Kenneth Boyd's Blog, page 36

How to Manage Employee Productivity During the Pandemic

 

Before the pandemic, teleconferencing was a meeting between managers and staff submitting weekly reports, daily morning briefings, idea-generating marketing campaigns, or just a remote way of introducing senior staff members to the rest of the team on the other side of the globe. Businesses would take advantage of this technology for its convenient form of bringing people together at a distance.

Now, of course, the new normal has altered the way this method of communication. It has become an essential form of communicating and connecting with employees who have to social-distance themselves from their workplace to reduce the spread of COVID-19.

And as this new way of working may become a longer-term prospect, it’s necessary to look at how you can better manage the productivity of your employees in the best way possible, to enhance employee well-being and reduce productivity losses.

 

Provide Reliable Infrastructure

The most important part of the new normal is communication via the internet and through video conferencing. To improve communication efficiency and its effectiveness, remote-working employees must have a reliable working computer, a stable internet connection, and secure account access. Not to mention the contact details of tech support personnel, who can assist in solving their problems as quickly as possible.

 

Allow Flexibility

Implementing a policy of flexibility to employees working from home can improve their well-being and job satisfaction. According to a study in Germany, businesses that supported trust-based work practices or time that is self-managed demonstrate increased self-motivated productivity and higher worker effort. A case study at a call center in China revealed that “home working led to a 13% performance increase, of which 9% was from working more minutes per shift (fewer breaks and sick days) and 4% from more calls per minute (attributed to a quieter and more convenient working environment).” Bearing in mind that these results can differ from industry to industry.

 

Team Motivation and Employee Accountability

Thoughtful consideration of your employees’ home life can bring about a better understanding of their work-life balance and may help to improve their mental health and well-being. Creating opportunities for employees to take short breaks and encouraging healthier habits, such as exercising and getting adequate sleep, can foster a sense of self-motivation for employees who may feel helpless that the state of global affairs is beyond their control.

Learning about how your employees live at home shows that you care for their welfare and can elevate their job satisfaction.

Establish daily morning calls. Managers should implement a routine schedule for their employees and communicate goal expectations often and clearly to avoid misunderstanding. Remembering to send a “shout out” to employees who’ve made achievements in a week or a month will also help give your team a sense of feeling valued.

To further enhance team communication, team leaders can encourage frequent interactions with their members by organizing time for non-work subjects that include hobbies and special interests. That can enhance productivity by building camaraderie among team members.

An additional method of elevating team motivation is through virtual staff training where employees and managers can learn specific techniques and skills, as well as interact and participate with members of their team. This can create a natural question-and-answer and feedback session and can improve their retention and understanding of the topic at hand while bonding as a team and learning about team support and collaboration.

The health crisis has forced some businesses to shut down. Although working remotely may carry the stigma of shirking responsibility, employees now have little choice but to work from home, and managers have to rely on their interpersonal skills from a distance. They should also trust that their employees have the self-motivation to complete their tasks as they would if they were physically in the office.

The new normal may have disrupted the way managers can monitor how employees are progressing with their work. Still, it has given rise to innovations and management software that are now more accessible than ever, and are being used to keep track of the progress of tasks and projects from remote working employees, making it difficult to shirk their responsibilities.

Managing employee productivity is no easy feat in the time of the pandemic. But adopting a few changes in line with the new normal, employee well-being and job satisfaction can be improved, and so will productivity. The benefits of managing employee productivity while working remotely can reduce the cost of hiring office space and its resources, and it will bring more financial benefits to help your business thrive in these trying times.

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 400+ 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 Manage Employee Productivity During the Pandemic appeared first on Accounting Accidentally.

Financial Education: Why It’s Never Too Late (Or Early) To Learn

What kind of financial education did you have as a kid? If you’re anything like most modern adults, the answer is probably “very little”, limited to what your parents told you about keeping a household budget. How much you retained might also be a worthwhile question, as the framing of these lessons was usually explaining why no, you couldn’t get a puppy or a pool table, because they were too expensive.

 

Parents try to teach their kids about money, but it is complicated and, besides, parents themselves weren’t taught about these things in school. The end result is that many of us grow up with an understanding of money that leaves us ill-equipped to deal with the modern world. Through one thing and another – choosing the wrong products, missing chances to save, or the levying of penalty payments – this can result in financial difficulties.

 

The good thing is that it is never too late to learn a few salient lessons that can stand you in better stead to deal with a complicated world. And what’s more, these are messages you can pass on to your kids, and ensure that by the time they head off to college, they will be better-informed on the ins and outs of finance.

 

Managing credit cards debt responsibly

 

Many people across the world don’t understand how a credit card works – which is potentially fine, if you don’t have a credit card. But a more shocking stat is that more than one in five Americans, when asked, said they “didn’t know” whether they had any credit card debt at that time. It’s fine to have a credit card – indeed, as we will see, it may be beneficial – but you have to know how to manage them. Without this skill, you can end up in trouble.

 

Managing a credit card means knowing roughly, how much of a balance is on it at any time. It means knowing you have a payment to make, for how much, and when. It means knowing whether that balance will incur interest. And if you put the effort in, you can practice more intricate card management, like knowing when interest-free periods will expire, and transferring to another credit card to benefit from a new offer.

 

Knowing the facts helps you talk to lenders and banks

 

Having a credit card is beneficial; most of us don’t regularly have access to the cash reserves to make a big purchase outright, but a card lets us spread the cost. However, a credit card, or any borrowing, can put you in a tricky financial situation if you don’t properly manage your accounts. It’s all too easy to end up with late fees, overlimit fees and uncontrolled interest. Worse than any of this is the damage that it puts on your credit rating, which can leave you unable to buy a house, maintain an overdraft or even get a job.

 

It’s not widely-known enough that you can challenge negative comments on your credit file, and have them removed, for a variety of reasons and thus repair your credit rating. Remember, even if you don’t intend to borrow in the future, your credit rating affects more than just your choices in the financial marketplace. Some letting agencies won’t even let you rent an apartment without decent credit. So equip yourself with all the facts about your credit accounts, and learn about the ways that you can challenge your report, and you will see results.

 

Ask for help

 

It may sound more controversial than it really is to say this, but of course consumers are on the back foot against bigger lenders and businesses. They have immensely powerful data gathering systems, lawyers, and centuries’ worth of reputation. You don’t.

So when it comes to trying to clear debt, it’s always useful to have advocacy. It can be a friend who’s been through the same things, or a lawyer working pro bono. Whatever the case, it’s useful to take all the help you can get.

There’s nothing cheap about accepting assistance – if you’re in a financial dispute, just remember how much help your bank can call upon. Ask yourself a few questions: would they hesitate to use that help if they had to? Do you feel that a level playing field is what you should expect? Is it important to get a fair hearing and is DTSS legit? All of these questions and more will help you make the right financial decisions.

 

Knowing how to manage money will save you money in the long term, and what’s more, it will teach you good habits – the kind of habits you can pass on to your kids when the time comes.

 

 

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 400+ 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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4 Ways to Protect Your Finances During A Divorce

Unfortunately, 40 to 50% of marriages in the United States usually end in divorce. And if you are reading this article, then a divorce may impact you. Sorting out your money issues while recovering emotionally can make the process more stressful. But with these few steps, you can make your transition into a new life easier while protecting your pocket.

 

Remember to speak with an accountant regarding tax issues, and discuss legal topics with an attorney.

Determine your total assets

 

The first step to take in the face of a looming divorce is to identify and determine your assets. Assets are any items that you own and include cars, properties, bank accounts, or even clothing. This initiative will help you know what you have as well as its worth.

 

Make sure to separate your assets from that of your spouse’s or what you jointly own. Differentiating your spouse’s assets can be an emotionally charged task, especially if the marriage is ending on a sour note. However, try as much as possible to cast those feelings aside as you determine your own and theirs.

 

Close all joint accounts

 

If you and your spouse have any joint accounts, it would be best that you notify your bank or creditors of your split, especially if it is not cordial. For example, if you have a credit account, all debts incurred during your marriage will have to be split in half.

 

You might not be able to pay off your debt, due to unemployment or irregular income flow. During court negotiations, the judge may allow your spouse to solely take on the debt, provided you manage to find a steady job and start earning wages. Alternatively, if you have any joint savings or investments, the courts may order you and your spouse to split your mutual funds in half.

 

Use an individual bank account

 

Perhaps during your marriage, you and your spouse might have preferred having joint bank accounts. But in the face of divorce, it may be time to open individual bank accounts for both checking and savings. Ensure you are as transparent as possible with your partner, to avoid any accusations of hiding any monies gained during your marriage.

 

When you officially divorce, you will need funds to pay legal fees and find a new home. Ensure that you do have adequate funds that can support you during and after the divorce procedure.

 

Have a solid team behind you

 

When going into a divorce, you need to build up a reliable team to ensure that the entire process works in your best interest. Your team must involve people that you are trustworthy and dependable. Hire the services of a trusted local attorney and financial advisor. Divorce is a challenging and draining procedure, and these people will be able to make non-biased choices on your behalf while protecting you.

 

The process of divorce has many lasting effects on all parties involved. It indicates a shift from a new life and dynamic; therefore, you must protect your finances to help you set up and establish that new phase. Hopefully, these tips will be helpful to you.

 

 

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 400+ 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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What Is Your Business Currently Missing?

If you sit down and think about it, is there anything that you can think of that your business is missing right now?

When it comes to staff, it can feel as though you’ve got everyone you need, even when you don’t. There are certain specialists that make your life so much easier, and ensure that the running of your business goes as smoothly as possible. If you want to have an easier life with your business, then you need to figure out what is missing. We’ve got some ideas for you, so if you want to find out more, keep reading.

 

Hire an IT consultant

 

One of the things that you’re going to need is an IT Consultant. Do you have any idea how bad it can be for your business if your systems go down? It can be catastrophic if you don’t have someone on your team who can get the ball rolling on a solution, or monitor the system in the first place, so it doesn’t get this far. If you don’t have someone who knows what they are doing on your staff, you could be waiting for hours, days, or even weeks until someone is available to help you. This is going to absolutely sink your business because you will have to shut down operations until everything is sorted.

 

Another issue is that if someone has hacked the system and stolen data, you could be at the end of a data breach lawsuit. Trust us when we say these are not something that you want to be on the receiving end of, especially when it can cost your business millions. Consult with an attorney on all legal issues.

 

Work with an Accountant

 

You’re also going to need an accountant on your team. There is usually someone looking for accounting work, so finding one shouldn’t be too difficult. Just make sure that they have the correct credentials and know what they are doing before you hire them.

Managing the finances of a business is not easy, which is why you need a professional to help you do this effectively. Not only will they be able to help you manage your finances better, but they may also be able to give you some cost saving solutions if your business needs them.

 

Consult with a Marketing Expert

 

Do you know why marketing is so important? Because it’s how people know who you are. If you see an ad for a company, you get to know them at least partially. You know what service they provide and whether this is relevant to you. But, if you’re not marketing then you’re not getting your message across. People don’t know who you are or what you do, and then your business is going to fail. A marketing expert ensures that this doesn’t happen by using their extensive knowledge of the market to create a campaign that everyone loves.

 

We hope that you have found this article helpful and now have a better idea of what your business is currently missing. If you are missing any of these things, then you’ve got to work on getting them as soon as possible. Your business will only gain from having these professionals on board, so don’t put it off for too long.

 

 

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 400+ 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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Finding A New Career In Law

 

If you want to pursue a career in law or as accounting within the law industry, the profession requires intense learning but the career rewards are many. Here are common tasks handled by an attorney:

 

Lawyers study and handle the cases.
If any cases are to be tried, he collects all the information related to the case in order to form the case file and to formulate arguments for the defense of his client or to initiate legal actions.
During the trial, they set out the facts in such a way as to best support his client’s position.
They take testimonies from his client and witnesses to verify the exact facts of the case.
They present to their client the legal framework and the alternatives that exist in relation to his case.
They prepare to present to the court the case he has undertaken, evaluating the evidence and developing strategy and argumentation.

 

You may have to deal with probate disputes and other issues that may arise.

 

Lawyers also prepare legal documents, such as wills, leases, mortgages, etc. Prerequisite for participation in these exams is that he has completed 18 months of internship with an experienced colleague.

 

Skills Required: The Lawyer must have:

Physical and mental endurance
Consistency, determination, method, patience, social skill and diplomacy
Verbal wealth and etymology
Self-concentration and self-control
Retention of information
Inventiveness, combined ability of information and situations
Ability to present and promote his legal views with correct arguments.

Work Environment

The work of a Lawyer is quite difficult and often complex. They must have very good legal training and be constantly informed about the subject of his work, the amendments to the laws and the case law.

 

The duties are many and their good coordination is required, so that their cases are processed as quickly as possible within the stipulated deadlines and in an efficient way. This is difficult work with a lot of stress and responsibility. Working hours are long both in court and in the office.

 

Their work is usually performed in courtrooms or offices. Sometimes when they act as a legal advisor or lawyer, he needs to move to different parts of the country and less often abroad.

 

Within the framework of his work, they need to come in contact with people who have committed robberies, crimes and other criminal acts. This can be a source of extra stress and additional difficulties, especially for young professionals.

 

Overall, the job is lucrative and there is room for growth, but it is a high-pressure job so being aware of all the difficulties is important. There are many areas of law, depending on the niche you want to go into, but it is a profession that is forever growing and the demand is always high. It is time to make a change, if you so wish, to build a career that you dream of and one that will serve you well for your entire career.

 

 

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 400+ 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 Ways to Save Money on Car Parts

Most car owners will need to replace a part or two in their lifetime. This could be due to a fault or general wear and tear over the years. Either way, it can often end up being an expensive affair. There are a few ways, however, that you can save money on car parts. This does not necessarily always mean going second-hand. If you source your car parts yourself, and from a reliable supplier you can save money on brand new parts as well. Here are five ways to cut costs on car parts.

 

Source car parts on your own

 

There are certain car parts you can source yourself, which makes it cheaper than going through your mechanic. Check out some of your local stores either over the phone or in person, and make some inquiries. It might be more fruitful, and fun, to browse the stores yourself and see what they have to offer. You could even negotiate a deal or help with installation.

 

Buy parts online

 

Buying car parts online is the done thing nowadays. Opt for a reliable source such as TDot Performance as they have a wider range of products. You’re more likely to find what you need easily online. You can look for both brand new and second-hand car parts online, it depends on the quality you’re after, and which part. Shopping online is simpler and you can read customer reviews and speak to advisors for more information about the parts you’re looking for.

 

Look for special offers

 

If you’re looking to save money primarily, you could wait until you see seasonal offers and sales. This might take a little more patience but you’ll get a better deal and perhaps be able to buy more parts for the same amount. eCommerce platforms also have sales and promotions throughout the year, particularly around the holidays, so keep your eyes peeled for the best deals.

 

Salvage parts from a junkyard

 

One way to save money on car parts is to salvage them from a junkyard. You won’t be able to get new parts, however, but with a bit of know-how on how to hit the junkyard, you might find some hidden gems. Make sure you take the right tools and know what you’re doing. Salvaging parts can be a fun project, just remember to check them for wear and tear as you won’t be getting the same quality as new or even second-hand.

 

Use your common sense

 

If you’re wondering whether to go new, second-hand, or junkyard bear in mind the type of part you’re looking for. Certain parts are crucial to the car’s safety so you really don’t want to skimp on these. You’re better off buying them online from a trustworthy site. Ask for professional advice, and see what you can get away with spending. You don’t want to end up with old parts that are going to cost you even more money in repairs shortly after being installed. It’s important to use your common sense.

 

 

 

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 400+ 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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The Financial Benefits Of A House Move

Okay, so we know a house move can be expensive, and it can be very stressful too. However, despite the short-term knock to your finances, and despite the stresses of the moving process, you might experience financial benefits in the long-term.

 

Downsizing brings financial benefits

 

If your kids have flown the nest, and you no longer have need of larger living space, then downsizing could be the way to go. Be it a small house or something akin to the fabulous offerings at Meriton Apartments, you will have the opportunity to enjoy a new home and an increased opportunity to save money.

 

A smaller home will incur smaller living costs, so you will see a big difference in your monthly spending. A smaller living space will also require less maintenance, so there should be less to pay on repair bills.

 

And because you’re in a smaller home, you will have less room for surplus stuff, so you will be less inclined to waste your money on things you don’t need.

You might save on a new mortgage

 

If you are currently paying a small fortune on your mortgage, the opportunity to move could help you make savings.

 

You have the option of transferring your existing mortgage to your new property, but if you’re paying too much, you might get a fairer deal if you take out a new mortgage loan with your lender. You might still have to pay an early repayment charge on your existing mortgage, but if you’re guaranteed long-term savings, you might still opt for a new loan if you get a better rate of interest.

 

You also have the option of switching lenders if you find a better mortgage deal elsewhere. Again, you might still have to pay exit fees if you quit your existing mortgage mid-term, but weigh up the savings you might make in the long term if making the transition

 

We have more advice on reducing your home mortgage interest costs here, so have a read for some useful advice.

 

You can reduce travel costs

 

This applies to all kinds of situations.

 

For one, think about your daily commute. If you’re paying a lot of money on car fuel or public transport costs to get to your workplace, you will start to make savings if you move into an area that is nearer your place of work.

 

Then there’s the proximity to your children’s schools, and to the amenities you require for your day-to-day living. If your current home is at a considerable distance, you will obviously be paying a lot on transport costs.

 

Moving to a new property could be financially beneficial then, especially when there is no need to travel far to get to where you need to be each day.

 

Is it worth moving house for the sake of the financial benefits we mentioned? Well, it depends. If you’re happy where you are, maybe not. However, if you have been thinking about moving anyway, the savings you should make might give you the incentive to finally up sticks and move!

 

 

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 400+ 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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The Drawbacks Of Selling A House Without Any Professional Help

These days, you see more and more advertising related to selling a house without a real estate expert. You can list a property online and handle the entire sale without contacting a realtor. The supposed advantage of this is that you pocket more money from the sale by foregoing the commission and the agent’s fee.

 

It sounds pretty impressive, but things aren’t as simple as that. Selling a house with no professional help could be a disadvantage, and here’s why:

 

An inexperienced negotiator

 

How many houses have you sold? The answer is close to zero, which isn’t very good. Effectively, you have no experience selling a home and negotiating with buyers. While you might avoid the agent fees, you could end up with a far worse price than if you used a real estate expert.

 

In addition, you still have to cover the other costs of selling a home. So, it’s not like you don’t have to deal with any fees. By using a realtor, you could negotiate a top-class deal that gets you the best value possible. When you add things up, it might land you with more money than if you sold it yourself.

 

Better marketing outcomes

 

Selling on your own means makes it more difficult to sell your property. True, there are websites where you can list your property and be found in searches. However, this is pretty much the only time you’ll be seen.

 

If you worked with some real estate brokers, they could market the property for you. They’ll spread the word and ensure that everyone in the local area knows your property is up for sale. You’re likely to see more interested parties than if you went at it alone.

 

The more buyer’s that are interested in your home, the more in-demand it becomes. This puts all the power in your hands, so you can stay firm on your asking price with the knowledge that if one buyer doesn’t buy it, there are dozens of prospects in the wings.

 

No access to buyers

 

On a similar note, real estate agencies have access to loads of buyers keen to purchase a home. Even without marketing your property, they can set you up with some viewings. All they have to do is check your house, then find a buyer that’s looking for something similar.

 

For instance, your home could fit the description of what a recent client has been looking for. This buyer has been searching for months, but none of the houses ticked all their boxes. Now, yours has come along and ticked everything. Right away, the estate agent can get on the phone and set things in motion. When you sell alone, you lose this access, missing out on potential sales opportunities.

 

Ultimately, you can boil down the drawbacks into two main issues. Firstly, selling on your own means you might have to sell your property for a lower price. Secondly, it can increase the time it takes to sell your home. With professional help, you’re likely to see a quicker sale at a higher price.

 

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 400+ 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 Prevent Your Dream Home Building Project From Becoming A Nightmare

Building a home from scratch is a dream shared by millions. However, only a small percentage will actually go through with it while even fewer will do it well. Frankly, this is one of the most important assignments you’ll ever complete. So, the process needs to be supported by careful preparations.

 

There are many contributing factors to consider. Still, it’s the financial elements that hold the biggest influence. Here are some key considerations that will allow you to maintain the cash flow needed to complete the project in style. Your dream home will be a reality in no time.

 

Make The Project Itself As Convenient As Possible

 

Some homeowners want to play an active role in the project, while others will want to take a backseat role and let the professionals handle everything. Either way, it makes sense to work a general contractor who can keep the project on track.

 

Finding house and land packages makes the whole process far more convenient. While there’s still a chance to stamp your authority on the design, this approach cuts out various delays. You won’t need to handle the land and building elements separately, which should aid planning permissions.

 

There’s nothing worse than getting the green light on some aspects, but being held up elsewhere. When you know that the project will go ahead as expected, you can place more focus on the transition itself. It often brings the fastest project completion too.

 

Know All Potential Costs

 

Whether building your first home, or moving up the property ladder, the process is expensive. If you fool yourself into thinking that it’s just about making a down payment followed by the mortgage payments, you’re mistaken. To be fully informed, you need to know all of the costs.

 

The hidden costs of agency fees, surveys, administration, and taxes will add up to thousands of dollars. Likewise, there are many costs that anyone looking to sell an existing home must factor in too. If you fail to take them into account, you may be left short of the funds needed for the project.

 

It should be noted that working with package providers and transparent brokers allows you to gain this insight in advance. Nonetheless, you must add all issues to your financial planning strategies. This extends to the costs of actually moving.

 

Be Ready For Delays

 

The harsh reality is that some issues are out of your control. As COVID-19 has shown, unforeseen circumstances can knock your plans off track. So, it’s best to prepare yourself for delays and disruptions, even when you’ve put the best preparations in place.

 

Delays will cost you money, especially when you are waiting to get into the new home. Temporary storage units may be required to manage your assets for a few weeks. Hopefully, you’ll have friends or relatives that can put you up. If not, temporary living situations can be arranged, such as hotels or RVs.

 

Putting away a little money to see you through those challenges will deliver peace of mind. Meanwhile, drawing up a list of contingencies to overcome all potential obstacles is ideal. If they don’t surface, that’s great. And if they do, they will no longer cause the problems that they might have.

 

 

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 400+ 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 Prevent Your Dream Home Building Project From Becoming A Nightmare appeared first on Accounting Accidentally.

3 Things You Didn’t Already Know About Cryptocurrency

If you’re into stocks or investments at all, it’s hard to ignore the impact that cryptocurrency has had on the market in recent years. And, it’s popular for a reason. As of March 2020, cryptocurrency had a market capitalization of $155 billion.

 

But, so many people (even those who know the market) are still confused about cryptocurrency, and that’s okay!

 

The truth is, crypto can be easier to understand than most people think. With that in mind, let’s cover three things you probably didn’t know about cryptocurrency. With these little facts, you can continue your educational journey into the world of crypto, and analyze the investment.

 

1. Yes, They Can Be Risky

 

Some people avoid investing in cryptos because they think there is a lot of risk involved. Well, that can be said for many different types of investments. But, it’s true that cryptocurrency does come with its fair share of risk.

 

Think of crypto like a startup company. There is a good chance it will fail. If it does, you end up losing that money from your investment. While some people have made millions from cryptocurrency, others have lost nearly as much. There are major rewards available, but they come with major risks.

 

2. They Aren’t Considered Currency by the IRS

 

Currently, cryptos aren’t considered official currency by the United States Internal Revenue Service. Instead, the IRS considers them to be property. Keep in mind, however, the IRS regulations can change over time.

 

Because of this, things can get a little confusing when it comes to your taxes. The IRS is seriously cracking down on the taxation of cryptocurrency, so it’s important to know what you’re doing as far as taxing your cryptos correctly. Using a service or software like taxbit.com can make the process less confusing, and can help to ensure you’re doing your taxes the right way with your cryptos involved. Consult with a tax professional

 

3. They Can Disappear Without Warning

 

Keep in mind that cryptos aren’t tangible things. They aren’t being stored in a warehouse or bank somewhere. Instead, they are completely virtual. So, anything from a major computer crash to an intelligent hacker could completely wipe out your crypto account, and there isn’t much that can be done about it after it happens.

 

You can protect yourself from your cryptos vanishing by doing things like using a wallet from a reputable firm and keeping track of your private key. Use strong passwords for your account that won’t be easy to guess, and always backup your system information. The fact that cryptos are digital is one of the major appeals, so if you choose to invest, don’t let it also be your downfall.

 

This is really just the tip of the iceberg when it comes to understanding more about cryptocurrency. But, if you’ve been holding back on investing or you’ve wanted to learn more for a while, hopefully, it gives you a good starting point for understanding cryptocurrency and why it has become so popular within the market. If you can’t seem to get it out of your head, it could be time to take the plunge and make an investment!

 

Consult with a licensed investment professional before making any decisions.

 

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 400+ 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/

(Image) Dmitry Moraine

The post 3 Things You Didn’t Already Know About Cryptocurrency appeared first on Accounting Accidentally.