Kenneth Boyd's Blog, page 34

Five Simple Ways To Keep Your Company Data Secure

Keeping your company data secure is an essential part of protecting your company, employees, clients, and yourself. Data breaches leave businesses exposed to legal threats and fees, and can cause irreparable damage to a company’s reputation. Check out these five simple ways to keep your company data secure, so you can sleep soundly knowing your client, company, and employee data is protected.

 

#1- Create A Security Strategy For your Business

 

You’d take safety measures to protect your personal data, so it makes sense to extend this strategy to your business. This should also extend to handling data when remote working or on employee’s devices.

 

Creating a written policy on security will ensure that you have a central and clear action plan for your employees. Considering everything from how often you change your passwords to how employees should send and store data will also create a foundation for developing staff training.

 

Managing how you’d respond to a data breach is also an excellent strategy for handling and resolving security issues. Sometimes despite your best intentions, someone attacks your data, so it’s essential to be prepared. If you’re a European business or work with EU companies, considering GDPR compliance will also ensure that you meet the legal requirements for storing and handling sensitive data.

 

#2- Hire A Managed Service Provider

 

If you aren’t sure how to implement a strategy yourself, you should hire a Managed Service Provider (MSP). MSPs are third-party businesses hired to manage your IT services in the same way an internal staff member would be trained to do. For an upfront or monthly fee, you will get a team of staff that can provide tailored support, from providing basic IT support to advice on malware installation and monitoring of any system downtime to prevent opportunities for data breaches.

 

Managed Service Providers are also traditionally considered more affordable than internal IT staff, as they are cheaper than the cost of paying a wage to an individual, and you can work with a team of trained staff that protect your data and company security. Hiring them to manage your IT security can free up your time to work on business-critical elements of your business without worrying about security threats.

 

#3- Purchase Effective Malware

 

Investing in decent malware software is a great way to minimize business risk. Protect your PCs and networks from security breaches by investing in malware and anti-spam software.

 

Protecting your systems starts from the primary first step of switching on your network firewall. Then, source malware that can identify suspect websites and hacking, and combine this with anti-spam software to protect your employees from malicious email spam. Many malware packages come with integrated antivirus and malware software.

 

Although many PCs come with the basic packages (like Windows Defender), these often offer minimal protection. Invest in high-quality, reputable malware. If you work with an MSP, they should advise you on the best malware on the market.

 

#4- Streamline Your Password Management

 

How often do you find yourself using the same password on 20 different online accounts? Mix these with any number of employees, and the risk of hacking or threats only increases.

 

Streamline your password management by using a password management service like

LastPass. Password management services allow you to ‘store’ your passwords securely and automatically generate complex passwords to replace old passwords or create ones for a new account.

 

Using these systems as part of your company policy will ensure that no staff members are tempted to use their old favorite password on your internal systems. Setting up mandatory password updates on PCs will also help keep devices secure.

 

#5- Train Your Staff

 

Data security begins by educating internal employees on how to handle sensitive physical and digital documents. Running yearly mandatory sessions on these with new and established employees will ensure that they are always aware of managing data security. This should cover the more obvious responsibilities, like disposing of documents securely or locking your laptop, and extend to cover the broader company policy. Educating your staff on phishing schemes and dodgy email links will help keep your company data secure.

 

Set up a strategy for keeping your data secure, and train your staff on handling data in a safe way. If a data breach does happen despite your best intentions, at least with a plan in place, you can ensure you manage it effectively. Purchase good malware and password protection software and work with an MSP to ensure you have the right team and equipment in place to protect your company from threats.

 

 

 

 

Find great subscriber-only accounting video and blog content on my Patreon page. Get your questions answered to pass the CPA exam, and to learn accounting concepts.

 

Go to Accounting Accidentally for 300+ blog posts and 450+ You Tube videos on accounting and finance:

 

Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

 

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Signs Your Bookkeeper Is Stealing From You

As a business owner, there are plenty of responsibilities that you delegate. Things like hiring, firing and bookkeeping.

Your bookkeeping is an important part of your business. That job duty is responsible for tracking your business’s bottom-line. Without that, it can be difficult to know how your company is holding up.

Having a bookkeeper that is not going to steal from you is also important. Hiring the wrong accountant can leave your business penniless, and you may need legal help from the Boulder Legal Group. There are a few red flags to look out for.

The Numbers Do Not Add Up

This is one of the most obvious red flags. To have discrepancies once or twice is normal as people make mistakes. But if you notice that your books are consistently not adding up, it can either be incompetence, or your bookkeeper could be stealing from you.

Take notice when there is an odd number of adjustments made in your accounts. You should also be wary of bookkeepers who consistently take records home. If you notice that your bookkeeper prefers to do the books when no one else is in the office, this could also be a red flag.

Pay close attention to mistakes like misplacing payroll receipts, deposit records and other things like that.

High Level Of Secrecy

Your bookkeeper should be the most open person in the business, so if you notice that your bookkeeper is being more secretive than usual, this could be a red flag. Anything that you ask to see, they should be open to showing you.

If you notice any type of reluctance within the accounting software or in-person, you should be concerned. You are the owner of the company. There should be no reason for you to not be able to see the books whenever you ask to see them.

You should also be on alert if your employees are taking on new habits like coming into work over the weekends or working longer hours during the week. You do not have to accuse anyone of stealing, but it should be on your radar. Also, pay close attention if your bookkeeper’s personal habits start to change. Take notice if they start living above their means.

Cash Flow Dives

This is a major red flag, particularly if nothing about the way your business runs has changed and the cash flow takes a nosedive. Maybe there has been less money coming in, or maybe the money is “leaking”, so to speak.

Your bookkeeper could be the reason for that leak. You can easily predict how much money is coming, so your cash flow should never be a surprise or something that is not predictable. Finding out the root of the problem will be easy and quick. Do random book checks to make sure everything is on the up and up.

Refuses Help Or Is Very Territorial

If you offer to help your bookkeeper on easy tasks like payment posting or cutting checks and your bookkeeper resists the help, this could be a major red flag. Unless someone has something to hide, people generally would take help if it meant they would get their work done faster.

 

Always get legal advice from a licensed attorney.

 

 

Find great subscriber-only accounting video and blog content on my Patreon page. Get your questions answered to pass the CPA exam, and to learn accounting concepts.

 

Go to Accounting Accidentally for 300+ blog posts and 450+ You Tube videos on accounting and finance:

 

Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

 

 

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Tips To Avoid Going Under As A Business

As a business, there can be a lot of jobs riding on the success of the enterprise, and the firms’ ability to keep its head financially above the water. There can be many obstacles and scenarios where this is tested, and it’s important that you do everything you can do to stop your business from suffering too badly. However, there have and will be plenty of businesses that collapse. Here are some tips to avoid going under as a business.

 

Have A Good Accountant/Finance Team

 

The secret to good finances is having the right people in the role. When it comes to your books, it’s worth getting a good accountant, or making sure you have a finance team in place to handle it all. For small businesses or those with perhaps a handful of staff, you might have to take on the responsibility yourself as a bookkeeper.

 

However, it’s worth outsourcing this role as soon as the work starts to pick up on your end. The last thing any business owner wants to do is to take on things that will slow them down and perhaps spread the attention to detail a little too thin. It’s something you don’t want to risk when it comes to handling your accounts, as you don’t want to end up falling behind.

 

Be Wary Of Risks

 

There are always going to risks in business, some are worth taking, and some are worth avoiding. Risks are something that you want to trust your gut with, so if it doesn’t feel right, it’s best not to go through with it.

 

Getting the information about bankruptcy should certainly help you question more decisions you make in the future and how you pick and choose the opportunities that have risk involved. Never invest in something that, if it failed, you couldn’t get yourself out of without going under or risking jobs.

 

Avoid Getting Into Too Much Debt

 

Debt isn’t something you want to be building up to such a level that it’s hard to pay off. A company credit card will probably be needed eventually, but it’s important to always pay off the money straight away when it’s due, instead of spreading the costs.

 

Debt can muddle up how much you actually have available to spend, and it’s very easy to get yourself into a serious issue when it comes to spending more than you have. Try to avoid getting into too much debt where you can.

 

Make Sure You’re Getting Paid On Time

 

Getting paid on time is definitely important, and so when it comes to your clients, make sure you’re chasing payments. Even if they’re a day late, it could set you back in what you need to spend money on. You always want to have money coming in before you have money going out, not the other way around.

 

Those few mistakes could end up costing you a business, so make sure you’re following these tips to avoid it. It’s not worth losing your business it!

 

 

Find great subscriber-only accounting video and blog content on my Patreon page. Get your questions answered to pass the CPA exam, and to learn accounting concepts.

 

Go to Accounting Accidentally for 300+ blog posts and 450+ You Tube videos on accounting and finance:

 

Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

 

 

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5 Common Problems In Business (And How To Overcome Them)

No business gets by without any problems. Continuously solving problems forms the basis of successful companies. And so, rather than seeing them as a hindrance, see them as an opportunity for your business to improve and become more resilient.

 

For five common problems many businesses experience, see below, along with advice on how to fix them.

Legal Issues

 

A public member injured on the property to a customer who is refusing to pay an invoice. Business matters such as these require Legal Support Services to ensure the issue is taken care of professionally.

 

Legal knowledge takes years to accumulate; as such, leave it to the experts and let them take care of the matter at hand.

Customer Complaints

 

Society is becoming increasingly dependent on other consumers’ opinions to help them make purchasing decisions.

 

As such, looking after your business’s reputation is necessary with the help of a marketer skilled in public relations. Having PR experts onside ensures complaints are solved, or if an online comment possesses slander, it’s withdrawn.

 

Money Problems

 

Business owners should scrutinize every cent that enters and leaves the company account to ensure it is being put to good use.

 

But when you’re in the middle of running a business that needs your input in marketing, sales, recruitment, and so on, the budget and money matters may begin to mount and slip to the wayside.

 

Your solution? Hire an accountant who’s qualified to handle the financial aspect of your business. They’ll balance the books so that you can carry on juggling the rest of the company.

Declining Sales

 

Without sales, your business will cease to exist. If this problem arises, it needs to be addressed immediately.

 

A myriad of factors can cause reduced sales, such as poor reviews tarnishing the brand’s reputation.

 

Research and analysis is the first course of action to be taken. Areas you’ll need to look at are the website, to check its functioning well—the sales team’s techniques for approaching customers and closing deals. And whether the products or services you provide are still in demand and relevant for the intended audience.

 

A team effort is necessary to divulge the issue underpinning a sales slump. A team meeting and a rundown of the analytics for each department, such as sales and marketing, is the best place to begin to find the issue and solve it.

More Competition

 

A bit of competition is beneficial for business. It forces owners to exceed their offering to customers and surpass their rivals.

 

But, too much competition from new budding companies poses a risk for your company’s livelihood. An overly saturated market gives customers too many options to choose from, and your business could struggle to survive.

 

To thrive among your competitors, reevaluating and defining your USP (unique selling proposition) can help.

 

Offering new, enhanced services is one way to distinguish yourself from your competitors.

 

Market research is equally necessary at this stage to find out what your customers want and what your competitors are offering.

 

Businesses are frequently hit with new problems that will push owners out of their comfort zone. To avoid becoming overwhelmed by impending issues, look to professionals that can help, such as legal experts, accountants, and marketers.

 

 

Find great subscriber-only accounting video and blog content on my Patreon page. Get your questions answered to pass the CPA exam, and to learn accounting concepts.

 

Go to Accounting Accidentally for 300+ blog posts and 450+ You Tube videos on accounting and finance:

 

Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

The post 5 Common Problems In Business (And How To Overcome Them) appeared first on Accounting Accidentally.

The 3 Main Risks Of Cryptocurrency

 

Cryptocurrency is one of the world’s fastest-growing markets. Invented just over a decade ago, the first cryptocurrency, Bitcoin, was worth just a fraction of a dollar per unit at its conception; now, in 2020, Bitcoin trades at around $18,000 per unit. This astonishing growth has, as you can imagine, been a result of the growing popularity, and therefore the increased worth, of cryptocurrency.

 

Many people who are new to the trading game are excited about investing in cryptocurrency. After all, it seems that the only way is up, and considering it is such a young medium with which to trade, the sky appears to be the limit. Nevertheless, there are some serious risks to consider when trading in cryptocurrency. Here are three of the main risks of cryptocurrency, explained.

 

Scams

 

With great popularity comes great enemies, and cryptocurrency is no exception. Scammers and hackers have capitalized heavily off the invention and popularity of cryptocurrency; this has led to countless dollars lost from traders who didn’t know better.

 

Cryptocurrency scammers use your financial information to commit fraud. While your bank should be insured for this kind of thing, it is still a devastating situation to find that your account has been accessed by a scammer. If you are new to trading crypto, make sure you use only verified sources; if you are unsure, a quick Google search should tell you whether you are being conned.

 

If you want to learn more about crypto scams, research the most common cryptocurrency scams around right now, so you can be well-prepared for any hazards that come your way.

Market volatility

 

One big risk in cryptocurrency is market volatility. Unlike older industries which have well-versed patterns you can study before beginning to trade in them, cryptocurrency is young and therefore unpredictable.

 

In 2017, the price of Bitcoin surged to around $20,000; just eleven months later, the price was at around $3,500. This kind of huge fluctuation is dangerous for traders, because you never truly know how the market is going to swing. This means you are more likely to lose money on a cryptocurrency investment than when investing in a different industry that is more stable.

 

Cryptocurrency is purely digital

 

Unlike a physical entity such as land, cryptocurrency is an entirely digital commodity. This means that it has no physical representation in the world; if technology was wiped out tomorrow, it would not exist. For all intents and purposes, crypto is a concept, rather than a thing.

 

Why does this make it risky? It’s not like technology could just disappear in a puff of smoke, right? Well, no, probably not. But if cryptocurrency technology fails, the entire house of cards collapses, and there is nothing physical to assure your money will return to you if that happens. Owning cryptocurrency is not as safe as owning a house, a plot of land, a bar of gold or anything physical at all.

 

Overall, cryptocurrency is a hot commodity which is only growing in popularity and success. That being said, it is worth paying mind to the risks, so you can be prepared for the worst. Speak with a financial advisor and a tax accountant before investing.

 

 

Find great subscriber-only accounting video and blog content on my Patreon page. Get your questions answered to pass the CPA exam, and to learn accounting concepts.

 

Go to Accounting Accidentally for 300+ blog posts and 450+ You Tube videos on accounting and finance:

 

Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

 

 

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How to Maximize Customer Reach During the Pandemic

During the pandemic, many businesses are struggling to keep their heads above the water when it comes to reaching new customers who need your services.

But how can you reach customers and potential new customers when the pandemic is preventing people from visiting your premises and everybody having to stay and work at home?

 

Many businesses are now operating through an online only basis, which makes having a physical presence on the high street even more challenging.

 

Here are some ways you can meet your customers where they are (at home) during the pandemic era- the most challenging time for many businesses.

Work on your SEO

 

With most people at home, a strong SEO plan will help to get your name known in the digital universe. Thorough SEO will help your website to achieve top rankings on search engine results. The higher you are in the rankings, the more likely people are to click onto your website, and, essentially, buy your product.

 

Good SEO will mean the difference between 1 in 1000 people coming to your website from an online search, to around 1 in 10 who search for the keywords related to your website. They don’t even have to leave the house to make any of that happen, either!

 

The world of SEO is always evolving, so make sure to keep the content of your website updated based on what people are searching for related to the product or service that you offer.

Pay for some advertising

 

People see ads all the time. It could be at the side while they’re scrolling through Facebook, or at the start of a YouTube video. Thousands of people see these advertisements, so even if they don’t end up accessing your website straight away, a memorable advertisement will make them think of you later on.

Make the advertising show the customer what you offer. For example, if you offer mortgages, educational videos about the mortgage process will give people looking to apply for a mortgage the knowledge that they need in order to start their application. Paid advertising will often work because the ads are directed to those who are looking for something in particular. Ever notice how when you search for a product or service online you’ll see adverts popping up everywhere? That’s because the advertisments are optimized to reach those who need to see them.

 

Get a social media presence

 

Social media is full of consumers. Over 50% of all smartphone users are regulars on social media.

 

So this naturally means that working on your social media presence is a great way of digitally extending your reach to potential new customers. Make yourself business accounts on Twitter, Instagram and Facebook, and dedicate the time (or people) to manage your social media accounts.

 

Have actual, human responses to customer service queries, praise, and complaints, to show social media users that you offer exemplary customer service to your customers.

 

Operating online only does not mean that it is impossible to reach new audiences.

 

Find great subscriber-only accounting video and blog content on my Patreon page. Get your questions answered to pass the CPA exam, and to learn accounting concepts.

 

Go to Accounting Accidentally for 300+ blog posts and 450+ You Tube videos on accounting and finance:

 

Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

The post How to Maximize Customer Reach During the Pandemic appeared first on Accounting Accidentally.

10 Things To Consider When Buying A New House To Rent Out

If you’re thinking of buying a house to rent out, but you don’t know where to begin then don’t worry, you have definitely come to the right place.

Whether this is the first house you’re buying to rent out, or you’ve been doing it for years, you need to be sure you’re as prepared as you can possibly be. While it may be overwhelming at first, there are lots of tips and tricks you can pick up to ensure you’re doing all that you can to make the process as smooth as possible.

From setting a budget to deciding whether or not you’re going to furnish the house, the more questions you’re asking the better. With that in mind, here are 10 things to consider when buying a new house to rent out: 

 

What Is Your Budget?

 

One of the first things you need to consider is your budget, as this is the best way to ensure you’re not spending more than you can afford. Although there may a variety of different properties available at different budgets, you need to be sure you’re choosing one that’s within your budget.

The best thing to do is think about how much you have to spend and the average costs  incurred when you’re buying a house. Often, people forget about the hidden costs that they may come across. For a guide to the hidden costs when buying a house, you can visit this site using the link.

 

Where Would You Like It To Be Located?

 

Next, you need to think about where you would like the property to be located. Whether this is somewhere close to you or somewhere completely different, choosing the perfect location is important.

If you’re unsure about the location in which you’d like to buy property, it may be worth taking a look at what the average rent is in a number of different places. This will give you an idea of where you will be able to make the most money. Of course, this may mean the house prices are a little higher, so this is something you should bear in mind.

 

How Many Bedrooms Are You Looking For?

 

Another important thing to consider is how many bedrooms you’re looking for. Whether you’re looking for the ideal place for a couple or you want to rent something to a family, knowing the number of bedrooms you need is going to make your search much easier. If you don’t have a preference, you may want to think about the type of tenants you want to rent to, once you have found the ideal property.

 

Are You Looking For Any Other Specifics?

 

It’s also important to bear in mind whether or not you’re looking for other specifics. For example, houses with gardens and a conservatory are often much easier to rent than those without.

You may be looking for somewhere that is close to the city with an easy commuter route, or something that’s in a quiet and easy-to-manage location. The more specifics you think of before you start your search, the easier it’s going to be to find the right property for you. You may also be looking for a reasonably new build. If so, you might want to consider Ridgefield New Construction.

 

Will You Be Decorating The House?

 

When looking at available properties, you also need to think about whether or not you’re going to be decorating the house. Although it will already be decorated when you buy it, often it’s better to give things a little bit of refresh if you want them to be more attractive to renters.

For most people, choosing plain colors that the renter can work their own color-schemes into the best route to go, but this isn’t necessary. For a guide to decorating your rental home as a landlord, you can visit the link.

 

Will You Be Furnishing It?

 

When you’re thinking about decorating, you may also want to consider whether or not you want to furnish the property too. Although this isn’t something you have to do, a lot of landlords will choose to buy a number of furniture items to make it easier for those that are renting for the first time. In cities, flats are often furnished to make it easier for those that move around a lot. Although it makes the overall costs a little higher, you can also charge more for rent if you’re supplying the furniture.

 

How Soon Do You Want To Get It On The Market?

 

Another important thing to consider is how soon you would like to get the property on the market. Whether you’re hoping to get things sorted right away, or you have some time to spare, this will determine how soon you need to find a place to buy.

 

Will You Be Advertising Privately, Or With An Estate Agents?

 

Depending on your level of experience, you may choose to act as a private landlord. Although this often results in more money for you, it does mean you have to have more of a hands-on approach when it comes to tenants. When you work with a real estate agent, they will deal with all of the contacting for you. From viewings to reporting an issue, you won’t have to speak to your tenants if you don’t want to. You will, of course, have to communicate with the agents every now and again.

 

How Will You Be Holding Viewings?

 

Finally, you need to think about how you’re going to be holding viewings. Whether you’re going to be doing one at a time, or inviting groups of people in at once, it’s important you work this out before you list your home. If you’re in a place that has been affected by COVID-19, you will also need to decide whether or not virtual viewings may be better.

 

Do You Have A Contingency Plan In Place?

 

Finally, you need to think about whether or not you have a contingency plan in place. Although chances are everything will go well, having a back-up plan is the best way you’re prepared for if something was to go wrong.

While it may feel natural to panic, those with a contingency plan can approach the situation calmly and rationally. After all, you never know what could happen. With lots of important things to consider, you can be sure you’re making the best possible decisions when buying your new house.

Find great subscriber-only accounting video and blog content on my Patreon page Get your questions answered to pass the CPA exam, and to learn accounting concepts.

Go to Accounting Accidentally for 300+ blog posts and 450+ You Tube videos on accounting and finance:

 

Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

The post 10 Things To Consider When Buying A New House To Rent Out appeared first on Accounting Accidentally.

Making Your Property Work Harder For You

We all know that investing in a property at the earliest opportunity is going to be a lucrative one. But not all of us are aware of some of the ways that our property and home can bring in some extra income. We could all do with a plan to have an injection of money into our lives, whether it is a long term plan or something that you want more regularly, your property could hold the answer. With that in mind, here are some of the things to consider.

 

Renovate and improve your home to sell

 

One of the first things to consider would be to consider renovating your property and improving it to sell. This is more of a long term plan and it may include thinking about not just cosmetic improvements but also changes to the layout and even extensions. Many people know of this option when it comes to their property, and it can be a great way to enhance your money when it comes to sell and move on to the next project. A lot of people do this so that they can climb up the property ladder and be able to afford bigger and better places.

 

Rent out your property

Another thing to consider would be the rental side of things and there are a few ways that you can do this. If you have spare rooms then you could look at renting out a room to a student or lodger so that they can have a place to stay. This can be monthly or weekly revenue and enable you to make better use of your space.

If you don’t like the idea of having someone else in your home, then there are other things to consider. You might want to look at downsizing yourself. This could mean renting out your larger home and eating something smaller yourself. The difference in the two rentals could be a great little profit and you don’t need to sell your larger property if you don’t want to.

 

Let out space for a cell tower

 

If you have a large plot of land, which many properties can have in terms of garden space or extra space, then you could rent out the area for a cell tower to be built. These companies do need to pay you a rent for this and so it could be worth enlisting the help of companies like Vertical Consultants so that all the fine print can be sorted. This is a great option if your area struggles with signal strength and you have the space outside of your home to accommodate it.

Allow people use your parking space or driveway

 

Finally, if you have space on your driveway or a parking space for your home that isn;t utilixed throughout the day or even the evening then you could also rent this space out. This is especially lucrative if you live in the city or close by. Parking is normally a big cost to many commuters so getting a better deal for them, and income for you could be a great relationship to have.

Let’s hope these tips help you when it comes to making your property work harder for you.

Find great subscriber-only accounting video and blog content on my Patreon page. Get your questions answered to pass the CPA exam, and to learn accounting concepts.

Go to Accounting Accidentally for 300+ blog posts and 450+ You Tube videos on accounting and finance:

Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

 

 

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Key Factors to Consider Before A Move

The world is living through unprecedented times. Don’t let the pandemic or the rapidly-paced news cycle sidetrack your financial goals. Regardless of what is happening “out there”, it is vital that you continue on the path to financial independence and have some fun along the way.

 

Setting your financial goals is a crucial element when considering your living situation. There are many questions to consider, such as the following.

 

What are your budget limitations, if any? Do you have any obligations or financial constraints to factor into your decision? How can you prepare your financial affairs?

 

Will a move impact your career? Or are you moving for your job? Can you work remotely, as so many people are doing during the pandemic? Is your employer paying relocation costs? Or, can you write off the expense of moving yourself?

 

Are you looking to change locations? Frequently, your location factors heavily into your life plans and future ideals. Would you prefer to stay in your current location or move a little further into the city or the suburbs? What about proximity to local travel destinations or a major airport for domestic and international travel?

 

What size of home or apartment are you looking for in your next stage in life? Perhaps you’re looking for a large forever home with the proverbial white picket fence. Maybe you’ve already had that, and it’s time for something smaller with a beautiful view that you’re not tied down to daily. You might be in that place in life where you’re merely looking for something different. Furnished flats for rent are a smart option for any stage of life.

 

At some period in your life, you may look to the convenience and ease of a well-appointed flat. This change could significantly impact your bottom line, as there will be no yard or maintenance concerns for the outside of your home, consequently saving you both time and money.

 

The laborious task of arranging for and then moving furniture will be non-existent, thus no longer requiring claim forms and appraisal appointments for damages. Additionally, amenities such as a swimming pool, gym, or gathering areas could further save you time on maintenance, which will free up even more valuable time for personal enjoyment.

 

After you make your life-improving move, ensure your fiscal responsibility goals remain on track. Transfer your renters insurance to your new location. If you’ve gone the fully furnished route, make a note of that in your policy, as well. Factor in any items you decided to sell, donate, or pass on beforehand. Take note of the donations for when you file your taxes.

 

The more you know about your financial situation, the better prepared you will be to enter a new place in your life – both literally and figuratively. A new home, be it a flat or a house, is an exciting adventure.

 

Personal finance is essential. Stay the course, and seek assistance from trusted sources if you need extra support and guidance. Enjoy your life and all of the unexpected and beautiful experiences that come your way.

 

 

 

For live CPA exam prep and accounting classes, join Conference Room for free. Members will be notified of course dates, times, costs, and how to attend these courses.

 

Get your questions answered to pass the CPA exam, and to learn accounting concepts.

 

Go to Accounting Accidentally for 300+ blog posts and 450+ You Tube videos on accounting and finance:

 

Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

 

 

The post Key Factors to Consider Before A Move appeared first on Accounting Accidentally.

Keeping Track of Your Finances During Difficult Times

One of the important things I learned from my mother who owns a fruit store is you list down everything that goes in and out of the store. That means you need to record things such as:

 

How much merchandise you have already sold,
How much money you have earned from those products
Your expenses

 

Why should you keep track of these details?

 

Why Keep a Record of the Flow of Money in Your Business

 

Here’s why accurate recordkeeping is so important:

 

You would know if your investment is going in the right places. Putting money into your business is like planting a seed in the ground. You want to make sure that the money you invest will bear fruit, such as a bigger business or more money.

 

You can keep track of where your money is going. By keeping a record of your finances, you are able to control the outflow of money in your business. This prevents you from spending money on things that don’t have anything to do with your business.

 

You can allocate funds for other investments. An opportunity to grow your business may suddenly appear out of the blue. But before you grab such an opportunity, you need to know whether you have the money for it,

 

It’s also important to get outside help, if you need it.

 

Hiring a Bookkeeper: Why It Matters

 

To keep track of the flow of the money in and out of your business, you need to hire a bookkeeper. So how exactly does a bookkeeper help you in your business?

 

A bookkeeper does the financial tracking for you. Because a bookkeeper takes care of writing down the money that goes in and out of your business, you can focus more on the other aspects of your business, such as planning and attending to the needs of your clients. All you need to do is review what the bookkeeper has recorded for the day.

 

A bookkeeper does the financial analysis for you. Sometimes, there are so many things in your business that need your attention that you don’t have time to check whether you’re already losing money. No need for you to worry, because your bookkeeper would tell you if your money is starting to go down the drain.

 

A bookkeeper helps you make important decisions in your business. Since the bookkeeper is the one who sees how money flows in and out of your business, he or she can help you make crucial business decisions.

 

Bookkeepers free up your time, so you can make the important financial decisions using accurate data.

 

Know Your Statistics

 

Aside from keeping track of how much money goes in and out of your business, you should also check out reliable wildfire statistics that might affect your business in one way or the other. When you do, you are able to make the necessary adjustments in your business activities.

 

When you are able to monitor how money flows in and out of your business, you are able to stay on top of the situation. You can decide when to put more money into the business and when not to. This way, you avoid unnecessary losses and keep your business afloat, even in the most difficult situations.

 

 

For live CPA exam prep and accounting classes, join Conference Room for free. Members will be notified of course dates, times, costs, and how to attend these courses.

 

Get your questions answered to pass the CPA exam, and to learn accounting concepts.

 

Go to Accounting Accidentally for 300+ blog posts and 450+ You Tube videos on accounting and finance:

 

Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

 

 

The post Keeping Track of Your Finances During Difficult Times appeared first on Accounting Accidentally.