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A credit score is a three-digit number that can help an institution evaluate your credit history and estimate the risks of lending money or extending your credit. Credit bureaus collect all this information. Credit bureaus are credit reporting agencies that gather and research credit information of a person and sell it to creditors for a fee so that they can make decisions about who’s eligible to be granted a loan and who’s not.

In the US, three major credit bureaus, Equifax, Experian, and TransUnion, track this information. Based on your credit history, they assign you a specific credit score. These credit scores are significant in predicting whether you’ll be getting the loan or not. Credit bureaus don’t decide whether to grant you the loan; they only collect and analyze your information. This decision depends on the lending organization.

Your credit score is calculated based on your payment history, length of credit history, recently opened bank accounts, types of credit in use, and the amount of credit you owe. Once your credit score is active, it decides whether you’ll get a loan and how much the interest rate is. Companies can even evaluate it for insurance rates, Landlords, and prospective employers. However, a problem in any of the abovementioned areas will lower your score.

You can also increase your credit score; it’s not a fast process, but it can gradually lead towards progress! There are no quick fixes, but you have to manage them responsibly. For example, paying bills on time can reduce your debt load. Here are the three ways to increase your credit score:

Prepare a Credit File

You must have some active credit accounts, or you could open some credit accounts that report directly to the major credit bureaus because most credit lenders, banks, and financial institutions report to these significant bureaus. If your credit score is low, you will have a good impression as a borrower; you can start with secured cards or credit builder loans. Also, if you plan on enhancing your already good score, you can use a rewards credit card; it doesn’t have an annual fee. Being added as an authorized user on someone else’s credit card can also be helpful, only if they use their card responsibly.

Never Miss a Payment

Your payment history is one of the most crucial aspects informing your credit scores; this includes information on selected accounts such as retail accounts, loan installments, mortgages, etc. They may also go for certain public records, such as bankruptcies and foreclosures. How many one-time items on file are due, and for how long?

A long history of on-time payments will help you accomplish the perfect credit score. To achieve this, ensure you don’t miss any loan or credit card bills by more than 29 days. Payments more than 30 days late report to the credit bureau, which can lower your credit score.

As long as you are careful not to overdraft your bank account, you can also set up an automatic payment method for the minimum amount due or subscribe to reminders via e-mail or text. This will help you avoid missing a payment. If you have trouble paying a bill, discuss it right away with your credit card issuer for the available options.

Don’t Resort to Just One Type of Credit

A credit score is calculated on the number of new credits, including the number of new accounts and the percentage of new accounts versus the total number. The number of recent credit inquiries, except for promotional questions, is also considered, including the ages of new reports and their credit inquiries. The remaining part of your credit score comprises the type of credit you use, such as credit cards, mortgages, auto loans, etc.

For example, having only one kind of credit, just credit cards, can negatively influence your credit score. Using a variety of credit types can improve your score because it makes you an experienced borrower.

Conclusion

In conclusion, understanding your credit score is paramount in navigating the world of borrowing and financial transactions. Your credit score encapsulates your credit history and is critical in determining your eligibility for loans and credit extensions. While credit bureaus like Equifax, Experian, and TransUnion compile and analyze your credit information, it’s important to note that they don’t make lending decisions themselves; lending organizations utilize this data to assess risk.

Factors such as payment history, length of credit history, types of credit in use, and credit utilization all contribute to your credit score. Improving your credit score requires diligent effort, including maintaining active credit accounts, ensuring timely payments, and diversifying the types of credit you use. By adopting responsible credit management practices, individuals can gradually enhance their creditworthiness and pave the way toward achieving their financial goals.

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

According to the statistics, the food service business has changed its dynamics in the past 40 years. However, there are still multiple opportunities for people wanting to start this venture. Therefore, from Italian to continental, several restaurants are starting daily operations. Opening a restaurant is the most expensive and profitable business one can have. And the harsh reality is that many restaurants fail in their initial year of business. However, this article aims to provide some handy tips to run a successful restaurant business.

Work in a Restaurant

Getting a little experience before starting a restaurant business is always better. It reduces the risk rate and helps the restaurateur work like a pro. The researcher has identified that the best way to own a restaurant is to experience work in the eatery field. By working in a restaurant, one can learn menu development, restaurant marketing, and other critical aspects of the food business. Learning about this business is the first step towards being a restaurateur.

Know Your Target Market

Knowing the target market will help owners decide on the menu according to their customers’ priorities. It will also help identify the restaurant’s location and overall ambiance. Before starting this new venture, knowing whom this restaurant will serve is essential. A restaurant that deals with parents and kids must not be attractive to teenagers. On the other hand, a restaurant with a calm and cozy atmosphere will not be appealing to family-friendly customers.

Select a Service Style and Food Concept

Before getting into this business, one of the first things that an owner should consider is what kind of service style they want to offer. The restaurant can specialize in morning brunch or breakfast if the target market is morning people. You can also arrange the setup for late-night dinner. The service style that restaurateurs may offer can be fast food or full-course meals. However, choosing the food concept for the restaurant business and the service style can go hand in hand.  

Develop a Business Plan

Like any other business, a restaurant must decide its business plan. The plan must include the complete vision and mission of the company, the overall concept of designing the restaurant, and the target market. It should also have a market plan, advertising strategy, market-entry, and exit plan.

Create a Menu

The menu can decide the future of the restaurant and should define its overall theme. The menu should be within budget and attractive to the target market. When making the menu appealing and affordable, it is essential to keep revising the business plan. For instance, if a restaurateur plans to open a family-friendly restaurant, he must include a kids’ menu.   

Choose a Location and Layout

After deciding on a target market, choosing the best location for them is essential. The best location is critical for the restaurant, including convenient parking and a continuous traffic flow. After deciding on the area, you must consider the ambiance and theme. The theme of the restaurant will attract the target market. Before deciding on the kitchen layout, a restaurateur must consider their menu.

Conclusion

In conclusion, while the food service industry has significantly changed over the past four decades, aspiring restaurateurs still have ample opportunities to launch successful ventures. Despite the high costs and potential risks associated with opening a restaurant, with careful planning and strategic execution, individuals can increase their chances of running a thriving business.

This article has outlined several essential tips to help navigate the complexities of the restaurant industry. By following these tips and implementing a strategic approach to restaurant management, entrepreneurs can enhance their chances of running a successful and profitable restaurant business in today’s dynamic food service landscape.

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

Anyone in the world can face the dread of bankruptcy. Bankruptcy is a legal procedure against a person who cannot repay the loan taken from the bank in a given period. Sometimes, the bank takes over every bankrupt person’s property and assets. The afterlife of the same can be daunting if you do not use your presence of mind to recover from the legal embarrassment. However, bankruptcy doesn’t mean your credit or bank account has crashed completely. It strictly depends upon the amount of unpaid debt. Here are the ways to help you swim hassle-free from the situation.

Analyze Your Credit Reports 

Credit reports are crucial to running a stable and successful business. To save your business from potential losses, make it a habit of checking your credit report every month. If you were careless about doing so, pledge to stick to the convention in your post-bankruptcy period.

Take a follow-up of your activities like paying the bills, taxes, and many more on time. Being careful can save you from getting stuck in the tornado of bankruptcy. Take every possible measure to improve your business actions.

Ensure To File An Accurate Credit Report

Make sure that you file your credit report accurately. It will inform you about the amount of paid and unpaid debts. There is a probability that the liquidation you face is just a mistake or misunderstanding around the mark.

Review each detail very carefully. Ensure that your financial record covers every detail of the paid debt. An error of a missing entry can ease your bankruptcy claim.

Clear Your Payments on Time

Adopt the habit of clearing all your bills on time. It will help you uphold the trust of your vendors, bank, and business partners. Your payment history makes up 40% of your financial records and graphs. Don’t be a lazy bone; clear your bills as soon as possible.

Get technical support to avoid any miscalculations in maintaining the record of your paid bills and play safer. Install applications designed for the same. Choose to work smarter for a better way out.

Clearing bills and payments on time will not only help you develop a trustworthy relationship with the associated person or company, but it is also convenient in boosting your credit score.

Elude the Purchase of Costly and High Interest Products

After bankruptcy, you should take every step very carefully. Give up on purchasing high-priced and high-interest products. Once immersed in the bankruptcy case, all your rivals, business partners, vendors, and every 3rd person in the corporate market will try their best. They will urge you to purchase products and assets ready to shock you with either their high-cost or after-sales high interest.  

A Secured credit Card is A Surplus

Get a secured credit card. It will be a step ahead in rebuilding your image on the bankruptcy scale. It can be a proactive measure to eliminate legal and financial claims much faster. Such cards have a credit limit of up to $250$. They will be a great assistant in clearing your payments within the given deadline. Carry out small purchases each month; it will aid you in constructing a better credit score.

Once you agree to the bank’s terms and conditions, your card will instantly be upgraded to an unsecured one.

Final Words

Being bankrupt can happen to anyone around the line. However, one has to be strong enough to overcome the margin of financial loss. The article has some recovery measures proven beneficial in surviving through the bankruptcy claim in almost 5 – 7 years. All you have to do is mend your ways, get organized, and develop a keen eye to cross-check every bit of financial details from credit transactions to premium accounting and confidential policies. Switch towards automated payments to play even brisker and safer.

Keep a personal check on each bit of minutes to avoid errors that can leave you tangled in legal claims like bankruptcy. Remember to formulate a concrete financial plan for your business.

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.

People often say it is a bit cliché, but one of the substantial virtues of beginning a home business is the tax breaks you can claim. A popular belief surrounding home businesses is that aggressive and slightly exaggerated write-offs are a sure way of attracting IRS auditors. In this guide, we’ll examine some of the famous home business taxes and legitimately claim them.

Maintain a Business Journal

Being audited is not the day of judgment. However, being audited and not having the records to cover your reductions can be a nightmare. The easiest way to ignore this unpleasant situation is to journal your home business activities regularly. The more detailed your accounts are, the simpler it will be to face an audit. Compiling your regular reports into a monthly tracking sheet will drastically lessen the time it takes to combine your taxes, and it will have the additional benefit of providing a summary of your business every month.

Deducting Your Workspace

Deducting your home office can be attractive if you have tons of work restricted to a single room. You can still utilize a part of a shared room, but you determine space as a percentage of the entire house or apartment area.

You apply this percentage to all the related costs, including insurance, rent, utilities, etc. However, they never claim unrelated expenditures as they make the IRS suspicious.

Update Your Inventory

Office furniture, software, inventory, and laptops are all completely deductible within the same year you incur the cost, and you don’t need to depreciate. There’s an upper limit, and you must primarily use these purchases to benefit the business.

Savings for Retirement

If you work individually for your home business, you’ll probably have to pay for your employer’s insurance and social security. However, you can reduce half the amount from the total payments for you and other helpers as part of the retirement fund.

Strong Communication

If communicating with customers is a necessary part of your business, getting a verified business phone number or a second phone line might be worth it, as both are utterly deductible. However, if you only contact the customers occasionally, it would still be feasible to dismiss the costs by dates, time, and causes for the calls and then highlight the items on your regular phone bill to subtract at the tax time.

Get Connected

Like the call bill, you can reduce part of your internet cost if you use it for business purposes. There’s no definite percentage to utilize, but it will be hard to ignore that more than 50% of your other family members are accessing it for personal references. Be reasonable and pick a sustainable percentage that you won’t regret in case of an audit.

Entertainment

You can entertain customers and get a tax break. The tendency for business owners at every stage has scared off many entrepreneurs from claiming it. However, it is acceptable for you to take customers out for some entertainment or a business dinner. It will be easier to fascinate a client who has brought you a lot of business.

Employ Your Family Members

Being a home business owner, you can assign your family members as employees and subtract their salaries as long as you can account for their services and pay rate. If you’re a business that accepts the benefits of relatives, then you must utilize that labor pool. You’ll probably spend less than market rates for the assistance.

As an additional bonus, children under 18 don’t sustain the Social Security taxes, but you can still teach them to work ethics and saving habits.

Make Legitimate Deductions

The most significant pointer has been a theme, but it’s worth replicating. Just because you’re running a home-based business doesn’t mean you can go insane with the deductions. If you don’t think of communicating with an auditor with evaluated proof justifying the deductions, then perhaps it shouldn’t be the deduction you can consider.

Conclusion

In conclusion, while the allure of tax breaks for home businesses is undeniable, it’s essential to approach deductions with caution and integrity. Maintaining meticulous records and adhering to legitimate guidelines is paramount to avoid any complications with the IRS. From deducting your workspace to leveraging family members as employees, there are various opportunities to optimize your tax situation within the bounds of the law.

However, exercising prudence and restraint is crucial, ensuring that each deduction is well-documented and directly related to your business activities. By following these principles, home business owners can navigate tax season with confidence and peace of mind, maximizing their savings while remaining compliant with regulatory requirements.

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.

Invoice payments frequently relate to payment periods. They’re contracts that spell out your payment expectations, such as when the client must pay you and the consequences of missing a payment. Transparent payment conditions can help you get paid and make your customers’ billing process easier to understand.

Payment terms are critical because accurate cash flow estimates require knowing how much money will touch your account and when.

When deciding on payment terms for your small business, keep in mind that extending them for too long may threaten your company’s future.

What Makes You Think That?

Depending on the sector, you may be paid in days or months. Restaurant proprietors, for example, are usually compensated within 1-2 days, whereas construction businesses may take up to 90 days to receive payment. That may be OK for significant corporations that can afford to prolong payment terms to their customers, but a lack of cash flow could cause small enterprises to fail.

It’s easy to dismiss payment terms as minor details that no one will read. However, this viewpoint will not serve you well in the long run. Avoiding payment terms totally or accepting poor terms that fail to express any meaningful bounds leaves you at risk of being taken advantage of. Furthermore, the practice of declaring invoices as “paid” before they have been will be exceedingly perplexing.

Businesses track the money that flows in and out as cash flow. A company’s cash flow is positive when it has a consistent income stream larger than its debts. A negative cash flow occurs when a company’s debts exceed its income.

By specifying payment terms in each sale, you can ensure that your firm has a consistent, positive cash flow. Your business will not minimize overdue fees if you make consistent, regular payments using proper payment terms. This will also ensure that you can continue making profitable investments.

If you don’t provide clear payment terms, your consumers may forget (or purposefully delay) payments. Our remote bookkeeping services can assist you in maintaining a regular cash flow.

As Per the Research

Eighty percent of small business owners are concerned about their financial flow.

More than half of small business owners cite Late customer payments as the leading source of cash flow problems.

Sixty-two percent of small business owners have no idea how much money they get each month.

Fifty-eight percent of small business owners said they made the wrong business decision because they were worried about cash flow.

One of the most important things you can manage is how and when you receive payments as a business owner. Taking control of this produces a much more stable financial route for your company, allowing you to pay suppliers, employees, and other vendors on time.

Typically, a company will not see an issue with its invoice payment terms until too late. When you have a cash flow problem and can’t pay your suppliers, staff, or other bills, you might be in a financial bind.

Optimizing Payment Terms for Improved Cash Flow and Client Relationships

Payment terms of 30 days were standard in the past. Thanks to technological advancements and a decreased reliance on mail and check payments. However, payment terms of this nature are no longer necessary. In practice, the shorter your payment conditions, the more likely you will be paid quickly.

Even if you mention that your payment conditions are a week, it’s doubtful that you’ll receive payment so quickly. However, if you give clients four weeks to pay, you should still get paid sooner. Quicker payment times will increase your company’s cash flow and lessen the demand for debt collection.  

Many organizations continue to employ lengthier invoice payment periods because they believe this is what their customers expect. However, around three-quarters of invoices now request payment within two weeks. You may even offer customers a discount if they pay you sooner.

Setting up an invoicing procedure with specific payment periods is critical for business accounting. Payment terms prioritize your payments and establish expectations for your consumers, resulting in more professional and productive client relationships.

Conclusion

In conclusion, establishing clear and reasonable payment terms is crucial for any business’s financial health and stability. These terms outline when payments are expected and help maintain a positive cash flow, which is essential for meeting financial obligations and making strategic investments. By clearly defining payment expectations, businesses can minimize cash flow problems and reduce the risk of late payments, ultimately fostering stronger and more professional relationships with clients.

Additionally, shorter payment periods can expedite cash flow and reduce the need for debt collection efforts. As businesses adapt to modern payment methods and expectations, setting up efficient invoicing procedures with clear payment terms becomes essential for effective financial management and sustainable growth.

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.

Back to the time when receiving paper statements from your potential bank was the norm rather than an abnormality, taking the time to balance your checking account records with your statement every month was a sign of keeping your finances healthy.

Now that you can frequently access all of your cash transactions via your bank’s online portal, you might assume that balancing a checkbook is a hectic chore that has lost its usefulness completely. However, manually balancing the checkbook is still a mandatory part of maintaining your checking account.

If you use a checkbook, it is essential to keep it balanced. Balancing a checkbook is far easier than we think, requiring only facile addition and subtraction details. Balance your checkbook by recording all cash transactions to your bank account. Divide cash transactions into two categories, mainly deposits and withdrawals. These factors highly influence the addition and subtraction process. Balancing a checkbook refers to knowing the exact amount of cash in your bank account to make the related decisions without errors. Follow the below steps to understand how to balance a checkbook.

Recording Your Cash Transactions

The initial step of balancing a checkbook is to list every cash transaction as it occurs. Every check you write and deposit you make, including debit card swipes, ATM withdrawals, and curricular bank fees, will be enlisted in the records. Always maintain a running balance by reducing the withdrawals and adding the credits.

Reviewing the Monthly Bank Statements

The second step is to update the checkbook register upon receiving the monthly bank statement. Start with the report’s top and work to the end, one transaction at a time. As you spot the cash transaction in your checkbook journal, place a checkmark in the provided column.

Once you carefully review the bank statement, you can spot any missing information from the checkbook register. For instance, if you instantly grabbed $30 at the ATM to update it in the journal later but then forget, you’ll notice the cash transaction listed on the bank statement but not on your register. You can later add that cash amount to your journal to correct the balance.

Address Existing Issues

When your balances don’t match, go through every transaction and carefully determine the occasional errors. Making mistakes is human nature, especially when trying to make calculations in your head. Ask a bank representative for assistance if you cannot locate the variations.

Draw a Line in Your Journals

Now that you’ve balanced the checkbook journal draw a line under the last cash transaction. Also, you can label the available space in the front with the date. This will make locating the beginning point for your upcoming bank statement easier when you receive it.

Register Your Bank Statement

The final step includes registering your bank statement for protection purposes. The IRS suggests saving key documents for up to seven years. Since banks must keep your account records for five years, you might not want to rely on electronic records forever.

Importance of a Balanced Checkbook

You might wonder why maintaining a checkbook register is essential if you can quickly get an update through online banking portals. These services won’t update you with your outstanding checks, precisely the ones you made but didn’t process by the banks.

Why Should We Maintain a Checkbook Regularly?

Balancing a checkbook is an outdated task, and the quick services of online banking portals have made tracking cash transactions much more effortless.

Truthfully, no one likes to record cash transactions and deposits manually every month. Indeed, online applications can help you manage your money quickly. However, there are still a few possible reasons why manually balancing the checkbook is a productive part of your financial regime. You might need to backtrack further if you don’t review your checkbook correctly.

Conclusion

In summary, while online banking has made it easier to access and track financial transactions, manually balancing a checkbook remains crucial to maintaining a healthy financial status. The process involves recording all cash transactions accurately, reviewing monthly bank statements, addressing discrepancies, and registering statements for long-term record-keeping. Despite the convenience of online banking, manually balancing a checkbook ensures that all transactions are accounted for and helps identify any discrepancies or errors that may arise.

Additionally, it provides a comprehensive overview of outstanding checks, offering a more accurate representation of available funds than online banking portals alone. Thus, while it may seem outdated, balancing a checkbook remains essential to personal financial management, offering peace of mind and financial clarity in an increasingly digital world.

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.

Spreadsheets were once the saviors of companies. They helped them organize, visualize, and plan their finances. However, spreadsheets became obsolete with time, at least for medium—to large-sized businesses. For small businesses, spreadsheets offer the same functionality and ease. They are inexpensive and easy to manage, adapt, and edit. 

Unfortunately, relying on spreadsheets has become a hassle in today’s digital age. There are numerous issues involved when you maintain your finances on a spreadsheet. From data theft risks to file corruption, spreadsheets can bring down your entire operation in a day. How do you protect yourself from that? You secure your business like most companies do: You shift from spreadsheets to CRM (customer relationship management software).

What is a CRM?

As the name implies, CRM, customer relationship management, is a function that every business is already involved in deeply. A CRM allows you to manage all your customer-related tasks regarding software on a single platform. Whether you deliver a product, send an invoice, or manage your inventory, you can do it all with a CRM. Since it is software, it is much more secure than spreadsheets and offers the ease of completing your tasks in just a few seconds. 

Moreover, with CRMs, you can organize, visualize, and forecast customer data in real-time since everything is regularly updated. Not just that, with a CRM, you can even manage sales, advertising, leads, and communication with your customers. Having a CRM means having a one-stop shop for all your business requirements.

What are the Benefits of Using a CRM as Opposed to Spreadsheets?

Unlike spreadsheets, CRMs don’t require manual input of customer information, communication strings, project requirements, and financials. All of these functions are automated. You can focus on the main business while the CRM handles the management. Here are a few more benefits every business can reap when using CRMs.

Less Time Consuming & More Effective

As mentioned earlier, since CRMs are automated, they reduce the need for manually performing tasks, giving you the luxury of saving time. You can easily collaborate with your sales, production, accounts, and finance teams through CRM to perform all the functions on one platform. The most significant benefit you get is efficacy. 

You streamline the entire process without any data leakage or missed deadlines. You won’t find a needle in a haystack in case of a discrepancy. You will scroll through customer communication, project history, etc., to see where the difference lies. A CRM makes your business easier to manage and less hectic.

Real-Time Visualization of Your Business

Planning is the cornerstone of every business. If your planning is perfect, your business cannot fail. Unfortunately, with spreadsheets, achieving nirvana in terms of planning is nigh impossible. With CRMs, your data is always up-to-date, so you have an overall view of your business’s performance every minute.

Benefits of Moving from Spreadsheets to CRMs

The most important thing for your business is introducing high-security measures that spreadsheets cannot. With spreadsheets, your data is always at risk of being stolen by an employee or an outsider. With CRMs, this is not the case. This software has many security features to ensure your data is regularly backed up and is not prone to viruses, malware, and hacks.

Should You Switch to a CRM?

Suppose your business involves online marketing, sales, data management, and invoicing. In that case, you should immediately move to a CRM since it will make things easier, more secure, and streamlined for your business and among your teams. With spreadsheets, all of these functions are impossible to perform. You would have to hire a separate group for data management, which will obviously burden your payroll.

Conclusion

In conclusion, while spreadsheets have been reliable tools for businesses, their limitations and vulnerabilities are increasingly apparent in today’s digital age. Many are transitioning to customer relationship management (CRM) software as businesses prioritize efficiency, security, and real-time insights. CRMs offer comprehensive solutions for managing various business aspects, from customer relations to sales, advertising, and financials. Unlike spreadsheets, CRMs automate tasks, streamline processes, and provide real-time visualization of business performance, enhancing effectiveness and decision-making. 

Moreover, CRMs offer advanced security features to protect sensitive data, providing peace of mind regarding data integrity and confidentiality. For businesses involved in online marketing, sales, and data management, transitioning to a CRM is highly recommended, as it simplifies operations, ensures security, efficiency, and collaboration among teams, and represents a strategic investment in future success and sustainability. Relying solely on spreadsheets may hinder growth and expose the business to unnecessary risks and inefficiencies.

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 a person needs money, seeking a line of credit is probably the last thing that occurs to them. What comes to his mind is usually going to a bank for conventional, fixed, or variable rate loans, utilizing credit cards, borrowing from friends and relatives, or turning to donating organizations on the web. In extreme circumstances, there are payday lenders or pawnshops available.

Businesses have been utilizing credit lines for decades to meet working capital requirements or the advantages of strategic investment opportunities, but they’ve never suited the individuals. This is because banking institutions often don’t promote credit lines, and potential lenders don’t think of asking. The only line of credit that might appear is a home equity credit line or the HELOC, but the borrower’s house secures this loan and has its risks and faults.

Understanding Line of Credit

A line of credit is a flexible loan from a bank or another financial institution. Unlike a credit card, which provides a limited amount of funds that you can utilize at your convenience, a line of credit is a fixed amount of funds that you can access as required and repay instantly or over a specific period. Like a loan, a line of credit charges an interest rate as soon as you borrow cash.

Remember that the interest rate usually varies, making it less predictable what the borrowed money will cost you. However, lines of credit generally have a lower risk than credit card loans. Still, they complicate the system as the outstanding balances become uncontrollable after a line of credit is approved.  

They identify banks that are not overwhelmingly interested in underwriting single personal loans, which are undoubtedly unsecured for most clients. Similarly, it would not be feasible for a borrower to get a loan once a month, repay it, and then apply for it again. Lines of credit provide solutions for both issues by making a particular amount of money available when the borrower requires it.

How to Achieve Credit for Personal Purposes

It is imperative to comprehend the credit scoring landscape to achieve financial success and freedom. During the lending phase, your credit profile reflects your creditworthiness. Generally, attaining a line of credit is hard without primarily maintaining a versatile credit profile. However, qualifying for credit is mandatory for personal use. Here’s a list of pointers for building a sound profile.

Getting a Secured Credit Card

The first step is to apply for a secured credit card. However, the individual will have to deposit a certain amount later to be used as security against a deposit. Due to the higher risk, most secured credit cards have higher fees and penalties. This option is flexible for individuals looking forward to growing their credit score. You’ll have a sound credit score after using the credit card wisely for six months.

Become a Legalized User

Becoming a legalized user on a productive account can enhance your creditworthiness. Indeed, the more active your report, the merrier your credit scores will be. If the primary credit card user lists you as a legalized user, the original credit cardholders will also reflect their positive credit on your credit score.

Apply for a Retail Credit Card

Clients often find it easier to qualify for a retail credit card than other forms of credit. Retail cards generally offer lower limits and higher interest rates, so stay aware of them. If utilized responsibly, a retail card is a valuable link in developing a credit profile.

Get an Endorser or Become One

As an endorser, you are mutually responsible with the other endorser for a sum of loans over an extended period. Endorsers generally apply for mortgages, auto loans, or substantial personal loans. However, it is essential to acknowledge that these loans can take years to pay off. Such circumstances require you to consider your relationship with the individual you’re applying with, such as your ability to make payments over a long period and how it can influence your future financing obligations.

Conclusion

In conclusion, while seeking a line of credit might not be the first option for individuals needing money, understanding its potential benefits can be crucial for achieving financial flexibility and success. Unlike conventional loans or credit cards, a line of credit offers a flexible borrowing option that can be accessed as needed and repaid over time. By understanding how lines of credit work and taking steps to build a strong credit profile, individuals can increase their chances of qualifying for personal lines of credit.

Whether through secured credit cards, becoming a legalized user, applying for retail credit cards, or considering an endorser, there are various strategies to improve creditworthiness and access lines of credit for personal use. With proper financial management and responsible borrowing, individuals can leverage lines of credit to meet their financial needs and achieve greater economic freedom in the long run.

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

The COVID-19 pandemic reshaped global society in many ways. From reduced restaurant dining to near-no theaters and cinemas, entertainment quite literally has evolved for all. So have other industries. One of the major paradigm shifts that the COVID-19 pandemic caused was the work environment. Millions of companies shut down and had to implement remote work on short notice, increasing the need for more robust and secure network connectivity.

While companies worldwide are gradually opening, many adopt the hybrid work culture, which allows employees to spend a part of their working week working remotely. There still are countries where strict work-from-home protocols are in place in the wake of the coronavirus variant spreading havoc.

While the remote working model has made life easier for both employers and employees, it has also presented us with its fair share of concerns. The topmost concern is cyber security. With the increased dependence on the internet, companies’ crucial data is also prone to hacking and data leakage. Last year alone, approximately $4.2 million was lost by businesses due to data breaches.

If you are among those worried about the potential threats of the remote working model, worry no more. Here’s a thorough guide on how to stay secure while embracing work from home.

Get a Strong Virtual Private Network (VPN)

Before you give your employees access to work from home, get a solid VPN to secure their remote connections. Opt for a VPN with a layer two tunneling protocol, and ensure your employees update their passwords frequently.

Make Sure Your Employees Have Updated Hardware

Obsolete systems like Windows 7 and earlier versions no longer need security updates. Your employees working remotely must have the most updated hardware. In addition to being up-to-date, ensure the devices are protected biometrically, and your employees use super-strong passwords and 2-factor verification wherever possible. Install and update anti-virus programs frequently.

Ensure You Connect on a Secure Network

If you don’t have a VPN, connect to your workplace through a secure network. Do not use public networks at any cost. If you link from your Wi-Fi, secure the WLAN and ensure your neighbors cannot see it.

Use The CRM for Data Management

Do not share data analysis or lead reports in an Excel sheet. Use a professional CRM tool for all such data transfers. Professional CRM tools not only restrict unreported access to company data by your employees but also minimize the risk of losing potential leads. If you don’t have a proper CRM, now is the time to get one and automate your data protection.

Opt For Cloud-Based Solutions

It would be best if you opted for cloud-based solutions. Get your employees to download project management apps or use Google Docs or Google Sheets to share the data with your team members. Cloud-based solutions are very effective if you don’t want to hand over your data to any employee. They not only keep your data secure but also allow access to it at all times, are very flexible, and offer threat prevention and threat mitigation.

Set Strong & Unique Passwords

Strong and unique passwords are complicated and almost impossible to crack, so your employees must use them for Wi-Fi connections, remote connections, and user accounts. It is also vital that your employees frequently change their passwords to avoid data theft. You could use a single sign-up option for all your devices or one of the many password management tools to keep all your passwords in one place.

Develop a Bilaterally Encrypted Remote Work Solution

Buy one, or get your IT and software guys to develop an encrypted, remote work solution. Ensure that your employees can only access official documents through that system, and it doesn’t allow data transfer at all, thus keeping all your data safe.

Conclusion 

In conclusion, the COVID-19 pandemic has drastically changed our work, with remote work becoming the new norm for many industries. At the same time, this shift offers flexibility and convenience but raises significant cybersecurity concerns. To mitigate these risks, companies must invest in robust security measures such as VPNs, updated hardware, secure networks, CRM systems for data management, cloud-based solutions, strong passwords, and encrypted remote work solutions. By prioritizing cybersecurity, businesses can ensure the safety of their sensitive data and maintain operational efficiency in the remote work environment amidst evolving global challenges.

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 we have a traffic accident, either as a driver or as a passenger, regardless of whether we were at fault for the accident, it is a tough time, and in most cases, we are confused about the steps we must follow.

No matter how many precautions you take, any person traveling in a vehicle can be involved in an accident. When an accident happens, knowing how to react and keeping calm as much as possible is essential.

Not all traffic accidents occur under the same conditions, so we must adapt to each specific situation. Next, we will explain the steps we must follow in each case.

Signaling of the Accident

In an accident, we first must signal the accident properly to avoid having more accidents.

When There are Injured

When someone is injured in a traffic accident, after signaling the accident, we must address the victims and call the health services. Although the injuries or pains are minor and a priori have no significance, it is essential to contact the health services to record the injuries or ailments of those involved and evaluate them.

Call the Police or the Civil Guard

If it is a minor accident, it is not necessary to call the Police or the civil guard. Still, on other occasions, it is essential for them to regularly manage traffic again, collect the data and statements of the persons involved and witnesses, and record the facts of the accident to facilitate future compensation (if any).

Fill in the Friendly Part

Whenever we participate in a traffic accident, we will try to complete the accident report in a friendly manner. We must ensure we have completed the fields correctly and signed where appropriate. The explanation of the accident is transparent so that the insurance does not have any confusion about who the culprit is.

Suppose the parties to the accident do not reach an agreement or there is a confrontation. In that case, they should call the authorities, either the Police or the civil guard, so that the agents can determine the causes of the incident and make a report. The certificate is considered evidence to determine who is to blame for the accident.

Give the Share to the Insurer

We will have to inform our insurer that the accident occurred within seven days of its occurrence. When giving the part to the insurance, we must contribute all the medical reports, the pacifist position, and our testimony of the facts.

If the insurance were contracted through an insurance brokerage, such as Walnut Insurance, we would have more support and better advice when claiming compensation or giving the party to the insurer. Since from the insurance brokerage they can advise us of the steps to follow and the deadlines.

If we do not cause the accident, we will have six months to establish a criminal complaint against the other vehicle’s driver. If the fact is not constitutive of a crime or offense and the complaint is dismissed, we will have one year (from the end of the criminal procedure) to file a civil claim.

How Do You Claim Injuries From a Traffic Accident?

If you have suffered injuries after a traffic accident, you are entitled to compensation. To claim this compensation, we can do it in two ways:

Extrajudicial route: in this case, the injured party negotiates directly with the insurer until they reach an agreement.

Judicial route: we will go to court if an agreement is not reached or if the act constitutes a crime or offense. In this case, the judge sets the amount as compensation the insurer will pay the injured.

How Do You Claim the Material Damages of a Vehicle?

When the vehicle itself has suffered damage in a traffic accident, we must give the part to our insured within seven days after the accident. Once the region has been delivered, the insurer will send an expert to assess the vehicle’s damage.

As we have said before, if we had contracted the insurance through an insurance brokerage, we could ask the brokerage for help to process the part and the necessary documents after a traffic accident.

Conclusion

In the aftermath of a traffic accident, whether as a driver or passenger, navigating the ensuing confusion and steps can be daunting. Accidents can happen to anyone despite precautions, emphasizing the importance of remaining calm and knowing how to react. As each accident is unique, adapting to the specific circumstances is crucial. From promptly signaling the accident to addressing injuries and involving authorities when necessary, a systematic approach is essential. Completing accident reports aids insurers in determining liability.

Seeking support from insurance brokerages like Walnut Insurance streamlines the claims process, offering valuable guidance and assistance. Whether pursuing compensation for injuries or material damages, understanding the avenues available, from extrajudicial negotiations to legal recourse, is vital. Ultimately, timely action and informed decisions mitigate the challenges of post-accident procedures, ensuring a smoother path to resolution.

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.