting with people over long distances. It also suggests that interactive or hybrid conferences and exhibits might one day be a feasible alternative to in-person activities.

If holographic appearance appears convincing and sensitive, low latency is needed, and T-national Mobile’s mid-band metro spectrum allocation is suitable for this use. “With Omnivore, another 5G Open Innovation Lab alum, we’ve been exploring holographic video calling technology,” Saw said. “We recently used holographic telepresence to hold part of our quarterly all-hands team conference, which included about 70 people engaging virtually in their home offices and other places in real-time as 3D holograms.

Bottom line

5G is slowly gradually converting the world into a digital world in which there is no such need for physical communication. We can connect with you in no time. Similarly, the business world needs instant connection, which 5G can provide.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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.

Conversion is critical to your sponsored search strategy; after all, if you are not successfully converting lookers into customers, why are you advertising? Conversion rate optimization allows you to maximize every dollar spent on PPC by identifying the sweet spot where the most significant proportion of your prospects take action.

However, what constitutes a satisfactory conversion rate? If you’re currently reaching conversion rates of 3%, 5%, or even 10%, is that the highest you’re going to go? However, what constitutes a satisfactory conversion rate? The average landing page conversion rate across sectors was 2.35%, while the top 25% convert at a rate of 5.31% or higher. Ideally, you want to get into the top 10% of landing sites – those with conversion rates of at least 11.45%.

We recently analyzed thousands of Google Ads (previously known as AdWords) accounts with a total yearly expenditure of $3 billion and found that confident marketers convert twice or three times the industry average.

Conversion rate = Transactions per session / Total sessions

Take note of the usage of the term “sessions” rather than “individual visitors.” A session is a visit by a person for a certain amount of time, often 30 minutes. If a client visits twice in the same period, each visit counts as a single session. As in the preceding example, a client returns after a thirty-minute interval, the second visit will be logged as a special session.

In comparison to a single visitor, a “session” is a more accurate indication of consumer intent since it encapsulates a self-contained buying “event.” During a given period, a single consumer may visit a shop several times, with each visit representing a chance for the online merchant to make a sale.

How much of an average conversion rate do eCommerce websites have?

According to Monetate, the typical eCommerce conversion rate is between 1% and 4%, with worldwide statistics of 2.58% across all devices (as of Q2, 2019). However, substantial disparities in conversion rates occur among industries, nations, devices, seasons, and marketing tactics.

For example, in February 2020, the average conversion rate for the health and wellness market was 3.44%, compared to 2.70% for the kitchen and home appliances sector. According to a Smart Insights study, the US eCommerce industry converts at a pace of 1.4%, while the UK eCommerce sector converts at a rate of 1.8%.

As a result, it’s critical to define your crucial eCommerce performance indicators (KPIs) and to include market-specific subtleties when evaluating your industry’s typical eCommerce conversion rate.

Similarly, while comparing your company’s conversion rate to rivals’, keep in mind that no two companies can have the same conversion rate. Numerous variables come into play – your target audience, geographic regions of operation, goods or services offered, and market penetration, to name a few. According to Recurly, Amazon has a 13% conversion rate, almost seven times the industry average.

Conversion Rates in Various Locations

The worldwide average conversion rate for e-commerce is between 1% and 4%. However, there is a significant difference across nations.

While e-commerce sites in the United States convert at a rate close to the worldwide average of 1.4%, those in the United Kingdom convert at a rate of 1.8% on average.

Germany and the Netherlands have a conversion rate of 1.4% in the Eurozone, while France averages 1.1% and Italy has a conversion rate of 0.99%. Meanwhile, Vietnam leads Asia’s conversion rates with 1.3%, followed by Singapore at 1.1% and the Philippines at 0.8%.

The causes behind this discrepancy are complex, and concluding without doing a comprehensive cross-analysis of each market is challenging. However, larger consumer behavior patterns provide insight.

For instance, mature markets with a well-established online brand presence often have more excellent conversion rates. In contrast, a shift away from bricks-and-mortar buying to online shopping would automatically raise the rate.

For example, in the United Kingdom, the protracted loss of high street shopping combined with a persistent increase in online retail has displaced established firms who failed to make a compelling shift in favor of new and heritage businesses that have entirely embraced digital selling. This helps put the UK’s somewhat greater conversion rate into perspective.

How to increase the conversion rate of your website

Known as conversion rate optimization (CRO), marketers may use analytics, user input, and A/B testing to enhance the entire consumer experience and engagement.

Optimizing landing pages, for example, should be the first step toward increasing conversions. From content and message updates to adjusting calls to action (CTAs) and images, begin by A/B testing all recommended changes and continue to do so over time via testing and optimization.

Then consider using various proven methods to increase your conversion rate, such as gamifying the site experience, which may increase engagement and user activity, both of which are significant conversion drivers.

Social proof messages may also be very successful in converting visitors. These, via psychology, create a feeling of urgency in visitors while they read product description pages (PDPs) by emphasizing demand.

Conclusion

The path to success is not paved with mediocrity. Often, it just takes one additional step to distinguish oneself from the crowd. eCommerce has grown to embody the concept of a winner-takes-all society in many ways. A minor edge over your competitors, particularly in terms of Conversion Rate, will result in disproportionate benefits for your company in this 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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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.

An audit exemption is an economic compensation in the United Kingdom and other countries of the European Union for small and medium-sized private companies with limited income and limited liability companies (LLP). It allows them to claim exemption from the legal requirements of the annual accounting audit by the government. In the United States, companies are only listed on the stock exchange; they must be audited annually, including the benefit plans of private companies. All listed companies in the United Kingdom, like the United States, are not allowed to claim an audit exemption.

Although the reasons for an audit are sound, small businesses have a good argument for an audit exemption. The cost to small businesses can often be prohibitive, although audit fees for small and medium-sized enterprises (SMEs) are often 0.5% or less of business profits. Small businesses can also claim that they are required by law to keep accounting books with detailed day-to-day records even though they are eligible for the audit exemption anyway.

The classification for an audit exemption in the United Kingdom requires that a company meet all three requirements:

1. you must meet the legal definition of a small business
2. the company must also have a turnover of no more than $7 million
3. a company must have a total balance of $4.5 million

The confusion begins with the provision for the audit exemption to define what a small business is. A private company must comply with two of the three conditions established in the United Kingdom to qualify as small. They include:

1. the number of employees is 50 or less
2. the two previous conditions of a total balance of $4,500,000 or less
3. an annual turnover of $9,000,000 or less.

Annual sales volume is defined as the volume of net sales or profits after all discounts and taxes have been subtracted.

External private company audits by the government are generally considered beneficial for several reasons. They contribute to the efficient management of companies by increasing the reliability of internal financial processes. There is a higher level of public transparency regarding the behavior of private companies, which discourages fraud and money laundering, and audits encourage key stakeholders to run the company efficiently as possible.

Despite these benefits, 97% of the nearly 4,500,000 companies in the United Kingdom were companies with 0 to 49 employees who were eligible to claim the audit exemption in 2006. Another 2% were medium-sized companies, with between 50 and 249 employees.  Although this 2% were eligible for the audit exemption, a survey conducted in 2006 indicated that 73% were in favor of a voluntary audit.

A series of roundtable meetings at the end of 2010 and the beginning of 2011 was held by the Association of Certified Accountants (ACCA) in Europe and participate in other countries to grant audit exemption for small businesses, such as Australia and New Zealand. The meetings included the European Commission and experts in the financial services industry, who intended to understand the consequences that may occur if the threshold limit of exemption is raised in the European Union. The meeting showed that currently, 98.7% of all European companies are granted the audit exemption. Also, some countries have a high threshold limit or cut-off point after which it is no longer allowed, with Germany and Belgium setting the limit at$1.2 billion of annual turnover.

The enforcing date of the latest audit exemption thresholds was 1^st January 2016. Qualifying status needs an eligibility rule for two-year. If you are the first applicant, your current and previous years depend upon new thresholds.

The company should cease to be exempt from that stay concerning financial accounts in which it qualifies. If you receive a notice that needs your company audit during the financial era, you must be eligible for audit exemption. It should not be later than one month.

Any member and eligible members have to vote. The aggregate rate is more than 5% of the total number of the company’s issued shares. More than 5% of members can vote for the company. There is an extreme need to audit the accounts of the registrar who is supervising the company.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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.

Hiring a company that organizes consortiums is less complex since it is unnecessary to prove income or complete a credit analysis. This means that even people denied a loan could choose to be part of a consortium.

The situation is a bit different regarding finances: the bank analyzes the person’s financial status based on their ability to pay, financial history, and a review of outstanding debts. Thus, the individual must meet specific criteria to apply for funding.  Also, it is necessary to have monthly income appropriate to the type of credit application and to deliver all the required documents. Usually, the portion of financing cannot exceed 30% of net income to not undermine the budget and jeopardize the settlement of the installments.

Is It Possible to Finance?

When financing involves a financial institution such as a bank, it can be difficult to be approved. Denial occurs when the bank reviews a borrower’s history and determines it poses a risk to the current funding and loan repayment.

Generally, financing is only possible in this case when done with the seller, without the interference of the banks. For example, a person who buys an apartment directly from the builder or a car from the owner. You will combine the form of financing without the need for a financial institution.  Some companies specialize in providing personal loans for individuals who are denied. The problem is that interest rates are even higher when compared to interest from a bank.  If personal loans are the only option, it is essential to find a reliable service because fraudulent people take advantage of the situation through scams asking for early deposits.

Advantages

There are several advantages to a consortium, including: 

No Input

Contrary to traditional funding, you do not need to earn a large amount of money to obtain credit in a consortium. Especially during economic instability, this option is welcome when saving takes more time and becomes more difficult.

Zero-interest

A consortium does not count on the collection of interest; therefore, no further indebtedness will increase caused by interest. However, it is worth remembering that there are small membership, maintenance, and insurance rates. Even so, the total value of the consortium is almost always less than that of financing.

Possibility of Contemplation

In this modality, monthly draws are made in which each consortium has the chance to be contemplated. Also, in some cases, you can increase your chance of being observed through bids.

Letter of Credit

When contemplation occurs, the consortium receives a letter of credit and guarantees purchasing power to acquire the desired good. 

Financial Control

The absence of interest makes the performance of the consortium more predictable, and there is less possibility that debt will grow. As a result, you can better plan your financial life and predict how much income will be dedicated to the purchase of the new car, other expenses, or investments.

Charges and Expenditures

It is best to establish the exposure of each member of the consortium quickly to transfer the costs and expenditures. If you want a successful transaction, you should move the overall cost via a new consortium vehicle. You will allocate the amount among the consortium if the seller does not pay a termination fee.  One option is for lead sponsors to pay the transaction fees. These transaction charges occur in different forms and include deal-sourcing charges, usually around 1-2% of enterprise value, and include underwriting charges and asset monitoring charges. You may or may not need additional technical skills to transit, track, and monitor the nature and quantity of any fees. Charges and fees depend upon the level of identity and the commercial relationship of the consortium members, and it relies on the quality of the asset.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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.