Author: Complete Controller

Small company loans are an essential part of the business world since they allow entrepreneurs to invest in new equipment or supplies, pay for payroll, and manage cash flow while waiting for customers or clients to pay.

Online lenders, other than traditional banks, offer the best small business loans accessible today. Overall, online lenders can provide simple application and funding processes and the most competitive costs and loan terms.

Kabbage

Kabbage is a technology startup that promises to help businesses of all sizes with cash flow. While numerous online organizations specialize in small business loans, we believe Kabbage stands out because of its extensive selection of small business loan alternatives and its additional features and perks.

Kabbage currently offers a variety of small company loans and line of credit alternatives, including unsecured and secured ones. Trucking, pawnshops, retail, and other industries can also apply for industry-specific loans. Kabbage takes pride in its simple online application process and quick funding for selected applicants.

Fundbox

Fundbox is the best revolving line of credit provider, allowing you to qualify for a certain amount and only borrow what you require. Fundbox was created in 2013, and it leverages technology to enable its B2B lines of credit, to assist small businesses in becoming more successful.

Fundbox offers a credit amount of up to $100,000. You can get a credit decision in minutes after you apply, and you’re under no obligation to take the loan funds.

Kiva

For small business owners who require a small quantity of money, Kiva is the most excellent alternative. Their microloans have a 0% interest rate right now, and you may borrow up to $15,000.

Kiva is a peer-to-peer lending platform rather than a bank. Kiva loans are designed to aid underserved entrepreneurs, so investors who lend money through the platform can benefit people worldwide.

Kiva’s lending offering only allows you to borrow up to $15,000 in total. You can apply online in 20 to 30 minutes and gain access to their marketplace within 30 days, with the option to repay your loan over 36 months.

SBG Funding

SBG Funding’s flexibility extends far from its terms. Depending on the type of loan, you can borrow up to $5 million. As a result, you’ll be able to proceed with this lender. You might need a $10,000 short-term loan to get started, but you’ll need a $1 million loan afterward. With its lending options, SBG Funding can help you achieve your goals.

Biz2credit

Another characteristic we enjoy about Biz2Credit is that it charges simple interest, which isn’t typical among business loans. Simple interest is calculated each month on the amount you have borrowed. Compounding interest is calculated using the principal balance plus any previously collected interest. Compounding interest is more expensive than simple interest.

A credit score of at least 660 and annual sales of $250,000 are required to qualify for a loan with Biz2Credit. It may exclude some borrowers, but it allows the lender to offer competitive interest rates. If you connect your business checking account to Biz2Credit, you will receive an additional discount.

Fora Financial

Another feature we appreciated about Fora is the lender’s application process, which is quick and straightforward. It takes 24 hours to find out if you qualify, and once you are authorized, Fora Financial can fill your account in 72 hours. Although it takes longer than other banks and lenders, Fora Financial is willing to make loans without security for up to $500,000.

Over the last decade, Fora Financial has lent $2 billion to more than 25,000 small businesses. It has competitive rates, rapid approval periods, and short terms, making it a popular choice for small business owners looking for capital and quick payback.

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.

Digital marketing is a plan to reach your audience in the digital realm. Business tycoons – be it large brands or small businesses – claim this modern-day marketing effectively increases sales. Marketing on a digital platform reduces your cost and results in an effective strategy to get your brand to another level of success.

Effective digital marketing strategy is essential to ensure the online presence of your brand. Moreover, it helps in reaching a wide range of audiences. Effective strategies have the potential to increase leads and generate sales. This blog will shed light on how to create an effective method for digital marketing.

How to Create Effective Digital Marketing

As a marketer or business person, you need to ensure the following steps for successful digital marketing tactics.

Identify Business Goals

The first thing you need to do to create a successful digital marketing game plan is to identify business goals. In other words, you should determine what you want to achieve from your digital marketing approach.

Keep in mind; your goals should be SMART. Make your goals specific, measurable, achievable, relevant, and timely (SMART). There could be a variety of purposes, such as you want to raise brand awareness, increasing traffic on the site, and generating effective leads. When you identify your goals, you create strategies to get constructive results.

Know Your Target Audience

The second step is to understand who your target audience is. It would be best if you understood who you want to target with your digital marketing campaigns. Keep in mind; without identifying your business’s goals and target audience, you don’t know if your marketing campaigns are successful or not.

When it comes to identifying your target audience, you need to be specific. Specify which countries and areas you need to target. Decide based on age group, gender, educational background: family status, marital status, occupation, and people’s interests.

Understand Your Audience’s Needs and Searching History

Now, as you clarify who your target audience is, it’s time to understand their interests. As a marketer, it’s essential to know their needs, wants, demands, and search intents. You can use various digital sales tools to identify the search intent and conditions of your audience.

Once you make a persona for each buyer, you can create a more effective plan of how your marketing strategy can help your audience solve their needs.

Establish a Content Marketing Library

You know what your audience wants. Now you need to create a marketing library based on your prospects’ interests. Keep in mind; content is your digital asset. You can use various genres of these assets to utilize in your digital marketing campaign. Content marketing is the backbone of digital marketing. It persuades the audience to make buying decisions.

A digital asset includes a blog post, case study, image, video, eBook, podcast, and other varieties of content. Your digital marketing tactics are useless without content marketing.

Implement Constructive SEO Strategy

As a marketer, you must begin strategic marketing with Search Engine Optimization (SEO) as soon as possible. SEO is the most effective digital marketing tactic, but it takes time to kick in its effects. Unlike other marketing plans, SEO takes 4 to 6 months to start generating any results. Therefore, you need to create an SEO strategy as early as possible.

SEO takes your site and content to the top search rankings. Whenever someone searches for something on Google related to your products or service, your site will appear on top of the list; this is how SEO works. It’s vital to increase brand awareness and generate more sales.

Email Marketing

Sending emails to your prospects is an effective way to stay connected with your customers. Though email marketing is a traditional concept, it still gives the best results. People read emails regularly. So, it’s always a beneficial strategy to make your customers feel valued and connected.

The Bottom Line

Effective digital marketing strategy enables your business to escalate the height of success. In the era of digitalization, every company ensures an online presence. If you don’t implement effective marketing strategies, your target audience will lose your business somewhere in the digital realm.

As a marketer, you must be concerned about implementing a proficient digital marketing campaign for achieving your business goals. The better your strategies are, the more chances you have to get maximum results.

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.

Your small businesses can provide you with a lot of opportunities for you and business organizers. They boost local economies and keep the money close to home. As you start your business, there are some keys to growing and thriving. You have designed a product, and it’s ready for selling. Now it’s time to start getting a noticeable profit from it.  Below are some simple tips and tricks you should keep in mind while aiming for success in business and balancing helping clients.

Prioritize Customer Support

Assigning priority to customer support allows your business to turn oppressive clients into happy and loyal ones. Happy clients are returning clients who will help your business grow. Furthermore, high-quality support can often provide an advantage of brand awareness, brand loyalty, and trust.

Avoid common Mistakes while Dealing with Customers

When an individual or organization starts a new business, they should improve their chances of learning from others’ mistakes. An entrepreneur must know his profit model, which means being aware of the gross margin on sales, and how much you need to make to break even. It would help if you avoided those mistakes from which your clients can go far away from you or they can go to anyone else.

Take an Organized approach to the Clients

If you keep every part of your business organized, then this will keep functions running smoothly. Writing down ideas will help your business grow by helping you brainstorm different options and will keep your priorities in check. It’s crucial to stay organized and focus on your team’s morale, and with increased enthusiasm, you will get more creativity and excitement to add to your brand. Make your approach a bit mature and professional while dealing with your clients and customers.

Be the best at Whatever you are Doing

Forget about competition and think about your purpose and brand purpose to attract more clients. Your goal should always be the best at what you do. Being great advancing lends itself better to developing a smaller company as a pose to trying to spread yourself too thin. When you must get your priorities in line, you can face obstacles and hurdles with confidence. It is the employees that matter the most, and they are everything for you and your organization. Appreciate them and appreciate their effort even if they do not give you what you are expecting because, most of all, appreciation is a factor that you cannot measure. Do not worry about being the best at everything; be the best at something. It is not exciting, but some procedures can make or break your small business compared to building your brand. In his book ‘Business know-how,’ Robert A Norman explained how a strategic business plan is a blueprint of your business that describes your business concept, mission, and philosophy. An operational support system can relieve the management team from hectic routine activities such as scheduling meetings or tracking cash flow. It will allow you to focus on tasks that can help to grow your business.

These factors also provide a clear understanding of the company’s processes and ensure that all the systems are in the right place.

Analyze your Clients

A good customer is a strong proxy for consumers’ demand. As a result of the need, there is growth potential. Identify your customers and determine their market positioning. Analyzing them is a trick that is used by most businesses for improvement. Studying your clients gives you a chance to see what their needs are and the aspects due to which they chose you and came to you.

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.

If your paintings in accounting and are responsible for your business enterprise’s balance sheet, categorized stability sheets can be a regular part of your job. This kind of balance sheet is typically easier to read and extract records from than stability sheets that aren’t aggregated in this way. While it may take time to arrange your balance sheet in this way, doing so can prevent vast effort and time. This text explains what a labeled balance sheet is and offers many different examples of classifications. We also talk about how you could use the accounting equation with a categorized stability sheet.

Defined as:

A labeled stability sheet is a financial statement that reports asset, liability, and fairness debts in significant subcategories for readers’ ease of use. Or it can also be defined as a categorized stability sheet is an economic assertion with classifications like current property and liabilities, long-term liabilities, and different matters.

Classifications:

It has the following types which are:

1. Current assets
2. Shareholder’s equity
3. Current liabilities
4. Long-term disabilities
5. Long-term investments

Current Assets:

A current asset, additionally known as a cutting-edge account, is either coins or an aid that can expect to convert into cash within 365 days.

Shareholder’s equity:

Shareholder’s equity is the internet worth of an enterprise. It corresponds to the amount paid to the shareholders if a company liquidates all belongings are to sell out.

Current Liabilities:

Talk to an entity’s quick-time period economic duties, which can be expected to be paid off within twelve months length or inside a regular working cycle, whichever is longer. Both aid the usage of modern property or with the assistance of growing a few different current responsibilities.

Long-term disabilities:

A long-time period incapacity is damage or an illness that causes someone to not work for an extended time frame. This period can be some years or even longer. Long-term disability insurance can pay the policyholder a portion of their authentic income. It protects policyholders from having to head without remuneration for the period of long-term incapacity.

Long term investment:

Long-term investments are belongings that an individual or employer intends to preserve for a length of more than three years. Instruments facilitating lengthy-time period investments encompass stocks, real estate, cash, and many others. Lengthy-time period investors take on a sizable diploma of threat in pursuit of higher returns.

Balance sheet:

The period stability sheet refers to a financial assertion that reports a corporation’s property, liabilities, and shareholder equity at a particular factor in the time. The stability sheet is a declaration that shows the monetary role of the enterprise. Its facts the belongings and liabilities of the enterprise on the give up of the accounting length after the practice of buying and selling and profit and loss debts.

Types of the balance sheet:

A balance sheet categorizes into different types, primarily based on the layout and reporting. Primarily based on the design, there are four forms of balance sheets. These types are:

1. Classified balance sheet
2. Common size stability sheet
3. Comparative balance sheet
4. Vertical stability sheet

Classified balance sheet vs. Balance sheet:

 What is the distinction? Both an unclassified and a labeled stability sheet consist of asset, liability, and fairness balances, but an unclassified balance sheet does no longer classify amounts; it indeed lists them underneath their respective categories. These simple balance sheets frequently utilize smaller groups or internally for facts functions most effective.

What is the accounting equation? 

As a bookkeeper or accountant, one of the first belongings you discover is the accounting equation, that’s:

Assets = liabilities + fairness

A categorized and unclassified balance sheet should adhere to this formula, no matter how easy or complicated the balance sheet is.

 The way to use the accounting equation with a categorized stability sheet:

Using the accounting equation with a labeled balance sheet is a truthful procedure. First, you need to become aware of and enter your property correctly, assigning it to the proper classes. Looking at the categorized stability sheet beneath, you’ll be mindful that it organizes the listing of current-day assets for Paul’s guitar keep into three distinct classes: general modern assets, general constant property, and overall different assets.

Labeled stability sheets are a valuable aid to your commercial enterprise

Designed to show what a business owns, what it owes, and invests within the organization, the stability sheet, like the income statement and assertion of coins drift, is one of the three primary economic statements. The categorized stability sheet takes it one step similarly by classifying your three main additives into smaller classes or classifications to offer additional financial records approximately your commercial enterprise. As soon as used in most cases by larger corporations, small business owners can also gain from jogging a categorized stability sheet.

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.

If you are working from home and trying your best to make your work efficient, you have first changed your habits and routines. We face different issues and challenges while working from home. Other persons have different personalities and lifestyles, and the working project is also different. Still, some of the common issues suffering from this phase are almost the same. Searching for additional tips to stay productive can help you organize your work and encourage you to do your job perfectly.

Given five tips for making work from home productive are leading toward better and more efficient ways to make your job effective:

• Maintain Regular Hours/scheduled maintenance. Taking regular breaks
• Stay connected and concerned
• Socializing with colleagues
• Over-communication and positivity

1. Schedule Maintenance / Maintain Regular Hours

Making a schedule for all your tasks saves your time and helps in time management too. Having accurate information about when you work and when you are free can help workers maintain their work and life balance. Nowadays, it is effortless to make a timetable and set alarms and reminders. Different apps are available where you can easily bound with the schedule. Reminders remind you about your working hours. Sometimes, we forget about our working tasks in our household, so maintaining routine and having a program recall us about our operating hours and essential projects.

2. Taking regular breaks

If you are working from home, it does not mean you have to sit in front of a computer all day; you must still take your regular breaks. Break for lunch or dinner, and this break is good for your health too. Sitting continuously in front of a computer or using a phone takes a short break, and walking approximately 15 to 20 steps helps your body’s blood circulation. One of the most important things is that taking a break does not mean now you do not have to work. Do not change your schedule during the break. After a short break, you must go back to work—set a reminder that recalls you.

3. Stay connected and concerned

Sometimes staying at home for a long time decrease your motivation and weakens productivity. So mostly, some jobs do not have FaceTime, so these jobs need extra effort. Socializing is one of the critical factors which peer you toward your work. Share your work experience with your friends and family. Share your success and promotions with others which gives you motivation and power of doing more efficient work. Do such stuff which encourages you and makes yourself visible in front of other colleagues.

4. Socializing with colleagues

Socializing with colleagues makes your work easy. You can quickly know what type of work other people are doing. It will help you and your colleagues to collaborate. Must Schedule face Time with colleagues once a week. This type of socialism can help you motivate you even if you can help each other if someone is facing an issue in its project to share easily. Disconnections and loneliness create problems that affect your work. Mental health fitness is essential to make work From home productive.

5. Over-communication and positivity

Remote works require over-communication. Share your schedule with everyone who wants to know about your working-from-home routine. When you finish your project, say it, and take a break to give time to your family. 

Being positive is one of the critical factors for working from home efficient positivity of mind and words is extremely helpful. As working from home, communication is all messaged base or through emails. So, your writing tone must be soft because words speak louder than action. Stay positive, spread positivity if you are facing any issue, and try to sort it out instead of thinking about its destructive impacts and consequences.

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 accounting information you need to know can be challenging if you aren’t an accountant. But hold on tight because there’s one more instrument you’ll need to learn about: clearing accounts. This article will give you information about clearing accounts. What are clearing accounts? When and how to use them?

The Nature of Clearing Accounts

A clearing account is a temporary account that holds funds or payments while waiting to transfer them to another account. The clearing accounts are also known as the wash accounts or cash clearing accounts. In most cases, you open a clearing account because you cannot classify funds instantly and must wait for additional information. Let us look at different classes of clearing accounts and how and when a business or individual can utilize them.

Clearing account categories

Asset Clearing Account

For accounts receivables, such as receiving payment without an invoice, businesses utilize an asset clearing account. Alternatively, you can use an asset clearing account to make partial payments toward a single invoice until the invoice has a zero balance.

Liability Clearing Account

Companies use liability clearing accounts to hold funds that need to move to another account. Utilizing these accounts for activities such as paying an invoice while you wait for the exact invoice to arrive or saving money for a bill delivered in whole at the end of the project.

Both the asset and liability clearing accounts let you keep track of any items or services you’ve provided but have yet to collect payment. A cleaning account displays all funds in a state of uncertainty rather than showing cash coming in or going out.

Apart from the above two clearing accounts, the payroll clearing account is the most common to pay off the company’s salary expense. You can set up payroll clearing accounts in two ways: payroll clearing accounts in your general ledger and payroll clearing account in your bank.

Payroll clearing accounts work similarly to liability clearing accounts in your general ledger. Clearing bank accounts are kept distinct from your standard account.

How and when are clearing accounts used?

Let us have a look at the working nature of asset clearing account

You work on two projects with Company A and provide two separate invoices to them for the job you did. So, you’ve got Invoice 1 and Invoice 2 on your hands. The first invoice is for $2,000, while the second invoice is for $3,000. However, Company A only sent a $1,000 partial payment and did not include the invoice.

Create an asset clearance account in your general ledger to record the payment because you received a partial payment without an invoice. Then, call Company A and request the payment’s relevant invoice number. After you’ve double-checked the information, make a journal entry to transfer the funds to the correct account and invoice.

Now let us look at an example to understand the working nature of a liability clearing account.

Liability clearing accounts hold funds you owe and are waiting to transfer to another account. Consider the following example of a liability clearing account.

Let’s imagine you need to renovate your shop and decide to hire Company B for $10,000. You set up a clearing account for the invoice, which you’ll receive once Company B has finished the job. You transfer funds to the clearing account while Company B works on the project. You have $10,000 in your account, waiting for the invoice at the end of the project.

When the invoice arrives, you transfer the monies from the clearing account to the invoice’s more particular general ledger account.

Now let see how the payroll clearing accounts works

A payroll clearing account is a zero-balance account used to record and track payroll. After all of the checks have cleared, the account will have a balance of zero. In this instance, the account is usually a bank account used to keep funds for a short time.

A payroll clearing account increases security. A separate payroll bank account, on the other hand, makes it easier to reconcile and evaluate your books.

Let’s imagine your payroll totals $10,000, including all employees’ paychecks and the applicable taxes. So, before you pay your employees and deposit the taxes, you deposit $10,000 into the payroll clearing account. The amount in the payroll clearing account is $0.00 after your employees deposit their paychecks and you remit the taxes.

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.

Organizations employ several tax reduction strategies to reduce taxable income by incurring acknowledging of expenses in the current financial year rather than overlooking them. By doing this, some of the taxable income is recognized later with associated income tax liability. The ways to increase incurring expenses are in the article below.

Capitalization limit

Setting a high limit for asset capitalization allows money spent on a fixed asset to increase. It will enable expenditure for a concerned financial year to be of more significant proportion. For example, if the organization has set a $6000 for purchasing computer systems for employees. They make the purchase early but do not acquire the items. It allows them to record the expense in the current financial year to increase its incurred expenditure account.

Depreciation

To incur increasing depreciation expenses, the organization must employ an accelerated depreciation method. It allows the organization to report high expenditure of depreciation to evade tax. 

However, an organization can still employ a normal depreciation for financial reports.

Acquiring assets

If the organization has maintenance or repair expenses with current assets, they must acquire assets before they are needed. It has two implications; first, it allows the company to become efficient. Secondly, it will enable them to incur increased expenses in depreciation. Depreciation records an expense account, which means low taxable income.

Inventory

Review inventory before the end of the financial year and remove all outdated items. It allows the organization to add those items to the cost of goods sold, ultimately increasing expenditure and reducing taxable income.

Receivables

If the organization has any collectible receivables, then it must write off all the receivables before year-end. It records the income it receives, but it is not cashed. It is being recorded but not realized, which ultimately allows them to reduce taxable income.

Debt

If the organization chooses to make equity investments or acquire debt to meet needed funds, it must use debt. Debt allows businesses to incur interest expenses which increases expenditure. The interest expenses incurred must be paid before the financial year ends.

Family expense

If an organization employs family members, then there is an option for a business to incur certain expenses on their behalf. For example, if the company decides to buy a car for a family member who uses it for business purposes. It allows a business to record the expense, which reduces taxable income.

Business Travel

Record all the trips taken for business. It allows enterprises to incur deductible travel expenses, allowing incurring the cost. Taking these trips may get a person flier points which a person can use for any personal trip.

Defer Income

When the financial year is closing, the business must minimize income and increase expense accounts to reduce tax applied on income. An organization will pay their tax eventually, but it allows them to save their money in the current year. Low tax slab recognition allows a small percentage of deductible tax.

Repairs and Maintenance

It must make any repair or maintenance payments before the financial year ends. It includes rents, employment, etc.

Donate and Repurchase

Donating to charities has tax benefits. An organization can increase its charity’s expense by donating in terms of securities owned. Charities do not pay tax on the sale of securities. These securities are purchased back from the charities at a higher price which it initially bought at a low cost. Still, tax capitalization is now being charged at the market price, which is higher than the initial. So, it allows an organization to reduce income tax derived from securities if they wish to sell them in the future.

Tax havens

Some countries have a very effective tax rate for foreign investors, allowing investors to financially secrecy and gain maximum benefits from these tax havens. These companies are known as offshore companies in one’s country. The biggest tax havens are the following countries: Cayman Islands, Hong Kong, Switzerland, United States, Singapore, Luxemburg, etc.

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.

Client advisory services (CAS) have been available for a while, but public awareness of their benefits has increased dramatically in recent years, particularly in the early days of the COVID-19 epidemic. The client looks for better client service and advice for the better and economic stability of their firm. Consider running an accounting firm.

The initial stage of providing the best services to the client is to provide them with the best pricing plans and compliance services based on their needs and company objectives.

Use technology to scale your business

Creating a specialized CAS department inside a CPA firm takes time and money. CAS services, on the other hand, may be highly profitable with the proper resources. It is critical to have the appropriate technology to deliver these services.

Capacity is one of the most significant barriers to establishing a viable CAS practice. Busy professionals discover many strategies to minimize their time and enhance their tax services. The important thing is to automate as much of the transactional and compliance labor as feasible. In conjunction with reasonable procedures and outsourcing, automation offers the potential to supply CAS services that are more focused on relationship development. You’ll need a cloud-based general ledger application at the very least.

Evaluate your pricing model

If your CAS practice has grown well over the predicted 12% -15% annual growth rate for CAS, the first thing to do is evaluate pricing. Examine how services are priced in greater detail, focusing on actual prices rather than predicted expenses. When performing these estimates, make careful to account for all expenditures, from various technological tools to human resources. But don’t just look at expenses; turn to your rivals for important information into what pricing levels your target market can bear. Changing niches to fight slow growth makes your new niche less susceptible to price fluctuations.

While these assessments are happening, transactional work may be building up, but this is significant — the business may have unwittingly underpriced its different CAS products. Alternatively, if rivals purposefully undercut to gain an advantage and establish a foothold in the desired market, it may be time to raise pricing to an acceptable markup.

If the company has proven that its pricing methodology is accurate, congrats – you are ready to go on to the next stage!

Streamline your business for a sustainable future

To continue development and extend your CAS practice, the company will need to expand capacity beyond the benefits of workflow simplification. Staffing issues — a constant source of frustration for many businesses – may rapidly become an impediment to developing a successful and growing CAS operation. Look to a mix of upskilling existing personnel and utilizing tech-enabled services to gain the additional capacity required to take on new customers and conduct higher-level advising work.

With the continued difficulty of finding new personnel with the requisite skills and certifications, many businesses are upskilling existing employees. Unfortunately, finding the time – and people willing to learn new skills – can be challenging. Many individuals appreciate their current job responsibilities and may resist coming out of their comfort zone. Furthermore, the employees most likely to be targeted for additional training are likely to be highly regarded and working at full potential. Training them takes time away from their regular tasks, putting further strain on an already overburdened CAS staff.

There is a distinction to be made between growth and sustainable growth. Review each of the points stated above to transform your firm’s quickly growing practice into scalable and sustainable development. You update workflows, examine pricing, upskill workers, and look for highly qualified individuals with CAS tech stack experience.

It is challenging to discover skilled employees, hire them, and give them enough time to master programs and stay updated on the latest advances. By utilizing technology-enabled services such as CAS Outsourcing, you may relieve in-house workers of the stress of transactional labor, allowing you to scale your CAS business successfully.

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.

Bookkeeping is so much more than just recording the internal and external cash flow. It helps companies to excel in their past performance, evaluate their current operations, and make wise decisions for the future. Every entrepreneur must follow a bookkeeping cleanup checklist. Bookkeeping is an essential aspect for every business owner out there, and it helps them reserve their strength for rainy days.

When a business’s bookkeeping records fall out of order, financial reports no longer provide the proper guidance, nor do they assist with the company’s tax return filings in case of an audit. Unfortunately, incomplete books might prevent a business from qualifying for loans and credit. Inaccurate bookkeeping can be a destructive part of a small business owner’s life, but it’ll be equally frustrating for larger enterprises.

In the following guide, we’ll walk you through the stages of precise bookkeeping cleanup projects to ensure that your accounts remain stable and healthy. Regardless of the reasons you want to earn from your bookkeeping cleanup projects, the below strategies will help you map out a successful plan.

Identify the Problems:

If you’re serious about the confidentiality of the financial books, you must be aware that there’s always room for improvement. Among other chores, it’s straightforward for minor issues to go unnoticed for years. However, if you’re content with your bookkeeping tactics, you might be drowning secretly inside the accounting graveyard. Still, they can be an excellent reason for your business’s destruction, so it’s feasible to take precautions beforehand.

Prevent Further Damage:

After recognizing the source of your problems, you’ll probably find remedies to fix them. However, it would be wise to consider the outcomes and ensure your books suffer no further damage. At this point, you’ve to make sure that a reliable accounting system manages all the internal cash flows under the eye of an experienced bookkeeper.

Select a Professional Bookkeeper or Software:

If you’ve been outsourcing the bookkeeping responsibilities and getting consistent negative results, then it might be the right time to find a professional one and hand him over the operations. For small businesses, bookkeeping software might come in handy as it would be less expensive and penetrable.

Diversify Management:

It might have appeared a smart move to have invoices directly sent to one department, the billing reports to another, and so on. However, internal smartness isn’t your most significant trouble at this time. It is far more essential that one employee at the company be responsible for receiving and sending all the incoming source documents related to your finances. After every document gets accounted for, you can precede it to the final destination.

Analyze the problematic areas:

After reviewing and recording the financial documents, you can now begin addressing the problems you found earlier. This guide can’t determine every mishap you might have discovered, but you’ll indeed find a few helpful remedies to implement in your situation.

Establish a clean system for bookkeeping:

Following selecting a new bookkeeping system, recognize the problems that influenced the previous ones and analyze your accounts for what exactly was wrong. Now it’s time to develop an accurate and complete set of bookkeeping of the period. Start by setting up a list of accounts in your chosen bookkeeping software and enter each cash transaction attentively. Preferring this bookkeeping cleanup checklist for your official requirements, and following it regularly, will result in accuracy of the accounts.

Reconcile the credit and cash accounts:

A proper bookkeeping cleanup checklist would be imperfect without coordinating the cash and credit accounts. You’ll start by associating your cash accounts and repeating the same procedure for the credit accounts. The accuracy of these cash and credit accounts is a pivotal cleanup activity that you must consider implementing to avoid any red flags.

After cleaning these accounts up, it would be wise to make a strategy to reconcile your cash accounts regularly. Some accounts might require a monthly reconciliation, but cash accounts that receive frequent use might require a weekly reconciliation. However, there is still room for the interpretation of valuable financial information of the company.

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.

Your time is precious whether you are a CEO of a big company or if you have a small-scale business to run. In business, we hear the phrase, “time is money,” and money can be either gained or lost depending on how you spend your time in the working hours. Managing the bookkeeping of your business can be very hectic, time-consuming, and expensive as well.

What is outsourcing?

Outsourcing is a business practice in which an organization recruits an outsider to perform undertakings, handle tasks or offer different types of assistance. The external organization, known as the third-party provider, arranges its staff or PC frameworks to carry out tasks or administrations either on-site in the premises of the recruiting body or external premises.

Outsourced bookkeeping can be beneficial to the company. It can help the business to gain the confidence and tools that require for future growth. Outsource bookkeeping provides a business owner with:

• A better and detailed understanding of the financial condition of the business.
• Less burden and more free time to focus on the other matters of business.
• Proper counseling towards the financial goals and growth of the business.

How do you know if your business is ready for outsourced bookkeeping?

It is essential to know that whether your business is ready to outsource accounting functions to flourish. Some of the questions listed below will help to assess if your business is prepared for outsourced bookkeeping.

1. Are you spending too much time on accounting processes and have less time left for other business work? If you are glued and tied up to your company’s daily bookkeeping and other accounting work, this can be a red flag that business owners should never ignore. You may find losing the focus on your expertise and the main areas of your business. The business owner should always invest his time and efforts where his true passion lies to help grow the business.
2. Do you find it essential to keep your accounting information confidential? When an entrepreneur is running a company, privacy and security are always a cause of concern. Nobody wants their privacy to be invaded, especially confidential matters. Outsourcing skilled employees for bookkeeping will prevent the internal staff from staying involved in the bookkeeping work and other accounting information. Hence, it will also limit the employees from discussing any confidential business information with anyone.
3. Is managing everything a struggle since your business is growing and expanding in different locations? Developing and extending your organization requires extra staff and integration of; processes and controls for more than one location. Outsourcing bookkeeping measures offers the adaptability of increasing your bookkeeping or down depending on the situation.
4. Does your Business Process need to be updated? You can always hire an outside accounting team that will help you increase your business’s operational efficiencies. The outsourced team can plan an arrangement of integration and automation to convey better monetary detailing. Also, automation of billing and collection can save time, lower mistakes from the human blunder, and prevent the risk of any fraud taking place by providing better workflows and transparency.
5. Do you keep repeating the same errors all over again? You can make countless accounting mistakes if you do not have an experienced accounting professional. Repeating the same errors can be problematic for the business and can be hard to track and identify. Moreover, suppose you can’t pull a profit and loss statement on request if you’re doing double entries of every transaction, or then again in case you are way behind on updating your bookkeeping work. In that case, it’s an ideal opportunity to look for help.

Think about the above-listed questions and, if the answer to most of them turns out to be “yes,” you need to move towards outsourcing for bookkeeping services. Outsourcing these tasks can help an organization in numerous ways; in fact, much more benefits as compared to; working with a traditional in-house bookkeeper. Moreover, outsourced bookkeeping can relieve the burden and, you would no longer ignore the critical areas of business. Therefore, as a result, a company will prosper.   

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.