We are evolving every day, and our world has transformed quite an extent. What past years required us to go the extra mile now has us relieved and satisfied through and through. Now that banking services are in question, digital banking is the plunge in the right. The benefits are relatively more straightforward and less complex. Also, you get access to all the banking services right from the comforts of your home. If that’s not all, you no longer have to travel large distances.
However, the typical banking system follows, to date, age-old techniques. i.e., Taking money from the cashier for free is one of the most valued services by customers but also one of the scariest. The reasons? Diverse and have to do with what it costs to each bank that you can use their ATMs.
You go out in the street searching for a cashier that does not charge you commissions, but you realize that the nearest one, where your bank allows you to get free money, is on the other side. This situation is more common than it seems and is one of the biggest headaches clients of many financial institutions face.
Taking money without paying a euro is something very few banks offer, at least outside their ATM network. And it has a rationale: each entity assumes a series of costs by offering this service, which is essential for most customers.
Do you know how much your bank charges?
A change in the law in 2016 forced banks to modify the system and imposed the collection of a single commission when withdrawing money from ATMs. Before, customers came to pay up to two fees: the entity owned by the cashier and that charged by the card issuer.
Now each cashier owner sets a maximum rate to apply when withdrawing money, and, from there, two options open. The first is that your bank has an agreement with the owner of the machine or that it owns the network to offer you the withdrawals for free (your bank absorbs the cost) or a smaller commission. The second is that there is no agreement and, therefore, they directly charge you a commission for cash withdrawal.
Free means not paying a single dollar, not even at ATMs
Imagine the high cost for those banks that decide to offer this free service universally and, therefore, absorb that value.
This advantage is undoubtedly one of the options customers value most when changing banks, along with reasonable remuneration for their money. Now that you know why a financial institution charges you commissions when you get cash make sure you look for one that allows you to do it without paying a single dollar.
Why do you need a cashier’s check?
Even though internet banking and digital transactions have become a norm in the contemporary era, cashier check is still in the game. For transactions such as substantial payments, it’s one of the safest ways to acquire an amount.
Moreover, it provides an additional guarantee that the checks will clear. In other words, union banks put the money on the side, giving it to the receiver instantly. Thus, providing security in the transactions.
The quick transfer of the funds makes them available for recipients immediately. In retrospect, the banks are allowed to hold money up to $5,000. However, a more significant amount would be suspicious; but a cashier’s check usually resolves.
Just remember to pay a modest fee when clearing out cashier’s checks. Usually, banks and credit unions charge around $10 per check. So, you need extra money to clear those checks out.
Conclusion
All in all, acquiring cash directly from the bank is a neat feature that helps the recipients extensively. Albeit the bank charges the recipients with some amount, acquiring money directly from a check is quite convenient.
However, you must remember that a cashier’s check is also a great way to ensure that you get guaranteed funds at the very moment. Transactions like down payments or wire transfers can deal with a cashier’s check. Moreover, brokerage funds also require certain transactions, which are possible with a cashier’s check. So, it would be best if you did bank the old-fashioned way.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
The central government has made getting cash simpler for homebuyers with less conventional lodging circumstances and lower salaries, making it harder for purchasers with difficult understudy credit and other obligations to get contracts. The progressions plan to mirror the truths the present new borrowers face.
In December, Fannie Mae, the semi government contract goliath, dispatched HomeReady, another home loan intended for low-to direct pay borrowers with nontraditional wellsprings of pay. For instance, HomeReady lets candidates report lease from a flatmate or inhabitant as pay.
Borrowers would now be able to tally cash given by guardians as pay in applying for contracts. Upfront installment cash that doesn’t originate from a blessing should reflect the borrower’s two latest record articulations.
Among the prerequisites: The property must be in a lower-salary neighborhood or certain areas; the borrower’s pay must be no higher than the territory middle pay (AMI). The borrower’s salary can’t surpass 80% of AMI in different regions. Fannie Mae says its expenses for the advance will probably be equivalent to or potentially lower than market rates. However, a bank may charge a premium marginally higher than market rates to represent the loaning hazard.
Yes, mortgages 100% financing for the acquisition of a home existed before the crisis, this type of loan represented up to 18% of the total loans for real estate purchases. However, the situation has made banks suspicious enough when granting total financing, among other things, because in 2015, loans reached a delinquency rate of 29%, compared with 3.4% of mortgage loans below 80%.
In the interim, the Federal Housing Administration, a significant guarantor of home loans to bring down salary purchasers, has fixed advance principles for its famous FHA-protected home loan. Among the new regulations: Two percent of a borrower’s conceded understudy obligation—advances that are right now not in reimbursement—must be remembered for her obligation to-pay proportion (DTI), a significant figure used to pass judgment on contract candidates.
Currently, the best way to get a 100% mortgage is to enjoy such obvious liquidity conditions that we do not assume any risk of default for the entity.
On the other hand, the entities still have a park of flats attached enough importance to improving the mortgages (for example, increasing the limit of financing). If we decide to buy a bank apartment, our chances of getting a 100% mortgage will be higher.
Mortgage securitization
Beyond the recommendation of the Bank of Spain to the entities not to grant mortgages above 80%, one of the main reasons why the consumer has difficulties in accessing these loans is the fact that these cannot securitize to Subsequent.
Banks can sell this debt to a third party when a consumer contracts a mortgage. However, under Royal Decree 716/2009 of April 24, which develops certain aspects of Law 2/1981, when it exceeds 80%, it cannot market this type of asset.
It means that the bank cannot do anything else with our 100% mortgage to wait until we finish paying it.
What unique characteristics do these mortgages have?
Although they may seem like another type of loan, these mortgages work precisely like those that only reach up to 80%. It means that to get one; we will have to comply (even more so if possible) with the usual conditions to access a mortgage:
Have a fixed job that can ensure recurring income for the life of the loan.
Monthly income of at least 2,000 euros among all the holders of the loan.
Do not appear in files of defaulters (ASNEF, RAI …).
Suppose we had to name some more particular characteristics to define these loans. Suppose we could mention that since it is a product that facilitates access to credit for the consumer since he can access home with minimum savings, only paying the expenses (or directly without any protection, as in mortgages 100 plus costs). In that case, these may have higher interest rates than usual.
One hundred mortgages are harder to achieve, as 680 credit scores yield an average mortgage rate. If you want 100% mortgages, you must have more than a 740 score on the mortgage—also, a regular check on credit report helps to improve your mortgage rate. On-time bill payments and low balances of credit cards increase your credit score for better eligibility for 100% mortgages.
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.
Showing kids how to spare is a significant initial move toward figuring out how to oversee cash. However, it shouldn’t stop there. While bank accounts are a sure thing and a simple idea to get a handle on, the genuine winning force originates from putting away their well-deserved money.
That is because children have an incredibly wonderful blessing: time. The previous your youngster begins putting away their cash, the more prominent the prizes are later. That is because of the enchantment of exacerbating, wherein the increases keep on developing. Every year, producing money uses the earlier year’s benefits.
If $100 is put into resources and the S&P 500 increases 10% in a year, holding will be worth $110 by the end of the year. After one more year and another 10% addition, it’s worth $121. Following a third year, it’s $133.
It is challenging to instruct youngsters to set aside cash or to be insightful about money-related issues. It can be particularly valid for low-pay youth, whose families regularly have little investment funds and usually don’t profit much from such advantages as expense-supported retirement records and home loan derivations.
A developing development attempts to address this test through projects that energize low-salary youth and their families to set aside cash and assemble riches. The youngsters in these projects typically prepare fundamental monetary proficiency, and differing budgetary degrees help set aside money for long-haul objectives.
Maybe the most unmistakable of these endeavors is the Savings for Education, Entrepreneurship, and Down payment Initiative, which is in progress at charitable associations the nation over. SEED youth get coordinated investment accounts; withdrawals are coordinated when the cash utilizes school costs or another acceptable reason. Likewise, members are required or urged to attend classes on such subjects as adjusting checkbooks and overseeing charge card accounts.
Other than the families’ conspicuous advantages, the 10-year activity intends to show that destitute individuals can spare and put forth the defense for offering kids’ investment accounts and monetary instruction for an expansive scope. Forthcoming government enactment would offer coordinated investment accounts for each infant child.
Kids develop at various rates to require some investment before preparing to handle ideas like portfolio creation and resource designation. Notwithstanding, the essentials of contributing can be shown as very youthful. Before your children begin cruising the Internet to check organization profiles, you should clarify the dangers and rewards.
An essential part of successful personal finance is savings, as it forms the first phase of the investment exercise.
Why is it essential to invest from a young age?
Consider that people between 18 and 30 years are the ones who should pay more attention to savings and investment, as it is the average time in which they start to receive income but also in which more expenses arise.
Also, the more activity repeats, the more it adheres to everyday behavior. Therefore, it creates a habit that, ideally, lasts a lifetime and gives rise to creating an optimal financial culture.
How to start saving to invest?
Make a list of income and expenditures. It is essential to know the inflows and outflows of money regularly experienced to understand the personal economic flow’s basic functioning.
Hierarchy of economic needs
After regular expenses must be prioritized, as well as consider unforeseen events that may affect capital. Typical fulfillment of financial requirements creates a real sense of responsibility, especially from our youth end. This aspect encourages them to build their financial foundation to live a peaceful life after retirement.
Brand objectives
It is also vital to delineate the objectives desired to meet during and after savings and investment in the short or long term. This way, directing the efforts and the commitment will be more significant.
Design a budget
With the above information, you can shape a budget with which economic resources’ movement is more precise and their possibilities in the future.
Look for a suitable professional plan
Finally, financial institutions are authorities in the field, safeguard resources better, facilitate their management, and offer financial plans that help people achieve their goals and increase capital.
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.
Unlocking Financial Freedom: Using Bankruptcy as a Tool
Bankruptcy as a financial tool is a court-supervised legal process designed to help individuals and businesses eliminate or reorganize overwhelming debt, creating a structured pathway to financial recovery rather than a punitive measure. When used strategically, bankruptcy isn’t an admission of failure—it’s a deliberate financial reset that stops creditor harassment, eliminates crushing debt, and rebuilds your credit score over time.
Over the past two decades at Complete Controller, I’ve watched hundreds of entrepreneurs and small business owners face impossible financial situations. Many came to us thinking their financial lives were over. But here’s what I discovered: bankruptcy, when properly understood and executed, often becomes the turning point that transforms their finances entirely. In fact, with 517,308 bankruptcy cases filed in 2024 (a 14.2% increase from 2023), millions are discovering that bankruptcy offers genuine relief from medical debt, job loss, and economic pressures. This article cuts through the stigma and shows you exactly how bankruptcy works as a tool for building the financial freedom you deserve, including the concrete skills you’ll gain in asset protection, credit rebuilding, and strategic financial planning.
What is bankruptcy as a financial tool, and why does it actually work?
Bankruptcy is a federal legal process that eliminates or restructures unmanageable debt while protecting essential assets from creditors
It provides immediate legal protection through an automatic stay, preventing creditor harassment, wage garnishment, and foreclosure the moment you file
The discharge mechanism eliminates qualified debts entirely, freeing up income for rebuilding and creating genuine financial breathing room
Federal exemption laws protect your home, car, retirement accounts, and household items—contrary to the myth that bankruptcy means losing everything
Bankruptcy operates through two primary chapters: Chapter 7 (liquidation and discharge) and Chapter 13 (structured repayment plans), each suited to different financial situations
The Immediate Shield: How the Automatic Stay Stops Creditor Harassment
The moment you file for bankruptcy, an automatic stay goes into effect—a powerful federal protection that creditors cannot penetrate. This invisible shield immediately halts collection calls, lawsuit filings, wage garnishments, foreclosure proceedings, and all aggressive collection tactics.
For many people drowning in debt, creditor harassment becomes a daily nightmare. Phone calls during dinner, threatening letters, anxiety about legal action—this emotional toll is often worse than the debt itself. Research shows that individuals with medical or consumer debt experience anxiety, depression, and stress at rates three times higher than those without comparable debt. The automatic stay doesn’t just reduce this harassment; it eliminates it entirely by law. Creditors who violate the automatic stay face federal penalties, meaning you have genuine legal protection the moment your case begins.
Protection from foreclosure, repossession, and utility shutoffs
If you’re facing immediate threats to your housing or transportation, the automatic stay provides critical breathing room. Mortgage foreclosures pause. Auto repossessions freeze. This temporary protection gives you time to either catch up on payments through a Chapter 13 plan or prepare for an orderly transition. For homeowners, this can mean the difference between keeping your family’s primary residence and losing everything.
Chapter 7 Bankruptcy: Complete Debt Discharge as a Fresh Start
Chapter 7 bankruptcy, also called liquidation bankruptcy, offers one of the most powerful financial tools available: the complete elimination of unsecured debt. Unlike Chapter 13, which requires a multi-year repayment commitment, Chapter 7 discharges eligible debts entirely, freeing your future income completely.
How debt discharge works, and what actually gets eliminated
In Chapter 7, the bankruptcy court discharges unsecured debts including credit card balances, medical bills, personal loans, and other non-secured obligations. Once discharged, you have no legal obligation to pay these debts—period. The creditors receive whatever assets the trustee liquidates from non-exempt property, and then the remaining balance simply disappears.
Debts that commonly qualify for elimination:
Medical debt (the leading cause affecting 62% of bankruptcy filers)
Credit card balances
Personal loans
Utility arrears
Payday loans
Deficiency balances on repossessed vehicles
Debts that typically do NOT discharge:
Student loans (with rare exceptions)
Recent taxes
Child support and alimony
Criminal fines
Asset protection—You keep more than you think
One of the biggest myths about bankruptcy is that you lose everything. Federal and state exemption laws actually protect substantial assets, allowing you to maintain property essential to your fresh start. Chapter 7 filers typically keep their homes, vehicles, retirement accounts, and household items.
Common asset protections include:
Primary residence equity (up to $35,000; $60,000+ if age 65+)
One vehicle (typically up to $3,500-$5,000 in equity)
Retirement accounts (401k, IRA, pension plans)
Household goods and furniture
Wildcard exemptions for additional property
Wages earned in the prior 60 days
Chapter 13 Bankruptcy: Restructuring Debt Through a Strategic Repayment Plan
Chapter 13 bankruptcy operates differently than Chapter 7—instead of liquidating assets, it creates a court-approved repayment plan lasting three to five years, allowing you to reorganize debt while retaining all your property.
Chapter 13 is ideal for individuals with steady income who want to avoid losing assets while addressing debt. This chapter is particularly powerful for homeowners facing mortgage arrears or car owners with upside-down auto loans. You can fold mortgage payments, car payments, and other secured debt into your plan, giving you the time and structure to catch up.
The strategic advantage: Addressing secured debt and avoiding foreclosure
One critical advantage Chapter 13 offers is the ability to cure mortgage arrears—bringing current on back payments without triggering foreclosure. Similarly, you can address car loans, property taxes, and other secured obligations within your repayment plan. Approximately 49% of Chapter 13 debtors successfully complete their repayment plans and receive a discharge, with experienced bankruptcy counsel achieving even higher success rates—up to 69%. Upon successful completion of your plan, any remaining eligible unsecured debt is discharged, providing both asset protection and eventual debt elimination.
The Hidden Financial Benefits Beyond Debt Elimination
While debt discharge is the headline benefit, bankruptcy delivers profound financial advantages that extend far beyond eliminating what you owe.
Rebuilding credit score and creditworthiness over time
Contrary to bankruptcy mythology, your credit score often improves significantly within months to years after discharge. Why? Because bankruptcy eliminates the crushing debt-to-income ratio that was destroying your credit in the first place. Someone with $100,000 in debt and a $50,000 income shows as extremely high-risk to lenders. After bankruptcy discharge, that same person with zero debt and $50,000 income becomes a better credit prospect.
Timeline for credit recovery:
Chapter 7 remains on credit report for 10 years but impact lessens significantly after 2-3 years
Chapter 13 remains on credit report for 7 years but shows active repayment, often improving scores faster
Many filers receive credit card offers within 12 months of discharge
Your score can improve from the 580–600 range (typical at filing) back to 650–700+ within 2-3 years with responsible credit management
Increased disposable income and financial flexibility
Once your unsecured debts are eliminated or restructured, your monthly cash flow transforms dramatically. Money that was flowing to credit card companies, medical debt collectors, and creditors suddenly becomes available for your family’s actual needs. This disposable income enables you to build emergency savings, invest in opportunities, make necessary home or vehicle repairs, and create genuine financial stability.
Freedom to invest and build wealth
With unsecured debt eliminated and credit rebuilding in motion, bankruptcy filers gain the psychological and financial freedom to think about long-term wealth building. Rather than treading water with minimum payments, you can now consider retirement savings, education investments, and business opportunities. Michael and Felicity, for example, filed for bankruptcy and within five years accumulated over $1,000,000 in real estate equity by applying strategic investment principles to their fresh start.
How Bankruptcy Integrates with Long-Term Financial Planning and Credit Rebuilding
Bankruptcy shouldn’t be treated as an isolated event—it’s a launchpad for intentional financial redesign.
The bankruptcy process often serves as a wake-up call that prompts genuine reassessment of spending habits, savings goals, and financial priorities. Many filers use this opportunity to manage their credit responsibly, work with credit counselors, and develop sustainable financial plans that address the root causes of their debt. This structured reflection transforms bankruptcy from a crisis into a catalyst for long-term stability.
Rebuilding credit through strategic credit management
Post-bankruptcy credit rebuilding isn’t complicated—it requires consistency and patience. Secured credit cards, authorized user status on healthy accounts, timely payments, and maintaining low credit utilization all accelerate your score recovery. Many bankruptcy filers see scores rise to 650–700+ within 24 months through disciplined credit management. Understanding how long bankruptcy stays on your credit report helps you plan your recovery timeline effectively.
The role of bankruptcy attorneys and financial advisors
The bankruptcy process is complex, and minor errors can result in case dismissal, loss of discharge, or fraud allegations. Working with experienced bankruptcy counsel ensures your case is structured optimally, all required filings are accurate, and you’re positioned for the strongest possible fresh start. Additionally, pairing your bankruptcy with financial counseling provides ongoing guidance for rebuilding and maintaining stability.
Understanding Bankruptcy as a Strategic Financial Tool—Not a Sign of Failure
The cultural stigma around bankruptcy persists despite evidence that it’s a legitimate, federally-protected financial strategy. Here’s the truth: bankruptcy is written into federal law not as punishment, but as a pathway to financial stability for individuals facing impossible circumstances.
When bankruptcy makes financial sense
Bankruptcy becomes the optimal choice when your debt-to-income ratio is unsustainable (debt exceeds 40%+ of gross income), creditor harassment and collection actions are creating psychological and financial crisis, you’re facing immediate threats like foreclosure or repossession, non-bankruptcy debt relief options have been exhausted, or you have the income to support recovery but are paralyzed by current obligations.
Beyond the quantifiable benefits, bankruptcy offers profound emotional and psychological relief. The constant stress of collection calls, legal threats, and impossible debt burdens affects health, relationships, and quality of life. The moment the automatic stay takes effect, many people experience genuine peace for the first time in years. This psychological reset is often as valuable as the financial one.
Selecting the Right Chapter and Building Your Bankruptcy Strategy
Your bankruptcy outcome depends significantly on choosing the correct chapter and structuring your case strategically. Implementing money management tips to avoid a deficit after bankruptcy ensures long-term success.
Chapter 7 vs. Chapter 13: Which path fits your situation?
Choose Chapter 7 if you have limited income and cannot afford a multi-year repayment plan, want maximum debt elimination and fastest fresh start, don’t have significant non-exempt assets to protect, or want to preserve all future income for rebuilding.
Choose Chapter 13 if you have steady income and want to preserve assets (especially your home), you’re behind on mortgage or car payments and want to catch up, have significant equity in your primary residence, or prefer a structured, predictable path to debt elimination.
Federal and state exemption laws provide sophisticated protections, but exemption strategies must be planned carefully. Your bankruptcy attorney will evaluate your assets against applicable exemptions, potentially advising you on timing, ownership structure, or other factors to maximize protection. Understanding asset protection strategies helps you make informed decisions about your financial future.
Conclusion
Bankruptcy as a financial tool remains one of the most misunderstood yet powerful mechanisms for achieving genuine financial freedom. When I first began working with entrepreneurs facing crushing debt, I was struck by how many viewed bankruptcy as an end. But after two decades and countless success stories, I’ve learned that bankruptcy is actually a beginning—a federally-protected reset that eliminates debt, stops creditor harassment, protects your assets, and rebuilds your credit far faster than struggling through years of minimum payments.
The automatic stay provides immediate relief. The discharge mechanism eliminates qualifying debts entirely. Federal exemptions protect your home, vehicle, and retirement savings. And within 2-3 years, your credit score recovers while your disposable income transforms your financial capacity.
If you’re drowning in debt and facing impossible choices, bankruptcy deserves serious consideration—not as an admission of defeat, but as a strategic financial decision. The families and business owners I’ve worked with who embraced bankruptcy as a tool universally report the same thing: it was the turning point that made financial freedom possible.
Ready to explore whether bankruptcy is the right tool for your situation? Visit Complete Controller to speak with our financial experts. We’ve guided hundreds of business owners and entrepreneurs through financial crisis to genuine stability. Your fresh start is possible.
Frequently Asked Questions About Bankruptcy as a Financial Tool
Can student loans be discharged through bankruptcy?
Student loans are extremely difficult to discharge in bankruptcy but not impossible. You must prove “undue hardship” through a separate legal proceeding called an adversary proceeding. The court uses strict tests to determine if repaying student loans would prevent you from maintaining a minimal standard of living. According to the Consumer Financial Protection Bureau, successful discharge requires extraordinary circumstances like permanent disability or extreme financial hardship.
How quickly can I get credit cards after filing bankruptcy?
Many bankruptcy filers receive secured credit card offers within 3-12 months after discharge. Secured cards require a deposit but help rebuild credit when used responsibly. Within 2-3 years, responsible credit management typically allows qualification for traditional unsecured credit cards with reasonable terms.
Will I lose my home if I file for bankruptcy?
Not necessarily. In Chapter 7, federal and state exemptions protect home equity up to certain limits ($35,000-$60,000+ depending on age and location). Chapter 13 specifically helps you keep your home by creating a plan to catch up on mortgage arrears while maintaining regular payments. Most homeowners who file bankruptcy keep their primary residence.
What’s the difference between debt consolidation and bankruptcy?
Debt consolidation combines multiple debts into one loan but doesn’t reduce the total amount owed. Bankruptcy either eliminates debt entirely (Chapter 7) or reduces it through court-supervised repayment (Chapter 13). Consolidation requires good credit and doesn’t stop collection actions, while bankruptcy provides immediate legal protection and can discharge debts completely.
How much does bankruptcy cost and can I afford it?
Bankruptcy filing fees range from $338 (Chapter 7) to $313 (Chapter 13), plus attorney fees typically between $1,500-$3,500. Many attorneys offer payment plans, and the cost is often offset by immediate savings from stopped creditor payments. Most filers find bankruptcy affordable when considering the thousands saved in eliminated debt.
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.
Jennifer BrazerFounder/CEO
Jennifer is the author of From Cubicle to Cloud and Founder/CEO of Complete Controller, a pioneering financial services firm that helps entrepreneurs break free of traditional constraints and scale their businesses to new heights.
Brittany McMillen is a seasoned Marketing Manager with a sharp eye for strategy and storytelling. With a background in digital marketing, brand development, and customer engagement, she brings a results-driven mindset to every project. Brittany specializes in crafting compelling content and optimizing user experiences that convert. When she’s not reviewing content, she’s exploring the latest marketing trends or championing small business success.
If you are here, reading this article, chances are you are an intelligent individual who often thinks about their future and how they could increase their net income.
Real estate is considered one of the most efficient channels for investment with guaranteed tax returns, wealth building, consistent income, and numerous other financial rewards. Having been a tried and tested investment model for centuries, people now readily jump at the chance of being able to invest in any real estate.
One should always ensure they do their homework before taking the plunge, as real estate investments could also have some drawbacks, just like any other investment channel. Real estate investments are fantastic if you want to enjoy financial freedom in your life.
Why Real Estate?
The question often pops into the minds of people new to real estate investments. The answer to this question is short and simple: they are considerably easy to manage. We say this because you could acquire the ownership of one rental property and then sit back and enjoy it as the rent piles into your bank account every month.
Real estate is a hassle-free non-messy investment that allows you to enjoy your wealth from the comforts of your home. All you have to do is analyze the market and understand the area you wish to invest in according to your affordability power.
Listed below are four advantages that may change your mind regarding real estate investments.
Stable Cash Flow
This one may be easy to guess!
Your property allows you to enjoy a steady income without even working for it. All you have to do is pick up the ownership of a rental property and then see how the money flows in. A steady income is one of the most significant incentives for those who invest in real estate.
Once you understand the working of a real estate investment, you could turn to investing in multiple rental properties to take your net income into a surplus. Owning numerous properties also helps you by diversifying your portfolio.
One tip that could significantly impact your cash flow would be the location where you will purchase a property. Always ensure you go for a better part of the town to see fruitful results.
Taxation Aid
People invest in real estate significantly because of the ease the government has set for rental property owners when the tax season arrives.
Owning a rental property would help you break through the tax season because rental property owners are not subjected to taxes because their income falls under self-employment. The government also provides tax breaks and deductions in case of property depreciation and property taxes.
Sustainable Gains
Investing in real estate promises you a long-term investment that will cater to your financial needs for a long time.
Property prices are constantly rising, which is how they will stay in the future, which sounds like good news for all the property owners. Other than the monthly income, the profit gained from the property over the years could add significantly to your financial health. After a thorough market analysis, you can decide when you are ready to sell your rental property to yield a profitable return.
Inflation – Good News
Once you become a property owner, inflation sounds like music to your ears.
This concept may not sound very clear, but the idea behind this is straightforward. As soon as inflation hits the country’s economy, the prices go up for all the commodities, which means the rents increase.
A rent increase equates to a property owner enjoying a more significant monthly income, increasing their cash flow. This increase in cash flow is why inflation is always suitable for a real estate investor.
You should take the leap and invest in a real estate property, as it would never disappoint your financial expectations.
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.
Accounting can be hectic if you are not professional in handling the digits like a pro. Rental property accounting manages the rents and advances you earn by giving your property on rent. For hassle-free accounting, keep your accounts organized. To ensure the accuracy of your accounting records, you must strain your other business accounts from your rental property accounting. If you do not separate your financial records accordingly, it can create a big mess. Sometimes, you might face a potential loss of finance. As the 21st century is evolving to be the age of computers, many software provides maximum ease in financial bookkeeping. You have to be smart enough to handle transaction history. Today, I will share some practical tactics that would back you every time you sit along to manage your accounts.
Keep Your Business & Rental Accounts Separate
Being organized is always a plus point no matter how old you grow. And when it is about accounting, being systematic can be a savior. Even if you have rented a single property, ensure to open a separate account to keep a hawk-eye on balance, advance, and bonus. It is the easiest way to cover your properties’ bookkeeping hurdles.
All those who are property managers by profession can lift the burden off their shoulders by following the tactics we have for them. It would be exceptional guidance in managing the accounting of multiple renting properties; this is a superb tactic for you to follow.
Even if you own numerous properties and have rented them all, you can open a separate account for each of your possessions. Sticking firmly to this trick will help you experience hassle-free rental account management.
Use Software to Avoid Blunders
The century we are breathing in is a century of science and technology. The development of uncountable software has provided us with maximum ease in accomplishing many tasks. Around the same circle, even accounting is made tranquil. Using the right tools at the right time can save from falling into the well of potential financial loss.
Managing accounts and finance without errors and blunders is quite a daunting job. But thanks to numerous tools and software revolving in the market to assist us in recording the financial details perfectly.
Some of the software are listed below:
Rentec Direct – For Multiple Users
App Folio – Best in Every Aspect
Stessa – Most Used by Investors
Rent Manager – Extra Features
MRI Software – Best for Integrations
Buildium – Best for Large Properties
Property Matrix – Suitable for Experienced Accountants
Accept Rental Payments Online
Digital and online transactions are safe and secure. Manual payment collection can be a sedate risk if you have multiple properties to handle. Switching towards automatic payment methods can be vital support.
To slide to the safer side of the track, you can install software on your PC, Laptop, or Cell-phone that would help you estimate all the possible expenses and profits easily.
Introducing software can support you to get to the mark by tracking, calculating, and recording your rental spending and savings.
To ensure more systematic bookkeeping, you can relate the same trick to organizing the mess of your incomes, savings, and other financial records.
Record Your Expenses
Your savings are your real-time earnings. Landlords must be very precise about keeping their rents and expenses separate. Expenses here are the amount you spent on your property to keep it in a furnished and livable condition. Many landlords make a mistake as they do not cut off their expenses from the rent they receive.
Get brisker in your accounting and classify your rental property credits and debits at the month’s or year’s end.
Sum-up
Following the tips mentioned in the article can assist you in organizing your rental property expenses and profits. The smarter you manage your accounts, the greater profits you will experience. To handle your bookkeeping even more professionally and accurately, you can always seek a piece of advice from an expert in the relevant field. Release the wave of stress over your head and witness a clearer and sorted view of your capitals.
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.
A penny saved is a penny earned. We all are aware of these words. If you make enough, try to preserve part of your earnings for your future or emergencies. Saving buckets come up with unlimited benefits. You can split these buckets into more than one to rectify your needs. It is not mandatory to fill your bucket with a wholesome amount; you can always slip in some cash bit by bit. We learn from a young age to:
Think big
Dream big
Earn more
Spend little
Save more
Be smart, slit a portion of your pay, and save it from living up to your desires and dreams. Being an employee with an average pay scale, it becomes critical for us to follow our dreams. These saving buckets will benefit you to spend on wishes. The size of your saving bucket strictly depends upon your monthly income. It also points out an indication that your financial cycle is healthy. Sometimes people mix up the conception of investment and these saving buckets. Both have a vast difference among them; investments are for potential growth of finance, and a saving bucket indicates your account’s financial health.
Types of savings buckets you can create
You can align saving buckets for any purpose; if you want to buy a car or a residential property or travel the world on your earnings, you can make a separate bucket for that. There are four most common types of buckets you can make:
Bucket number 1 – Emergency funds
An emergency is an uninvited guest trespasses your life without notice or alert. Assorting an emergency fund saving bucket has become necessary to play safer and overcome unexpected financial emergencies on personal and professional grounds. In some circumstances, these red alerts are cash-bound. In case you or any family member requires money when stuck in an emergency, at that time, you can make use of your emergency funds buckets.
According to research, people who fail to assort emergency funds end up in deep trouble. They might face themselves surrounded by heavy bank loans with no way to escape.
Bucket number 2 – Planned saving
You can always extract time for yourself out of your buzzing life. You can fill the second saving bucket to make your bits of dreams come true. It is a think and plan move you can take to take a break from work or go around for a holiday. Save a tiny portion of your profits and live for yourself.
Bucket number 3 – Education funds
Quality education is the prime need of every person today. Families that cannot afford the increased cost of higher education can create education funds for a brighter future for their children. This saving bucket is a time horizon basket, which requires more than five years to fill up to a considerable amount. You can start funding this bucket during the childhood of your baby. By the time he gets old, you will have enough money to educate him from the top institutes.
Bucket number 4 – Life bucket
Sounds strange? Money is a basic need of every person. But this bucket can work as a substitute for the rest of the three created buckets. How? The answer is quite simple, if any of your buckets get in use, you can always refill it using your life bucket. It is a savior for you to avoid the emergency financial crisis you may face in the future.
Why saving buckets are important
Every step we take in life has its values. Saving money is as critical as six zeros in 1 million. Creating saving buckets is crucial for a safer and more secure tomorrow. It comes along with the following perks and benefits:
You will experience a stress-free post-retirement life
No over-spending habits to bother you
Organized financial statement and distribution
Healthy accounts
A protective shield against bankruptcy, debts, and loans
Fulfill your dreams one by one
In the end, you can use it as capital to begin your own business.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
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.
Is Your Bookkeeper Meeting Standards? Key Signs to Know
Is my bookkeeper good? The answer depends on specific measurable factors: accuracy rates below 1%, reconciliations completed within 5 days, full compliance documentation, proactive communication about your finances, and their ability to spot trends that help you make smarter business decisions.
I’ve spent over 20 years as CEO of Complete Controller working alongside thousands of business owners across every industry imaginable. The difference between businesses that thrive and those that struggle often comes down to one overlooked element: the quality of their bookkeeping. According to U.S. Bank research, 82% of small businesses fail due to poor cash flow management—a problem that starts with inadequate bookkeeping. In this article, you’ll discover the exact metrics to evaluate your bookkeeper, warning signs that signal trouble, and the specific questions that separate average bookkeepers from exceptional ones who actively contribute to your growth.
Is your bookkeeper meeting standards? Key signs to know
A good bookkeeper maintains accuracy below 1% error rate, completes reconciliations within 5 days, documents everything for compliance, and communicates proactively about your financial health
Accuracy means catching mistakes before they compound—good bookkeepers have systematic double-checks in place
Timeliness keeps you current—bank reconciliations within 5 days and transactions entered within 48 hours
Compliance readiness protects you—complete documentation and organized records ready for any audit
Communication transforms numbers into insights—great bookkeepers explain what matters and what actions to take
Key Performance Indicators (KPIs): The “Vitals” of a Good Bookkeeper
Your bookkeeper’s performance boils down to measurable standards that protect your business from the financial chaos that destroys 82% of small companies. After working with businesses ranging from tech startups to multi-location retailers, I’ve identified the non-negotiable metrics that separate professional bookkeepers from those who put your business at risk.
SEC enforcement actions for accounting errors jumped 50% between 2021 and 2023, according to Glass Lewis analysis. Even Fortune 500 companies like Dentsply Sirona cite inadequate accounting staff as the cause of material weaknesses. The stakes for accuracy have never been higher.
Professional bookkeepers maintain error rates below 1% through systematic double-entry processes and regular reconciliations. Transaction entry happens within 24-48 hours, preventing the backlog that creates mistakes. Monthly reconciliations close within 5 business days, giving you real-time financial visibility.
Compliance metrics matter equally. Your bookkeeper should maintain 95%+ documentation completeness, meet every tax deadline without scrambling, and keep audit-ready files organized year-round. These aren’t aspirational goals—they’re baseline requirements for protecting your business.
Proactive error prevention and resolution
Quality bookkeepers track error patterns, not just individual mistakes. They categorize errors by type—data entry, misclassification, timing issues—and implement specific fixes for each category. When discrepancies arise, they document the resolution process, creating a knowledge base that prevents future problems.
The best bookkeepers run periodic internal reviews, catching issues before they compound. They maintain escalation protocols for complex situations and communicate discoveries promptly, turning potential problems into opportunities for process improvement.
Can You Trust Their Process? How Top Bookkeepers Standardize and Systematize
Reliable bookkeeping isn’t about individual brilliance—it’s about bulletproof systems that deliver consistent results regardless of who’s at the keyboard. During my tenure building Complete Controller, I’ve seen how standardization transforms chaotic financial records into powerful business tools.
Modern bookkeeping demands more than manual entry. According to Xero’s 2025 industry report, 98% of successful practices now incorporate automation tools. The shift from recording to analyzing has fundamentally changed what “good bookkeeping” means.
Standardization and controls for reliable results
Professional bookkeepers document every process: how transactions get entered, verification steps, reconciliation procedures, and review cycles. This documentation serves multiple purposes—training consistency, quality control, and business continuity if your bookkeeper becomes unavailable.
Automation reduces human error while increasing speed. Bank feeds, receipt scanning, and automated categorization eliminate the tedious work that leads to mistakes. Internal controls like approval workflows and variance reports catch anomalies before they affect your decisions.
Is your bookkeeping audit-ready?
Audit readiness isn’t about scrambling when the IRS calls—it’s about maintaining pristine records daily. Every transaction needs supporting documentation, clear audit trails showing who did what and when, and logical filing systems that make retrieval instant.
Your bookkeeper should conduct quarterly self-audits, testing their own work against professional standards. They should welcome external review as validation of their systems, not fear it as criticism. When questions arise, they produce answers confidently with documentation to support every claim.
Red Flags: Warning Signs Your Bookkeeper Isn’t Delivering
Recognizing substandard bookkeeping early saves both money and sanity. Through Complete Controller, I’ve rescued hundreds of businesses from bookkeeping disasters that started with ignored warning signs.
Small business owners spend an average of 80 hours annually on bookkeeping tasks, according to Neat.com research. That’s $1,694 in lost opportunity cost for a business earning $44,000. Poor bookkeeping multiplies this burden through rework, corrections, and crisis management.
Top signs of substandard bookkeeping
Missed deadlines signal systemic problems, not isolated incidents. Watch for patterns: reconciliations stretching past 10 days, tax filings submitted last-minute, or financial reports arriving weeks late. Frequent unexplained adjustments indicate sloppy initial work being patched rather than prevented.
Documentation gaps create audit nightmares. Missing receipts, incomplete transaction descriptions, and absent approval records leave you vulnerable. When your bookkeeper can’t explain entries or locate supporting documents quickly, your financial foundation crumbles.
Communication and responsiveness
Professional bookkeepers respond within 24 hours to routine questions and immediately to urgent matters. They provide clear, jargon-free explanations that help you understand your finances. When they spot anomalies, they investigate proactively rather than waiting for you to discover problems.
Beware bookkeepers who deflect questions, provide vague answers, or blame software for errors. Excellence in bookkeeping includes excellent communication—if they can’t explain your numbers clearly, they probably don’t understand them fully either.
Beyond the Basics: What Sets a “Great” Bookkeeper Apart?
The accounting profession has transformed dramatically. Xero’s 2025 report shows 85% of practices now offer advisory services, up from just 41% in 2023. Today’s exceptional bookkeepers don’t just record history—they help shape your future.
Insights and advice: Bookkeepers who add real value
Great bookkeepers spot trends before they become problems. They notice when customer payment patterns shift, flag unusual expense spikes, and identify opportunities for cost savings. They translate numbers into narratives that guide your decisions.
Real-time dashboards replace dusty reports. Your bookkeeper should provide accessible views of cash position, receivables aging, and expense trends. They educate you on reading these tools, transforming you from number-phobic to financially fluent.
Advisory bookkeeping means proactive recommendations. When cash flow tightens, they suggest collection strategies. When profits rise, they recommend tax-saving moves. They become trusted advisors who happen to handle bookkeeping, not bookkeepers who occasionally offer opinions.
Case in Point: When Better Bookkeeping Transformed a Business
A Texas retail family struggled with constant cash crunches despite steady sales. Late supplier payments triggered penalties while inventory sat unsold. Their previous bookkeeper provided monthly reports too late to matter.
After implementing professional bookkeeping services with daily reconciliations and weekly cash flow forecasts, patterns emerged immediately. The new system revealed seasonal inventory mistakes and collection delays costing thousands monthly. Within 12 months, the owners opened a second location and increased revenue 30%.
The transformation went beyond numbers. Clear financial visibility gave the owners confidence to negotiate better vendor terms, optimize inventory levels, and make strategic growth decisions. Professional bookkeeping didn’t just fix their records—it revolutionized their business.
How to Ensure Your Bookkeeper Meets—and Exceeds—Standards
Taking control of bookkeeping quality requires consistent owner engagement. The most successful Complete Controller clients actively participate in their financial management through structured reviews and clear expectations.
Step-by-step owner’s checklist
Monthly tasks keep standards high. Review error reports to catch patterns early. Verify reconciliations happened on schedule. Check documentation completeness by sampling recent transactions. Schedule 30-minute financial review meetings to discuss trends and concerns.
Annual deep-dives prevent drift. Request compliance calendars showing all deadlines met. Verify source documents remain organized and accessible. Benchmark your bookkeeper’s metrics against industry standards: sub-1% error rates, 5-day reconciliation cycles, 95%+ documentation rates.
Ask specific questions monthly: What trends concern you? Which expenses seem unusual? Where can we improve processes? Great bookkeepers welcome these discussions as opportunities to demonstrate value.
When to Level Up: How to Find (or Become) a Top-Performing Bookkeeper
Two red flags mean immediate action. Start interviewing replacements while documenting current problems. Request references specifically about accuracy, timeliness, and communication. Test candidates with real scenarios from your business.
Tips for business owners and DIY bookkeepers
Cloud-based systems offer transparency traditional bookkeeping lacks. Modern platforms provide audit trails, automated backups, and real-time collaboration. Look for bookkeepers who embrace technology rather than resist it.
DIY bookkeepers need continuous education. Invest in courses, automation tools, and periodic professional reviews. The complexity of modern compliance makes pure self-service risky for growing businesses.
Conclusion: The Founder’s Perspective
I built Complete Controller because I witnessed too many brilliant businesses fail from preventable financial mistakes. Your bookkeeper holds tremendous power over your success—the standards outlined here help you evaluate whether they’re using that power to lift you up or hold you back.
QuickBooks research shows 60% of small business owners lack accounting confidence. You don’t need to become an accountant, but you do need to recognize quality bookkeeping when you see it. Use these metrics, ask these questions, and demand these standards.
Your business deserves bookkeeping that illuminates opportunities, not just records transactions. If your current situation falls short, take action today. The team at Complete Controller stands ready to show you what exceptional bookkeeping looks like. Visit Complete Controller to discover how professional standards transform business outcomes.
Frequently Asked Questions About Is My Bookkeeper Good
What are signs of a good bookkeeper?
Look for accuracy rates below 1%, reconciliations completed within 5 business days, 95%+ complete documentation, responses within 24 hours, and proactive insights about trends affecting your business.
How do I evaluate my bookkeeper’s performance?
Track specific KPIs monthly: error rates in transactions, days to complete reconciliations, documentation completeness percentages, response times to questions, and compliance deadline achievement rates.
What are red flags I should watch for in bookkeeping?
Watch for reconciliations over 10 days late, multiple unexplained adjustments, missing transaction documentation, slow responses to questions, and inability to explain financial changes clearly.
Can a bookkeeper help my business beyond recordkeeping?
Yes, modern bookkeepers provide cash flow forecasting, expense analysis, trend identification, tax planning insights, and strategic recommendations based on your financial patterns.
When is it time to switch bookkeepers?
Switch when you identify two or more persistent problems: chronic errors above 1%, missed deadlines, poor communication, incomplete documentation, or lack of proactive financial insights.
Sources
• Mosier Bookkeeping. “Key Performance Indicators for Bookkeeping.” 2024.
• SJ Digital Solutions. “SEO Keywords for Bookkeepers.” 2024.
• Calxa. “KPIs for a Bookkeeping Practice.” 2024.
• CCMONET. “Bookkeeping Process Standardization: A Clear Guide.” 2024.
• Xbert Blog. “Quality Management Systems for Bookkeepers and Accountants.” 2024.
• The Bookkeepers Academy. “Create a QMS for Your Bookkeeping Business.” 2024.
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.
Jennifer BrazerFounder/CEO
Jennifer is the author of From Cubicle to Cloud and Founder/CEO of Complete Controller, a pioneering financial services firm that helps entrepreneurs break free of traditional constraints and scale their businesses to new heights.
Brittany McMillen is a seasoned Marketing Manager with a sharp eye for strategy and storytelling. With a background in digital marketing, brand development, and customer engagement, she brings a results-driven mindset to every project. Brittany specializes in crafting compelling content and optimizing user experiences that convert. When she’s not reviewing content, she’s exploring the latest marketing trends or championing small business success.
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.
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.
