Author: Complete Controller

Companies utilize numerous management tools for smooth operations. These tools are efficient and provide business owners with critical insights into their company’s financial information and performance tools for operating processes.

One of the most valuable tools is a budget, primarily used by businesses to manage their finances. A budget is crafted with advanced forecasting so that it can predict future expenses. Presently, companies rely on the accuracy of their income and expenditure, which is indicated by budgeting.

On the contrary, performance reports are usually an assessment of a particular function of a business. Also, comprehensive performance is generated at the end of every fiscal year. The performance report reflects the input of the resources and output of the services for every single company unit.

This activity is commonly implemented by government officials and agencies to co-relate the tax-payer funds and the outcome of services provided by the federal or state government.

Budget and performance reports are essential for every business, and generally, professional accountants or bookkeepers are hired to tackle them. The finance department is typically assigned the budgeting task, while an expert always creates a performance report. The process of budgeting is essential for a business to grow in health and profitability.

Role of the Performance Report

Although budgeting holds a significant amount of information, it can’t offer you additional facts related to variances. Additional costs of acquiring the resources or poor economic conditions are several factors that need to be considered before the budget approval.

However, performance reports are highly impacted if the government brings any alterations in its laws. Half of these indicators are utterly financial, while others might be related to administration and management. Therefore, a performance report has to be accurate to avoid any future surprises.

Role of the Budget

For a business, there are numerous characteristics of budgeting. One of them is how budgeting accurately assigns your money. It provides you an evaluated acknowledgment of your affordability and financial limitations. Here are the primary characteristics of the budget.

Controllability

Budgeting is a fantastic way of willfully controlling your money. The budget allows you to stay worried about the unexpected expenditure that might appear. Also, you’ll be able to determine the weakest parts of your business.

Cash Assignment and Profitability

It is effortless to lose sight of where a company is generating profit during the scramble of chronic management. An appropriately structured budget indicates what aspects of a business generate money and which ones utilize it, which ultimately compels the management to consider expanding neglected parts of a business. Additionally, a very minimal amount is available to invest in working capital and fixed assets, and budgeting forces the management to select the worthiest assets to invest in.

Avoid Business Chaos

In smaller organizations, budgets became a rarity. Business owners prefer to manage themselves only with the reference of general budgeting. Undoubtedly, they aren’t professional accountants with tons of expertise in this field. When things don’t do as planned, the business owners might reserve the employees’ paychecks or invest in several financial operations, but many businesses fall anyway.

There will be varied explanations for this failure called “undercapitalization.” Undercapitalization is the reason larger corporations rely on budgets. It is a significant element for controlling and strategizing financial processes.

Productive Usage of Resources

Within many companies, it is a prevalent practice for employees and managers to assign limited resources. Every business contains a deserving workforce, and it usually creates disputes among the employees. However, the available resources will be naturally higher than the available amount of funds with proper budgeting.

Companies may opt for automated software and performance reports for tracking the financial information related to budgeting. It combines with the performance report that is in charge of comprehensive budgeting management. These reports often list particular attributes relating to several budget variances and the other mandatory information for the budget situation.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Business owners need to know the current technological advances in the field of accounting. With time, the use of bots is increasing, and their cordial relationship with bookkeepers is utterly unavoidable.

Bots are not robots in reality but unique applications that interpret information and notify you. The coding activity allows bots to process data rapidly, which is not humanly possible. The most significant aspect of bots is the perfect blend of human elements and advanced technology to achieve utmost efficiency.

Undoubtedly, bookkeepers play a pivotal role in an organization, but what happens when bots manage the flow of information and render various manual tasks virtually? The shared insight of bookkeeping as an activated role focused on tracking data gets upside down.

Technology has reached a point where individuals don’t have to be involved in manual data collection and management. For instance, recording invoices can be done reflexively and without any human involvement. This activity is getting a lot of hype and is becoming a reality for many financial recorders.

It has been determined that future bookkeepers will go beyond understanding the accounting manual software. Bookkeepers must be capable of anticipating technology usage, workflow issues and strengthen financial strategies.

Artificial intelligence and mechanics have already enabled bookkeepers to communicate with bots just like associates. Many businesses have already entrusted online tools that can record the transactions without requiring a lengthy trial.  Here are six reasons you should use bot technology to handle your business accounting.

Efficient Data Recording

Chasing customers for their accounting records, bills, bank statements and finding the missing documents are some of the troublesome pointers for bookkeepers. Bots help to eliminate this gracious part of the work for bookkeepers. The bookkeeper has to share an online application with the customer for data collection.

Every time the customer receives a bill or receipt, they have to take a picture with their smartphone. The digital document and the connected data will be available to the bookkeeper within minutes. Additionally, they can scan and upload documents from the desktop.

Improves Processing Speed

Sorting documents manually and data entry needs time, depending on the burden of work. Almost all bookkeepers who have worked with SMCs in the past have gone through extreme workloads, and they’ve described their stressful journey of working under pressure.

Bookkeeping bots mechanized data processing and enabled them to craft more reliable services for their customers. Once you have rapid data processing, you can render practical reporting and excellent services.

Better Management

With multiple tasks, it is nearly impossible to remember deadlines and deliveries. A mechanically organized dashboard can compose all the functions in one place. This bird’s eye view of your customer’s bookkeeping variables enables you to prioritize their requirements.

Practical Reporting

Nothing makes a brand attractive to its clients more than practical financial reporting. A few decades ago, practical reporting was quite impossible. Still, with the advent of the latest technology, document sharing, and mechanized bookkeeping tools, it has been easier than traditional accounting.

Less Stressful

Recruiting, training, and reserving a skillful workforce is one of the most crucial challenges for SMPs. However, bookkeeping bots make it facile to appoint and retain work staff. Moreover, it also diminishes the stressful procedure of hiring employees, and it would be highly feasible to motivate a minimal workforce. You won’t worry about the workload’s instant burden or pushing the team to contribute to the business.

Budget-Friendly

The bookkeeping bots don’t include any initial cost, fixed fees, and maintenance costs. Fortunately, it isn’t the software that you need to buy with thousands of dollars. Bookkeeping bots are budget-friendly internet-based software, and getting one for your financial purposes is as easy as signing up for a social media account. There will be no initial cost to utilize them, and you’ll be paying only for the processing of documents.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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

Why You Should Hire A Professional Accountant Today

Hiring a professional accountant saves time, prevents costly financial errors, and provides expert guidance that transforms your business operations from reactive to strategic. Small business owners typically spend 120 hours annually on accounting tasks that professionals handle in a fraction of the time, freeing you to focus on growth and innovation.

I’ve spent over 20 years as CEO of Complete Controller working alongside businesses across every industry imaginable, and one pattern remains constant: companies that invest in professional accounting services outperform their competitors by margins that surprise even seasoned entrepreneurs. The data backs this up—businesses using outsourced accounting save up to 50% on bookkeeping costs while achieving 30% higher financial accuracy. This article reveals exactly how professional accountants deliver these results, from tax optimization strategies that recover their fees within months to error prevention systems that protect against devastating penalties.

What does hiring a professional accountant achieve, and why act now?

• Professional accounting delivers immediate time savings, error reduction, strategic planning, and tax optimization that typically recovers costs within 90 days
• Time efficiency gains average 10-20 hours monthly through automated bookkeeping, payroll processing, and invoice management
• Mistake prevention eliminates misclassified expenses, compliance penalties, and missed deadlines that cost businesses 5-20% in annual revenue
• Strategic advisory services include growth forecasting, investment planning, and cash flow optimization beyond basic number-crunching
• Immediate ROI materializes through tax savings, recovered deductions, and operational efficiencies that most businesses never realize alone

The Tangible Benefits: How Accountants Save Time and Money

Professional accountants transform chaotic financial operations into streamlined systems that practically run themselves. The average small business owner dedicates three full work weeks annually to accounting tasks—time that could generate thousands in new revenue instead.

Modern accountants deploy cloud-based automation tools that reduce manual bookkeeping labor by 80%. A bakery client recently redirected 12 weekly hours from invoice processing to customer acquisition, resulting in 23% revenue growth within one quarter. These efficiency gains compound over time, creating sustainable competitive advantages.

Beyond time savings, professional accounting services prevent expensive mistakes before they occur. Misclassified expenses, unreconciled accounts, and overlooked deductions trigger IRS audits and cash flow crises. Studies indicate businesses save $7,000 to $15,000 annually by avoiding penalties and interest charges through proper financial management. One retail client discovered $9,200 in overlooked deductions during their first professional review—money that would have vanished without expert oversight.

Navigating Tax Complexities: Expertise That Pays for Itself

Tax regulations change constantly, with new credits and deductions emerging while others expire. Certified public accountants maintain current knowledge of these shifting landscapes, identifying opportunities most business owners never discover.

Strategic tax planning extends far beyond annual filing deadlines. Professional accountants analyze your entire financial structure to minimize tax liability legally. A tech startup recently reduced taxable income by 34% through R&D credits that their accountant identified—savings that funded two new hires. These professionals also handle quarterly estimates, payroll taxes, and state compliance requirements that overwhelm DIY filers.

Audit defense represents another critical value proposition. Accountants maintain meticulous records, respond to IRS inquiries, and navigate examination processes that terrify unprepared business owners. Their expertise prevents minor issues from escalating into major financial disasters, protecting both your business assets and personal peace of mind.

Real-World Pitfalls: Case Studies of Costly DIY Accounting

Financial mistakes compound quickly without professional oversight. A Colorado manufacturing firm faced $28,000 in penalties after missing quarterly payroll tax deadlines—an oversight their overwhelmed owner never noticed until IRS notices arrived.

Their new accountant immediately filed penalty abatement requests, recovering 70% of the charges while implementing automated reminder systems. The firm now saves $17,000 annually through proper tax planning and never misses another deadline. This transformation required just three months of professional intervention.

The freelancer’s $9,200 lesson

A freelance designer learned expensive lessons about balancing personal and business finances. Her DIY approach triggered an IRS audit when suspicious deductions appeared without proper documentation. The examination revealed numerous errors, from unclaimed home office deductions to improperly categorized expenses.

Her accountant restructured the entire financial system, separating business transactions and maximizing legitimate deductions. The result: $9,200 in reduced tax liability and a bulletproof system preventing future audits. More importantly, she gained clarity about actual profitability, enabling smarter pricing decisions that doubled her income within 18 months.

Strategic Financial Leadership: Beyond Basic Bookkeeping

Top-tier accountants function as fractional CFOs, providing strategic guidance that transforms good businesses into great ones. They create detailed cash flow projections, analyze investment scenarios, and identify growth opportunities hidden in financial data.

A Miami e-commerce business leveraged these insights to secure $500,000 in funding. Their accountant prepared three-year financial models demonstrating specific profitability pathways, impressing investors who typically reject 90% of applications. The projections proved accurate, with the business achieving targets six months ahead of schedule.

Professional accountants also implement risk management strategies to protect against common vulnerabilities. They identify overreliance on major clients, suggest revenue diversification tactics, and create succession plans to ensure business continuity. A family restaurant avoided closure after its founder’s sudden retirement by following its accountant’s pre-established transition framework, preserving both the business and family relationships.

Finding the Right Accountant: A 5-Step Selection Framework

Selecting the ideal accounting partner requires strategic evaluation beyond checking credentials. Start by defining your specific needs—tax complexity, industry requirements, and growth objectives shape which expertise matters most.

Step 1: Define your requirements

Tax-focused businesses need CPAs with IRS Enrolled Agent status, while high-growth companies benefit from strategic advisors. Industry specialization matters significantly—restaurants require cost-control expertise while SaaS companies need R&D credit proficiency.

Step 2: Verify professional credentials

Check state board licenses through official channels like CPAVerify.org. Confirm CAAT certifications (Compilation, Audit, Attest, Tax) matching your needs. Request references from similar businesses and actually call them—authentic feedback reveals working relationship quality.

Step 3: Assess technology compatibility

Modern accounting requires seamless software integration. Prioritize professionals fluent in your existing tools (QuickBooks, Xero, etc.) who can enhance rather than complicate current systems. Cloud-based collaboration capabilities enable real-time financial visibility.

Step 4: Evaluate communication style

The best technical skills mean nothing without clear communication. During initial consultations, notice whether complex concepts become understandable. Your accountant should educate, not confuse, ensuring you make informed decisions confidently.

Step 5: Structure the engagement

Discuss service packages, response times, and growth accommodation. Many businesses start with basic bookkeeping, then expand services as needs evolve. Establish clear expectations about deliverables, meeting frequency, and preferred communication channels.

The Emotional ROI: Beyond Spreadsheets

Financial stress destroys entrepreneurial creativity and decision-making ability. Business owners report 40% lower anxiety levels after outsourcing accounting responsibilities, with many citing improved sleep and family relationships.

Professional financial management exponentially builds stakeholder confidence. Banks, investors, and partners view organized finances as competence indicators, increasing funding approval odds by 65%. One client secured a crucial supplier partnership solely because their professional statements demonstrated stability during initial negotiations.

I’ve watched countless entrepreneurs transform from exhausted number-crunchers into visionary leaders once freed from financial administration burdens. They rediscover passion for their core business, make clearer strategic decisions, and actually enjoy entrepreneurship again. This emotional transformation often proves more valuable than any tax savings.

Conclusion: Your Financial Transformation Starts Now

After two decades guiding businesses through financial transformations at Complete Controller, I’ve witnessed one undeniable truth: professional accounting isn’t an expense—it’s an investment that pays compound returns through saved time, prevented mistakes, and strategic insights.

The businesses thriving today aren’t necessarily smarter or luckier than their struggling competitors. They simply recognized that financial expertise amplifies every other business strength while protecting against hidden weaknesses. Your competition may continue wrestling with DIY accounting, but you now understand the competitive advantage waiting through professional partnership.

Take action today before another quarter passes without optimized finances. Schedule your free financial assessment with our Complete Controller team to discover specific savings opportunities in your business. We’ll analyze your current situation and demonstrate exactly how professional accounting transforms your bottom line.

Frequently Asked Questions About Hiring Professional Accountants

How much does hiring an accountant cost for small businesses?

Professional accounting fees range from $150-$500 hourly for specialized CPA services, but most small businesses utilize monthly packages between $250-$1,000 covering comprehensive bookkeeping, payroll processing, and tax filing services.

When should a startup hire its first accountant?

Engage professional accounting during entity formation to optimize tax structure and equity distribution—ideally before generating first revenue to establish proper financial foundations and avoid expensive restructuring later.

Can accountants help businesses manage and reduce debt?

Yes, experienced accountants negotiate payment plans with creditors, consolidate high-interest loans, and develop debt reduction strategies—one client reduced $100,000 in obligations to $72,000 through professional debt restructuring.

What’s the difference between a bookkeeper and an accountant?

Bookkeepers record daily transactions and maintain organized records, while accountants analyze financial data, provide strategic guidance, ensure tax compliance, and offer business advisory services—most growing businesses benefit from both.

How do I verify an accountant’s credentials and reputation?

Verify CPA licenses through state boards via NASBA.org, check disciplinary history, confirm specialized certifications through AICPA, and request references from current clients in similar industries.

Sources

• Archer Lewis. “7 Benefits of Hiring an Accountant for Small Business.” Archer Lewis, 2024. www.archerlewis.com/benefits-hiring-accountant
• Haworth & Co. “Common Accounting Mistakes Small Businesses Make.” Haworth, 2025. www.haworth.com/accounting-mistakes
• Investopedia. “Financial Advisor Definition.” www.investopedia.com/terms/f/financial-advisor.asp
• IRS. “Tax Professional Guidelines.” Internal Revenue Service. www.irs.gov
• J2T Recruiting. “How Does an Accountant Save My Company Money?” 2022. www.j2t-recruiting.com/post/how-does-an-accountant-save-my-company-money
• MGO CPA. “Identifying a Major Tax Error for a Machinery Manufacturer.” 2024. www.mgocpa.com/perspective/case-study-identifying-a-major-tax-error-for-a-machinery-manufacturer
• Mytasker. “Top 5 Benefits of Accounting Services for Small Businesses.” Mytasker, 2025. www.mytasker.com/accounting-benefits
• NOW CFO. “Why Your Business Deserves Better Accounting and Less Stress.” 2024. www.nowcfo.com/why-your-business-deserves-better-accounting-and-less-stress
• Otterz. “Case Study: How Otterz Helped a Small Business Save $20,000.” 2024. www.otterz.co/case-study-how-otterz-helped-a-small-business-save-20-000-annually
• Personiv. “How Accounting Has Changed: 52 Statistics.” 2025. insights.personiv.com/blog-personiv/how-much-accounting-has-changed-stats
• Pulse Accountants. “Top 10 Reasons to Hire an Accountant.” Pulse, 2024. www.pulseaccountants.com/reasons-to-hire
• SBA. “Small Business Tax Guide.” U.S. Small Business Administration. www.sba.gov
• ZenBrief. “How to Build an SEO-Friendly Content Outline.” 2021. www.zenbrief.com/content-outline

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 credit control system is a strategic system that ensures that the services or products you provide to the customers on credit are paid for. This system identifies the types of debtors to give them a different time of payment. This determination means that the customers with a strong credit history are provided with a longer time for the repayment of the line of credit, and the customers with a weak credit history are asked to make payments as soon as possible.

Credit control is also called credit policy and credit management. Credit control is essential as the whole business’ success depends on sales, but sometimes having high sales does not mean that you have cash in the business as, without credit control, credit sales turn to irrecoverable and bad debts. Controlling credit also makes your cash flow positive or balanced.

With credit control, your accounts and finance stay managed, the risk of failure decreases, and the business owners will be free from the stress of having to worry about accounts receivable. The duties of a credit controller are managing and collecting debts from company debtors, setting up terms and conditions of the credit, processing payments and reconciliation of invoices, and ensuring timely payment of debts.

The job of a credit controller is very challenging and full of obstacles as dealing with customers can be very hard. Sometimes the customers do not tell the truth, and you end up with late payments again. Sometimes, the situations get out of your hands, and you can’t control them. Here are a few tips to control credit effectively:

• Make sure that the credit-control process is organized. The first step to success has clear and managed records. An essential factor while controlling credit is to make a precise and proper timetable which should include all the debtors, the time of sale, and the time provided to the customer for the payment of your product or service, do not forget to mention the contact details of the debtor to avoid panic at the time of payment.
• Make policies and follow them. While controlling credit and introducing the Credit Control System to the business, you should create a policy and procedure document and follow it. This documented procedure will also help others to understand the policy.
• Keep a background check on the credit history of your customers. If your customers have a strong credit history, you can give them an extension for the payment period, and customers with a weak credit history should give them a lesser period to pay you. You can also offer discounts over early payments to encourage customers to pay timely.
• Communicate with your customers. It is imperative to get all the contact information about your customers to inform them about your terms and conditions. Schedule calls for your customers to keep them updated and to remind them about your payments. Tell them about your new offers and deals about early payments and inform them about your credit history.
• Send invoices to your customers through the internet. Sending electronic invoices to customers is an innovative idea to save the cost of ink and paper, and it is also easy to manage and will be sent to your customers quickly. You can also mention all the details about your policies to make them agree upon your terms. This agreement can also prevent or decrease late payments. Invoicing is also very good for your cash flows and helps you manage your finances properly.

A few benefits of controlling credit are that it saves time if you follow a systematic process. It even saves your money as you will get many payments when you keep track of your payments and invoices. You can manage your risks, too, as irrecoverable debts are a significant factor behind failed businesses.

Credit control is also a key to sustaining growth. A credit controller should be very well organized and skilled to do this job with ease. The tips mentioned above are handy if followed the right way and are practical too.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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 bookkeeper is an individual entrusted with managing the accounts, financial data, and tax-related matters of a company. Whether you’re starting up a new business venture or have an established enterprise, the act of hiring a professional bookkeeper never goes in vain.

As the business grows, the requirement for a bookkeeper grows as well. Undoubtedly, a proficient bookkeeper is the secret to the success of your business. Bookkeepers ensure an accurate accounting of your company’s finances, reduce tax costs, and eliminate accounting errors. Therefore, hiring a certified bookkeeper is of great importance. Here are seven essential qualities to look for in a good bookkeeper.

1. Professionalism

As mentioned, the nature of the work obliges every bookkeeper to be proficient with a certain level of accounting knowledge. Bookkeeping includes managing repetitive and routine financial tasks in a timely manner. A bookkeeper needs adequate technical skills and the ability to carry out his duties professionally while saving valuable time and capital.

However, before hiring one, you must consider your niche industry and make the selection accordingly. Professional competence should be your priority, and it will also ensure your partners and investors that you have chosen the right individual for the job.

2. Proficient with accounting software

When bookkeeper utilizes the latest accounting software, it’s an indication that they are committed to enhancing efficiencies and providing more brilliant services. Suppose your bookkeeper perceives how to leverage accounting software to streamline invoicing, payments, and payrolls. In that case, you’ll understand how every aspect of your business coordinates with one another, financially and operationally.

3. Organizational skills

Stellar organizational skills are imperative to becoming a bookkeeper. A bookkeeper should manage their workload and time so that they are responsive to every customer’s needs and can retrieve information and accounts immediately when required.

There are moments when a bookkeeper has to carry out multiple financial operations at once, and an ideal one will stay calm and manage every task with dignity and smartness.

4. Honesty

An ideal bookkeeper is utterly honest about finances and cash transactions. An honest bookkeeper won’t consider manipulating their customer’s confidential information, but if they do, they’ll be facing severe consequences in the form of lawsuits and hefty penalties. A reputable bookkeeper will never get involved in illegal or unethical activities.  Always consider a credible and trustworthy bookkeeper who can effortlessly carry out accounting tasks with utmost honesty for accounting and financial tasks.

5. Transparency

Transparency is of pivotal importance when it comes to business finances. A bookkeeper must be crystal clear with his dealings and must be very responsive. No one likes suspicious individuals, especially if you’re working with them. If your bookkeeper isn’t glassy with the management of billing and pricing, and if you constantly have to question them about what kind of value they are adding to your business, maybe it’s the right time to call off the agreement with them.

6. Discipline

Discipline comes in several forms, including stress management working under pressure, and staying composed and calm in a professional environment. A company’s financial situation can rely on your morality and integrity in dealing with their money. For bookkeeping to be successful, you need to show exceptional discipline in handling the company’s accounts.

7. Productiveness

Financial problems and challenges are a part of business, but a valuable bookkeeper is the problem-solver. For accounting and tax purposes, your bookkeeper must be the first one to provide you with informative advice. It might not possess the best answers instantly all the time, but it grants you worthy options promptly. Fortunately, you’ll be given the details of the arisen issues and the substitutes for sorting them out.

Over the years, the demand for professional bookkeepers has highly intensified. Hiring a bookkeeper has become an obligation for businesses that need to manage their cash flow properly and achieve financial stability to flourish their businesses. Additionally, online accounting services are a priority for many businesses because they are highly flexible and credible and help them grow their companies’ core areas.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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.

Before the internet, getting a book published was challenging, and often aspiring writers never saw their dreams of published work realized. However, since the internet, eBooks, and alternative publishing methods have been invented, the publishing world has never been the same.

While traditional publishers will likely never be obsolete, they must be much more competitive to keep up with the thousands of independent writers’ self-publishing. However, many independent authors are still hesitant to self-publish because of the costs.

The cost of self-publishing depends on how much of the process you will do yourself, the content and book length, and the costs associated with the self-publishing company you are using to publish. The average cost to self-publish will fall between $2,000 – $4,000, including marketing, cover design, formatting, and editing.  

This cost will be cut if you perform these services yourself. However, for the best quality end product, you should hire a professional editor. Many self-publishing sites have packages that include cover design, formatting, editing, and marketing. These services will make publishing more high-quality. However, using them will drive the costs up. Here is a closer look at these services and their costs.

Editing

It would help if you got a few kinds of technical editing done before publishing, including proofreading, developmental editing, and copy editing. You should have an editorial assessment and make critical changes to publish the best product possible.

Book Cover Design

Unless you are an artist or have skills as a graphic designer, it is suggested that you hire a professional book cover designer. Though there is the saying, “Never judge a book by its cover,” most people will explore a book further for potential purchase because of the book cover design.

The cost of having a professional cover designed can range widely with the cost depending upon the designer’s skill level.

Formatting

Depending on where you are publishing, you will need to format the book and an eBook. Each format is different depending on where you are publishing the book. You can format the book yourself if you know how to do it properly.

Hiring a professional to format your book is an excellent idea because it can be tedious and requires knowledge and skills, so it looks right when the book is published. While formatting can be tricky, there are many videos online that show how to do it.

Marketing

One of the significant disadvantages to self-publishing instead of going through a traditional publisher is that the publisher will heavily market your book. They will also set up book signings or other promotional events and handle all websites and social media associated with you or the book.

Other Costs

Depending on your chosen path, there can be costs associated with delivering and converting your book to an audiobook. You can also pay fees to use a website to publish for you, such as a flat fee or a percentage of your royalties.

In some cases, an author will hire a ghostwriter to help them develop, edit, and publish their book. Some ghostwriters will charge by the hour, while others will charge by the project. While it can be expensive to hire a ghostwriter, it can also help you get your ideas out quickly and professionally if you aren’t a strong writer.

Conclusion

Self-publishing is not for every author. It takes a lot of work and dedication to self-publish a book worthy of competing with traditionally published books. Those books have the entirety of the publishing company behind them on every aspect of the publishing process.

However, since it is difficult to get the attention of a publisher, self-publishing is a viable option. It also allows you to retain all creative control over your work, how it is released, marketed, and the message you want to send.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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.

To give tax release to business-facing COVID-19 pandemic, the Coronavirus aid, relief, and economic security (CARES) performed temporarily reduces the restriction on deductions for business interest expenditure. Here is the story.

TCJA made a new restriction

Before-tax cuts and jobs act (TCJA), some business was subject to the known “earning stripping” policies. Those policies prevailed to restrict deduction by U.S businesses for interest paid to associated foreign entities that were not subject to the U.S income tax. Other taxpayers can usually fully deduct business interest expenditure (focused on other tax law limitations like the at-risk and passive loss rules).

The TCJA moved the business interest removal or deduction playing field. For tax years starting in 2018 and beyond., it restricted a taxpayer’s deduction for business interest expense for the year to the sum of:

• 30% of compensated taxable income 
• Business income revenue

Business interest expenditure is known as interest on debt that is appropriate to a business or trade. Though, the term business or marketing does not include the following expected actions.

• Deal in the real property business
• election services as a worker
• Choosing farming business 
• Selling water, sewage disposal services, electrical energy, steam or gas by a local supply system, or transportation of steam or gas by pipeline, if a particular governing body makes the rates.

Interest expenditure forbidden under the restriction rules is moving on the future tax years treated and identified as business interest expenditure incurred in the carryforward year.

Small business exception

Various businesses have been released from the interest expenditure restriction rules under what we will call the small business exception. Under the exception, the taxpayer is free from restrictions if the taxpayer’s average annual gross income is $25 million or less than that for the three tax years ending with the ongoing tax year. Businesses with changing annual gross income might qualify for the small business expectation for many years but not for others for the following year.

If the average yearly income is typically over the $25 million thresholds, but not much, careful planning might permit you to succeed the small business expectation for some years.

Particular policies for partnerships and S corporations

The interest expenditure deduction restriction rules affect more complex business managers as partnerships, limited liability companies (LLC) have been preserved as affiliations for S corporation and tax purposes.

 The restriction has been measured at both the owner level and the entity level he higher. Policies stop double counting profit when calculating a leader’s ATI to apply restriction policies at the owner level.

IRS planned regs set forth the new rules for applying the business interest expenditure restrictions to membership and S corporation and their owners. The policies are complex and presently come compliance challenges.

Favorable CARES acts change

The CARES act usually permits businesses, if they elect otherwise, to boost the interest expense deduction restriction to half of the ATI tax year starts in 2019 or 2020. The company could also use 2019 ATI to measure the 2020 ATI restriction, which can permit a massive deduction if 2020 ATI is less, which might be the case for various businesses.

For memberships or partnerships (having LLCs treated as a partnership for tax purposes), the 30% of ATI restriction remains in place for tax years starting in 2019 but is half for 2020.

Do not permit partnership business interest expenditure from the partnerships in 2019. The tax year is owed to partners and carried on their 2020 tax years.

Except for a partner who selects otherwise, half of the carried-over partnership business expenditure from 2019 is reducible in members’ 2020 tax year deprived of esteem to do business interest expenditure policies or rules. The remaining half is subject to the simple restriction policies, measured at the partner level, for carried over partnership business interest expenditure. Similar to other businesses, partnerships could elect to use 2019 ATI to measure at 2020 ATI restriction.

Bottom Line

As you see, the business interest expenditure restricts policies are complex. The temporarily relaxed restriction can permit impacted businesses to reduce their federal tax liabilities for 2019 and 2020. Although for partners and partnerships, restriction policies were flexible only in 2020. Your tax advisors could help your business benefit from the related guidelines for business interest expense deductions and assisted with other tax relief measures made available by the CARES act.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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 a product or service-based business can be quite a daunting task. While you may have the funding and the business plan sorted already, there are sure to be several unpredictable bumps in the road which you will never be prepared for that will require strategies for success.

One of the critical challenges any business faces is the limited budget for many things a business owner might want to change. These changes could include expansion in product or service, improvement of the technology infrastructure, adding amenities to the employee packages, and incentivizing specific clients with the prospect of significant business returns.

These challenges are worsened if your business is financed by someone else who keeps a keen eye on the regular business operations and refuses to invest in your ideas that could potentially increase the risk of losing money earlier than expected. Here are six strategies to make your business a success.

Retaining Profitable Clients

Your approach should be to find your unique selling point and then focus on finding targeted customers for that USP. If you already have a few clients on board, try analyzing their net worth for your business and tweak your services or products accordingly.

It would help if you also considered the valuable feedback of your clients to maintain a long-term and retainable business relationship with them. While searching for new clients is pivotal to business growth, retaining the ones you already have is equally vital for the sustainability of your business.

A Pool of Experienced & New Human Resources

Most entrepreneurs believe hiring the most experienced talent from the market is the perfect way to climb to success. Experts believe otherwise. A pool of experienced and new human resources allows you to capitalize on the market experience. This capitalization can occur while training new employees according to your values.

Also, product base helps you project your USPs better in the diverse marketplace.  According to a North American survey, over 82% of entrepreneurs in the region make training fresh employees their priority. They believe that investing in the training of their workforces promises better growth for businesses.

Another finding from the same survey suggests that businesses focus on hiring experienced managers with new employees to delegate key responsibilities to experienced individuals who can foresee possible shortcomings in a business plan while benefiting from the enthusiasm and innovation of fresh blood.

Keep up with the Trends

While digitalization has made businesses easier by clearing the ruffles in the communication between the customer and the business owners and making the marketing of products easy, it has also become more competitive. Every other day, you see a new trend evolving. Be it a service or a product, inspirations and ideas lead to innovative products dynamically, thus making the market quite competitive.

Any business needs to keep up with the changing trends and innovate in their products or services to improve their retention ratios and position themselves among the industry’s market leaders.

Automate Processes

Gone are the days when customer communication, procurement, and advertisement used to be managed on manual sheets and databases. You can save time and money by investing in good accounting, CRM, and procurement software.

These tools will cut down the amount of work to be done and automate processes. With technologically advanced infrastructure and processes streamlined and well-versed, businesses can overcome many challenges with ease.

Grow Business Partnerships

It is not entirely necessary to offer all the services related to your product in-house. A more appropriate approach is to make business partnerships with service-providing vendors. Developing these relationships can help you cut costs significantly.

These savings can be beneficial in the first phases of your business. Hiring staff members for limited work can have a significant impact on your business’ finances. Growing partnerships not only save that extra cost but also establishes your brand in the market.

Consider Acquisitions

If your business has already passed the first phase and you are planning an expansion, it is best to look for potential businesses that you can acquire. The acquisition doesn’t necessarily mean taking over a million-dollar business. You could start small and look at competitor businesses going through an operational crisis.

When considering acquiring another business, you must ensure it is on brand or easily adapted to your brand. If you are looking to expand, it stands to reason that you are successful, and the acquisition would represent what you have already established.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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.

Ahrefs and SEMrush are two of the best SEO tools available on the market. Both can help you in optimizing your website and in keyword research. Digital Marketers worldwide use these tools for their research, analysis, and marketing services.

The SEO tools let you go in-depth about the content and help you with the essential factors behind the content ranking. We have put both leading SEO tools in comparison and put them side-to-side by weighing their pros and cons to help you choose the better option.

Backlinks Analyzation

Based on the link index, if we compare Ahrefs and SEMrush, we will see that both are close, as SEMrush has a slight edge over Ahrefs. If we dig into the details, we will find that SEMrush has a more extensive link index than Ahrefs.

However, it would help if you remembered that the link index size is not the only factor to consider while choosing an SEO tool; you will also want a tool with an improved UI, for that matter. In terms of UI, Ahrefs is the winner as it gives you a relevant short preview of the text around every link. This type of convenience makes it easy for you to know the reason behind the links.

All in all, in terms of backlinking features, both Ahrefs and SEMrush, have their solid stands. While SEMrush has a more significant link index, Ahrefs balances it out with its improved UI.

Technical SEO Audit

If you want your blogs to rank higher against their specific keywords, you will optimize them accordingly. Technical SEO covers the rending, crawling, optimization, and indexing processes and is an important SEO aspect.

You must perform a technical SEO audit from time to time to ensure no issues with the technical SEO on your site, which can become an obstacle in ranking your keywords.

SEMrush offers its Site Audit tool for your website’s SEO audit and gives you an SEO health score as well. It also lists out all the SEO issues of your site and contains over 140 unique checks for SEO problems. Click on the Setup button in the Site Audit section on SEMrush to run a site audit.

Ahrefs has recently added the site audit tool, and it helps you crawl the pages on your website and run a diagnosis covering more than 110+ SEO issues. After the audit completes, it shows you the SEO health score, SEO issues, and other critical informational charts with suggestions on how to get rid of those issues. Click on Site audit, then new project, and proceed by entering your domain to run a site audit on Ahrefs.

SEMrush is a better option than Ahrefs considering Site Audit. Rank Tracker is available on both Ahrefs and SEMrush, but which one is better? Let’s find out. Ahrefs gives you an updated ranking report after every three days, and the ranking is pretty accurate. You must enter the keywords once and keep checking now and then for the ranking updates.

SEMrush also gives you ranking updates via its rank tracker but offers added features compared to Ahrefs. It provides you with a visibility score and offers regular keyword updates making it a better option than Ahrefs.

Competitor Analysis

One of the most critical features of any SEO tool is how it gives a competitor analysis. Ahrefs and SEMrush offer impressive competitor analysis tools that make it easier for you to compose your blog’s outline and see how your competitors rank against the respective keywords. Competitor analysis tools can help you a lot in keyword research and LSIs.

Ahrefs offers a competitor analysis by selecting up to four competitors and compare it to your website. It gives you a real-time comparison of your website against its competitors and shows metrics like the DR, backlinks, keywords, etc.

SEMrush, on the other hand, lets you check on your competitors by offering you traffic analytics, organic research, and the market explorer search. Combining all these options, SEMrush enables you to have a detailed comparative analysis. In terms of competitor analysis, we will call it a draw between Ahrefs and SEMrush.

The Winner – SEMrush or Ahrefs?

Ahrefs and SEMrush, both are excellent SEO data and research tools in 2021. Users worldwide trust both tools for keyword research, rank tracking, and more. However, keeping all the above points in mind, one may conclude that SEMrush provides more options than Ahrefs, so you may safely proceed with using it as your SEO tool.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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.

When a couple comes together in one household, many adjustments must be made to ensure a harmonious partnership. One of the most challenging aspects to handle is the budget and joining of bank accounts. However, if you join yourselves economically, aware of the common mistakes couples make, you can avoid them. Should you combine your incomes?

1. One of the two takes the economic burden

Generally, when couples start planning the combined household economics, they go one of two ways. The couple will combine their incomes into one account or have separate accounts and split the expenses 50/50.

When one person in the couple feels the entire economic burden on their shoulders, the uneven division of the expenses can cause tensions to arise. Unless it is agreed upon, one person should not shoulder all of the economic burdens.

How can you resolve the problem? To make an equitable distribution of the bills, the first thing is to know where the money is going. To gain this knowledge, it will be essential that, as a couple, a budget should be created. The budget will help the couple understand the economic needs of the household and will allow them to develop a fair plan for both partners.

2. Your way of spending affects your partner

Often, when we are single, we have a way of paying our bills or handling the income that works for us. However, when we come together as a couple and the income is combined, there can be vast differences in how each partner handles money and budgeting.

In some cases, this can be an issue in the relationship. If one partner is great with money and sticking to a budget and the other is frivolous, it can cause stress to the partner that is better with money. This stress can also put a strain on the relationship and, in some cases, end it. Most couples will say that they argue most about money.

How can you resolve the problem? Despite differences in how money is handled, both partners need to communicate and find common ground in handling money. It will be a compromise expected of both partners in the relationship. Like any other relationship issue, compromise is vital to a healthy relationship and positive economic status as a couple.

3. Economic contingencies

Many unforeseen issues can arise economically. There are so many economic contingencies that are not planned or folded into the budget. If you are not prepared for these contingencies as a couple, it can cause a disastrous amount of stress and worry.

How can you resolve this problem? The answer to this question is simple. You must have an emergency fund. How much you put into the fund will depend on how much you can save and what you want to be prepared to face.

Some will have the recommended $1000 emergency fund, while others prepare for more significant issues such as unemployment or other loss of income. In those cases, it is recommended that a couple save 3 to 6 months of each income. While there is no way to prepare for unexpected economic strains, having an emergency fund will give you peace of mind.

4. Wasteful Vs. Thrifty

In many cases, one person in the couple is wasteful, and the other is thrifty. This difference in handling your budget can be difficult depending on how far apart you both are on how you spend money or handle the household budget.

How can you resolve the problem? An excellent way to deal with the disparity of vision about some couples’ expenses is to establish common saving goals. These goals could be saving for a trip, buying a car, or having a baby.  No matter the mutual goals, it is crucial that you agree on the budget that will keep both partners happy and able to stick to it.

5. Talking once about money is not enough

When you come together as a couple, household economics should be discussed immediately. However, communication about money can be uncomfortable, causing one or both partners to avoid the discussion. This avoidance can cause strain on the relationship and economic stress.

How can you resolve the problem? Regular, even daily discussions of household economics can avoid economic disasters and stress over money. The most important thing is that there be regular communication about to avoid.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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.