Author: Complete Controller

The main goal of a debt management plan is to utilize some strategies to reduce an organization’s debt end to move forward to eliminate it. You can do depth management planning or take help from credit counseling to help you with your plan. Many profit credit counseling organizations and nonprofit credit counseling organizations are available for ease of company. The job of these organizations is that they help people make a budget to pay all of their debts and take care of new debts.

There are several steps to lower monthly debt to an affordable amount, as long as the money lender agrees to accept it.

Step 1) Talk to a debt professional and determine if you qualify for a debt management plan

You can find several debt management solution plans, so one way to know whether you can qualify for them is to talk to a debt professional. He will ask you if you have any unsecured debt payments each month that you cannot sustain. Debt professionals will also find out that you could be able to pay again what you took as a loan in a fixed amount of time.

Step 2) Be accommodated with your finance team

When a person in a business starts a debt management plan, He will have a personal finance team, and the team would be the point of contact during the whole process. Along with the account management, the debt management team will answer your queries and make sure that your debt management plan is going correctly.

Step 3) Make proper documents

You have to send documentation and details to your debt management team. This step will help them work faster, and they will be able to determine how much you should pay on your plan. They will also help negotiate with the lenders and provide reference numbers for debts included in your debt management plan. If you can’t provide evidence, you will need to order a copy of your credit card report. You also have to provide bank statements so the debt management team can check for evidence of your monthly expenditures, such as bills and payments. You must produce wage slips and other income proofs, so the debt management team knows how much is added to your bank account every month.

Step 4) Managing debt

The main reason for debt management is to make monthly debt affordable for you. When your debt management plan is complete, it is time to check your budget in detail. The debt management plan will assist you in working out how much amount you can discharge to your lenders each month. The debt management plan will also help you check out how far you have to go now and how much debt is left.

Step 5) Propose new payments to lenders

If your debt management plan is all set, you would have to propose all new payments to lenders. You have to present your budget in front of the lenders and show them how much you can realistically pay each month. If they accept, then your debt management plan can go forward. Lenders also have the authority to freeze interest on your loans, but if they do not freeze these charges, paying them back for a long time means you will be paying more. You should also know that your credit rating will be affected for almost six years since you are not related to your original payment.

Step 6) Manage your payments

Manage payments if the debt management plan runs forward in the way you were expecting, then you can start to make new and affordable payments per month. You have to share costs among lenders to decrease your debt percentage moderately. Do not pay more than what you can afford each month. Keep making these payments every month until all of your loans are clear or your financial circumstances are changed. If you pay less monthly, your debts may go longer and cost you more.

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

Characteristics That a Good Bookkeeper Must Have

The main motive of bookkeeping is to record a company’s financial transactions regularly. These transactions mainly include sales, purchases, receipts, and payments. A bookkeeper must register all the financial data into the general ledgers to make the income and financial statements of the company. Bookkeeping is considered the first step toward recording the data into the accounting system.

If the recorded financial data is far from any fraud, then this data can be very beneficial and valuable for the insight of the business. Hence the bookkeeper is essential for any business venture.

Qualities of a good bookkeeper:

Some qualities that can always help you identify whether your bookkeeper is up to the mark or not are as follows:

• Knows their work and is skilled: You can recognize a good bookkeeper while assessing their skills, knowledge related to finance and accounts, experience, and lastly, the services he offers. To be labeled as a good bookkeeper, he must have a firm grasp of the accounting terminologies and have considerable experience in; recording financial transactions. A bookkeeper must have a sound knowledge of accounting software and should be able to work on them.
• Being organized: Bookkeeping requires high management skills to meet deadlines on time. Organization skills are a must for the bookkeeper, and knowing how to prioritize the work according to its importance. Checklists are helpful for the bookkeeper to make sure that the tasks are completed and to start doing the remaining work soon.
• Being happy working with numbers and figures: A bookkeeper should be contended to work equally with words and numbers. It may sound like a common and obvious quality, but it is essential.
• Having excellent communication skills: good communication skills will make it easier for the bookkeeper to explain and demonstrate complex ideas and information more clearly. The bookkeeper is expected to discuss the finances with the owner/manager. Therefore, it is nearly impossible for a bookkeeper to avoid social interaction with others.
• Integrity and honesty:  Every business owner needs people who are far away from being shady and whom he can trust with all his heart. Trustworthiness becomes much more essential when it’s about bookkeeping because a bookkeeper is the one who is often going privy to the confidential information of the business. If a bookkeeper is dishonest and doesn’t maintain his integrity, the owner can never trust him with all the private information related to work, and there will always be a threat of fraud.
• Willingness to learn new skills: A good bookkeeper will always be open to acquiring updated skills. He should always stay up to date with the industry in which he works.
• Confidence working with the internet and computer: The Internet and computer have made our lives much easier. Similarly, bookkeeping is also done on the computer now. For example, to enter data, spreadsheets are used. Moreover, use the internet to acquire knowledge regarding access to bank data. Therefore, a bookkeeper should know how to operate the computer and utilize the facilities provided by the internet.
• Should have an enquiring mind: To ensure that the transactions are free from errors and correctly allocated, the bookkeeper needs to ask questions. A good bookkeeper asks about the higher cost than usual within accounts because it is always better to ask questions rather than guessing or assuming.

Choosing the right person for the bookkeeping of your business:

It might be necessary to interview people more than once while selecting the right person for bookkeeping and be sure to double-check their qualifications and education. It is better to be careful while hiring rather than regretting the future. Many companies employ non-certified bookkeepers, which might save money but can only be beneficial in the short term. On the other hand, if you hire a qualified person, he might avoid any costly blunders.

A bookkeeper will be there at every step as your business flourishes and grows, so it is worth taking your time and effort to hire the most suitable person for the job.

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

Many businesses or almost all companies- either running on a small scale or a large scale, end up getting scammed, which leads the business to go into debt or face severe losses. Those scams or frauds can be committed by customers, suppliers, or employees. Frauds customers commit include fake billing, false claims, and receiving counterfeit money. Businesses that run over the internet face fraud from customers the most. Those frauds are when a customer claims an appropriate and correct sale to be unauthorized by saying things like “the order never arrived,” “goods were damaged,” and getting a refund but never returning the product. A supplier can commit fraud by claiming that the goods they sell are high quality, hence asking for a suitable price when the products are of inferior quality. They are overcharging their customer (your business). A supplier may also overcharge the carriage on goods expense or overstate the quantity of inventory ordered to create a higher invoice. Types of frauds employees commit include; inventory theft, money fraud, cash theft, expense account theft, and commissions fraud.

A business can practice some activities to prevent fraud from happening from the company’s very beginning to make it a business culture. This culture will also force the fraudsters to think twice before committing fraud, and creating awareness all over your business will also make them insecure about being caught, which can lead to fewer fraud attempts. A few tips a company can prevent frauds from happening in their business, especially in the accounting systems, are:

Create proper rules and a code of conduct. Having appropriate and written policies means that it would be illegal for any employee to perform suspicious activities. The managers and business owners should create anti-fraud policies and include how to deal with a crime or fraud. Make it clear that you will punish any employee who commits fraud.

Keep your employees under your supervision. Give your employees complete independence over being in charge of their tasks and doing their jobs. It will provide them with an opportunity only to perform tasks that they want to do, and they won’t be as productive as you expect them to be, and they can also be dishonest while stating their working hours or their productivity. Companies must make sure that the employees do the job they are assigned to do, and the reason as to why you hired them is to be satisfied.

Identify the weak spots of your business. Determine what areas your business is facing the most fraud over the most. Identify what makes the fraudster target your business quickly and then find a solution to protect it or keep it under strict supervision. Identify any suspicious activities happening within your business and focus on that area more than the others.

Conduct audits. Have your business audited or have a CPA in the company, then ask them to conduct surprise audits. Audit procedures also include fraud detection, performing journal entry testing, inspecting accounting estimates, and checking unusual and suspicious activities or transactions. An auditor is skilled enough to detect fraud relatively quickly compared to people with less accounting experience.

Be aware of your financial systems. When entrepreneurs do not have enough experience in accounting, they hand over the whole accounting system to an accountant. They do not concentrate on any of these activities. An accountant can easily take advantage of this opportunity and commit fraud. An entrepreneur should know what is coming and going in and out of business and review all the income and expenditure to ensure that all transactions are correct and match the business’s operations.

Businesses need to detect and prevent any fraud from happening to avoid unnecessary debts and expenses. A company should pay attention to the signs of fraud and ensure they reach the primary source of the scam to treat it accordingly.

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

Most small business owners cannot estimate employee theft happening secretly at their workplaces. There are numerous ways to detect the entire thing. You must be more alert and develop an eye to catch. Small-scale businesses are more susceptible as they have not instilled procedures to prevent these threats. If not controlled on time, employee thefts can result in considerable costs for the company. Employee theft is a termite that nibbles the base of your business, dragging it into huge and unseen losses. In the very first place, to overcome employee theft, you must identify the thief. The task can be tricky as it can be tough to pick up the culprit among thousands of working staff, especially when the thief is good at what he does. Here are the ways to be more precise about spotting the stealing bug roaming around in your workplace:

Signs to recognize employee theft

Luxurious lifestyle

Consider a situation where you observe a sudden change in the lifestyle of one of your working staff. Automatically that person becomes your prime suspect. It can be a sign to identify employee theft. You may observe the expensive purchases of new cell phones or maybe a car clearing the entire payment in advance. It can be focal points to lay your eyes upon without a measurable upsurge in the monthly wage; how can an average earning person afford such indulgences and that too with full payment.

Cultivates close and friendly connections with vendors

The person secretly stealing from your company will gradually become over-confident. The suspected employee will develop or may have developed an over-friendly relationship with the vendors and suppliers. The intentions of such a person can be deducting a certain amount of goods secretly, aiming to sell them quietly to make even more money.

Tampered bookkeeping record

Minor errors in financial records once or twice can be tolerated. But constant miscalculations are an indication that something is seriously fishy. Demand a serious inspection of the maintenance of the financial records.

Defensive attitude

Such employees will adopt a self-justifying attitude. They show poor performance, decreased working hours, and carelessness in handling business chores. Upon investigating the suddenly changed behavior, the employee will either come up with self-justification or try to highlight the mistakes of the other employees.

How to avoid employee theft

Once you discover the culprit disguised as your working staff, you can monitor these measures to avoid further employee theft in your office:

Demand an explanation

After you get to know the pickpocket inside your firm, handle the matter with a calm breath. Call for a meeting with that employee, and try to discover the reason behind the scene. It is a probability that the guilty person is needy and was not courageous enough to approach you. Discussions always lead to better solutions.

Instill an anti-theft policy

As a boss, you must teach an anti-theft policy in your company strategy. The consequences of stealing from the office must be severe. The fear of being punished will help you avoid facing such threats in the future. Be strict where required, and be lenient when necessary.

Check your financial records personally

Being a lazy boy in checking and reviewing your financial accounting details can cost you a lot. Collect financial statements, transaction data, and every recorded credit facet weekly or at least monthly. Check each record prudently. Once you get habitual of checking company credit details on your own, your employees will become more alert and specific about their work. They will re-check the financial statements repeatedly before the end of the week to sidestep every possible inaccuracy.

Maintain a physical record of your financial statement

It is sensible to rely on technology or mobile application to a limit. But completely trusting the same is not legitimate. Imagine your software crashed, and you had not prepared a backup! If all your financial records, transaction data, and credit details disappear in a snap. What will be your next step?

Final words

Maintain a physical record of each of your accounting particulars. It will encourage you to play safer. You can capture a breath of relief, even if all your virtual record gets deleted. Ensure to keep the idea a secret, as it can back in getting your hand to the collar of an employee thief (if any). You can deduce the employee theft risk factor from your workplace in many other ways. Keep a regular check on your employees’ moves, attitude, working hours, and performance. Last but not least, don’t skip performing weekly audits. About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Business continuity planning is the roadmap for every organization to prepare for future uncertainty, unwelcomed risk, and hazardous events that revolve around threats. This threat can be fraud in the organization, external hazards (economic conditions), Natural disasters (floods, fire, earthquake, Covid-19, and other riskier ones), and “Cyber-attacks,” which we will discuss soon.

BCP is the process that involves and develops a system that prevents the business from the risk of personnel and valuable financial asset of the company when an alarming situation occurs, so it should be free from even tiny weaknesses.

However, a business continuity planning system must be a key concern for every organization to avoid those risks or fraud which might collapse the business or shut the doors. Business owners should prioritize understanding this system to quickly assess which kind of risk can be reduced by what type of remedy and internal locus of control. Hence, it would help to have a manager who uses strategic approaches and prepares for these disruptive organizational changes.

If you want your business continuity planning, fight the threats. So you are on the very right page; here we have the top 4 tips for a business continuity plan to reduce the risk.

Realize the threats and frauds

Before constructing the business continuity plan, know the risk carefully and keenly differentiate risk and its possible effect on the business. However, at the start, it Is difficult to know all the threats and changes. So, involve people from outside the organization like stakeholders or business connections and discuss the dangers and their longevity to grow in the uncertain events/disruption.

Meanwhile, your accountant or manager should continually ask different businesses about threats you experienced and have a history of these threats and frauds that resulted in substantial financial losses. Keep engaged with your customers or clients and inform them about the dangers and scams to spread awareness.

Create an effective business continuity plan

Once you realize the risk, work on developing your creative, effective business continuity plan. As it is an essential tool, make sure you analyze the business and identify which function and resources are required to mitigate the threat. If it affects the company, how do you recover your losses which can be financial or personnel?

To develop this plan, you must create a well-trained and knowledgeable team to avoid any mistakes. Being a professional in their field, they know better about the checklists to include, emergency contacts detailed, critical resources for the alarming situation and make changes in the plans and strategies if required. So, it would be best if you created plan B.

After completing the business continuity plan (BCP), test the procedures, ensure they work, and then implement and review the system.

Train each person in the organization

Every person in the organization must be aware of the planning against threats and frauds businesses may face in the future. Train them on how to tackle these disruptive events and build their confidence in you that there is a solution for these unwelcomed events and uncertainties.

 Suppose you fail to train them and make the plan confidential other than developing a team. Organization can face a high rate of turnover of employees even though your organization have strong continuity compatibility and pays handsome salaries. So, you train the whole organization and must provide each corner of the plan.

Have backup data in multiple locations 

Cyber-attacks have become one of the most common crimes. To avoid this, make multiple copies of data and store them in secure locations where you can find them easily. If any disruption occurs, it is the only thing to rely on until you recover the data that may need a month to recover fully. Sometimes, cyber attacker deletes the information which is impossible to access and recover.

I don’t think saving this data will be outdated. Reason outdated data is better than no data, which can create a mess in the financial position of the origination. Check the data every few months as it is the only alternative plan to protect the business from risk.

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

Many financial market activities occur in secondary markets; traders barter their securities without flowing to firms capitally. A new definition of price efficiency is required to account for a show to which prices bring information that is needed and helpful to the working efficiency of actual decisions. Even though secondary markets don’t raise any new type of capital, these markets can have many effects on the economy—a Payor’s reputation of the manager bonds with the stock price. Trading makes the stock price more and more reflective of his actions. The manager also learns information under the learning channel and uses stock price as a signal of his assets and investment opportunities to decide how much to invest.

Financial markets exist to help people come together with money that automatically flows down to the most needed. For example, eBay matches its buyers and sellers to set a price for everything that ranges from phones to a second-hand decoration pieces of furniture. Financial markets match their sellers with buyers to set their prices for financial assets.

Markets help companies in finance so that they can invest, appoint and grow. They provide money by taking it from the government to make new roads, schools, or any other institutions or buildings for the public’s welfare. Companies in finance can also help lower the costs faced by people buying anything at markets, taking out a mortgage, or saving for a person’s retirement years.

Financial markets also provide an opportunity for people to make investments in shares. These shares are also known as equities. Equity will help them to build up money for the future. However, this aspect is noticeable that buying shares can also be risky. It is very well you’re able to keep in mind that the value of any investment can go up and down. If someone gets good returns in the past, it does not mean they will also be getting good returns.

Managerial accounting gets a lot of help from financial markets because they provide finance. Apart from the advantage, it’s vital to contact those working in financial markets to understand better what is happening, what the upcoming risks are, and how to consider and cop up with them.

In 2007, the financial crisis started, and markets proved fragile. This thing spread to the supplementary economy. Banks were neither willing nor able to give debts to companies or households. That’s the reason we must make sure financial markets work more safely.

The relationship between financial markets and manageable accounting exists because the financial market directs the flow of capital in two ways, one form is savings, and another one is an investment. The financial market plays a significant role in accumulating wealth and producing goods and services. Everyone, including businesses, government, and individuals, need funds and can readily disclose which financial market can provide funding and the cost for the burrower. Smoothly operating financial markets play a vital role in contributing to the efficiency of managerial accounting. There is a strong bond between these two. In particular, Researchers have given some findings on finance growth and offered a bolder form than the casual relationship. The level of financial development has a vast and advantageous effect on economic growth. Managerial accounting also uses accounting-related information in decision-making and helps the control functions’ performance. The main objective is to assist the management of a company. It checks if the company is efficiently performing its operations, such as making plans, organizing, and controlling. Managerial accounting also helps provide data as it is a significant source of data for planning. It is a process of measuring, analyzing, and identifying accounting information to help business leaders later make financial decisions and manage their operations and plans.

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

Fraud can affect any business, whether on a small or large scale. All companies must learn to identify frauds and scams. Fraud is a serious issue that brings a company down business. Fraud occurs when an individual or company is dishonest or commits any illegal act that results in profit for them but loss for the business.

Here are some tips you should know to protect your organization and business from fraud.

• Keep your information personal

Your personal information, such as user ID, passwords, and PINs, link closely to your fortune. Change your pins and passwords periodically and keep all this information safe and confidential because this information allows you to get money from the bank. Do not open up about personal information to anyone.

• Transfer money carefully

The most common and frequently committed form of fraud is impersonation. An institute may contact you claiming that they work for you or represent themselves as workers of any other company to get money from you. Be sure to verify their real identity by contacting the related organization to check their authenticity. They can contact you by email, message, or sometimes through a direct call. In this case, do not trust caller ID on your phone because these fraudsters are also hackers. They can use technology to make it appear to be calling from a government organization or a legitimate business.

• Online security system

Online banking is trending nowadays with a rise in online trading and transactions. The Internet now has become a popular platform for fraudsters and scammers to trawl for easy victims. Fraudsters send emails or use websites, which are their easy and most common tricks to catch their prey and get information about it. Your online practice can play a role in reducing the risk of financial fraud. Make sure that you have updated and latest operating system. Also, protect your devices by using the most up-to-date antivirus software.

• Don’t get attracted by high returns

The expectation of high returns for the money you invested is sometimes too reasonable for you to be true. Most of the time, fraudsters prey on the greed of investors who seek quick and high returns. These schemes cause unregistered investments and commodities. First, find out who you are dealing with, and then invest only with authentic and licensed brokerages and financial planners. If your investment is showing constant high returns, even in market downfall, immediately ask any trustworthy independent investment expert to review the reports and financials of the organization where you invested your money.

• Don’t write checks

Fraudulent can use information from your checks to take all money out of your account because checks contain all of your personal and bank information. If they insist you write a check, do not take your whole checkbook with you. It is preferable to use a credit card for payments.

• Only donate money to trustworthy and well-known organizations

Usually, frauds start after a natural disaster, such as earthquakes or tornadoes. Give money to only healthy organizations. If you are giving money to a lesser-known organization, check their official website to see how much of the money you donate goes to them and how much goes for salaries. If you cannot find this information, you should give it to another charity.

• Know your employees properly

Observe and listen to your employees because this will help you determine how much fraud risk is in your employees. The management team must get involved with employees and know more about them. If an employee lacks appreciation from the owner or shows anger towards management or the boss, this could cause him to commit fraud as revenge. Listen to your employees and ask them about the issues they face related to their job or office. Knowing and listening to employees and engaging them in conversation is essential.

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

Believe it or not, accounting is integral in steering a business to success. From managing the cash flow and balance sheets, the purpose of accounting is to keep you up to date with the financial happenings of your organization. Whether you are a small, medium, or large-sized business, you cannot overlook the need for accounting. Unfortunately, even today, in 2021, when we are going through the digital revolution, many companies are still stuck with performing accounting functions on paper or excel sheets. It’s about time to change that; evolve to make your accounting hassle-free, efficient, and more fruitful.

If you are wondering whether or not you need to switch to accounting software, then here are a few factors that would help you determine the importance of accounting software for your business:

Better Cash Flow Management

One of the most significant issues businesses suffer with is cash flow management. Without proper cash flow management, you cannot analyze, plan and predict your business’ growth or downfall. If you have to take appropriate measures to manage your business’s upcoming downside or upside, it is crucial to ensure you have proper cash flow management in place. Achieving this through traditional means can be tricky since human errors are unavoidable. But, with accounting software in place, you can easily track your cash flow management, gain insights into the cash flow, plan your business’ growth, and much more. Since accounting software calculates the transactions for you, you can focus more on the analytics and planning function instead of on the calculation. You have already achieved role growth within your organization at this point!

Increase in Productivity, Reduction of Errors

Traditionally, companies use various accounting methods to keep a check on the basics. If you manage ledgers, you will have to create balance sheets, T-ledgers, etc., to check if the result matches. You will have to do it all over again if it doesn’t. It is tedious, time-consuming, and can reduce your organization’s overall productivity. Welcome to the new age where all of this happens with the click of your mouse. Accounting software generates your ledgers, balance sheets, account receivables and payables, and hundreds of other sheets automatically and simultaneously. Step out of the frustration of going through hundreds of books yearly to make the final balance sheet!

Tax Filing Made Easier & Effective

For small to medium-sized businesses, tax filling is a major hassle. Keeping track of your revenue and its sources and aligning them with the various tax types is a mammoth task. With accounting software, filing taxes becomes not only easy but effective. Most accounting software today is built in compliance with the tax regulations, which means this software can automatically format invoices and data to adhere to the taxation rules. You won’t have to re-do everything at the end of the fiscal year. Practical, easy, and hassle-free!

Safety & Security of Your Data

One of the major concerns for businesses has always been to keep their financial data secure, whether from internal or external threats. If you manage your accounting via traditional methods, you know how prone your data is to leakage. One slip and your financial data fall into the wrong hands. With accounting software, you have the liberty of sharing your financial data only with your trusted allies. Whether cloud-based or server-based, your data is secured and recoverable in case someone destroys it.  

Data Maintenance, Invoices & Tracking is Easier

Lastly, with accounting software, you can send digital invoices to your customers that track and update automatically. You don’t have to manually debit or credit your statements after every payment. This automation makes it easier for you to generate invoices, track your account payables and receivables, and maintain your overall financial standing.

To Choose or Not to Choose, that is the Question

With the manifold benefits accounting software offers, it is time for businesses to adapt to the digital revolution. If you want your business to boom, you must focus on growth instead of maintaining ledgers and sheets.

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

While many businesses are still pondering whether they should opt for accounting software, a vast majority already have, especially after the 2020 COVID pandemic. Since millions of companies worldwide shifted to online platforms, cloud-based accounting software became an obvious choice. Today, many online businesses are utilizing the power of accounting software to automate their accounting process and make their cash management more effective and less tedious. But it doesn’t end there; many see this as just the beginning. The industry of accounting software is evolving more and more with each passing day. The more businesses utilize this software, the better they are being made to meet the expectations of complex business models.

As the dependency of businesses on internet-based accounting software increases, the software continues to evolve, introducing quicker and more efficient ways for data keeping and data analysis, thus minimizing the risks associated with accounting and bookkeeping.

Whether you are a part of the digital accounting realm or still in the queue wondering whether you should adopt automation and technology, you need to know that the industry will soon take a paradigm shift. In 2021, experts expected that almost 47% of online businesses would opt for accounting software. Are you surprised? Don’t be! Here are some more updates about the accounting software industry that will give you an idea of how quickly this industry is evolving:

Automation & Harmonization

While automation might be a familiar word to many, harmonization is a new term referring to integrating multiple software to create seamless processes that produce the desired results with little to no effort. Imagine running numerous online businesses with various software programs such as an eCommerce-based platform, an inventory management system, and customer relationship management software. How would you merge the data to give you the desired analytics? It is tedious and probably one of the primary reasons businesses run away from accounting software. This lack of user-friendliness is precisely why most accounting software companies are now focusing on solving this issue by introducing harmonization. Harmonization means that by the end of 2021, most accounting software will be compatible with most mainstream software such as WordPress, WooCommerce, etc. This compatibility will significantly reduce the stress of merging data from multiple sources.

Artificial Intelligence (AI) in Accounting Software

Since 2019, most software houses have focused on introducing artificial intelligence to make them more efficient and capable of understanding the requirements. Of course, the accounting software industry is no exception. Robotic process automation (RPA) and artificial intelligence are now being used in most top-of-the-line accounting software to make them capable of understanding and processing repetitive tasks, ultimately reducing the efforts and stress of the accountants. By the end of 2022, this will probably become a norm in the accounting software industry.

Forecasting, Analytics & Data Management

For any business, it is imperative to have appropriate tools to measure, predict and plan its outcomes. Today, most accounting software comes equipped with tools that create charts and analytics of your data, such as the number of units sold, cost per unit, profit per unit, and the like. In addition, in 2021, most accounting software can also create and forecast your future goals and milestones by utilizing your data, making it easier for you to set up your plans accordingly.

Should You Choose an Accounting Software?

Whether you are running an online or offline business, you are spending way too much time, effort, and money on your accounting practices. Switching to accounting software will save you money and time and make your entire business process seamless. From creating a sale to recording the expenses incurred, the accounting software will record and manage the data for you and give you a wholesome picture of the entire operation, making it easier to plan your next move.

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

Cloud-based accounting software has made it significantly easy for businesses to manage their accounting operations. With your data saved on the cloud, it can be accessed at all times, allowing you to manage your business remotely. It also makes cash flow management easier, helping you track your sales, generate invoices, manage all expenses, and record payment receipts, all with a one-window operation. In addition to data recording and managing, accounting software also helps analyze the financial condition of businesses and provides proper insights for a clearer view of business standing. Moreover, accounting software also minimizes the risk of error in recording your financial statements, thus contributing towards adequate cash flow management and saving leakages in your business finances.

Why Is QuickBooks Important?

Among the many accounting software platforms available across various industries, QuickBooks is regarded as the most top-rated software as it offers outstanding features, a straightforward interface, and multiple integrations. From managing payments to recording income statements and balance sheets and managing an organization’s payroll, QuickBooks offers a one-stop solution for all accounting needs. Most experts recommend using QuickBooks to manage the accounting functions in small and medium-sized businesses as it reduces the cost and minimizes the risk of errors.

Benefits of Using QuickBooks for Payroll

One of the essential functions QuickBooks performs for SMEs is managing the payroll software. QuickBooks ensures that your employees are paid the right amount of money at the right time, and you can quickly generate pay slips. QuickBooks software for payroll management automates payroll management. Here are some of the top benefits of using QuickBooks for payroll management.

• Easy Processing of Payroll: Manage everything from; how much is to be paid to an employee, when payroll is due, how to transfer the salary to the employee account, and how you generate pay slips. These tasks can be a massive hassle if you manage them manually. With payroll bookkeeping software, you can conveniently do all of this through a series of clicks alone. All you need to do is enter your employee details, package details, and other taxation details, as well as the day when the payment is due. QuickBooks also ensures accuracy and avoids potential errors that you could cause if you manage the payroll manually.
• Keep Tabs on Employee Benefits: In addition to basic salary packages, companies also promise varying benefits such as health insurance, paid leaves, fuel allowance, car, and other benefits. Managing the expense of all of these benefits can be quite a hassle, but with QuickBooks, this management can be effortless. The software includes a simple wizard that allows tracking of all such company benefits.
• Record Employee Information: QuickBooks Payroll Management can also help record important employee information and easy processing. Be it the employee attendance, time off requests, or uploading of performance sheets, the QuickBooks payroll management function allows easy recording of all the employee data, thus aiding in a better data recording.
• Easy Payroll Tax Preparations: The taxation season is one of the biggest nightmares for any accounting department. QuickBooks payroll management makes it easy to fill and submit state and federal taxes. The software offers simple functionalities that simplify the electronic filing of taxes while minimizing the potential for miscalculations and missed deadlines leading to tax penalties.
• Compliance with Government Regulations: The QuickBooks software is automatically updated with all the federal and state regulations, thus ensuring that the finance of a company, particularly the payroll and employee benefits, complies with the state/country restrictions.
• Improve the Accuracy of Payroll: Another critical benefit of managing your payroll with QuickBooks is no risk of error in manually recording employee data and rolling out payroll every month. Late payments, miscalculations, and under-deductions can all cause significant disruptions in the company’s finances, thus disturbing the financial roadmap of the company.
• Go Paper Free: With QuickBooks, you can get rid of manual bookkeeping, recording receipts & invoices, as well as other paper recordings of data. Paper-free booking is eco-friendly and saves costs in many ways by eradicating printing, shredding, and additional paper costs.

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