We are living in a fast-paced business world, where everything associated with it is customer-oriented. But even the “Customer is always right” mentality will not be sufficient to excel in today’s cut-throat competition. From digital transformation to business expansion, modern enterprises have a lot on their plate to achieve success.

Nevertheless, if your business does not have the proper purpose, then it will face defeat in the hands of your purposeful competitors. Thus, today we will discuss how the meaning of involving a business is mandatory for it to survive and flourish in today’s business world.

The motivation behind a business is to offer worth (through items and administrations) to clients, who pay for the incentive with money or counterparts. Negligibly, the cash should subsidize the expenses of working the business to accommodate the owner’s current needs.

Any cash of these requirements of financing and compensation— “edge” or “benefit”— might utilize the business; to be contributed for future needs and security and be used for altruism and the earth.

There are immediate activities required in this procedure: the procurement, propagation, and development of client business.

Regular roundabout activities include redesigning gear, improvement or realignment of the physical property and workspace, legitimate securities, etc. The aberrant activities departmentalize and are run by supervisors in enormous, complex, and various organizations, e.g., IBM. All backhanded activities are “overhead,” and a colossal organization can continue a lot of overhead. In my association advancement work, I’ve found that I could expel 20 percent of every such director and never have the client acknowledge or be influenced by it.

As the owner additions achievement and builds edges, the individual in question can raise expenses while diminishing individual work, with or without representatives. Collecting expenses produces cash. Dwindling workforce creates optional time. Money gives influence, yet optional time offers riches. The visually impaired quest for power can, without much of a stretch, dissolve riches.

The Difference between People’s Lives

The brands in the contemporary era are more than just businesses; they have the power to touch people’s lives with their products. In other words, some organizations have currently operational in the last few decades. Their brand of sustainable products has now affected millions of people around the globe, and it continues to do so in the next few decades as well.

A Purpose-Driven Approach

Businesses these days have a lot going on simultaneously, from tackling the changing demands of the consumers to tweaking the operational tactics for effective business transactions. Moreover, the purpose of any organization depends not only on a goal-centric mindset but also on how it fulfills the latest trends in the global market.

Consistent Ambition

Irrespective of how trends change, the overall ambition of any business must remain the same. In other words, the goal is not to generate a hefty revenue but to make quality products to ensure that the customers stay loyal to the brand for an extended period. In retrospect, if you want your consumers to stay connected, you need to provide them with products that could touch their lives.

Long-term Investment

Even if the concept of long-term investment is no more in the frame, the sense of purpose could leave a life-changing mark on your brand. In other words, brands like Unilever have been in the market for over 90 years since their goal is to deliver sustainable products at a cost-effective price.

All in all, if you want your business to flourish, it needs to think more than generating revenue. Yes, revenue is significant, but sticking around for a few decades is more critical. More so, in today’s business world, where every step can be a crucial one, you have more opportunities to excel in the market. So, let’s conclude that business without a purpose is meaningless, even if you attain success initially.

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.

Credit cards have become a necessity in today’s day and age. For most of us, the best alternative to carrying cash is to have a credit card. Whether you are shopping online or traveling the world, your wallet-friendly credit card will always be there when needed. In a report in 2020, the usage of credit cards was up to 77% worldwide. This surge in use means we can dismiss the question of whether credit cards can completely replace currency notes. But, all of that comes with an itsy-bitsy price. When you are using a credit card for business or personal use, chances are you are not actively keeping track of the transactions you are making. For most of us, this becomes a pain, especially when we receive the bill at the end of the month. You are left startled, questioning whether you spent that much money. Keeping track of your transactions is essential, and more critical is reconciliation with your credit card bills.

What is Credit Card Reconciliation & Why Should You Care?

Anyone who has ever attended a business class would immediately react to the word ‘reconciliation.’ It’s the process of comparing the transactions showing on your credit card bill to that recorded by you in your accounting software, ledger, or mobile app. This is a crucial aspect of managing the cash flow for most businesses since there are always doubled, declined, or delayed transactions. To avoid the 3D’s affecting your cash flow, you have to make sure you have the actual picture at hand actively.

Importance of Credit Card Reconciliation

While credit card reconciliation may seem tedious, it’s of high importance for businesses. Banks, merchants & vendors can often show transactions that were declined from the merchant’s end but charged by the bank and so on. In addition, one cannot negate the possibility of fraud and scams. If you don’t check your credit card regularly and stay up to date with the balance, you wouldn’t know if someone has charged your card without your permission.  This type of fraud usually happens when you are buying items online. Scams are a reality of 2021 that no one can deny. To avoid this, it is a must to regularly reconcile your credit card statement with the statement you are maintaining yourself.

Types of Credit Card Reconciliation

Generally, there are two methods of reconciling your credit card statement with the one you have maintained.

Method # 1: Goods Sold:

In simple terms, this is the sales side of your business. When a customer pays you online with their credit card, that payment is processed through the merchant, acting as a middleman between you and the bank. Often, while the merchant’s transaction clears, it might be declined or delayed at the bank side. You match the merchant’s statement with the bank’s statement and your goods sold report to see any discrepancies.

Method # 2: Expenses Incurred

All the expenses you have incurred and paid through your credit card will show in your credit card statement. However, there might be missing transactions due to delays, or there can be duplicate transactions. You have to match the credit card statement with your expense sheet to see any discrepancies. 

How Can You Make the Process Hassle-Free?

While credit card reconciliation is a tedious process, several software and applications can help you get through it with ease. Using accounting software integrated with your eCommerce store, you can quickly get your list of payments received, which you can easily compare with your bank statement. There is other software as well that helps you to make the process of credit card reconciliation easier.

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.

By: Jennifer Brazer

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.

Fact Checked By: Brittany McMillen

Best Practices in Business Accounting for Success

Best-practices-in-business-accounting involve implementing systematic procedures for recording, analyzing, and reporting financial data to support informed decision-making and regulatory compliance. These practices create the foundation for financial stability, growth planning, and operational efficiency in any business.

I’ve spent over two decades working with businesses across virtually every industry as the founder of Complete Controller, and I’ve seen firsthand how proper accounting transforms struggling operations into thriving enterprises. The data backs this up: companies that implement AI-driven accounting solutions reduce errors by 40% while cutting processing time in half. In this article, I’ll share the essential accounting practices that will help you maintain clean books, maximize profitability, and position your business for sustainable growth.

What are the best practices in business accounting for success?

• Best practices in business accounting include using cloud-based software, separating personal and business finances, implementing internal controls, maintaining audit-ready records, and leveraging automation and AI
• Cloud-based accounting systems centralize data, enable remote collaboration, and provide real-time financial insights
• Regular financial reviews and reconciliations help catch errors, identify trends, and support strategic decision-making
• Effective recordkeeping practices minimize tax compliance risks and maximize deduction opportunities
• Separating business and personal finances creates clear audit trails and simplifies tax preparation

Master Essential Accounting Software

Modern accounting demands tools that go beyond basic calculations. Cloud-based solutions now form the backbone of effective financial management, offering accessibility, scalability, and robust security that on-premise systems simply can’t match.

The right accounting software recommendations should integrate seamlessly with your existing systems while providing room for growth. When selecting software, prioritize platforms that offer:

• Real-time dashboard reporting
• Bank feed automation
• Multi-user access with permission controls
• Mobile functionality
• Industry-specific features

According to recent industry data, 54% of U.S. firms now use cloud computing services for accounting functions, with billing automation being the most widely adopted application. This shift isn’t merely technological—it’s strategic.

AI-powered financial management

AI capabilities have transformed accounting from a backward-looking practice to a predictive one. Today’s leading systems can:

• Flag unusual transactions before they become problems
• Forecast cash flow with remarkable accuracy
• Automate invoice matching and payment processing
• Extract data from receipts and invoices with OCR technology

When implementing these tools, take a phased approach:

1. Identify repetitive, high-volume tasks for initial automation
2. Test AI functions in parallel with manual processes before full deployment
3. Invest in training staff to interpret AI-generated insights
4. Maintain human oversight for complex accounting decisions

Establish Clear Financial Boundaries

Separating personal and business finances isn’t just good practice—it’s essential for legal protection, tax compliance, and accurate financial reporting. Yet approximately 27% of small business owners still commingle funds, creating unnecessary risk.

Start with these fundamental separations:

• Dedicated business checking and savings accounts
• Business-specific credit cards for all company expenses
• Formal processes for owner withdrawals and contributions
• Clear documentation for any personal assets used in business

Beyond basic separation, implement proper accounting for owner transactions:

Transaction Type	Correct Accounting Treatment	Common Mistake to Avoid
Owner Cash Contributions	Record as equity or shareholder loans	Booking as business revenue
Personal Use of Business Assets	Track as owner distributions	Categorizing as business expense
Mixed-Use Expenses	Calculate business percentage and document methodology	Claiming 100% business use

 

These small business accounting techniques create the clear financial boundaries necessary for both operational clarity and legal protection.

Prioritize Audit Readiness and Recordkeeping

The foundation of business accounting success lies in meticulous recordkeeping. Whether facing an IRS audit or preparing for due diligence during financing or acquisition, clean records provide confidence and credibility.

Develop tips for financial record keeping that make audit-readiness a daily practice rather than a crisis response:

• Maintain digital copies of all financial documents with consistent naming conventions
• Establish clear retention policies based on document type (7+ years for tax records)
• Implement transaction documentation requirements for all spending
• Create audit trails that connect financial entries to supporting documents

Strong recordkeeping also requires systematic organization. Consider this approach to document management:

1. Categorize by Function: Group documents by purpose (tax documents, vendor contracts, customer agreements)
2. Establish Naming Conventions: Use consistent formats (date-vendor-amount-purpose)
3. Implement Version Control: For documents that change over time
4. Create Backup Systems: Maintain multiple copies across different storage methods

Businesses with organized recordkeeping systems spend 61% less time responding to audits than those with ad-hoc approaches.

Implement Robust Internal Controls

Internal controls protect your business from both innocent errors and deliberate fraud. Small businesses are particularly vulnerable, losing an average of $200,000 per fraud incident according to the Association of Certified Fraud Examiners.

Effective controls include:

• Segregation of duties: Separate responsibilities for authorizing transactions, recording transactions, and maintaining custody of assets
• Regular reconciliations: Compare accounting records with external statements
• Approval hierarchies: Establish spending limits requiring additional approvals
• Physical safeguards: Protect assets, sensitive data, and financial documents
• Software access controls: Limit system access based on job responsibilities

For smaller teams where complete segregation isn’t feasible, implement compensating controls:

• Rotate accounting duties periodically
• Require mandatory vacations where others perform job functions
• Conduct surprise audits or reviews
• Utilize system logs to track user activities
• Implement dual control for critical functions (requiring two people to complete sensitive transactions)

These effective bookkeeping methods create accountability while reducing opportunities for errors or fraud.

Leverage Data Analytics for Strategic Insights

Modern accounting extends beyond compliance to deliver actionable business intelligence. Leading organizations use financial data to drive decision-making through advanced analytics.

Start with these fundamental metrics:

• Cash conversion cycle: Days between paying suppliers and collecting from customers
• Customer acquisition cost: Total sales and marketing expense divided by new customers
• Lifetime customer value: Average revenue per customer over their relationship lifespan
• Gross profit margin by product/service: Identify your most profitable offerings
• Break-even analysis: Calculate the sales volume needed to cover costs

Advanced analytics can reveal deeper insights:

• Predictive modeling: Forecast future performance based on historical patterns
• Scenario planning: Test financial outcomes of different business decisions
• Cohort analysis: Track how customer behavior changes over time
• Activity-based costing: Understand true costs of specific business activities

Building this analytical capability requires:

1. Clean, consistent data collection
2. Regular reporting cadences
3. Management reviews focused on trends rather than point-in-time figures
4. Action plans tied directly to financial insights

Integrate ESG Metrics with Financial Reporting

Environmental, Social, and Governance (ESG) considerations have moved from optional reporting to essential business metrics. According to recent data, 72% of large global companies now use TCFD-aligned sustainability reporting, up from 61% in 2022.

Forward-thinking businesses integrate these financial reporting standards with traditional accounting in several ways:

• Environmental impact tracking: Quantify resource usage, waste production, and carbon footprint
• Social responsibility metrics: Measure community investment, employee welfare, and diversity initiatives
• Governance transparency: Document ethical practices, board composition, and compliance activities

Practical implementation steps include:

1. Identify material ESG factors specific to your industry
2. Develop measurement methodologies and data collection processes
3. Integrate ESG data into regular financial reporting
4. Link ESG performance to business outcomes and financial results

Companies with strong ESG practices demonstrate 4.8% higher valuations than industry peers, showing the tangible financial impact of these measures.

Prepare for Tax Compliance and Cyber Threats

The dual challenges of tax compliance and cybersecurity require proactive management. With 68% of organizations experiencing cyberattacks in 2023 and tax regulations growing increasingly complex, defensive strategies are essential.

Tax compliance best practices

The U.S. tax system has evolved dramatically since its Civil War origins in 1862, when income tax ranged from 1-5%. Today’s complex tax code demands sophisticated compliance strategies:

• Maintain real-time tax accruals rather than year-end calculations
• Document all deduction claims with supporting evidence
• Implement tax calendar reminders for filing deadlines
• Conduct quarterly tax planning meetings
• Stay informed about industry-specific tax developments

Cybersecurity measures

Accounting data represents prime targets for cybercriminals. Protect this information with:

• Multi-factor authentication for all financial systems
• Regular security awareness training for all staff
• Encrypted data storage and transmission
• Vendor security assessments for all financial service providers
• Incident response plans for potential breaches

Creating a culture of security and compliance requires ongoing communication about both the risks and responsibilities shared by everyone in the organization.

Final Thoughts: Building a Financial Foundation for Growth

Best-practices-in-business-accounting aren’t simply about record-keeping—they’re about creating the financial intelligence that powers strategic decision-making. When I founded Complete Controller, I built our services around these principles because I’ve seen how they transform businesses from reactive to proactive.

The integration of automation, robust controls, strategic analytics, and forward-looking metrics creates a financial ecosystem that supports confident growth. By implementing these practices, you’re not just maintaining books—you’re building a foundation for sustainable success.

Ready to transform your business accounting from a necessary burden into a strategic asset? Contact the team at Complete Controller for personalized guidance on implementing these best practices in your organization.

FAQ

What software is best for small business accounting?

The best software depends on your specific needs, but cloud-based platforms like QuickBooks Online, Xero, and FreshBooks offer excellent features for small businesses. Look for solutions with automatic bank feeds, invoice automation, tax preparation features, and the ability to scale as your business grows. The right choice aligns with your industry, transaction volume, and reporting requirements.

How often should businesses reconcile their accounts?

Daily reconciliation provides the optimal financial visibility and error detection. However, weekly reconciliation is practical for many small businesses, while monthly is the minimum acceptable frequency. High-volume businesses should reconcile more frequently to catch issues before they compound.

What are the most important financial reports for small businesses?

The essential reports include the income statement (profit and loss), balance sheet, cash flow statement, and accounts receivable aging report. Additionally, track key performance indicators specific to your industry. Review these reports monthly at minimum to maintain clear visibility into your financial position.

How can businesses prepare for a tax audit?

Maintain organized, digital records with clear audit trails connecting transactions to supporting documentation. Keep all records for at least seven years, separate personal and business finances completely, document your expense categorization methodology, and ensure all income is properly reported. Consider periodic internal audits to identify and correct issues before external review.

Is it worth investing in AI-powered accounting tools for small businesses?

Yes, even small businesses benefit significantly from AI accounting tools. Start with focused applications like automated data entry, invoice processing, or expense categorization to achieve immediate efficiency gains. The ROI typically comes through time savings, reduced errors, and improved financial insights that support better business decisions.

Sources

• BetterAccounting. (2025). “Why is SME Cloud-Based Accounting the Future?”
• CompleteController.com. “Managing Business Accounting.” https://www.completecontroller.com/managing-business-accounting/
• CompleteController.com. “Business Bookkeeping Essentials.” https://www.completecontroller.com/business-bookkeeping-essentials/
• CompleteController.com. “Small Business Bookkeeping: 9 Tips and Tricks.” https://www.completecontroller.com/small-business-bookkeeping-9-tips-and-tricks/
• Donnelly Boland. (2025). “How to Stay Audit-Ready in 2025.”
• Foundation Software. (2025). “2025 Accounting Best Practices for Contractors.”
• FutureFirm. (2025). “Future of Accounting: The 2025 Annual Guide.”
• Growthforce. (2025). “Top 12 Bookkeeping Best Practices.”
• ICAEW. (2024). “ESG Reporting Now ‘Business as Usual’ for Top Companies.”
• Indeed. (2025). “Small Business Accounting: Best Practices.”
• Internal Revenue Service. “Recordkeeping for Small Businesses.” https://www.irs.gov/businesses/small-businesses-self-employed/recordkeeping
• Investopedia. (2025). “A Brief History of Taxes in the U.S.”
• LinkMyBooks. (2025). “Accounting Industry Statistics 2025.”
• Puzzle.io. (2025). “Case Study: How Central Built an AI-Powered Accounting Assistant.”
• Small Business Administration. “Managing Business Finances.” https://www.sba.gov/business-guide/manage-your-business/finances
• Soukup Bush. (2025). “January 2025 Bookkeeping Best Practices.”
• UC Davis Continuing Education. (2025). “Top Trends Shaping the Accounting Industry in 2025.”
• Vigilant AI. (2024). “Growing Threats: Cyber Security Threats in the Audit Industry.”
• Wikipedia. “Environmental, Social, and Governance.” https://en.wikipedia.org/wiki/Environmental%2Csocial%2Cand_governance

The government collects income tax from its residents annually. These income tax revenues help the government pay government workers, police, firefighters, etc. The tax money also funds things like road construction, health departments, national defense, and the welfare system and helps improve the country’s overall economy. There are multiple reasons why you should file your tax returns annually and on time. This article will talk about the importance of filing tax returns on time and its benefits.

Claim Tax Returns Easily: 
Taxpayers can claim tax refunds if the total taxes they are eligible to pay is less than the tax amount deducted. Paying excess taxes can happen when tax is deducted from your income, even when your total taxable income is less than the basic exemption limit. In this case, you can claim a TDS refund if you file income tax returns before the due date. You cannot claim tax refunds without the filing of income tax refunds. According to the income tax act, a taxpayer can claim multiple tax deductions to reduce one’s tax outgo. However, taxpayers must file their income tax returns every year on time to be eligible for any such tax deductions under the income tax act.

Mandatory if you need loans or credit cards for your business:
If you are planning on applying for a loan in the future, whether it’s a down payment for a house or any other need, you will need to show your income tax returns for the past few years. Most loan companies insist on it as it gives them proof of return and a guarantee. Banks and credit card companies also require proof of return before issuing a credit card to any customer.

Contributes to Your Social Responsibility as a Citizen:
According to the income tax laws, adults who earn a specified annual income need to file a tax return within the due date. Failure to do so will result in penalties. Adults who make a yearly income of less than the specified amount should also file tax returns as it is a sign that you are a responsible, law-abiding citizen. Filing tax returns is the moral and civic duty of any citizen residing in any country worldwide.

Avoid Penalties & Fines:
If someone avoids filing their annual income tax returns, they are opening themselves up to penalties and fines from the tax officers and the department of justice. Not only tax evasion but the late filing of tax returns also carry penalties that will result in you paying more money than the law requires. The amount of liability depends upon the country you reside in and their income tax act.  Therefore, the intelligent thing to do is to file your income tax returns every year and do so on time to avoid penalties and any unnecessary situations which will cause difficulties.

Earned income tax credit (EITC):
If you belong to the working class and have a low to moderate income, you can qualify for the Earned Income Tax Credit (EITC). It is a refundable tax credit for low to moderate-income workers, especially those with families and children. The Earned Income Tax Credit eligibility depends on multiple factors such as income, family size, filing status, etc. Receiving Earned Income Tax Credit is not possible without the filing of income tax returns.

Carry forward losses:
Any losses incurred by an individual can be carried forward to subsequent years if you file the income tax returns within the official due date. Companies use this to offset the income of upcoming years. In other words, you can adjust your capital losses against your capital gains, and you can carry forward your past losses for subsequent years. However, you cannot move forward with your losses unless you file your annual tax return.

In conclusion, whether your annual income is above or below the specified amount, filing your tax returns is always a good idea and will give you benefits in the long run.

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.

By: Jennifer Brazer

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.

Fact Checked By: Brittany McMillen

Benefits of Bank Reconciliation: Secure Your Finances Today

Reconciling your bank statements is the essential process that aligns your financial records with bank transactions, creating a protective shield against errors, fraud, and cash flow problems. This verification step confirms that every transaction in your books matches what appears on your bank statement, giving you confidence that your financial data is accurate and complete.

I’ve spent over 20 years as the CEO of Complete Controller working with businesses across virtually every industry, and I can tell you with certainty: the companies that thrive are those that master financial fundamentals like reconciliation. Studies show that 82% of small business failures stem from poor cash flow management, often due to unreconciled accounts. In this article, I’ll show you exactly how proper reconciliation protects your business, streamlines your financial operations, and helps you make better strategic decisions with reliable data.

What are the benefits of bank reconciliation and why is it critical for financial security?

• Bank reconciliation detects fraud, ensures accurate financial reporting, improves cash flow management, and strengthens internal controls.
• Regular reconciliation acts as an early warning system for suspicious activities, potentially saving businesses thousands of dollars in fraud losses.
• The process identifies timing differences between when payments are recorded and when they clear the bank, providing a more accurate picture of available funds.
• Reconciliation supports regulatory compliance by ensuring financial statements reflect true cash positions.
• Modern automated reconciliation tools can reduce processing time by up to 75% while improving accuracy.

How Reconciling Protects Against Financial Threats

Bank reconciliation serves as your first line of defense against various financial vulnerabilities. By systematically comparing internal records against bank transactions, you create a verification system that catches discrepancies before they become major problems.

According to the Association of Certified Fraud Examiners, 41% of companies commit accounting violations annually. Without regular reconciliation, these issues can go undetected for months. For example, one of our manufacturing clients discovered unusual payment patterns during routine reconciliation that revealed an accounts payable clerk had been creating false vendor accounts and diverting funds. This early detection saved them over $45,000 in potential losses.

The reconciliation process identifies several types of threats:

• Unauthorized transactions
• Duplicate payments
• Missing deposits
• Bank errors
• Check alterations
• Digital payment fraud

Many businesses still rely on manual or partial reconciliation methods that miss subtle patterns of fraud. Modern approaches leverage automation to flag unusual activity based on historical patterns, making it much harder for fraudulent transactions to slip through.

Mastering the Reconciliation Process: A Step-by-Step Guide

The foundation of effective reconciliation process lies in establishing a systematic approach that works for your business size and transaction volume. While the core principles remain consistent, your implementation may vary depending on your specific needs.

The basic reconciliation workflow includes:

1. Gather Documentation: Collect your bank statements, accounting records, and transaction logs.
2. Compare Records: Match each transaction in your books with those on your bank statement.
3. Identify Discrepancies: Note any transactions that appear in one place but not the other.
4. Investigate Differences: Determine the cause of each discrepancy.
5. Make Adjustments: Update your accounting records to reflect any necessary changes.

Modern accounting software has transformed this once tedious process. Tools like QuickBooks, Xero, and NetSuite can automate matching transactions, dramatically reducing the time required for steps for effective reconciliation.

From paper to automation: Modernizing your approach

The evolution of reconciliation methods demonstrates how technology has streamlined financial management:

• Paper-Based (1980s-1990s): Manual matching using printed statements and ledgers, taking 8+ hours monthly
• Spreadsheet Era (1990s-2010s): Semi-automated matching using Excel formulas, reducing time to 4-6 hours
• Cloud Software (2010s-Present): Automated matching with rule-based systems, requiring only 1-2 hours
• AI-Assisted (Present-Future): Machine learning algorithms that predict and identify discrepancies in real-time

For most small to medium businesses, cloud-based accounting software provides the optimal balance between cost and functionality. However, high-transaction businesses may benefit from specialized reconciliation tools that offer advanced pattern recognition.

Fraud Prevention: Your First Line of Defense

One of the most compelling reasons to perform regular reconciliations is fraud detection. The median loss per fraud case in government organizations is $150,000 – a substantial sum that could devastate many businesses.

Bank reconciliation helps detect several fraud types:

Fraud Type	How Reconciliation Helps	Warning Signs
Check Fraud	Identifies altered check amounts	Discrepancies between check register and cleared amounts
ACH Fraud	Detects unauthorized withdrawals	Unknown transactions appearing on bank statements
Employee Theft	Reveals missing deposits	Cash receipts not matching bank deposits
Vendor Fraud	Highlights duplicate payments	Multiple payments to the same vendor for identical amounts

When I work with clients who have experienced fraud, we often find that the incidents could have been detected much earlier through consistent reconciling discrepancies. For instance, one retail client discovered a pattern of “missing” cash deposits that traced back to a store manager skimming funds. Regular reconciliation would have flagged this issue within the first month rather than allowing it to continue for nearly a year.

Strengthening internal controls against theft

Effective reconciliation functions as part of a broader internal control system. When implemented properly, it creates separation of duties that makes fraud more difficult to commit undetected:

• The person handling cash should not be reconciling accounts
• The reconciler should not have authority to create or approve transactions
• A supervisor should review reconciliation reports regularly
• Automated alerts should flag unusual patterns or large transactions

These controls create multiple verification layers that significantly reduce fraud risk while providing peace of mind.

Balancing Cash Flows and Regulatory Demands

Accurate cash flow management starts with knowing your true financial position. Reconciliation eliminates the uncertainty caused by timing differences between when transactions are recorded and when they clear the bank.

Without reconciliation, you might make decisions based on inaccurate assumptions about available funds. For example:

• Outstanding checks may make your bank balance appear higher than your actual available funds
• Deposits in transit might not be reflected in your bank balance but represent real funds you can count on
• Automatic payments may have posted to your bank account but not yet been recorded in your books

Regular reconciliation provides clarity about your actual cash position, enabling more informed decisions about:

• Vendor payment timing
• Payroll scheduling
• Investment opportunities
• Debt management
• Growth initiatives

How reconciling supports compliance and financial planning

Beyond operational benefits, reconciliation also addresses regulatory and reporting requirements. Various financial reconciliation methods support compliance with:

• GAAP accounting standards
• Tax reporting requirements
• Audit preparation
• Investor/stakeholder reporting
• Industry-specific regulations

For businesses with lending relationships, accurate financial reporting is essential. Banks frequently require current financial statements, and unreconciled accounts can lead to reporting errors that damage credibility with lenders.

Financial planning also benefits from the improved data quality that reconciliation provides. When forecasting cash flow, having accurate historical data enables more precise projections. This reliability translates into better strategic decisions about resource allocation, expansion timing, and risk management.

How to Reconcile Accounts Quickly and Effectively

Efficiency in reconciliation doesn’t come from cutting corners but from implementing smart processes. Based on my experience with thousands of businesses, here are proven strategies to how to reconcile accounts quickly:

• Establish a Regular Schedule: Daily for high-volume accounts, weekly for moderate volume, and at least monthly for all accounts.
• Categorize by Priority: Focus first on accounts with the highest risk or transaction volume.
• Use Bank Feeds: Connect your accounting software directly to your bank accounts to import transactions automatically.
• Create Transaction Rules: Set up automation rules to categorize and match recurring transactions.
• Document Exceptions: Maintain clear records of any discrepancies and their resolutions.

Small businesses with limited resources should focus on these high-impact practices:

• Reconcile operating accounts at least weekly
• Use cloud accounting software with bank feed capabilities
• Start with the most recent statement and work backward if you have a backlog
• Set aside uninterrupted time specifically for reconciliation

5-step reconciliation guide for busy teams

For teams juggling multiple responsibilities, this streamlined approach maximizes efficiency:

1. Preparation: Download statements and ensure all transactions are entered in your accounting system.
2. Quick Match: Use bank feed matching to automatically reconcile obvious matches.
3. Exception Handling: Focus attention on unmatched items, investigating each systematically.
4. Documentation: Note the cause and resolution of each discrepancy for future reference.
5. Review: Examine the completed reconciliation for patterns that might indicate process improvements.

Capital City Bank provides an excellent case study in reconciliation efficiency. After implementing automated reconciliation software, they reduced processing time from 8 hours to just 2 hours per month while improving accuracy by 62%.

Future-Proofing with Automated Tools

The reconciliation landscape continues to evolve with technological advancements. Modern solutions leverage artificial intelligence and machine learning to detect patterns and anomalies that human reviewers might miss.

These tools offer several advantages:

• Predictive Analysis: Identifying potential issues before they become problems
• Pattern Recognition: Detecting unusual transaction patterns that may indicate fraud
• Continuous Monitoring: Moving from periodic to real-time reconciliation
• Exception-Based Reviews: Focusing human attention only on items that require judgment

However, technology alone isn’t enough. The most effective approach combines automation with human oversight. AI excels at processing large volumes of data and identifying patterns, but human judgment remains essential for interpreting unusual situations and making contextual decisions.

When selecting reconciliation tools, consider these factors:

• Integration capabilities with your existing systems
• Scalability to handle growing transaction volumes
• Security features to protect sensitive financial data
• Reporting capabilities for audit and analysis
• User interface simplicity for team adoption

The right technology investment can transform reconciliation from a tedious chore into a strategic advantage.

Conclusion: Building a Secure Financial Future

Reconciling your accounts regularly is more than an accounting task—it’s a fundamental business practice that protects your financial health and supports strategic decision-making. The benefits extend far beyond simply balancing the books, providing protection against fraud, clarity for cash flow management, and confidence in your financial data.

Throughout my career helping businesses optimize their financial operations, I’ve consistently seen that companies with disciplined reconciliation practices outperform their peers in financial stability and growth potential. They catch problems early, make decisions based on accurate information, and build credibility with stakeholders.

If you’re looking to strengthen your financial foundation, start by assessing your current reconciliation practices and identifying opportunities for improvement. Whether you need to establish a more consistent schedule, implement automation tools, or enhance your internal controls, each step toward better reconciliation brings valuable benefits.

The Complete Controller team specializes in helping businesses implement efficient, effective financial processes tailored to their specific needs. We’d be happy to discuss how our cloud-based bookkeeping services can support your reconciliation goals and broader financial strategy.

FAQ

How often should I reconcile my bank accounts?

Reconcile high-volume accounts weekly, and all accounts at minimum monthly. For businesses with significant daily transactions, daily reconciliation may be appropriate. The frequency should align with your transaction volume and risk tolerance.

What are the consequences of not reconciling regularly?

Without regular reconciliation, you risk undetected fraud, inaccurate financial reporting, cash flow surprises, and potential compliance issues. The Association of Certified Fraud Examiners reports that businesses without reconciliation controls experience fraud losses averaging 60% higher than those with proper controls.

Can I fully automate the reconciliation process?

While modern software can automate up to 90% of the reconciliation process, human oversight remains essential. Automated systems excel at matching routine transactions but may struggle with complex exceptions that require judgment and context.

What are the best practices for account reconciliation?

Best practices include separating duties (the person handling transactions shouldn’t also reconcile them), documenting all adjustments, establishing a consistent schedule, using technology for efficiency, and having supervisor review of completed reconciliations.

How do I handle reconciliation discrepancies?

For each discrepancy, systematically investigate the cause, determine if it’s a timing difference, error, or potential fraud, document your findings, make necessary adjustments to your records, and implement process improvements to prevent similar issues in the future.

Sources

• AccountsIQ. (2023). What Is a Bank Reconciliation and Why Is It Important? https://www.accountsiq.com
• Association of Certified Fraud Examiners (ACFE). (2024). 2024 Report to the Nations. https://www.acfe.com/about-the-acfe/newsroom-for-media/press-releases/press-release-detail?s=2024-Report-to-the-Nations
• Association of Certified Fraud Examiners (ACFE). (2020). 2020 Report to the Nations. https://acfepublic.s3-us-west-2.amazonaws.com/2020-Report-to-the-Nations.pdf
• Complete Controller. Fraud Detection & Prevention. https://www.completecontroller.com/fraud-detection-prevention/
• Complete Controller. Importance of Reconciling Your Accounting Statements Regularly. https://www.completecontroller.com/importance-of-reconciling-your-accounting-statements-regularly/
• Complete Controller. Small Business Bookkeeping: 9 Tips and Tricks. https://www.completecontroller.com/small-business-bookkeeping-9-tips-and-tricks/
• Fiserv. (2025). Capital City Bank Case Study. https://www.fiserv.com/content/dam/fiserv-ent/archive-files/final-files/CapitalCityBank_CaseStudy.pdf
• FreshBooks. (n.d.). Bank Reconciliation: What It Is and How to Do It. https://www.freshbooks.com
• Investopedia. Bank Reconciliation. https://www.investopedia.com/terms/b/bank-reconciliation.asp
• MIT Media Lab. (n.d.). The Importance of Bank Reconciliation for Financial Accuracy and Control. https://www.media.mit.edu
• Purpose CPA. (2023). What Are the Benefits of a Bank Reconciliation? https://www.purposecpa.ca
• Saasant. (2024). Why It’s Essential to Reconcile Your Bank Statements Regularly? https://www.saasant.com
• Trovata.io. (2023). How Bank Reconciliation Accounting Impacts Decision-Making. https://trovata.io
• UNC School of Government. (2024). The Bank Reconciliation: A Key Internal Control in Financial Management. https://canons.sog.unc.edu
• U.S. Chamber of Commerce. (2025). Why Small Businesses Fail. https://www.uschamber.com/co/start/strategy/why-small-businesses-fail
• Versapay. (2024). What Is Bank Reconciliation? Steps and Tips. https://www.versapay.com
• Wikipedia. Bank Reconciliation. https://en.wikipedia.org/wiki/Bank_reconciliation

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.

Starting and operating a business is not an easy task. Statistics show that 50% of businesses fail within the first three years. Those that make it beyond that threshold sometimes still struggle to succeed. To have a successful startup business, you have to examine what can and does go wrong.

Many entrepreneurs have tried and failed or tried and succeeded to start and operate a business. Those that have gone before can give insight into what fails and what succeeds. Knowing the mistakes that entrepreneurs make can help new business owners to succeed.

Best practices have always been a viable way to help others succeed. Here are ten mistakes entrepreneurs make when starting a business and how to avoid them.

1. Start with inadequate financial resources

Entrepreneurs often neglect financial planning and minimize the amount of capital they need to start their business. Result: Inadequate funding for achieving your goals and lack of cash as the company prepares to take off.

To avoid these problems, be sure to prepare financial projections for your new business, especially for the first 12 months. These can also help you obtain financing and investments.

2. Neglecting to write a business plan

Many novice entrepreneurs do not prepare a business plan. The latter does not need to be long and detailed. But you have to take the time to develop a plan that will allow you to be consistent in your efforts, serve as a rallying point for your team, and set deadlines for measuring your progress.

3. Neglecting to track progress and adjust the shot

Do not make the mistake of leaving your business plan on a tablet. Make it a dynamic document by constantly monitoring your progress and keeping it – and your projections – up to date.

4. Buy assets with cash

Operating funds to buy long-term assets is a common mistake that can lead to a lack of liquidity. When evaluating your purchases of equipment, machinery, or computer services, consider using a commercial loan with a repayment period that corresponds to the asset’s life (for example, a seven-year loan for a vehicle you want to use seven years).

5. Avoid asking for outside help

Many new entrepreneurs do not like to admit that they need help. Feel free to look for a mentor, hire an outside consultant, or create an advisory committee to give you support and ideas.

6. Set a bad price

Do not make the mistake of setting your prices only according to those of your competitors. To make an informed decision, it is essential to perform a detailed cost search for each product. Also, monitor your costs so you can make the necessary adjustments.

7. Neglecting technology

Canadian companies are investing less in technology than US companies, and that affects our productivity. Be sure to evaluate how technology could benefit your business’s growth, efficiency, and profitability.

8. Neglecting Online Marketing

Make sure you evaluate how you can take advantage of the marketing potential of the Internet. For example, ads on social media platforms can be cost-effective and effective in targeting specific market segments.

9. Do not learn from your mistakes

When starting your business, learn from your mistakes and use them to guide you to success. Many successful entrepreneurs failed on their first try but came back stronger after understanding and improving what did not work.

10. To choose wrong partners

 As the saying goes, it is better to be alone than badly accompanied. This statement also applies to business and a business creation project. It is true that having a partner to launch this great project can be reassuring. Still, a bad association can ultimately harm the development of the company and its future.

It goes without saying that it is not uncommon to see associates no longer get along at all. And for a good reason, their respective tasks have not been carefully defined, and this, from the beginning of the adventure.

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.

Launching a startup business is a complicated task. Even with a great idea, ​​product, or service and an efficient business model, you will face difficulties in the initial years of operation. These challenges are why many businesses fail within the first few years. However, challenges can be met with solutions if you know what the challenges are and plan to overcome them. Here are the biggest challenges faced when launching a startup business and how to overcome them.

Startup Capital

The biggest challenge is usually to have the capital to start, assemble and develop the business. Banks are hesitant to grant loans to newly formed companies, so the venture seeks to raise money in other ways, usually through private investors.

Seeking private investors is not easy. It is a challenge to find that source or key partner that contributes or helps to have the necessary capital to create and develop the business model that is to be undertaken.

Unpredicted Revenue

The recession or economic crisis has damaged every business. Few expected the sudden change in sales and their business in general during the financial crisis, especially just months after starting. Given this, many businesses immediately began to make numerous changes, such as developing their website, reducing invoices, etc.

These changes are made to balance the cash flow, and without ruling out having to make more changes, they adopted changes. For example, they are starting or continuing the business with an online store, which allows them to add more or new products and services.

Marketing Plan

A good marketing plan can allow a startup to boost itself financially. Many startups fail because of a lack of ineffective marketing plans. It is wise to allocate a budget for marketing in the beginning. It is a kind of investment that pays of after some time.

With technology and social media, digital marketing has revolutionized marketing and made it possible for all business sizes to market. Most social media platforms are free, and if you use them to your advantage, you can let multitudes of people know about your business and what it offers without spending a dime.

Creating a Unique Product

In addition to capital, a startup seeks to reduce production costs, develop processes to organize the business, test new market strategies, etc. One of the best and most significant challenges is creating and market a new and original service or product.

Cash Flow Management

Starting to produce too much or having a lot of inventory usually costs money. It is more appropriate to put or redirect those production resources towards advertising, web development, or any other way that generates sales. The biggest challenge for many startups is cash flow. Having limited capital restricts time, so one must be very selective and careful when determining how resources are spent. The good thing about it is that it forces you to be creative and find ways to get publicity at the lowest possible cost. Fortunately, social media has equaled the playing field for small businesses because it is much cheaper to market a business through them.

Starting Up with Little Capital

When a company is started, funds are usually limited to work and produce as desired to the banks’ reluctance. The difficulties in getting help or subsidy are often added, especially depending on the product or service in question. And to this can be added the need to hire someone, help or fill positions, and rent a workspace. All this adds up to the cost of the business. It should only be appropriately stated before starting a business, and then the businessman should stick to the budget.

Obtaining Licenses, Patents, and Registrations

Another critical challenge for starting a business is establishing or achieving a license agreement with a large manufacturer or distributor, which has the resources and links (also international) to market specific products or services. The same happens when registering a patent or website, identifying and establishing a manufacturing relationship, protecting property rights, or owning inventory. Relationships at the local level can help solve these issues, but establishing retail alliances, license agreements, or permits is challenging, especially in this corporate world. 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.

Back in the day, when networking was not that strong, and there was no concept of recruitment agencies, people used to get a job right after graduating from the university and work there for the rest of their lives. People called it having a secured job and were reluctant to switch their jobs. In modern-day business, people tend to have a vibrant career with multiple work experiences and change their jobs after two to three years.

Today, people frequently switch between jobs because they think that having work experience at multiple places allows them to gain more work exposure. It also helps them develop a vast working experience by learning about different companies’ work environments and ethics.

People also tend to be more focused on their career choices these days, and they have to research a lot before deciding on a career path. No one in modern-day business would want to be forced to choose a career path by someone else. To avoid that from happening, people begin planning their career path at a very early age. Here are six ways to find a good job quickly.

Referrals

Many employers reward their existing employees with attractive benefits and incentives if they refer to a quality resource for their company. Referrals are one of the best sources to provide people with relevant jobs. It is pretty common among organizations that internal employees advise their friends or relatives for a position at their office. However, it only happens when they think the person they are advising can handle that job well.

Many employment vacancies are filled, and employers get talented and competitive employees for their offices because of the referral technique. The incentives from employers are another way of encouraging the referral strategy in the corporate system. Many potential candidates get the best suitable jobs for them according to their profiles via this referral strategy.

Networking

Job networking is still not as strong as it should be, provided market competition has gone to a whole new level. Many people are still getting jobs based on word of mouth, and still, there is no centralized global system as an employment network.

Networking is one way for individuals to know which job sector has the most vacancies available at a particular point in time. Also, via networking, they can easily find out which available job is suitable for them and which opportunity they can apply for.

Individuals must stay updated on their online job searching portals to watch the opportunities that best match their profiles. They must also keep on checking job search websites regularly to stay updated with the market trends.

To get the dream job, one tip about networking is that individuals must not ignore freelancing or contract/project-based opportunities. They often lead to good full-time opportunities.

Job Fairs

Commonly, there are two types of job fairs, one that is focused on a particular industry and is arranged to offer a specific sector employment opportunities. Others are general job fairs that provide a platform for ambitious individuals to look for a job in any industry.

Career Websites

Various career websites advertise attractive job opportunities for the target audience. Career websites are yet another convenient way for candidates to get the job of their dreams. The fact that career websites cater to the needs of a larger audience makes them even more effective.

Cold Calling

Cold calling provides job opportunities to ambitious candidates in which companies find profiles anywhere online and approach them via call or email to refer to them a vacancy. Cold calling is effective when a company finds a competitive profile, but that individual is unaware of that opportunity.

Company Websites

Many candidates find company websites as the best way of finding an employment opportunity and applying for one. Many multinationals have a structured online portal where candidates can apply for a vacant position.

There are many other quicker and more effective ways to search and apply for a job. The catch here is to connect the right person to the right job vacancy to increase their chances of growing in every department.

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.

An investor has two things: a critical mind and a wish to multiply their wealth.

If you’re here right now, reading this article, chances are you have both. But taking the plunge the first time can be a little intimidating as one doesn’t know if they are making the right choice or are cooking up a recipe for disaster. Continue reading the article to understand what kind of investments you should have on your radar.

Every avenue for investment has its own sets of advantages and disadvantages. You have to find out which one suits you best. One does not have to be a millionaire to start investing, which is a common misconception. You could start small and eventually climb up the ladder. All you need is the patience and understanding that would allow you to make the right choices and see your riches multiply.

Since you are new to the business, there is one thing you should never forget; do not invest all your money in one area. You should continually strategize and opt for different avenues to minimize the chance of losing a considerable sum to a losing investment.

Yes, investments are not all about gaining money because there is a 50% chance of losing your investment. So, before jumping into the train of investments, make sure you do your homework and make a rational decision.

Why Should You Invest?

Investments serve as future monetary plans that allow you to prepare in advance. Your assets bring in returns that assist you in making bigger and better investments for the future that would inevitably yield even better results.

With inflation on a constant rise, you must start making investments right now to ensure a better future. You can save up the profit yielded from these investments, or you could invest them too to open new pathways for yourself.

Types of Investments

There are different types of investments that are common amongst investors. These modes of investments have brought in exceptional results, which is why they remain fan-favorites.

• Real estate
• Stock
• Insurance policies
• Cryptocurrency
• Mutual funds
• Bonds

Despite being the go-to avenues in the world of investments, all of these may not precisely be beginner-friendly.

Best Investments for Beginners

Following are investment ideas that would be perfect for you if you are not in a position to take giant leaps of faith.

1. Gold and Silver:

The prices of gold and silver fluctuate according to the political scenario. The prices stay relatively the same if they do not get better.

Gold and silver are suitable forms of investment because the investor has the authority to choose how much they want to give in. It is beginner-friendly because one does not need to have billions to invest in gold or silver. You could start with a few hundred bucks and build a way for yourself from there.

Just keep an out for all the environmental changes and the political scenario to realize whether these metals would be a good choice for you. Try buying gold or silver when it is considerably lower in price and then wait for the prices to rise again. That is when you can resell them for a better price and enjoy the profit.

2. Crypto-Currency:

The idea of cryptocurrency is still relatively new to the market. Cryptocurrency is a digital currency that is bought and sold online.

When the price of the cryptocurrency rises, your investment multiplies which means that you would see a profitable increase. Despite being a risky environment, people welcome this currency with open arms because it is a relatively new idea.

3. Mutual Funds:

A mutual fund is a form of investment that a wealth manager does on your behalf.

Mutual funds are very well-liked in the world of investments because of the low chance of risk involved. In such an investment, the wealth manager spreads your money out in several different avenues, who tries his best to get you the best returns.

Make sure that you carry out your research before you invest. Choose what you feel is best for you, calculate your risks, analyze your strengths, and take the leap.

Happy investing!

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.

Different types of businesses, small, new, large, or old companies, face fraud in their companies. Large companies are most likely to face scams as they have many different complicated systems in their business. Stealing tiny amounts or materials could be relatively easy in large companies as large companies usually don’t pay much attention to minor differences in their balances. But at the same time, small and new businesses can also be easy for people to commit frauds as they have not set up proper systems or checks, which gives people a free hand to steal. Businesses that run over the internet face frauds from customers the most. Those frauds are when a customer claims a sale to be unauthorized. A supplier can commit fraud by claiming that the goods they are selling 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. Employees’ types of fraud include inventory theft, money fraud, cash theft, expense account theft, and commit fraud.

Due to the pandemic caused by the Covid-19 globally, most businesses are struggling due to its severe effect on the global economy and financial market. Reductions in income, a rise in unemployment, and restrictions over the transportation, service, and manufacturing industries are due to the pandemic. These restrictions mean that businesses cannot reach their targeted revenues, which leads companies to have low cash flow, forcing them to make some employee layoffs. A few businesses have reduced their selling prices to gain income, but that revenue generates minimal profits. At this time, losing any other funds is crucial for any business, leading to a failed business. These uncertain times are why companies should be more careful over the frauds happening inside the company and focus more on preventing fraud and keeping an eye on the signs of fraud. Ways you can stay vigilant against fraud at this time are:

Keep a check on the third parties’ involvements. During the pandemic, businesses are trying to keep up with the competitors, which means they are rushing into things. They are not running a background check on the third parties involved, such as suppliers or partners, which gives them a chance to commit fraud by claiming their product to be of higher quality than it is. Don’t forget to ask around about the new stakeholders you are willing to work with to avoid fraud.

Make sure you have honest and loyal employees. Some people could disguise themselves as experienced and talented in the areas or departments you want to hire. Those people will not demand high salaries, making them attractive to you as you cannot afford to pay your worker’s high wages during the pandemic. Accepting lower-than-average pay could mean that those workers will be committing fraud and will steal from you. Make sure you get a solid reason behind the applicants willing to get paid less than usual at this crucial time. The other thing to keep in mind is never to trust any employee blindly, as that will allow them to take advantage of being in control. Have your workers work under your supervision and keep strict rules and management over your business’s operations.

Has your business been audited? Audits are one of the critical and significant practices in a company that are also necessary. So, it is better to schedule or conduct surprise audits which will easily detect frauds and will not even give a chance to the people in the business committing the deception to hide it. If you have a CPA in the company, then ask them to conduct surprise audits. Audit procedures include fraud detection; it is done by performing journal entry testing, inspecting accounting estimates, and checking unusual and suspicious activities or transactions.

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.