An audit is a comprehensive examination and evaluation of a company’s bookkeeping practices and financial accounts carried out by a qualified auditor. This procedure typically includes a meticulous physical verification of stock or inventory, ensuring that the records accurately reflect the actual resources available. Audits are essential components of financial accountability and can be categorized as either internal or external.
Internal Audits: These are conducted by company employees, often by the accounting team or a designated internal auditor. The primary focus is to assess the efficiency of operations, compliance with policies, and the accuracy of financial reporting. Internal audits help companies identify areas for improvement and reduce the risk of errors or fraud.
External Audits: In contrast, external audits are performed by independent auditing firms or teams not affiliated with the organization. These external auditors provide an unbiased opinion on the company’s financial statements, ensuring that they provide a true and fair view of the company’s financial position. This independence is critical for maintaining stakeholder trust and meeting regulatory requirements.
Both government agencies and private organizations recognize the importance of audits in promoting transparency and maintaining a favorable reputation within the business community. Most businesses undergo external audits at least once a year, during which an independent firm meticulously reviews all relevant financial records.
The outcome of this process is a detailed audit report that encapsulates all financial transactions and business dealings over the year. This report serves multiple stakeholders, including shareholders, regulatory bodies, and the public, by providing a clear picture of the company’s financial health.
For the auditing process to be effective, it is crucial that both the company and the auditing agency uphold principles of fairness and impartiality. If either party operates with bias, the credibility of the audit could be compromised, rendering the entire exercise redundant.
Furthermore, businesses of all sizes, especially small and medium-sized enterprises, are increasingly adopting accounting software to streamline their bookkeeping processes. Such software can enhance financial accuracy, enable real-time monitoring of finances, and keep companies prepared for audits at any time.
Benefits of Being an Audit-Ready Business
Reliability and trust
Being audit-ready positions a business as reliable, which is essential for gaining the trust of investors and shareholders. A transparent audit history encourages further investments, creating a stable financial environment for the company.
Transparency and accountability
Audit-ready businesses exhibit clear and transparent accounting practices, significantly reducing any fears associated with accountability. This transparency enhances the company’s credibility and attracts more depositors who seek secure investment opportunities.
Enhanced investor confidence
Regular, thorough audits lead to updated financial reports that bolster investor trust. When a company’s financial information is consistently accurate and accessible, investors feel comfortable and informed, increasing the likelihood of their financial backing.
Attraction of foreign investments
Companies that maintain an audit-ready status attract local clients and depositors and appeal to foreign investors. The trust established through a robust track record of transparency reassures international stakeholders about the company’s reliability.
Improved business ratings
Investors often conduct due diligence to evaluate a company’s credibility, which includes checking its ratings and audit history. A well-audited company with a strong financial performance is likely to achieve higher ratings, positioning it as a formidable competitor in the marketplace.
Stronger financial relationships with banks
An audit-ready status fosters trust among shareholders and persuades banks and other financial institutions to engage more freely in lending, investment, and financial services.
Decreased instances of fraud
Regular audits significantly reduce the risk of financial fraud and improprieties. The systematic oversight provided by audits can discourage dishonest practices, fostering a corporate culture of integrity and accountability.
Accurate financial representation
Investors desire a comprehensive and truthful financial depiction before committing to their resources. Audit-ready organizations can assure them that their financial statements reflect true income, expenses, and cash flow. This accuracy allows investors to make significant investments with confidence, as they are fully informed about the financial standings and risks associated with their potential investment.
Regular audits promote an environment of reliability and trust, reducing the need for shareholders to constantly monitor daily bookkeeping practices. Through systematic checks and balances, these audits help maintain organizational integrity and financial transparency, ultimately reinforcing stakeholders’ confidence in the business. This infrastructure of accountability not only protects the company but also enhances its overall standing in the eyes of investors and the broader business community.
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 primary source of revenue for any retail organization is providing products to clients to meet their increasing demands. Traditional bookkeeping techniques make it difficult for retail businesses to keep up with the enormous number of accounting and finance records. Manually tallying every monetary transaction from financial data held across numerous accounting systems at the end of each month is a demanding undertaking for them. Furthermore, erroneous accounting data can cause ripple effects, from inventories to sales, across the entire corporate process. These issues brought about the ERP system, which has become a standard solution for many companies.
When it comes to running a retail business, there’s a lot to manage. You will make your life much easier if you have good accounting software installed in your systems. This software will keep track of employee pay, GST, and inventories. Here’s how you get the most out of your accounting software.
Accuracy in Recording Information
Retail businesses, big or little, must maintain track of their cash flow, inventory, and so on. These data points are vital in corporate operations. To make strategic growth decisions, merchants also want precise and real-time financial data.
Manual transaction matching, process chores, and spreadsheet reconciliations are complicated for merchants to do. Automating these processes allows accounting and finance teams to deal with data more quickly and provide more excellent value to a company. Though it is impossible to eliminate human interaction, appropriate bookkeeping software can help break the record-keeping loop.
Time-Saving
Retail businesses must keep accurate sales and inventory records and define the price of each product. Using spreadsheets to capture and maintain these massive volumes of data manually is time-consuming. Accounting software can assist in removing this main stumbling block. The application automates the bookkeeping process by regulating both the frontend and backend financial activities simultaneously, saving a significant amount of time over manual processing techniques.
Automation of the Invoice Generation Process
Invoice generation is a critical retail process. It’s pretty impossible to manually enter and generate invoices for thousands of transactions per day. However, with the assistance of competent accounting software, this work becomes quick and easy. The computerized system can run reports to see which buyers have paid and automatically generate invoices for their transactions with only a few clicks.
Integrated Strategy
ERP accounting software centralizes intercompany processes so that all aspects of bookkeeping can be managed and controlled from a single platform. ERP software handles bookkeeping activities such as multi-currency exchanges, monetary transactions, journal formation, tax implications, reconciliations, invoice generation, cash flow, and more. Such systems allow firms to monitor the activity of various retail shops while also ensuring that product price is consistent across all of them.
Stay Up-To-Date with the Competition.
Consumers aren’t the only ones that gain from technological advancements. Wise merchants are also implementing technology into their operations to improve their profitability. Select the appropriate software to assist you with complex tasks. This type of software is fully automated and can handle your taxes, inventories, payrolls and can even be used to generate tax documents.
Keep Up with the Technological Trends
Cloud-connected smartphones and tablets have played a significant role in the rapid evolution of retail operations. Your consumer now demands more from you, and they expect it sooner than before, or they will go to another store. With the increasing technology, customers expect more from the retail experience.
Mobile devices account for more than half of all internet traffic, and this number is growing every year. Your website should be simple to use; you should even consider establishing an app.
Searching by geographic location (GPS) is highly prevalent. Make sure you sign up for a Google Business account to avoid losing out on an ample sales opportunity.
People may search for what you’re selling online and get three options in a matter of seconds. If your pricing isn’t competitive, your customers will notice. Don’t undercut yourself, but don’t expect a lot of sales if your competition is half your price.
You can keep your finger on the pulse of business with various retail-oriented accounting systems that function smoothly with your accounting package. You can also ensure that the future does not bring any unpleasant surprises, such as tax obligations that you forgot about or supplier payments that slip your mind. Forewarned is forearmed, and this is the way to a successful retail start-up.
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.
Master Bookkeeping: Tips to Get Back in the Game Successfully
Getting back into bookkeeping after time away requires strategic skill refreshment, mastery of cloud-based accounting software like QuickBooks Online, and rebuilding professional confidence through practical experience and targeted certifications. The process typically takes 3-6 months of focused preparation, during which you’ll update your knowledge of modern bookkeeping practices, learn automated reconciliation features, and position your previous experience as a competitive advantage rather than viewing employment gaps as weaknesses.
Over my 20+ years as CEO of Complete Controller, I’ve witnessed countless professionals successfully return to bookkeeping after career breaks, and their stories consistently prove that experience combined with updated skills creates an incredibly powerful professional profile. With the accounting industry facing a 120,000-person talent shortage by 2027 and an average of 174,900 bookkeeping job openings annually, your timing couldn’t be better for re-entering this stable and rewarding field that offers both traditional employment and flexible freelance opportunities.
How do you get back into bookkeeping successfully?
Update software skills by learning QuickBooks Online, Xero, and cloud-based platforms that now dominate 80% of small business accounting
Refresh your knowledge through targeted courses focusing on current tax regulations and automated bank reconciliation processes
Practice with personal finances or volunteer bookkeeping to rebuild confidence before pursuing paid opportunities
Obtain certifications from NACPB or software-specific credentials to validate your updated skills
Network strategically through professional associations and consider contract work to rebuild your portfolio
Assessing Your Current Bookkeeping Skills and Market Position
The bookkeeping landscape has transformed dramatically since desktop software dominated the profession, with cloud-based solutions now standard across 62.23% of the market through QuickBooks alone. Your first step involves honestly evaluating where your skills stand compared to current industry requirements, identifying specific gaps in software knowledge, and understanding how automation has changed daily bookkeeping tasks.
Start by listing the software platforms and processes you previously used, then research their current versions or replacements. QuickBooks Desktop users will find QuickBooks Online operates differently, with real-time collaboration features, automated bank feeds, and integrated third-party applications that streamline workflows. This evolution actually benefits returning professionals, as your understanding of core accounting principles remains valuable while technology simply enhances efficiency.
Modern bookkeepers provide advisory services beyond basic data entry, analyzing cash flow trends, creating management reports, and offering strategic financial insights. Your business maturity and contextual understanding of financial implications often surpass newer practitioners who excel at software but lack real-world experience. This combination of foundational knowledge and updated technical skills positions you uniquely in today’s market.
Professional certifications have gained importance, with employers preferring candidates holding credentials from organizations like the National Association of Certified Public Bookkeepers (NACPB) or QuickBooks ProAdvisor status. These certifications cost between $300-$500 but effectively address concerns about employment gaps while demonstrating commitment to current standards. Research shows certified bookkeepers earn 15-20% more than non-certified peers, making this investment worthwhile for career advancement.
Mastering Essential Bookkeeping Software and Technology
QuickBooks Online proficiency has become non-negotiable for modern bookkeeping positions. It appears in nearly every job description and directly correlates with higher earning potential. The platform’s intuitive interface makes learning accessible for returning professionals, while comprehensive training resources provide structured paths from basic navigation to advanced reporting features.
Cloud-based platforms offer advantages that transform bookkeeping efficiency through automated bank feeds, real-time client collaboration, and the elimination of manual data entry for recurring transactions. Xero excels at international transactions and robust reporting, while FreshBooks serves service-based businesses with project tracking features. Learning all three major platforms positions you to serve diverse client needs and command premium rates.
Create practice company files in each platform during free trial periods, connecting your personal bank accounts to understand automated feed functionality. Categorize transactions, generate reports, and experiment with features without risking real financial data. Most professionals achieve basic proficiency within 30-60 hours of hands-on practice, with certification programs providing structured learning paths.
Online certification programs through Intuit Academy or Xero’s training platform typically require 2-6 months of part-time study, costing $200-$400. These programs teach technical skills while providing credentials that validate your expertise to potential employers. Complete modules systematically, focusing on practical applications rather than memorizing features you won’t regularly use.
The roots of virtual bookkeeping trace back to email-based file sharing in the late 1990s, but today’s seamless cloud systems with real-time collaboration represent a quantum leap in capability. Understanding this evolution helps you appreciate why modern bookkeeping offers greater accuracy, efficiency, and client satisfaction than traditional methods ever could.
Updating Core Bookkeeping Knowledge and Best Practices
Double-entry bookkeeping principles remain unchanged, but their application through modern software requires understanding new workflows and automation features. Cash versus accrual accounting methods now involve specific software settings that automatically handle timing differences, reducing errors that previously required manual adjustments.
Tax law changes significantly impact transaction categorization, particularly regarding business expense deductions and depreciation schedules introduced through recent legislation. The Tax Cuts and Jobs Act altered many standard deductions, requiring bookkeepers to stay current with evolving regulations. Subscribe to professional publications and join online forums where practitioners discuss regulatory updates and their practical implications.
Payroll processing complexity has increased with varying state minimum wages, paid leave mandates, and remote work tax implications. Many returning bookkeepers partner with payroll service providers initially, allowing them to offer comprehensive services while building expertise in specialized areas. This approach provides client value while managing personal learning curves effectively.
Katie Ferro, a licensed CPA, successfully transitioned from unemployment to building a bookkeeping business generating $20,000 monthly while working part-time hours. Her systematic approach involved completing QuickBooks certification, volunteering with local nonprofits to practice skills, and gradually building a client base through referrals. Ferro’s story demonstrates how career breaks can become launching pads for entrepreneurial success when combined with strategic skill development.
Industry best practices now emphasize monthly financial reviews with clients, proactive cash flow management, and integration between bookkeeping and broader business operations. Clients expect bookkeepers to flag potential issues, suggest process improvements, and contribute to financial decision-making beyond basic record-keeping.
Building Confidence and Overcoming Re-entry Challenges
Returning to bookkeeping after an extended absence naturally triggers self-doubt, particularly when confronted with unfamiliar interfaces or updated terminology. Recognizing these feelings as normal transition experiences allows you to address them constructively through gradual skill building and strategic confidence restoration.
Your previous experience provides invaluable pattern recognition abilities that software cannot replicate – understanding seasonal business cycles, recognizing unusual transactions, and intuiting when financial statements contain errors. These insights develop only through years of practical experience, giving you advantages over newer practitioners despite any technology learning curves.
Start rebuilding confidence through manageable projects like organizing personal finances using professional software, volunteering for bookkeeping services for small nonprofits, or assisting friends with business financial organization. These low-pressure environments allow skill practice while generating references and portfolio examples for future opportunities.
Join local bookkeeping associations or online communities where returning professionals share experiences and advice. Many offer mentorship programs pairing experienced practitioners with those re-entering the field, providing guidance through common challenges. Professional connections also generate referral opportunities and contract work possibilities.
Address employment gaps strategically by highlighting transferable skills gained during your absence. Parenting develops project management and multitasking abilities directly applicable to bookkeeping. Career pivots provide industry knowledge that helps you understand diverse client businesses. Frame time away as strategic preparation for providing more comprehensive financial services.
Strategic Job Search and Career Re-entry Approaches
The current bookkeeping job market strongly favors experienced professionals, with 98% of participants in structured return-to-work programs successfully transitioning to permanent roles. Despite predictions of automation reducing positions, the Bureau of Labor Statistics reports consistent demand with median salaries reaching $49,210 annually.
Target small businesses and startups initially, as they value practical experience and business intuition over cutting-edge technical skills. These employers appreciate mature professionals who understand operations, communicate effectively with owners, and provide stability compared to frequent turnover among entry-level workers.
Craft your resume to address gaps briefly while emphasizing quantifiable achievements from previous experience. State “Managed bookkeeping for 15 small businesses” or “Reduced month-end closing time by 40%” rather than focusing on employment dates. Include recent certifications prominently, demonstrating proactive skill updates.
Contract and part-time positions offer excellent re-entry strategies, allowing you to rebuild professional rhythm while maintaining flexibility. Many businesses need project-based assistance for financial clean-ups, tax preparation, or temporary coverage. These arrangements often evolve into permanent positions or ongoing client relationships.
Consider specialized niches where previous experience provides unique value. Retail bookkeepers who understand inventory management, construction bookkeepers familiar with job costing, or nonprofit specialists with grant tracking expertise command premium rates. Your diverse background becomes a competitive advantage when properly positioned.
Leveraging Experience as Your Competitive Advantage
Transform your career break into a strategic advantage by positioning diverse experiences as preparation for providing comprehensive financial services. Business owners prefer working with bookkeepers who understand operational challenges beyond numbers, translating financial data into actionable insights.
Develop a professional narrative presenting your journey intentionally: “After establishing strong bookkeeping foundations early in my career, I expanded my business acumen through [specific experiences], now combining this broader perspective with updated technical skills to deliver exceptional financial guidance.” This framing positions you as bringing more value than someone who never left the field.
Create content demonstrating current expertise through LinkedIn articles, local business publication contributions, or speaking at entrepreneur meetups. Share practical bookkeeping tips, software tutorials, or financial management insights that showcase both experience and contemporary knowledge. This visibility attracts potential clients and employers while building professional credibility.
Establish strategic partnerships with CPAs, business consultants, and other professionals serving small businesses. Your maturity and reliability appeal to these referral sources who need dependable partners for their clients. Subcontracting relationships with established firms provide steady work while you rebuild independent client bases.
Female bookkeepers comprise 84.6% of the profession, creating strong networking opportunities through women’s business organizations. These communities often provide mutual support, referral exchanges, and collaborative learning environments particularly valuable for professionals returning after family-focused career breaks.
Final Thoughts
Successfully returning to bookkeeping combines honoring your foundational experience with embracing technological advances that have transformed the profession. Your unique blend of practical knowledge, business maturity, and updated technical skills creates exceptional value for employers and clients seeking professionals who understand both traditional principles and modern practices.
The accounting talent shortage and consistent job openings create an opportune environment for your return, while flexible work arrangements accommodate various lifestyle needs. Whether you pursue traditional employment, freelance opportunities, or entrepreneurial ventures, the bookkeeping profession rewards those who combine experience with continuous learning.
Take action today by enrolling in a QuickBooks certification program, joining professional associations, or volunteering your services to rebuild confidence. Your experience matters, your perspective adds value, and the market needs professionals who bridge traditional expertise with modern solutions. Visit Complete Controller to discover how our team can support your successful return to bookkeeping and connect you with resources tailored to experienced professionals re-entering this essential field.
Frequently Asked Questions About Getting Back Into Bookkeeping
How long does it realistically take to update bookkeeping skills after years away?
Most returning professionals become job-ready within 3-6 months through focused software training and certification programs, though the exact timeline depends on how long you’ve been away and your comfort level with cloud-based technology.
Which bookkeeping software should I learn first when returning to the field?
Start with QuickBooks Online since it holds 62.23% market share and appears in most job requirements, then expand to Xero and FreshBooks to serve diverse client needs and increase your marketability.
Do I need formal certifications to get hired after a career break?
While not always mandatory, certifications from NACPB, AIPB, or QuickBooks ProAdvisor significantly boost credibility and can increase earnings by 15-20% while effectively addressing employment gaps.
What’s the best way to explain bookkeeping employment gaps to potential employers?
Address gaps briefly and positively, emphasizing transferable skills gained during your time away and concrete steps taken to update your knowledge, such as recent certifications or volunteer bookkeeping work.
Should I start with freelance bookkeeping or look for traditional employment?
Consider starting with contract or part-time work to rebuild confidence and create recent work examples, as these arrangements often lead to full-time opportunities while providing flexibility during your transition back.
Sources
American Institute of Professional Bookkeepers (AIPB). “Certification Programs.” AIPB.com.
Bureau of Labor Statistics. (2024, May). “Bookkeeping, Accounting, and Auditing Clerks.” BLS.gov. https://www.bls.gov/ooh/office-and-administrative-support/bookkeepers.htm
Complete Controller. (2024, February 3). “History of Virtual Bookkeeping.” Brazer, Jennifer. CompleteController.com.
ElectroIQ. (2025, July 2). “QuickBooks Statistics By Market Share, Online and Desktop Usage.” ElectroIQ.com.
Ferro, Katie. (2025, April 14). “Before My Bookkeeping Business: The Profits & Prosecco Story.” KatieFerro.com.
Internal Revenue Service. “Tax Information for Businesses.” IRS.gov.
Intuit. (2024). “QuickBooks Online Training and Certification.” QuickBooks.Intuit.com.
National Association of Certified Public Bookkeepers (NACPB). “Professional Certification Programs.” NACPB.org.
Penn Foster. “Bookkeeping Certification Program.” PennFoster.edu.
Software Oasis. (2025, March 22). “Skills Gap In Entry-level Accounting.” SoftwareOasis.com.
Western Governors University. (2025, February 20). “Why Bookkeeping Remains a Strong Career Choice in a Changing Job Market.” WGU.edu.
Wikipedia. “Cloud Accounting.” Wikipedia.org.
Xero. (2024). “Partner Success Stories: From Career Break to Bookkeeping Success.” Xero.com.
Xero. “Training and Certification Programs.” Xero.com/Training.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
Jennifer BrazerFounder/CEO
Jennifer is the author of From Cubicle to Cloud and Founder/CEO of Complete Controller, a pioneering financial services firm that helps entrepreneurs break free of traditional constraints and scale their businesses to new heights.
Brittany McMillen is a seasoned Marketing Manager with a sharp eye for strategy and storytelling. With a background in digital marketing, brand development, and customer engagement, she brings a results-driven mindset to every project. Brittany specializes in crafting compelling content and optimizing user experiences that convert. When she’s not reviewing content, she’s exploring the latest marketing trends or championing small business success.
When it comes to talking about marketing for B2B, you must think about outbound marketing. You probably believe that sending promotional emails to prospects will stimulate potential clients. This strategy indeed works, but it’s not the best strategy for B2B digital marketing. If you want to bring a significant number of new clients, you must ensure effective game plans.
Technology evolves with time. Gone are the days when sending emails or making calls to prospects was enough. Now companies need to incorporate the new trends in their marketing tactics. Marketing for B2B has wholly changed. Now the companies would prefer Google search to find solutions to their problems.
So, you have to ensure your presence in the digital realm to meet your potential clients. This blog will shed light on the best strategies for B2B marketing. Let’s discuss how you should grow your B2B business.
Essential Strategies for B2B Digital Marketing
It’s essential to improve your marketing efforts to achieve profitable business growth and successful outcomes. Here are the crucial strategies for B2B digital marketing that you must implement to enhance exposure.
Research Demographics / Find Your Target Audience
The first and foremost step is to find your target audience. You can’t come up with the best marketing strategy without knowing your target audience. It’s a waste of time and effort to spread your message to the people who might not be interested in your offerings.
It would help if you focused on customer segmentation. Google Analytics can be beneficial for this task. As a B2B agency, it’s essential to understand your offerings and how your products or services can help other companies. Better understanding improves your connection with potential clients.
Make Sure You Have a User-Friendly Website
When businesses run on the online marketplace, each business must own a website in today’s era. Keep in mind; your company’s website is more than a pretty face because it enables your company to manifest credibility, expertise, quality, and solutions to the digital world.
Website is the first source of communication for B2B agencies. Your clients will contact you through the site. Therefore, it’s essential to make a user-friendly website. Make sure the website is easily accessible to the audience, and make it mobile-friendly too.
Strong SEO Strategy
You need to be on the top list when someone searches for something on Google related to your company or offerings. SEO is important for B2B digital marketing. It enhances your website ranking and helps you stimulate more leads. SEO has two major components.
On-site SEO enables you to optimize some prominent SEO metrics, such as meta title, description, keyword, image optimization, and other elements.
Off-site SEO includes activities you can do outside your website, such as commenting, off-site blogs, broken link building, and more.
Both SEO components enhance your website ranking, and it’s not possible to grow a B2B business without SEO.
Social Media Presence
Did you know? Approximately 60% of buyers check on social media before buying something. Social media referrals and recommendations play a vital role in increasing sales and strengthening the credibility of B2B business.
If you haven’t made it to the social media platforms, such as Twitter, Facebook, and Instagram, you need to get started as soon as possible. You can use several social media tools to ease your effort.
PPC Campaigns
You need to include a PPC campaign in your B2B digital marketing strategies if you have a reasonable marketing budget. SEO gives results for the long run. However, for quicker results, PPC campaigns can be the best option.
PPC campaign enables your company to open up significant opportunities to stimulate the attention of your prospects. PPC allows your target audience to find about your products or services faster.
Keep in mind; you need to pay every time someone clicks on your site. Therefore, you need to segment and run a PPC campaign on a few crucial products or services that you offer.
Final Thoughts
The most effective way to enhance your B2B digital marketing strategy is focusing on digital assets, such as websites, blogs, and social media pages.
Clients require credibility, quality, and recommendations to make a purchasing decision. As a B2B agency, you must approach your clients on the digital platform. Make sure you know your target audience and create a user-friendly website for your prospects.
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.
It might look like your office area is fully installed with a heavy security system and, you have tight control over the security of your business; you and your business could still be the victim of fraud. Therefore, your business can be more helpless against any fraud and scam than you might suspect, regardless of whether you have security gauges set up. You should know about the hideous works going on in your office. Sometimes relying only on day-to-day business operations and bookkeeping duties is not enough; instead, keeping a close look at the warning signs that direct a business fraud.
What are the signs that might indicate fraud in your business?
Below are some of the significant and telltale signs listed indicating your business is indeed the victim of fraud.
Giving too much access
Delegating all of the financial work to a single employee can be treacherous, which means putting your company at a much greater risk of fraud. Even if the employee is performing the duties well, giving too much access to a single employee regarding the payments, expenses, receiving of cash and, various other bookkeeping activities is never a good choice. Instead, assigning separate work to different employees is recommended to avoid any mishap from occurring.
Excessive transactions and having less oversight
It is always vital to keep a sharp eye on your bookkeeping records. In case there are various transactions made to clear mistakes, it very well may be done to conceal a fraud. Moreover, if there are several payments on a single bill, there might be a possibility that the employee is hiding the money for themselves. In such situations, where the employee is making; more transactions than needed, it is better to have more insight and audit their work.
Unbalanced Cash Accounts
Cash balances against your sales and expenses should always balance properly. Both too low and too high balances can be suspicious. Although having such balances can be an honest mistake, low balances can sometimes be a sign of missing money, and high balances can also indicate that an employee is trying to make up for the past fraud.
Duplicate payments
Such payments might happen because of blunder, oversight or, erroneously recording a seller receipt twice. However, duplicate installments are additionally a chance for a person to steal from the association. Looking at canceled checks and performing an audit of the duplicate payments can relieve the fear of fraud.
Refusing to leave the task to others
An employee who is consistent and devoted towards his work should always be appreciated; however, other than being an overachiever, if an employee wants to do everything on their own and never lets anybody else look at their work is a cause of concern. It simply means that he is maybe involved in fraudulent activities and trying to hide the scam from others.
Inventory shortage
Although product loss and waste are a common and regular part of business, excessive lessening and reduction of the inventory can be an obvious sign of theft.
Apart from portable stock, dishonest insiders often sell large bulk items and raw materials.
How to handle the warning signs of fraud?
If you keep seeing the signs that might indicate fraud in your business, it’s better not to ignore the red flags. The sooner the symptoms mentioned above are identified and addressed, the better it is. Monitoring key pointers of any suspicious activity is the initial step to recognizing and stopping the fraud that might happen inside your organization. Approaching the suspicious employee in a non-confronting manner is always recommended. Building a good relationship with employees is vital but at the same time, keeping an eye on their activities is also essential to prevent any scam from taking place. Reach out for professional help. The securities fraud lawyer will help regain your losses and get you your money back from the scammers as soon as possible.
Even if you believe that your business isn’t a victim of fraud, it is better to take help and move to outsourced accounting services that will provide an additional layer of review that might help prevent any fraud in the future.
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.
Unlock Business Growth: Benefits of Accounting Tools for Small Businesses
Accounting tools for small businesses are software platforms designed to automate financial tasks like bookkeeping, invoicing, expense tracking, and reporting. They enable business owners to manage their finances efficiently while reducing errors and saving time. These cloud-based solutions have become essential for entrepreneurs who need real-time visibility into their cash flow without hiring a full accounting department.
After two decades of helping small and mid-sized businesses navigate their financial operations, I’ve watched countless entrepreneurs struggle with manual bookkeeping systems that drain their time and energy. Small business owners spend an average of 20+ hours monthly on financial tasks—that’s 25% of a standard work week lost to spreadsheets and receipts. In this article, I’ll walk you through exactly how the right accounting tools can transform your business operations, boost profitability by eliminating the $118,121 average loss from poor financial literacy, and give you the financial clarity you need to make confident growth decisions.
What are accounting tools for small businesses, and why do they matter?
Accounting tools for small businesses are digital platforms that automate financial management tasks, from transaction recording to tax compliance
They eliminate manual data entry by syncing directly with bank accounts and automatically categorizing expenses, achieving 99.96-99.99% accuracy compared to human error rates
Real-time financial dashboards provide instant visibility into cash flow, profit margins, and outstanding invoices—critical data for daily decision-making
Cloud-based accessibility means you can manage finances from anywhere, collaborate with accountants seamlessly, and scale as your business grows
These tools save businesses an average of 10-15 hours per week on financial tasks while preventing the cash flow problems that cause 82% of small business failures
How Accounting Tools Transform Small Business Operations
Modern accounting software goes far beyond basic number-crunching—it fundamentally changes how small businesses operate. By centralizing financial data into one comprehensive platform, these tools eliminate the scattered spreadsheets and filing cabinets that plague traditional bookkeeping methods. Business owners gain instant access to critical financial information that would previously require hours of manual compilation.
The automation capabilities are particularly transformative. Instead of spending evenings reconciling bank statements or chasing down receipts, entrepreneurs can focus on revenue-generating activities while their accounting software handles repetitive tasks in the background. This shift from reactive bookkeeping to proactive financial management represents a fundamental advantage for resource-constrained small businesses.
Small business accounting software streamlines daily financial tasks
With the right tools, daily financial management becomes dramatically simpler. Automated bank feeds pull transactions directly into your accounting system, while intelligent categorization learns your spending patterns and assigns expenses to the correct accounts. Invoice generation transforms from a tedious process into a few clicks, with professional templates that you can customize to match your brand.
Payment tracking happens automatically—the software monitors which invoices are paid, which are overdue, and sends automated reminders to clients without any manual intervention. This alone can accelerate cash flow significantly, addressing the late payment crisis affecting 56% of US small businesses, who are owed an average of $17,500 in outstanding payments. Expense tracking becomes as simple as photographing a receipt with your phone, with optical character recognition technology extracting the relevant details and filing them appropriately.
Accounting solutions for small enterprises eliminate costly errors
Human error in financial recordkeeping can be devastating for small businesses. Automated data entry systems achieve 99.96% to 99.99% accuracy, compared to human data entry which ranges from 96% to 99%. When processing 10,000 entries, automated systems make only 1 to 4 errors while humans make between 100 and 400 errors. The software enforces data validation rules that catch mistakes before they become problems.
Built-in error checking flags unusual transactions, duplicate entries, or inconsistencies that warrant attention. This level of accuracy is particularly crucial during tax season when the IRS scrutinizes small business returns, reducing audit risk substantially.
Financial Management Tools for Startups: Building Strong Foundations
Early-stage businesses face unique financial challenges that can make or break their success. Financial management tools for startups provide structure during chaotic growth phases when founders are juggling multiple roles. The right accounting platform becomes your financial command center, tracking burn rate, monitoring runway, and providing the metrics investors want to see.
Startups benefit enormously from financial visibility that would otherwise require hiring an experienced CFO. Real-time dashboards display key performance indicators like monthly recurring revenue, customer acquisition costs, and gross margins—metrics that inform strategic decisions about hiring, marketing spend, and product development. This data-driven approach replaces gut-feel decision-making with concrete financial evidence.
Expense tracking software for small businesses captures every dollar
Comprehensive expense tracking prevents profit leakage from unrecorded costs or forgotten deductions. Modern expense tracking software for small businesses captures expenses across multiple channels—from corporate credit cards to employee reimbursements to subscription services. Mobile apps enable team members to photograph receipts in real-time, eliminating the shoebox full of crumpled papers that characterize outdated expense management.
The categorization capabilities extend beyond simple recording—these tools can track expenses by project, client, or department, enabling accurate job costing and profitability analysis. You’ll know precisely which clients or product lines generate the best margins and which ones might be costing you money.
Invoicing software for freelancers accelerates payment cycles
Invoicing software for freelancers addresses one of the most pressing challenges for solo entrepreneurs—getting paid promptly. Professional, branded invoices create positive impressions with clients while clearly communicating payment terms and methods. With late payments costing small businesses an average of $40,000 annually, automated invoice delivery and payment reminders become essential business survival tools.
The payment acceleration comes from integrated features like one-click payment buttons that allow clients to pay directly from the invoice via credit card or bank transfer. Automatic payment reminders politely nudge clients about upcoming or overdue invoices without awkward phone calls.
Best Accounting Tools for Small Business: Making the Right Choice
The accounting software market offers dozens of options, each positioning itself as the ideal solution. The best accounting tools for small businesses depend heavily on your specific business model, size, and growth trajectory. Sole proprietors have vastly different needs than businesses with employees, inventory, or multiple locations.
Affordable accounting solutions for small companies maximize value
Cost-consciousness drives many small business decisions, making affordable accounting solutions for small companies particularly attractive. Entry-level plans from leading platforms start around $15-30 monthly and include core features like invoicing, expense tracking, and basic reporting.
Simple accounting tools for entrepreneurs prioritize usability
Technical complexity intimidates many entrepreneurs who lack accounting backgrounds. Simple accounting tools for entrepreneurs recognize this reality by prioritizing intuitive interfaces and guided setup processes over feature bloat. The best tools use plain language instead of accounting jargon, making financial management accessible to non-accountants.
Cloud-Based Accounting Services for Small Businesses Enable Remote Work
The shift to remote and hybrid work models has made location-independent financial management essential. Cloud-based accounting services for small businesses store all financial data securely online, accessible from any device with internet connectivity. Multiple team members can work simultaneously within the same system without version control nightmares.
Cloud platforms provide real-time financial visibility that transforms how businesses monitor performance. Traditional month-end closing processes are replaced by live dashboards displaying current cash positions, outstanding receivables, and profitability metrics. This immediacy enables responsive decision-making rather than reactive course corrections.
Security and automatic backups protect critical data
Reputable cloud accounting platforms implement bank-level encryption, multi-factor authentication, and role-based access controls. Automatic backup functionality eliminates catastrophic data loss risks—hardware failures or accidental deletions don’t result in permanent financial record loss.
Budgeting Tools for Small Business Owners: Planning for Sustainable Growth
Financial planning separates thriving businesses from those struggling month-to-month. Budgeting tools for small business owners transform abstract growth goals into concrete financial targets with accountability mechanisms. With 82% of small businesses failing due to cash flow problems, these planning capabilities become literal survival tools.
Modern accounting tools offer forecasting capabilities that project future financial positions based on various assumptions. Cash flow forecasting proves particularly valuable, predicting when cash crunches might occur so you can arrange financing before emergencies arise.
Final Thoughts
The right accounting tools don’t just save time and reduce errors—they fundamentally transform how you understand and manage your business. With small business owners losing an average of $118,121 to poor financial literacy and 82% of failures stemming from cash flow problems, implementing proper financial management systems isn’t optional—it’s essential for survival and growth.
Real companies are experiencing these transformations daily. N&N Moving Supplies reduced payroll processing time by 84% after implementing proper systems, while The Blazin’ Buffalo food truck saved $1,000 monthly in taxes through better accounting structure. These aren’t outliers—they represent the standard outcomes when businesses commit to financial management excellence. Ready to transform your financial operations and unlock your business’s full potential? The experts at Complete Controller can guide you through selecting and implementing the perfect accounting solution for your unique business needs.
Frequently Asked Questions About Accounting Tools for Small Businesses
How much do accounting tools for small businesses typically cost?
Accounting software ranges from free options like Wave to premium solutions costing $50-100 monthly. Most small businesses find excellent value in plans between $15-30 monthly, which include invoicing, expense tracking, and basic reporting features.
Can accounting software really reduce errors compared to manual bookkeeping?
Absolutely. Automated systems achieve 99.96-99.99% accuracy compared to human data entry’s 96-99% rate. This means 1-4 errors per 10,000 entries versus 100-400 human errors—a dramatic improvement that prevents costly mistakes.
How long does it take to implement new accounting software?
Most small businesses complete implementation within 3-6 weeks. This includes 1-2 weeks for research and selection, 1-2 weeks for data migration, and 1-2 weeks for setup and training. Many platforms offer guided setup wizards that simplify the process.
Will accounting tools help with late customer payments?
Yes, automated invoicing features can significantly reduce late payments. With 56% of small businesses owing an average of $17,500 and losing $40,000 annually to late payments, features like automatic reminders and one-click payment options accelerate collection times substantially.
Do I need accounting knowledge to use these tools effectively?
No, modern accounting tools are designed for non-accountants. They use plain language, provide guided workflows, and offer customer support. Since 42% of small business owners have limited financial literacy, these platforms intentionally prioritize accessibility and ease of use.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
Jennifer BrazerFounder/CEO
Jennifer is the author of From Cubicle to Cloud and Founder/CEO of Complete Controller, a pioneering financial services firm that helps entrepreneurs break free of traditional constraints and scale their businesses to new heights.
Brittany McMillen is a seasoned Marketing Manager with a sharp eye for strategy and storytelling. With a background in digital marketing, brand development, and customer engagement, she brings a results-driven mindset to every project. Brittany specializes in crafting compelling content and optimizing user experiences that convert. When she’s not reviewing content, she’s exploring the latest marketing trends or championing small business success.
The experience of being in debt can be overwhelming yet challenging. Borrowing helps you accomplish a lot of the financial goals of your company. However, mismanaged debts don’t only affect the financial health of a business but also cause agitation.
Leverage is a corporate word that is often used in substitute of debt or loan. It refers to the borrowing of funds to finance different monetary requirements of the business, including inventory, transport vehicles, and several other assets. Entrepreneurs can either borrow debt or equity to purchase the company’s assets. Using leverage or liability increases the possibilities for bankruptcy.
Crawling out of a leverage trap isn’t a facile task. If you observe any leverage survivor company, you’ll notice wastage of time and opportunities. Debt seems easy at first, but we fail to foresee the joined obstacles. Here’s a list to determine the leverage crises and how to avoid them.
Credit cards:
Credit cards are like a two-edged sword. As a rule, if we purchase through a credit card without having enough funds, we’re supposed to make the payment from the next month’s income. If this payment cycle exceeds more than ten days, then the interest rate will pile up. That’s why financial discipline is essential while using credit cards. You must add a limit to your card, so you will never have to pay more than you can’t afford.
Emergency funds:
Some entrepreneurs are sensible enough to reserve a valuable sum of money equivalent to 6 months expenditure amount. The reason is to tackle any unforeseen obstacles. You should never use this amount in any situation unless your business is in a financial crisis, such as debt or a loan.
Avoid getting fascinated by luxuries:
Luxury can wait, but necessities cannot. Some companies tend to provide all the luxuries to their employees, including foreign trips and air-conditioned ambiance. However, it’s better to spend on luxuries when the profitability level reaches the maximum or when your company gets to save tons of money. In this way, you’ll get protection from the leverage trap.
Budgeting is essential:
By budgeting out your monthly expenses, you can wisely track where the cash is heading and where you can cleverly invest it. In case of cash crises, where you require a significant cut down of your expenditures, you’ll be able to consider the unnecessary commodities and services.
Limit the number of credit cards:
Multiple credit cards mean numerous interest rates. If you cannot repay the debt amount on credit cards, avoid using various credit cards at once. The more charges accumulated on each credit card can also mean more space to lose track of your revenue and expenditure.
Maintain a master sheet of expenses:
Always maintain a master sheet for tracking your expenses that contains room for correction so that you’ll be able to update it monthly. In this way, you can easily make timely payments in case of have multiple accounts or credit cards.
Avoid borrowing too much:
With time, you end up borrowing vast sums of loans with different maturities. An excellent way to protect your business from this leverage trap is to integrate multiple loans into a single one with slightly extensive maturity. You might have a longer EMI tenure, but your cash flows management is smartly done for now. Never hesitate to negotiate on interest rates and service charges. In the financial world, every charge is negotiable if you know how to persist.
Reconsider your priorities:
After having a deep analysis of leverage, you might create a priority list to rearrange your priorities. You may want to refrain from interfering in certain luxury items. You can either look for cheaper alternatives or avoid some purchases. It is the foremost step towards an optimistic financial situation. For instance, you can cut down your insignificant expenditures or idle machinery.
The most resistant part in trying to avoid leverage is to limit your expenditures and luxuries. Excess spending has become one of the most popular temptations in the present world of business. Through these strategies, you can keep control of the debt level while still having enough room for the prosperity of your 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.
Cost of Goods Sold (COGS) refers to expenses related directly to producing or purchasing inventory items for sale or resale. Inventory is a line item on the balance sheet and is considered an asset that the company holds. Inventory is one of the most critical assets for companies in the distribution industry. When inventory sells, the revenue appears in the income statement. The cost of procuring that item is known as COGS. Manufacturers also use COGS for the purchase of raw materials.
Periodic inventory
Under the periodic system, the amount in the inventory account doesn’t update when a company is purchasing inventory; it updates after a specified amount of time, usually annually. The inventory amount is only updated after a fiscal year finishes and the new year starts; this means that the inventory account won’t show you the cost of the stock for last year. All the purchases related to merchandise are entered and recorded in either one or more than one purchase account. When the year is about to end, the purchase accounts are closed by the company. By following the periodic system, there is no cost of goods sold when recording the sale of merchandise.
Assumptions for cost flow
IRS accepts three methods to move the cost to the income statement from the balance sheet. The three methods used are FIFO, LIFO, and Average Cost. They display what their names suggest and direct the order in which items flow from the inventory and money is moved on the balance sheet. FIFO means first in, first out, meaning that goods should come out of stock in the order received and their costs shown at their original purchase price. LIFO means last in, first out, removing the most recently received item first and recording inventory at its original purchase price. It doesn’t matter if the cost of goods sold has increased for the new batch; you must use the cost at their original price.
Perpetual form of inventory system
While following a perpetual system, the stock account is being updated at regular intervals by the company. Inventory adjusts when the actual cost of products purchased from the suppliers occurs; on the other side, the accounts adjust immediately as the items sell to customers. There is no chance for purchase accounts in this perpetual system of inventory. The actual price of sold products has a history, and that account adjusts at the time each sale occurs, which is the same for the cost related to the merchandise. Sales and accounts receivable both change to the record as one entry. On the other hand, the different products added to the inventory list decrease, and they start to make maximum the price of products sold to the customers.
FIFO (first-in, first-out), LIFO (last-in, first-out), and Average cash flow assumptions are merged with any inventory systems, either perpetual inventory systems or periodic inventory systems, to determine the actual cost of the stock at hand. It depends upon you that how you can choose any one of them according to convenience and ease.
Indication of a perpetual system
The perpetual system clearly shows and ensures that a company’s inventory account will always show accurate figures as accounts update in real-time at regular time intervals. In other words, you can say that the balance in the Inventory account will start to increase by the amount of the goods purchased. This amount decreases by the cost of the goods when a sale occurs. So, it illustrates that the balance in the Inventory account should tell you more about the cost of the inventory items that are on your hand right now. Also, the companies should count the actual number and cost of their goods that they are having at the current time (take a physical inventory) at least once a year. They should adjust the perpetual records if necessary for 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.
Budgeting can indeed be a pain when you do not have the time to sit down and divide your money according to your requirements. A proper budgeting system is needed for every household to ensure that finances are used effectively rather than mismanaged.
Technology has evolved, and there has never been a better time to be alive. If you hate going through the hassle of sitting down, laying out all your finances, and then creating a budget, there is good news for you.
There are now mobile phone applications in the market that do the deed for you. All you have to do is find an application that works for you, then sit back and enjoy as you have one less thing to worry about.
The Best in the Market
Following is a list of applications that would cater to your needs of domestic budgeting.
Please ensure that you do your research before trusting an application with your financial data.
Mint
Mint is a free app available in the market for the sole purpose of budget creation.
The app’s purpose is to allow you to keep track of your daily expenditure to stay within the limit while making everyday purchases. The app is highly user-friendly, so it is one of the top-rated ones in the market.
Mint suggests the option of connecting you to your bank account so all the transactions can file automatically. Those who do not wish to use this option due to privacy concerns could always manually add their transactions to the app.
The only con this app has been the targeted advertisements that are a part of the app interface, although they are not that bothersome to a vast majority since the app is free!
PocketGuard
PocketGuard is your next go-to application if you want to cub your overspending habits. The app’s primary purpose of curb unnecessary spending by tracking all your transactions through your bank account.
PocketGuard comes in two different variations; a free, basic version and a paid, premium version that goes by the name of PocketGuard Plus. PocketGuard Plus costs its users $79.99 per year, which seems plausible according to the app’s services.
EveryDollar
EveryDollar is a budgeting app that caters to your budgeting needs as well as tracking all your purchases. The app was on the zero-based budgeting philosophy that focuses on creating equilibrium between the expenses and the income.
The paid version of this application costs a whopping $129.99 per year, which may be a lot for some individuals, which is why it has the option of a free version. The crucial point that sets the two versions apart is that the user must manually add all the transactions to the app, which the paid version would do automatically.
You Need a Budget
You Need a Budget, or YNAB is an application for those willing to invest some bucks to save some dollars.
The app, charging $84 annually, is one of the most acceptable applications for budgeting—the app sync to your bank account, which takes away your worry of manually adding each transaction. Due to the in-depth approach of the company towards budgeting, it yields excellent results and claims to save $600 in the first two months of usage.
The app is known for being completely safe and strict on data protection as it uses high-level encryption.
Those who may be concerned about paying a considerable amount could always avail of the 34-day free trial that the company offers. It would be enough time for you to realize if the app is for you.
If you are looking for a free application to create a domestic budgeting plan for you, Mint should be your first option due to its remarkable results and user-friendly programming. But if you are ready to pay for the services, you should invest in YNAB because of the promising results with the application.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
A business calculates its profit and loss through an income statement. An income statement is created by calculating the cost of sales and then further deducting all the expenses from it (and adding other incomes, if any). Net loss is also known as net operating loss (NOL). If the value after deducting the expenses is negative, that indicates that the business did not earn any profits but is facing a loss. Causes of a loss are low revenues, very high amounts of expenses, and high competition.
To prevent losses, entrepreneurs should adopt some strategies into the business to gain profits. The owners should determine the causes of facing a loss in the industry and work to improve it. One of the most important factors to consider while finding ways to reduce costs is productivity and efficiency. Efficient productivity ensures that more work will be done in less time hence reducing costs. Here are a few measures an entrepreneur should take to prevent losses:
Building a Business Plan. To prevent failures and losses in a business, owners should create a strong business plan and execute it accurately. Usually, the creation of business plans occurs at the start of the company. Entrepreneurs should keep updating it and set more future goals according to the situation of the business. Instead of just making additions, you can also change the business plan when the old incentives are not needed anymore.
Cut down as many expenses as possible. You can start by reducing supply expenses. Office supplies can be found at much cheaper rates if appropriately researched. Large companies like BJ’s, Amazon, or Wal-Mart offer supplies at a discounted price and will save you a lot of money. Decrease your production costs by finding economies of scale. Find loans with fewer interest rates and discover a line of credit. Find efficient time strategies and make the most out of your space.
Find ways to increase your revenues. You can either increase your prices on the products you’re selling or find more customers. A disadvantage you might face while raising the fees is fewer customers if you’re dealing in a competitive or mass market. But if you are in the niche market, then an increase in prices might not be an issue. You can increase the number of customers by introducing new packaging to attract them or using social media to reach out to them.
Be aware of thefts. Try introducing safety rules in the business to prevent customer or staff theft. Protect your data to avoid cyber attacks. Train your staff and get an experienced IT staff to prevent significant losses as thefts could potentially be substantial. You should also protect customer data from gaining their trust and loyalty.
Get professional help. If your business is failing and facing losses, you should get a financial analyst’s help. A financial analyst works on your financial balances and suggests what’s best for the business’s current situation financially. They will help with making the liquidity situation stable. They locate problems and propose improvements that you can make. They also point out techniques to assure efficient productivity.
Merge with other small businesses. Find profitable companies willing to collaborate with you and use their finances to generate new products to earn profits. Merging with a firm will reduce operational costs, and your business can achieve economies of scale. A business merger can also reduce competition if you’re performing a horizontal merge as you will have the combined number of customers.
Businesses, especially start-ups, go through a lot of situations where they face losses. To prevent these situations from happening again, an entrepreneur should follow the courses of action mentioned above. Think creatively and intelligently for the betterment of your business and to make it successful. If an owner is too stressed to handle all of these problems, they should consult professional help to make it easier. It might cost the business a little, but it will be beneficial and cost-saving in the long run. If these measures are taken and executed correctly, the company will be earning profits in no time.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
