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Save Money - Complete Controller

To save some extra cash at the end of the month, check out these 7 simple ways to save and see financial dreams come true. Check out America's Best Bookkeepers

Tip#1: Save in Real-Time

Buy a piggy bank or open a new savings account in a bank.  Do whichever is feasible but do it right away. Make a rough estimate of monthly expenditures and extract the remaining amount from earned income instantly before spending any. Transfer that money to the savings accounts in the first few days after calculating it rather than later. After one or two months, an individual will get a clear picture of the amount that can be saved every month. No matter how small the amount is, save it immediately.

Tip#2: Make a Goal

A goal amount will help a person save even faster. When an individual has a definitive figure that needs to be saved within a period of time, that person will know exactly how much needs saved every month to reach the estimated goal. Making some minor changes in a daily routine could help a person save significantly at the end of the month. Check out America's Best Bookkeepers

Tip#3: Spend Less where You Can

Cheaper is not always better, but a person can find less expensive alternatives. For instance, buy from the store that offers a lower price, even if it is only $1. Select the cheaper mode of transportation; use private transport when traveling alone instead of the car. It will reduce the fuel cost. Do not leave any unused appliance on or plugged in as it can help reduce the electric bill. Take shorter showers to use less water. Instead of buying a meal, cook it at home.  All these things will help reduce monthly savings.

Tip#4: Don’t Spend on Unnecessary Things

 Have a clear goal in mind and save by not spending on unnecessary purchases. A new pair of shoes is not important if you have several at home unused in the closet. When there is not any time for the gym, why is monthly membership being paid? There are other ways to stay fit. With hundreds of channels cable and only two to three of importance, why is cable being paid for? Similarly, do not pay for entertainment subscriptions if watching is sporadic. There are many purchases an individual is making monthly for no reason. Review monthly bank statements and see what can be eliminated.

Tip#5: Do Not Go Shopping in Person When You Can

Money can be saved by asking someone else to purchase necessary as a favor. The shelves in the grocery stores are filled with impulse items that have no reason to be on an individual’s kitchen counter. The maintained grocery list can also be ordered online, and shopping alone can help keep the grocery bill low.  Children are attracted to impulse buys, so avoiding taking them shopping can make a difference on the eventual grocery bill. Check out America's Best Bookkeepers

Tip#6: Coupons and Promotions

Take advantage of coupons and promotions. Use a coupon whenever possible. Take advantage of promotions running in the store. Also, buy bigger items when they are on sale. For example, purchase a TV during the Black Friday sale. Clothing brands always have a sale when the season ends, so go shopping at that time and purchase three pieces of clothes at a discounted price for next season.

Tip #7: Make A Plan and Stick to It

Make a weekly expenditure plan; it will help in the long run. For instance, make a menu for the week and try to stick to it. Make a budget of how much is required to be spent on an outing, and do not go out other than that. Limit picnic plans as well, as they will also affect the saving pattern. With a weekly expenditure plan in place, an individual will be able to spend on something important if required. Otherwise, surplus money will also go into the savings account.

 

Check out America's Best Bookkeepers 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. Check out America's Best Bookkeepers
Accounting Methods - Complete Controller

In this article, we will explain each of the most important types of accounting. Additionally, we will try to answer the most common questions: “How many types of accounting exist? What different types of accounting function in a company? “

  • Financial accounting
  • Fiscal accounting
  • Management accounting
  • Cost accounting
  • Administrative accounting
  • Activity accounting
  • Service accounting
  • Public accounting Check out America's Best Bookkeepers
  1. Types of accounting: Financial Accounting

This type of accounting arises from the need to present financial statements to third parties, such as investors, shareholders, or public bodies. There is also a need for the information presented to be homogeneous and standardized. Therefore, this type of accounting focuses on the preparation of accounting statements for third parties and not so much for business management. Nowadays, with the facilities provided by new computer systems, information for decision making and for third parties are obtained courtesy of a unique and integrated accounting system.

  1. Types of accounting: Fiscal Accounting

Fiscal accounting is a type of accounting that is based on the fiscal criteria established by the laws of each country. These define how fiscal accounting should be performed. Obviously, tax accounting is of great importance for accountants and entrepreneurs since this type regulates how records and reports are prepared and dictates the amount of taxes that must be paid.

It is vital to note that there are huge differences between accounting principles and financial laws. Financial accounting may not bare any resemblance to tax accounting; however, this should not be an impediment when managing the two types of accounting simultaneously. Check out America's Best Bookkeepers

  1. Types of accounting: Management accounting

Management accounting or management (internal) is the type of accounting that exists in contrast to financial accounting (external). In Robert Kaplan’s research, management accounting was created at the beginning of the 19th century as a type of accounting that resulted from the growing complexity of organizations and companies. At the beginning of the 20th century, this practice was first integrated into businesses worldwide. Opposite to financial accounting, which focuses on preparing financial data for external use, management accounting exists to expedite the business’s internal needs.

  1. Types of accounting: Cost accounting

The accounting of costs is related to the type of accounting that is responsible for classifying and collecting information on the current costs generated by a company. Cost accounting focuses on treatment design and cost management. Cost accounting can be concentrated by departments, activities, regions, or products.

In the same way, cost accounting deals with managing expected and desired future costs. Cost accounting follows behavior patterns, activities, and processes in which costs are related to products and their categories.

  1. Types of accounting: Administrative Accounting

Administrative accounting is the type of accounting that adapts to the needs of each of the administrative levels. It refers to the fund and form of the internal reports that the company accountant has created. This type of accounting focuses on the company’s internal aspects, and the information collected should be secured. The financial accounting reports are also used by management and the company owners to evaluate the strategies implemented by the company and their results. In this way, the past, present, and future of the company can be compared. Check out America's Best Bookkeepers

  1. Types of accounting: Accounting by activities

Activity-based accounting is the type of accounting that links administrative accounting and cost accounting. Accounting based on activities is responsible for studying and classifying the accounts of each of an organization’s operations with the aim of improving productivity.

  1. Types of accounting: Accounting of service organizations

Accounting for service organizations is a type of accounting that specializes in companies or organizations providing services instead of tangible assets. The most common cases that utilize this type of accounting are transport companies, banks, hotels, law firms, consultancies, hospitals, and schools.

  1. Types of accounting: Public Accounting

Public accounting is the type of accounting that deals with the development of information and the control of the processes of public administration activities. Simply put, public accounting manages the expenses and tax collections of all state agencies. This refers to the type of accounting information system used in the public sector within accounting types. It is a slight variant of traditional financial accounting that is used in the private sector. The need for a separate accounting system for the public sector is created by the differences between a company’s objectives and the government.

 

Check out America's Best Bookkeepers 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. Check out America's Best Bookkeepers
Manage Debt - Complete Controller

Debt, regardless of how big or small, must be managed effectively. For dealing with smaller debts, all you must do is keep up with your payments to prevent them from getting out of hand. However, if you are buried by too much debt, you must prioritize getting out from under it. Check out America's Best Bookkeepers

Knowing how much is owed

Start by creating a list of your debts, using your credit statements as a guide. This list should include the total amount of your debt, the amount owed to your creditors, as well as monthly payments and due dates. It can be referred to frequently, especially when paying bills. Update the list every few weeks, as the amount of your debt will often change.

Timely payment of the bills

Paying your bills at the last minute can make it more difficult to pay off debts since you run the risk of incurring late fees. Consider using a calendar system on your computer along or other digital devices. You simply enter your payment due dates, and the system will alert you a few days before the payment needs to be made. If you fail to make a payment, do not wait for the next due date. This will most often cause your bill to be sent to collections. Instead, send the payment as soon as you are able to.   Check out America's Best Bookkeepers

At least make minimum payments

If you are unable to pay off the entire debt, try to pay the bare minimum installment at least. Obviously, the minimum payment does little to help overall growth when it comes to paying off your debt. However, it stops it from increasing any further. When your payment schedule is unorganized, debt becomes harder to manage, which may eventually cause your accounts to slip into default.

Decide which debts need to be paid first

Credit card debt should always be your top priority. Begin with the card that has the highest interest rate since it costs you more money in the long-term. Use the debt list mentioned above to prioritize and sort your debts according to which need to be paid first. 

Pay the charges and cancellations

If you have only a small amount of debt, concentrate on keeping your other bank accounts in great shape. Never sacrifice your healthy accounts for those that are already in debt. Instead, pay your bills as soon as you can manage to do so. Check out America's Best Bookkeepers

Using an emergency fund account as a backup

Without an ample savings fund, you may have to incur debt to cover emergency expenses. However, having even a tiny savings account can be helpful to cover smaller expenses from time-to-time.  First, try to create an emergency fund of $1,000. Once that is achieved, aim to create a larger fund, such as $2,000. Over time, you can work towards the goal of having an account that can sustain you and your family for at least 6 months.  

Use a monthly financial plan to plan expense

Adhering to a detailed financial plan ensures that you will have sufficient funds to cover all your expenses each month. Plan well ahead, as this will allow you to take early action if you predict falling short on bills that month. A financial plan will also help with the appropriate allocation of any extra funds that remain after all expenses are covered; for example, using them to pay back debts faster.

Recognize the symptoms that it’s time to seek help

If you are finding it difficult to pay your bills and debt monthly, you can always seek a debt assisting company’s help. There are many other options available to depend on to help achieve financial freedom and sustainability.  

Check out America's Best Bookkeepers 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. Check out America's Best Bookkeepers
Successful Restaurant Business - Complete Controller

A major concern of any new startup is securing finances and capital. If you are serious about your restaurant business, consider taking out a loan. Your restaurant will become successful when you can adequately manage your business even in low cash flow situations, such as the slow season.

Securing the finances needed to ensure your restaurant business’s success can prove to be a precarious task. Start by creating a business plan in which your funding requirements are recorded and get connected with potential financiers. Avoid letting your business requirements become a restriction. Here are a few financing tips to apply to your restaurant business. Check out America's Best Bookkeepers

Investors

One of the first steps towards opening a restaurant is securing funding from investors. It is always beneficial to have as much capital as you can before opening your business. Avoid outsourcing until you make a business plan. Having a solid financial plan is crucial, as it will indicate how quickly you plan on returning the borrowed amount to investors. Strive to prepare a perfect timeline that will ensure investors your business is a great candidate for their financial help. In many cases, restaurant startup owners must maintain strict financial discipline. This attitude promotes adhering to your timeline. Do not forget to record the date of your investor’s contract so that you can easily terminate the agreement once the repayment is complete.

SBA loans

Most business owners acquire loans through the American Small Business Association (SBA). Typically, it is good practice to assign a guarantee to your loan in case of default. This added security will make the process of getting approval from the SBA much easier. Understandably, there is great risk involved for banks to lend money to a new restaurant. Therefore, an SBA loan is the best option as additional lenders can participate in it, such as banks, credit, unions, etc., if they wish.   Check out America's Best Bookkeepers

There are a variety of competitive loan options through the SBA. All lenders require you to put some money down up front for loan security. Do some research and select the most suitable deal.

Crowd Funding

Crowdfunding and websites are the best sources for securing finances, such as the platform Foodstart. Web developers have designed this website for food trucks and restaurants. It is, by far, the best community-funding program.

Family, customers, friends, and non-customers can also use their Amazon account to secure capital. This can be a win-win situation since you will get strong support, along with other benefits such as menu ideas, discounts, free food items, etc. It is up to you which perks to select.

Crowdfunding provides you with access to the general public in order to ask for financing. Contributions may be smaller, but they can make a real difference collectively. After all, little drops make a river.

Credit Cards

Sometimes restaurant owners use credit cards to finance their business. When considering this option, you must be sure of the status of your money’s return. Take care to repay the amount with interest rate on time. Always track the dollar’s current value, as this applies to interest rates. You must be fully aware of the financial situation you are getting into by having a complete understanding of the financing terms. Check out America's Best Bookkeepers

Savings

You need a proper plan to save money for your restaurant’s finances. Another option is to invest your personal savings into the restaurant. In this way, you will never be a financial debtor. But there is some risk involved in this process. It is important to treat your savings as a regular financial transaction and repay the money on time in order to prevent any problems. Additionally, avoid pouring all your savings into your restaurant; set aside some amount as an emergency fund. Having a personal savings fund will keep you from becoming a debtor in the future. 

Last Words

Finding financers for your new startup can seem like a daunting task, regardless of what industry you are in. In the restaurant industry, financing is one of many vital tasks. You must have the best and most delicious menu, along with efficient customer service, while still managing your costs. According to CNBC’s research, 60% of restaurant owners do not achieve satisfactory business growth within the first year, and almost 80% leave the restaurant industry within the fifth year.

Check out America's Best Bookkeepers 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. Check out America's Best Bookkeepers
Business Statements - Complete Controller

If you are a new small business owner or a small business owner looking to expand your business, you’ll need financing. Whether you choose to go with investors or seek loans from a financial institution is important that you have all the documents needed to increase your chances for financing. Besides a business plan, the most important documents you will need to help you get investors, keep investors, or obtain loans are financial statements.

There are four main statements that you will need. These four statements are the income statement, the balance sheet, the owner’s equity statement, and the cash flow statement. Here are four business statements every business needs to have and their purpose. Check out America's Best Bookkeepers

The Income Statement

The income statement helps investors and lenders the idea of your business’s performance over a specific timeframe. The income statement is also known as a profit and loss statement (P & L) or revenue and expense statement. It shows investors and lenders your business’s nonoperating and operating expenses and revenue, no matter what it is called.

A person will share the business’s income statement to help potential investors and lenders understand how your business performs and whether the investment would be a good one.

The Balance Sheet

The balance sheet is also known as a statement of net worth or a statement of financial position. The balance sheet is based upon the equation assets = equity + liability. This statement will show investors and lenders your business assets, liabilities, and equity. It also provides them with the overall position of your business over a specific timeframe. Generally, the balance sheet is used to help your accountant calculate financial ratios. Check out America's Best Bookkeepers

The balance sheet is perhaps the most commonly shared financial statement because it gives a great overview of its financial position. It also quickly gives investors and lenders an idea of whether financing your business is a safe and minimal risk.

The Cash Flow Statement

The cash flow statement is also known as a statement of cash flow or financial position changes. The cash flow statement is used by investors or lenders and the business owner and accountants to see whether the business generates enough cash to meet obligations and operating expenses. In other words, it gives everyone an understanding of how the business is managing its cash flow.

 

The cash flow statement is crucial for understanding the business’s ability to pay bills, accounts payable, and meet payroll and inventory demands. This statement should not be confused with the owner’s equity statement. This is the money used from profits to finance its daily operations and is not an investment. Check out America's Best Bookkeepers

The Statement of Owner’s Equity

The statement of owner’s equity is also known as the statement of changes in equity or a statement of shareholder’s equity. This statement specifically shows profits and earnings that are being retained by the business and not distributed to shareholders. These earnings are generally used to reinvest in the company, pay off debts, or finance business growth.

This statement is generally used to give an idea of the financial stability and health of a business. It shows if a business can meet financial and operating needs. All are done without requiring new contributions of capital from the owners or shareholders.

Conclusion

These very important financial statements will be used in multiple ways. They will be used when seeking investors or trying to obtain business loans. They are also used after a business is established to give shareholders, possible investors, and lenders an assessment of its financial aspects. It is essential that these four financial statements be accurate and up kept. These four financial statements can be the difference between your company receiving funds and financing and going out of business.

Check out America's Best Bookkeepers 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. Check out America's Best Bookkeepers
Make Money - Complete Controller

Making money is a very difficult task for many, but some people have mastered the art of making money from anything. These people are not magicians; they are using their skills to their fullest. No matter what job a person does, there is always room to make more money.

In reality, there are no particular skills required to make money. One can literally earn money from whatever he is good at, so anyone can utilize their skills to earn extra income. Hobbies are the best way to make revenue because a person does not typically get bored with it. Check out America's Best Bookkeepers

Consistency and belief are two important ingredients that are required to earn some extra cash. Many people fail to make extra income only because they were not persistent and gave up too soon.

Sales skills are highly necessary to make money irrespective of the person’s field. To make money, an individual is selling either a product or service. For the former, skills and knowledge are required to convince the customers, and for the latter, a person should know how to sell himself.

 Other skills that would be needed are honesty, hard work, enthusiasm, and courage to take risks.

Here are some money-making skills that can double the monthly income of a person in a lesser time.

Freelancing:

Any work that is done for the client without committing to it for the long run is called freelancing. Freelancers are self-employed because they can flexibly select their working hours. Many websites allow the freelancer to work with ease from their home. One can start freelancing in their free time or on the weekends.

A freelancer usually provides his mind and skills. There are freelance writers, designers, web developers, photographers, and the list goes on.

Tutoring:

A graduate person could use the time to educate others. Working as a private tutor or joining an institute as a special subject teacher can help a person utilize their skills and subject matter knowledge to earn money. Check out America's Best Bookkeepers

Painting:

One does not need to be a full-time artist to earn money from painting. An individual could paint everything from portraits to houses or face paint at events.

Take Online Surveys:

An individual can also sit and fill out marketing surveys. Often, these surveys give rewards either through monetary compensation or gift cards.

Peer to Peer Lending:

Some people are in urgent need of money and want it instantly, so a person could join a lending club and earn interest on the loaned money. The earning could be as high as 25%, but usually turnover is between 3-8%.

Affiliate Marketing:

Affiliates are the owner of the website, and their web-content is usually about the company they are advertising.  Affiliate marketing pays you money when you refer others to the company for a particular service or product.

Repair Electronics:

A person who is a repair tech could also earn money from their skills, and a typical repair shop is not always necessary. The customer could contact a repairer by just hearing about the services. From computers to juicer blenders, one could be able to repair anything. Check out America's Best Bookkeepers

Online Selling:

Buy some small things at wholesale rates and sell them on the websites that allow the users to open their shop online. The products are sent to the customers using different courier services within 2-5 business days. That means one could have enough time to pack and send the product. These websites take a small percent of whatever is sold, and creating an account is low cost.

Sell Photographs:

Buy a good camera and sell what is captured. There are websites that allow photographers to upload their photos and earn from them whenever a person downloads them. These websites provide percentage-share to the uploader.

YouTube Video Making:

YouTube lets their account holder earn from their videos. When people watch the video, the person who has uploaded it gets the profit from the company.

E-Book Writing:

Any person could become a book writer – thanks to the internet. Now, there is no need to have funds to publish the written work. From a cookbook to the first aid booklet, one could write and publish just about anything. Many e-book sites allow users to earn from their e-books.

Check out America's Best Bookkeepers 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. Check out America's Best Bookkeepers
Earning Passive Income - Complete Controller

One common source of income comes from a professional or registered job or business. Earning a lifetime profit on a one-time investment is called earning a passive income. It also refers to the income generated from passionate efforts. Most people earn this by utilizing their natural skills. Suppose you have an interest in app development or cooking. In this case, you will first visit multiple websites and channels on the internet. You will start learning tips and tricks and learn how to exercise your talents practically to further develop your interest. It is human nature to be curious and explore subjects that interest you.   Check out America's Best Bookkeepers

Our hobbies and interests encourage us to learn something new. Multiple platforms exist on the internet where we can become a solo entrepreneur and generate passive income. The journey from initially learning to creating a self-made business is the path to earning a passive income.

This income is the best source to balance your financial circumstances. According to CNN Money, around 44 million US adults desire to make more money than their regular jobs, and nearly 36% of Americans become successful in making 500 extra dollars monthly.

The public’s interest in making passive money is increasing, and its scope is rapidly broadening every year. However, many Americans remain ignorant of this potential. They even believe “having a side hustle” is a useless practice and a wastage of time. That is why you must be smart when spreading awareness about passive income and earning money. Check out America's Best Bookkeepers

Your passive income depends on your capacity to work. There is the guarantee of a refund at the initial level but, with time, your talent will develop. For example, you are a newbie in the blog or article writing field and do not handle clients. You write your first blog and send it to the customer. Your article may be initially sent back because you could not meet the client’s requirements. You will then learn and find solutions. In the end, you will use this lesson to progress and take on more clients and earn more income, or you will abandon the field and eliminate your chances of succeeding.

There are multiple strategies and ways by which you can make passive income that is relative to your income standards.

One option is to use your spare bedroom or floor as a space to rent out to travelers or housemates. This will allow you to earn long-term passive income. This is done by leaving one portion of the house for yourself and renting the other portion out. You must have your tenant sign a legal agreement and decide a specific amount for rent. Here, this one-time investment also means you do not need to purchase a separate property but can use the home you already live in. Check out America's Best Bookkeepers

Another option is the peer-to-peer lending process. Various companies, such as Lending Club and Prosper, provide investors with different productive offers to realize the best passive income earning source. According to Financial Samurai, investors get 10% of the returns on investment within a year, generating passive income from companies. Additionally, the competitive rates offered are what attract consumers.

Do you have an interest in photography? Consider selling stock photos as a way to earn passive income. Photography is a hobby that allows us to preserve infinite memories. Additionally, it is a way to tell a story without using words. People love to have photos of their choice displayed in their house. This interest can help you earn a profit if you have a talent for it. The high scope of demand makes this domain of stock photography a big market.

Passive income is not an illegitimate way of earning money; it is done through passionate efforts. Consider using your skills, talents, and interest to earn supplementary income for you and your family.

 

Check out America's Best Bookkeepers 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. Check out America's Best Bookkeepers
Best Financial Tools - Complete Controller

When it comes to budgeting and investing, finding a good plan to manage the money can become a very difficult task. It can become a challenging mission for many men and women when they sit back and try to manage their financial errands. However, it is observed that women often confront more difficulties in comparison to men. The reason behind this difficulty is that women around the world face different types of concerns, and they affect the handling of accounts.

For different women to address their concerns head-on, some online financial planning tools can offer immense help.  

Here are some best and easy-to-use financial planning tools, also known as financial calculators, that can enable any woman to comprehend and take control of her funds: Check out America's Best Bookkeepers

Retirement Calculator

Created by the American Association of Retired Persons (AARP), the Retirement Calculator is an excellent tool that helps people start reassessing their retirement. By entering some fundamental data, for example, age, current reserve funds, expected retirement age, pay, and conjugal status, this calculator can help a woman determine if her current investment funds are satisfactory or not for her eventual retirement plans.

401k Savings Calculator

Particularly when your financial obligations are restricted to a small budget, it is sensible to use the 401k savings calculator. This amazing tool can enable a woman to make sense of how much savings she must collect and update her budget accordingly. Check out America's Best Bookkeepers

Lifetime Income Calculator

Like the aforementioned calculators, the U.S. made Lifetime Income Calculator is available to help a young lady determine her basic savings. This Lifetime Income Calculator comes with a couple of its own highlights that make it one of a kind financial planning tool.

This unique tool enables you to calculate the month-to-month lifetime wage streams. It is used to consider both the member’s present record balance and the anticipated estimation of the record balance at retirement. This calculator helps you create two-level lifetime installments and plans. The two levels mean one for the life of the member and the second for the joint existence of the member. It also helps to adjust the life partner investment with a half survivor’s advantage for the companion’s lifetime.

Social Security Quick Calculator

For the women out there, who are worried about their social security plan, Social Security Quick Calculator is your answer! You can utilize this calculator to evaluate and determine what to expect regarding social safety salary depending upon when you retire. Check out America's Best Bookkeepers

Cost of Senior Care Calculator

Obviously, the trouble in long-term saving and avoiding and obstacles is unpredictable. However, if you perceive and calculate where you are and plan for later, you can build up a nice nest egg and enjoy a better future. As such, utilizing the Cost of Senior Care Calculator can be your perfect option. This calculator helps you compare the cost of senior care with the expenses of your incurring.

Cost of Raising a Child Calculator

If a woman is expecting to have a child in the near future or is currently raising children, then the Cost of Raising a Child Calculator is the best financial planning tool for her. It is a tool developed by the U.S. Bureau of Agriculture department for nourishment strategy promotion. This amazing tool enables many mothers across the country to evaluate the expenses related to child-raising obligations.

Commute Cost Calculator

Last but not least, the Commute Cost Calculator can help a busy working woman determine her current transportation cost.  The cost of a commute can be a major factor of any financial plan, particularly for women working one or more jobs. The Commute Cost Calculator can enable these working ladies to manage their traveling budget and help them spend their hard-earned money efficiently.

Check out America's Best Bookkeepers 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. Check out America's Best Bookkeepers
Taxes and Deductions - Complete Controller

Every working American citizen is bound to pay some percentage of the income in the name of taxes, while some taxes are payable with every purchase. Benjamin Franklin said only tax and death are permanent. It is impossible to avoid taxes when buying something, be it a property or a small beverage. The government at both the federal and state-level benefits from our tax dollars. Taxes are supposed to be used to fund the government and their projects. Here are types of taxes and deductions every taxpayer should know about.

Tax Types Check out America's Best Bookkeepers

Property Tax

According to what every other country imposes a tax on property, property tax is the specific tax that is charged annually for homes and real estate. In the USA specifically, the property tax rates are lower than in most other countries.  Taxes in the USA also differ from state to state. There are two kinds of taxes, one at the state level and the other at the federal level.

Sales Tax

Sales tax is the tax charges at the point of sale of goods and services. Sales taxes are by each state and vary depending on the items purchased. General sales tax may be different than what is charged for alcohol and tobacco products.

Income Tax

Every working American citizen has to pay income tax. Income tax is calculated based on an individual’s annual or sometimes quarterly income, depending on the profession. Check out America's Best Bookkeepers

Capital Gain Tax

The capital gain tax is the tax charges after the sale of non-inventory goods. It is almost 15% in the US, but this tax can vary to some degree from person-to-person. If someone pays income tax up to 40%, then the payable capital gain tax will be 20%.

Value Added Tax (VAT)

The value-added tax varies from country to country. It is the tax that is added at different stages of the production of goods. It is only done if the value is added to the product at the stage.

State Tax

The state tax varies from state to state. Some states, such as Texas, don’t have state taxes. In many states that do not have a state tax, the state uses other means to fund the government. For example, Texas, again, the money people pay to purchase lottery and other legal gambling sources.

When paying taxes, it is important to keep it to a minimum to least impact your income. Here are some ways you can save on your taxes.

Tax Deductions Check out America's Best Bookkeepers

Income Tax deduction 

A tax deduction refers to the deduction of expenses or purchases that are tax exempt. There are certain commodities on which taxes are not applicable and therefore exempted. Some of the purchases and expenditures that are tax-deductible are listed below.

Charitable Contributions

Charity is in the category of tax-deductible spending. It can be a small amount or a substantial sum and is used by many as a tax shield. Mostly all the welfare states declare charity as a non-tax applicable expenditure. For example, if you are finding clothes for an orphanage or are sending some toys as a charity, you can mention it in your tax file. It will be declared tax-deductible; make sure to save the receipts and other such evidence of your expenditure.

Volunteering

If you are volunteering for a government event or a state-recognized charity, then the amount you pay for any such purpose is tax-deductible. For example, if you hire a babysitter while working as a volunteer and it comes under a charity event, the amount you pay to the babysitter is tax-deductible.

Teaching Materials

Teachers spend a lot of effort and time imparting their knowledge and skills for their students’ bright future. Teachers also spend some amount of the money on teaching materials, such as color recognition tools, crayons, and other stationery. All K-12 teachers are allowed a $250 tax deduction for such expenses.

Military Moving Expenses

Whatever you spend on getting a new job is not tax-deductible. However, if military personnel is moving due to military orders, the expenses are tax-deductible and must be mentioned during tax filing.

Check out America's Best Bookkeepers 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. Check out America's Best Bookkeepers
Get Out of Debt - Complete Controller

Did you know that the average household debt in America totals $38,000? When trying to get out of debt, there are many factors and strategies to consider. Each strategy can significantly impact your finances if you are serious and dedicated to following the plan. Your first question may be, “Where do I start?” Check out America's Best Bookkeepers

Create a strategic spending plan

First, put down on paper all monthly incomes once taxes and expenses have been removed. Indicate the minimum payments you made each time. Next, rank your expenses by their importance and analyze the ones at the bottom of the list to see if they are necessary. You can complete this plan by allocating a budget for each type of expenditure (rent, groceries, outings, clothing).

The goal of this budget is to evaluate whether you are living within your means.

Make a list of all your credits

Make an inventory of all of your necessary expenses and credits and indicate each entry’s interest rate (credit cards, mortgage, car loan, etc.). A person can classify these by sorting the credit with the highest or the lowest interest rate in order to prioritize their repayment.

Choose a repayment strategy

When paying off credit cards, you have the choice to pay the minimum amount on all cards except the one with the lowest or the highest interest rate.

Choosing to pay the lowest amount is known as the Snowball method, while the highest is known as the Avalanche method. It is up to you to choose the option that best fits your needs. Check out America's Best Bookkeepers

If you go with the Snowball method, focus on the debt with the lowest interest rate. By choosing to start this way, it will take longer to repay your debts, and the overall interest rate will be higher. However, the effects are seen more quickly, encouraging you to continue this way.

If you choose the Avalanche method, focus on the amount with the highest interest rate. You choose to abolish the largest debt as soon as possible by adopting higher payments. Once this debt is paid, you can move on to the next debt and continue so on until you have paid off all your debts.

These are just two of many strategies. Feel free to do your own research to find a plan that suits you best.

Use a debt payment calculator

By entering all debts into a debt calculator, the program will provide you with different strategies to implement concerning payment plans. The calculator will show you what you must pay each month to your creditors. Examples of these calculators include CalcXML, or the calculator set up by the government. 

Choose bi-weekly payments

By making a payment every two weeks instead of once a month, you can segment your expenses and add an extra month to your repayments each year (you will make 26 payments or 13 months of repayment). Check out America's Best Bookkeepers

Automate your payments

If you are not yet comfortable with your ability to pay your bills on time, consider setting up automatic payments between your creditor and your bank account. You can choose the amount and date of the deduction to make sure there is enough money in your account.

Learn about interest rates

It is possible to take advantage of lower interest rates; you just merely have to ask. If you have an adequate payment history (and are threatening to take your business elsewhere), some creditors may offer you a discount. If this fails, choose a credit card with a lower interest rate and transfer your balance. Read the conditions of your new bank carefully so as not to be surprised by hidden fees.

You can also opt for debt consolidation.  This allows you to consolidate all your debts with a lower interest rate. However, having a fair credit score is often a requirement for these programs.

Reward yourself!

It is a great idea to reward yourself for achieving milestones. This does not have to cost money, but it will surely keep a person motivated. Maintaining fiscal determination to get out from under your debt must always be a top priority.

Check out America's Best Bookkeepers 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. Check out America's Best Bookkeepers