6 Unexpected Ways to Use Social Media

Social media has become an integral part of the daily routines of millions around the world. Next time you log in to your social media account, think about exploring things, and you will likely find some fantastic benefits of the platform. Many social media platforms are indeed designed with many uses in mind besides the social aspect.

They are well thought of and have a pool of engineers working on it for months years. Take Facebook as an example. How many years did Mark Zuckerberg and the team take to launch the beta version of the platform? Twitter took a similar path and took years to mature. In short, the social media platform of your choice has some surprises for its users. Here are six unexpected ways you can use social media. Check out America's Best Bookkeepers

Booking an appointment

It is incredible how social media is becoming a must-have in our lives. Booking an appointment for your doctor is something new and unexpected. You will not find many social media users reserving an appointment with a physician.

The trend is changing fast, and approximately 26% of users in the U.S are now booking appointments through social media. Social media is helping users in learning new ways of doing things they never thought were possible. You can look up information on the medical condition you may be experiencing and know about it in detail.

Leadership ideas

One of the most amazing things about social media is that it helps users regardless of where they come from. For instance, an entrepreneur will get as much information from social media as a novice. The same goes for leaders and managers. Check out America's Best Bookkeepers

Lookup for top-rated content on management and leadership to gain firsthand knowledge of leadership. Do this often, and you will find helpful content on many platforms. Often, these are written and shared by managers and leaders themselves.

Surprisingly cost-efficient

To say that social media platforms are a marketer’s dream would be an understatement. They have an incredible reach and are surprisingly cost-effective. Marketers can use these platforms in many ways for promoting services and products for free.

The cost of running paid campaigns on social media is surprisingly less when compared to other forms of media. You can make a side-by-side comparison of both and see the difference. When it comes to price/performance ratio, social media platforms win hands down.  

Customer satisfaction and engagement

One of the notable pros of social media is that it makes customer engagement so much easier. Marketers and salespersons can engage one on one with customers and ask for feedback on a campaign.

Customers value personal engagement and would love to be responded to by a person compared to an automated response. You can show customers your attentiveness by responding personally to every comment. This responsiveness will give your business better brand awareness and excellent feedback. Check out America's Best Bookkeepers

Managing disasters

Social media has proven its worth for disaster management and continues to do so. It has been used in many countries across the world for this purpose. Subscribers get updates and alerts through social media apps. Some apps show hourly updates, while others are updated every six, twelve, and twenty-four hours. These alerts have proven handy as they’ve helped save lives across the world.

Tracking and alerting of pandemic

Social media has played a pivotal role in managing the spread of diseases and during a pandemic. Many users get regular updates and news on the status of Covid-19. These alerts help people and the government alike. The effectiveness of social media for pandemic control is undeniable and has helped governments track and segregate pandemic intensive areas.

Tracking of the disease has also helped in forcing smart lockdown in places where necessary. This tracking helped in reducing and removing the impact of the disease in some countries. Social media platforms are adding more features to make their apps easier to use.

In addition, social media users now enjoy other benefits such as crime prevention as well. This feature is area-dependent for now but keeping its usefulness in view, and it will become a standard feature soon.

Check out America's Best Bookkeepers 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. Check out America's Best Bookkeepers

4 Common Information Technology Issues and How to Solve Them

Do things in seconds and minutes with the help of technology that would require weeks a few years back. IT has its shares of pros and cons, and not everything is fun about it. On the one hand, the world is forthcoming to new technologies and concepts it is making possible, but there are concerns about technology use.

Where will the race for technology lead us, and will we ever be able to tame it? Nobody knows, but one thing is sure, technology has its share of issues. In other words, every piece of technology has its ups and downs, and some have issues associated with them. Here are four common information technology issues and how to solve them. Check out America's Best Bookkeepers

Concerns about privacy

There is no question about the uses of technology, but what about the concerns it brings? Nobody will use technology if it puts one’s data and privacy in jeopardy. We have seen users losing their privacy to hackers and other online threats many a time.

It is not a coincidence as it reoccurs over and over. Every computer, smartphone, or online device is somehow vulnerable to these threats. The question is – why is it that those accessing the internet and connected online must suffer? The problem with being online is that you compromise your data and privacy to hackers and data thieves. There are other types of threats such as viruses, worms, and network vulnerabilities that harm computers.

Data theft issue

Corporations and significant data users, despite installing million-dollar security solutions, also suffer from these threats. There is no definitive solution to this issue to date, and we might not see one in the coming years. Moving a humongous amount of data from one place to another is a daily thing. Tracking this much data and ensuring its safety is indeed a challenge.

Corporations are taking precautions, and yet there are concerns about data privacy. Check out America's Best Bookkeepers Compromising data is as good as suffering millions in losses. No company, no matter small or big, can afford that regularly. Ethical issues concerning technology are the need of the hour.

Social media issue

it is claimed that approximately one-third of the world’s population uses social media. It can be said that social media will continue to expand in the future as well. Like other forms of tech, social media also comes with its share of issues. Perhaps the biggest of all is related to privacy.

A person who logs in and doesn’t log out for hours, days or weeks, is vulnerable to hackers and data thieves. Strangely, users, despite knowing this, stay logged in for an extended period. This not only compromises their privacy but turns them vulnerable to hackers as well. Such accounts get hacked sooner or later. It is equally unfortunate that social media sites offer no protection to their privacy and data protection.

Equally alarming is how easy it is for minors to access prohibited data. Sites that have adult and prohibited data on them are accessible to all users. All these sites do is ask users to check the box that they are over 18. Parents must not allow underage children to use social media, or they should keep an eye on their activities. Check out America's Best Bookkeepers

Sending personal data using workplace system

If you send emails from your workplace computer to your email, is it allowed, and will your employer be concerned? These emails are dispatched to your private email, so do they become private? Why should this be a concern? Because this was not a concern twenty years back, but it is today, and it is a case in the Supreme Court.

Is there a solution?

As technology grows, so do the threats and vulnerabilities. Despite protection, encryption, and safety inbuilt and added into it, threats are always looming around. This raises the question – will the race between technology ever handle risks and concerns with it? The ethical issue is far from over. Solutions like Technoethics are a step in the right direction.

Though a relatively new concept, Technoethic concerns helping corporations and employees focus on the ethical aspects of technology. It is debating the use of existing technology without compromising data and privacy. The focus is creating possibilities to use technology safely with confidence.

Check out America's Best Bookkeepers 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. Check out America's Best Bookkeepers

7 Emerging Trends in Data Privacy and Cybersecurity

Online vulnerabilities and threats are on the rise. The time to invest in data privacy and cybersecurity solutions is now. With so many cyberattacks on online users every day, there is a pressing need to invest in better cybersecurity solutions.

Are you confident that your privacy and data are protected each time you go online? If not, you need to revamp the safety of your data and privacy. The chances are that your current security solutions will go outdated in a few months.

The race between privacy and data security solutions and online threats continues. It is just a matter of time when one will take over the other. Imagine the horror of hackers and cyber threats taking over. The nightmare scenario of $6 trillion in financial damages and losses will come true.

Thankfully, the worst-case scenario is just a figment of imagination for now, but for how long is anyone’s guess. Improve your personal and business security using these seven emerging trends in data privacy and cybersecurity. Check out America's Best Bookkeepers

Uncontrolled access to private data must be prohibited

Accessing your data in the absence of encryption tools can be risky. You never know how and where the threat comes from. It is best to keep your data protected and have the latest tools installed. These tools monitor incoming and outgoing traffic and provide your data and device from malware and other vulnerabilities. Invest in encrypted devices as they provide better protection against data theft.

Staff education is a must

Your employees must be aware of existing and upcoming cyber threats and vulnerabilities. They must be trained and educated on handling these threats using security tools. Remember, no matter how negligible, a threat can only be neutralized if identified at the right time.

Employees that are educated understand the implications of data safety and privacy. Check out America's Best Bookkeepers They’ll act accordingly and neutralize threats using tools and protect precious data. Employees must be made aware of the consequences of losing precious data to hackers and other threats. A data breach is not an option for any company, so educate your staff on effectively assessing threats and using technologies to suppress them.

Security automation

Online data is multiplying every day. This rapid growth signifies the need to have innovative and efficient systems such as security automation. The process enables real-time analysis of data and accelerates incident response time. These tools also allow companies to make significant cost savings in the longer run.

Invest in a cybersecurity workforce

Knowing the effectiveness of the cybersecurity workforce should be enough reason to invest in it. Cybersecurity staff has the training, knowledge, and tools at disposal to take care of the threat then and there. Consider investing in a proper, highly proficient cybersecurity force that has the tools to tackle threats in an expanding digital world.

Protect your cloud service

Your cloud storage may not be as safe and secure as you think, and here is why. Regardless of all the features and tools it offers, cloud storage is still a prime target for hackers and attackers. Check out America's Best Bookkeepers Companies that use cloud services must be aware of security implications in case of data loss. Use cloud service protection and buy tools for optimal protection of data. 

Smartphone protection

You have access to the world through your smartphone. You cannot afford to lose all the data and account privacy to hackers and malware. Smartphone OS offers basic safety features and encryption tools, but these are not enough to counter dynamic threats. Protect your phone from such threats and install antivirus and antimalware tools on it.

Make sure that you download the latest version with updated virus definitions installed. Avoid relying on free versions as they do a quasi-job at protecting your phone. Buy a licensed version so that your phone stays free of threats and vulnerabilities.

Vehicle and infrastructure safety

If you are online, the chances are that you are vulnerable. The same goes for your car. Modern cars are infused with modern technology that allows them to sync through sophisticated operating systems. This makes them vulnerable to online threats just as much.

Anything that is connected can be exploited. It is best to invest in threat protection tools to keep your vehicle protected. The same is the case with transport infrastructure, as cyberattacks are becoming common. Identify upcoming privacy and data protection trends and invest in solutions that provide efficient protection without compromising your data and privacy.

Check out America's Best Bookkeepers 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. Check out America's Best Bookkeepers

5 Tips to Efficiently Manage Your Business Credit Card

Business credit cards are available to all types of businesses, whether small or large. It is a credit line provided to the business by a bank or other lending institution. It allows your business to withdraw a certain amount of cash to make payments such as loan repayment, payment to suppliers, make essential purchases, or small expenses like taxes or insurance.

This card also creates a credit report that records the usage of credit in the business and how much more is available for use, and it helps determine how much more credit your business can afford. Like all other credit cards, the business credit card also charges an interest when the repayment is not settled before the end of your billing cycle. Check out America's Best Bookkeepers

A business credit card is a helpful way to obtain a short-term loan quickly. You can make purchases swiftly without having to worry about having fewer funds in the business. Business owners might also provide business credit cards to their employees, usually supervisors or high-ranking staff members. A business should follow a few steps to use their business credit cards effectively.

  • Make sure your accounts are appropriately managed: Your accounts should be free of any errors as they will play a vast role in holding a credit card for your business as this will ensure that no unfair charging of interest will be imposed.
  • Avoid paying interest: Try to make your credit card balance repayments before the due date on your billing cycle exceeds. This is suggested because interest rates on credit card balances are very high and can lead to serious financial problems if not paid. Check out America's Best Bookkeepers
  • Do not make substantial payments through your card: Try applying for a loan if you want to make larger payments, such as buying a new property or equipment. This way, your credit card limit will not go over, and you can avoid unnecessary payment of interest, which will also be a considerable amount.
  • It is unnecessary to issue bank cards to all senior employees: Keep away from giving credit cards to many staff members as this can lead to misusage. You are advised to make some rules for using the company cards and give your employees less freedom to spend to control your accounts. You can set up alerts that inform you about the payments being made to check finances.
  • Try to repay the business credit card balance from your business account: You should keep your business and personal accounts separate, as this will make the cash flow statements and bookkeeping more accurate.

If you have insufficient money in the business account to pay off your credit card debt, then you could transfer that amount from your account to your business account. This is important to keep track of your transactions. Check out America's Best Bookkeepers

A business credit card can be very advantageous if used wisely. It is an excellent source of finance that can be secured quickly, and no extra charges will be applied if you pay the balance by the end of the billing cycle. Even if the size of your business is small, you can acquire it, and this debt is available to all types of businesses.

A business should have control over its transactions and be careful while using the business credit card to avoid complications. This effective use will significantly impact your cash flows and can lead to a positive cash flow. A business credit card provides you with good credit history for future loans and finances.

Use your credit card responsibly by restricting the amount you are using and putting control over it. And try to find a credit card with the slightest interest offered as possible to decrease unnecessary expenses. If you are making large purchases, then plan to spend as much s you can afford to make a quick repayment.

Check out America's Best Bookkeepers 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. Check out America's Best Bookkeepers

4 Reasons You Should Use Virtual Reality Technology for Business

It is remarkable how technology is influencing every aspect of life. Keeping current trends in mind, it is not too difficult to predict future holds for technology. Businesses are growing more innovative, and the chances are that they’ll continue using innovative and result-oriented technologies for many years.

To say that technology such as Virtual Reality will become relevant soon is an understatement. Introduced as a gaming tech, Virtual Reality and its sibling Augmented Reality is now in the news for all the right reasons. Businesses are always open to welcome more innovative technologies, and it seems that Virtual Reality has made early inroads. Here are four reasons you should consider Virtual Reality technology for your business. Check out America's Best Bookkeepers

Cutting Edge

Virtual Reality is a combination of innovative technologies. Several companies manufacture and sell VR headsets for gaming and training purposes. The technology creates a virtual environment for the player provided the software and games support it. Software-based simulation is being used for military and personnel training of law enforcement agency operatives. Simulation tools project a realistic environment for users to operate and learn skills.

VR headsets are a marvel of tech as they present an interactive and realistic environment for the user. Some Virtual Reality sets use basic image projection techniques, while Samsung models use smartphones for image projection. Virtual Reality sets like Oculus VR use what they term as an authentic VR experience equipped with proprietary tech that supports crisp and sharp images and industry-leading audio quality.

Similar headsets are being manufactured by other vendors, while some have been in the market for some time and can be acquired cheaply. Check out America's Best Bookkeepers

Innovative tech meant for all

Designed as a gaming tech, Virtual Reality is fast becoming one-of-a-kind techs for all. With some of the notable companies showing interest, Virtual Reality will become a mainstream tech for entrepreneurs. Interesting, Virtual Reality can become the tech of choice for training and teaching employees in a post-Covid-19 world.

It doesn’t matter where you are in the world, and you can attend a training session from the comfort of your home without ensuring your physical presence. An immersive experience can be achieved using a purely virtual environment where all concerned parties are connected.

Corporate training

The post-Covid-19 world is challenging in many ways. As we know, it is changing like it never. We might need technology to connect with colleagues, bosses, and clients virtually. Arranging meetings is essentially not as possible as it once was. Thanks to cutting-edge tech such as VR, getting in touch and conducting training sessions from the comfort of your home are now possible. Conducting weekly, monthly training sessions using Virtual Reality tech is easy as a breeze.

Just connect with the central server and using your Virtual Reality set’s connectivity options and inbuilt RAM. No buffering will possibly occur, and even if it does, you will not notice it. Just make sure that you have access to a fast internet connection. Check out America's Best Bookkeepers

Discuss and share ideas

Arranging collaborative meetings using VR tech in the post-pandemic world is an excellent way to stay connected. Share with your teammates’ ideas and collaborate on projects, so they are delivered on time. Like many unique possibilities, VR can also help companies with detailed meetings and interactive sessions.

You can come up with three-dimensional drawings that are realistic and explain in detail. VR headset is designed to reduce all types of disturbances and distractions. This will let you focus on work-related matters only without getting distracted. The VR tech will enable you to communicate with teammates to discuss ideas. Leaders find this tech intuitive for a variety of reasons.

It is much easier to use and easy to handle due to less weight. Early versions of headsets were a little bulky as they were difficult to wear. Versions released later were more streamlined, made of lighter materials, and were easy to wear. These incorporated several improvements compared to their predecessors in technology.

It is safe to say for employee training and running the day-to-day business. Virtual Reality is the way forward. Consistent improvements and incorporation of new tech have made this tech much popular in the gaming and corporate sector. Militaries find this helpful tech enough to use it for personnel training. It only makes sense to use this handy tech at the workplace.

Check out America's Best Bookkeepers 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. Check out America's Best Bookkeepers

Calculating the Costs of Goods

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


Calculating the Costs of Goods:
A Complete Guide to Pricing

Costs of goods directly impact your bottom line, representing all direct expenses associated with producing or purchasing the products your business sells. These costs include raw materials, direct labor, and manufacturing overhead—forming the foundation for pricing decisions and profit analysis.

In my 20+ years leading Complete Controller, I’ve seen how mastering costs of goods transforms struggling businesses into profitable powerhouses. The difference between success and failure often hinges on this critical metric—while the average U.S. business maintains a 52% gross margin, top performers can achieve 15-20% higher margins through strategic cost management. I’ve developed this comprehensive guide to help you implement proven strategies that have helped thousands of our clients optimize their product costs and pricing structures.

What are costs of goods and how do you calculate them?

  • Costs of goods are the direct expenses involved in producing or purchasing products for sale, including materials, labor, and manufacturing overhead
  • These costs form the basis of your COGS (Cost of Goods Sold) calculation, which measures what it costs to deliver your products
  • COGS directly impacts your gross profit margin, revealing the efficiency of your core operations
  • Understanding these costs enables strategic pricing decisions that balance competitiveness with profitability
  • Proper cost tracking creates opportunities to identify inefficiencies and optimize your supply chain LastPass – Family or Org Password Vault

What Are Costs of Goods? Breaking Down COGS

Costs of goods sold (COGS) represents the direct expenses associated with producing or purchasing the products your business sells during a specific period. These costs are directly tied to revenue generation and exclude indirect expenses like marketing, sales, and administrative overhead.

The oil and gas production sector operates with a staggering 58.78% average COGS ratio, while the information sector (including technology companies) maintains a much lower 32.4% ratio. This dramatic difference highlights how industry-specific cost structures fundamentally shape business models and pricing strategies.

Defining critical components

COGS typically includes these essential elements:

  • Direct Materials: Raw materials that physically become part of the final product
  • Direct Labor: Wages paid to workers directly involved in production
  • Manufacturing Overhead: Factory utilities, equipment depreciation, and production supervision
  • Freight-In Costs: Shipping charges for incoming materials
  • Storage Costs: Expenses related to maintaining inventory before sale

Items generally excluded from COGS include:

  • General administrative expenses
  • Sales and marketing costs
  • Research and development
  • Distribution costs to customers

The distinction matters tremendously for accurate financial reporting and strategic decision-making. For example, a candle manufacturer includes wax, wicks, fragrance oils, and production worker wages in COGS, but excludes the marketing team’s salaries and office rent.

How to Calculate Costs of Goods Sold (COGS)

Calculating your COGS accurately provides the foundation for all pricing and profitability analysis. The core formula remains consistent across industries:

COGS = Beginning Inventory + Purchases – Ending Inventory

This straightforward equation captures the flow of inventory through your business during a specific accounting period.

Step-by-step implementation

  1. Determine Beginning Inventory Value: Document the total value of inventory at the start of your accounting period, using consistent valuation methods
  2. Track All Purchases: Record every purchase of inventory, raw materials, and direct production costs throughout the period
  3. Calculate Ending Inventory Value: Conduct a physical count or perpetual inventory tracking to establish remaining inventory value
  4. Apply the COGS Formula: Subtract ending inventory from the sum of beginning inventory plus purchases

For example, if a furniture manufacturer started January with $75,000 in inventory, purchased $125,000 in materials during the month, and ended with $50,000 in inventory, their COGS would be:

$75,000 + $125,000 – $50,000 = $150,000

This calculation reveals they converted $150,000 worth of inventory into sold products during January.

Case study: A textile manufacturer’s cost optimization

A mid-sized textile producer faced rising cotton prices that threatened their margins. By implementing precise inventory tracking and cost analysis, they identified opportunities to reduce waste and negotiate better terms with suppliers.

Their systematic approach included:

  • Switching to just-in-time inventory management to reduce storage costs
  • Renegotiating bulk purchase agreements with key suppliers
  • Redesigning production processes to minimize material waste

The result? A 12% reduction in COGS while maintaining product quality, which translated directly to improved gross margins and competitive pricing advantages.

Advanced Cost Management Strategies

Strategic cost management goes beyond basic tracking to actively optimize each component of your COGS. Businesses that excel at cost management consistently outperform competitors in both profitability and market share.

Optimizing your supply chain

Your supply chain represents one of the richest opportunities for cost reduction without sacrificing quality. Consider these proven approaches:

  • Strategic Sourcing: Evaluate suppliers based on total cost of ownership, not just unit price
  • Vendor Consolidation: Concentrate purchases with fewer suppliers to gain volume discounts
  • Long-Term Contracts: Negotiate price stability in exchange for committed purchase volumes
  • Raw Material Hedging: Use futures contracts to lock in prices for volatile commodities
  • Alternative Materials: Research substitutes that maintain quality while reducing costs

A European DIY retailer achieved an impressive 8-10% COGS reduction simply by renegotiating contracts with their top suppliers. Their approach focused on creating win-win partnerships rather than adversarial price squeezing, resulting in sustainable savings and improved supplier relationships.

Labor cost efficiency

Direct labor often represents a significant portion of COGS, offering substantial optimization potential:

  1. Process Optimization: Map and streamline production workflows to eliminate redundancies
  2. Skills Development: Cross-train employees to increase flexibility and reduce bottlenecks
  3. Appropriate Automation: Identify repetitive tasks that technology can perform more efficiently
  4. Quality Management: Reduce error rates and rework through standardized procedures
  5. Production Scheduling: Minimize overtime through efficient capacity planning

Dalsin Industries, a metal fabrication company, demonstrated the power of process optimization when they reduced a 9-part assembly to a single piece through innovative redesign and automation. This transformation cut their COGS by 22% while improving product quality and consistency. Download A Free Financial Toolkit

Pricing Strategies Beyond COGS

Understanding your costs provides the foundation for strategic pricing decisions, but effective pricing requires looking beyond COGS alone.

From break-even to profit mindset

The baseline approach to pricing starts with covering your costs but must expand to capture appropriate value:

  • Cost-Plus Pricing: Adding a standard markup percentage to your COGS (e.g., COGS + 40%)
  • Target Return Pricing: Setting prices to achieve specific ROI targets on invested capital
  • Value-Based Pricing: Aligning prices with the perceived value to customers, independent of costs

The stark contrast between Microsoft’s 18.7% COGS ratio and Costco’s 86.1% illustrates how business models fundamentally shape pricing approaches. Microsoft’s software scales with minimal incremental costs, enabling high margins, while Costco deliberately operates on razor-thin margins to drive volume through competitive pricing.

Dynamic pricing tactics

Modern pricing strategies adapt to changing market conditions:

  1. Segmented Pricing: Offering different prices to different customer segments based on their willingness to pay
  2. Psychological Pricing: Using price points that trigger favorable psychological responses ($9.99 vs $10.00)
  3. Promotional Pricing: Temporary discounts to drive volume or clear inventory
  4. Premium/Economy Lines: Creating different product tiers to capture various price sensitivities
  5. Bundle Pricing: Combining products at attractive total prices to increase average transaction value

The most successful pricing strategies align with your overall business positioning and customer expectations. A luxury brand using discount pricing tactics may damage their premium perception, while a value-oriented business charging premium prices will likely lose customers to competitors.

Impact of COGS on Profitability

COGS directly impacts your gross profit margin, which reveals the efficiency of your core production operations. This critical metric provides insights that financial statements alone might obscure.

Gross vs. Net profit margins

Understanding the relationship between different profit measures helps identify specific improvement opportunities:

MetricCalculationWhat It Reveals
Gross ProfitRevenue – COGSProduction efficiency
Operating ProfitGross Profit – Operating ExpensesOperational effectiveness
Net ProfitOperating Profit – Taxes & InterestOverall business profitability

 

Tracking these margins over time reveals trends that might otherwise remain hidden. For instance, a declining gross margin with stable operating expenses indicates increasing COGS—potentially from rising material costs, production inefficiencies, or unfavorable supplier terms.

Historical context matters tremendously when analyzing these trends. Consider how U.S. inflation peaked at 17.8% in 1917, driving massive raw material cost increases, compared to 4.1% in 2023. These macroeconomic shifts dramatically impact COGS across industries, requiring adaptive strategies to maintain margins.

When COGS spikes: Identifying root causes

When your COGS suddenly increases, systematically investigate these common culprits:

  1. Supply Chain Disruptions: Transportation delays, material shortages, or supplier problems
  2. Commodity Price Volatility: Sudden increases in raw material market prices
  3. Production Inefficiencies: Higher scrap rates, longer production times, or quality issues
  4. Volume Changes: Lower production volumes spreading fixed costs across fewer units
  5. Hidden Costs: Previously overlooked expenses now properly categorized as COGS

Diagnosing the specific cause enables targeted interventions rather than across-the-board price increases that might damage customer relationships.

Common Mistakes & Best Practices

After working with thousands of businesses across industries, I’ve observed patterns that separate cost management leaders from laggards.

Pitfalls to avoid

Watch for these common mistakes that undermine accurate COGS tracking and management:

  • Inconsistent Inventory Valuation: Switching between methods (FIFO/LIFO) without proper accounting adjustments
  • Misclassified Expenses: Incorrectly including non-direct costs in COGS calculations
  • Overlooking Hidden Costs: Failing to capture all direct production expenses
  • Manual Tracking Systems: Relying on spreadsheets instead of integrated inventory management
  • Delayed Analysis: Reviewing COGS quarterly instead of implementing real-time monitoring

Pro tips from Complete Controller

From my experience guiding businesses through financial transformations, these practices consistently deliver results:

  • Implement Three-Way Matching: Verify purchase orders against receiving documents and supplier invoices before recording inventory costs
  • Regular Inventory Audits: Conduct cycle counts to identify discrepancies before they compound
  • Cost Driver Analysis: Identify which specific inputs most significantly impact your total COGS
  • Supplier Scorecards: Evaluate vendors on quality, reliability, and total cost—not just price
  • Scenario Planning: Model how potential cost changes would impact margins and pricing requirements

One manufacturing client discovered that 15% of what they classified as direct production costs actually represented indirect expenses misallocated to COGS. Reclassifying these costs immediately improved their gross margin visibility and highlighted opportunities for targeted process improvements.

Final Thoughts: Transforming Cost Management into Competitive Advantage

Mastering your costs of goods creates a foundation for strategic pricing and sustainable profitability. The businesses that thrive don’t just track costs—they actively manage them as a core competitive differentiator.

I’ve seen companies transform their financial trajectory by applying the principles outlined in this guide. The key lies in systematic implementation: establish accurate baseline measurements, identify specific improvement opportunities, implement targeted changes, and continuously monitor results.

Ready to optimize your costs of goods and develop more strategic pricing? The expert team at Complete Controller can help you implement these practices with systems tailored to your specific business needs. Contact us today to start your journey toward improved margins and more competitive pricing. ADP. Payroll – HR – Benefits

FAQ

How do costs of goods differ from operating expenses?

Costs of goods include direct expenses related to producing or purchasing products for sale (materials, labor, manufacturing overhead), while operating expenses cover running the business (rent, utilities, marketing, administrative salaries). The key distinction: COGS is directly tied to creating your product, while operating expenses would continue even if production temporarily stopped.

Which inventory valuation method is best for calculating COGS?

The best method depends on your business context. FIFO (First-In, First-Out) typically provides the most accurate inventory valuation during inflation and aligns with physical inventory flow. LIFO (Last-In, First-Out) can provide tax advantages during inflation but may understate inventory value. Weighted average works well for commodities or identical items where individual tracking isn’t practical.

Can service-based businesses have costs of goods?

Yes, service businesses can have COGS, though they’re sometimes called “cost of services.” These include direct labor performing the service, materials used in service delivery, and contractor payments. For example, a consulting firm would include consultant salaries and project-specific expenses in their cost of services, but exclude office rent and administrative staff.

How can I reduce my COGS without sacrificing quality?

Focus on efficiency rather than cutting corners. Negotiate volume discounts with suppliers, optimize production processes to reduce waste, implement just-in-time inventory to lower carrying costs, invest in automation for repetitive tasks, and regularly review make-vs-buy decisions. The goal is eliminating inefficiency and waste while maintaining or improving your product quality.

How often should I analyze my COGS?

At minimum, review COGS monthly to identify trends before they significantly impact profitability. Businesses with volatile input costs or tight margins should implement weekly monitoring of key cost drivers. Additionally, conduct comprehensive quarterly analyses to identify seasonal patterns and opportunities for strategic improvements. Real-time visibility into cost changes enables proactive pricing adjustments and procurement decisions.

Sources

  • NetSuite. (2024). “Cost of Goods Sold (COGS): What It Is & How to Calculate.”
    • https://www.netsuite.com/portal/resource/articles/financial-management/cost-of-goods-sold-cogs.shtml
  • Board of Directors of Canada. “What is the Cost of Goods Sold (COGS).” BDC.ca.
  • US Chamber of Commerce. (2025). “What Is Cost of Goods Sold.”
  • Sage. (2024). “Cost of Goods Sold: What is it and how to calculate it.”
  • Launchnotes. (2024). “How to Calculate Pricing for a Product.”
  • NYU Stern. (2025). “Operating and Net Margins by Sector.”
    • https://pages.stern.nyu.edu/~adamodar/NewHomePage/datafile/margin.html
  • FasterCapital. (2023). “Average COGS Ratios Across Sectors.”
    • https://fastercapital.com/topics/a-comparison-of-the-average-cogs-ratios-across-different-sectors.html
  • Federal Reserve Bank of Minneapolis. (2025). “Consumer Price Index, 1913-2025.”
    • https://www.minneapolisfed.org/about-us/monetary-policy/inflation-calculator/consumer-price-index-1913-
  • Dalsin Industries. (2025). “Case Studies.”
    • https://www.dalsinind.com/case-studies.html
  • Oliver Wyman. (2014). “Cutting COGS: Going Beyond Supplier Negotiations.”
    • https://www.oliverwyman.com/content/dam/oliver-wyman/global/en/2014/jul/201408OWCutting%20COGS_ENG.PDF
  • Wikipedia. “Cost of Goods Sold.”
    • https://en.wikipedia.org/wiki/Costofgoods_sold
  • Investopedia. “Supply Chain Management.”
    • https://www.investopedia.com/terms/s/supply-chain-management.asp
  • Investopedia. “Value-Based Pricing.”
    • https://www.investopedia.com/terms/v/value-based-pricing.asp
  • Complete Controller. “Managing Business Accounting.”
  • Complete Controller. “Cut Custom Assembly Costs: 5 Ways.”
  • Complete Controller. “Net Profit Margin: Business Essential.”
CorpNet. Start A New Business Now 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. Complete Controller. America’s Bookkeeping Experts

5 Questions to Help You Find the Perfect Financial Advisor

Financial advisors are not to be confused with accountants or stockbrokers. The job of a financial advisor is not to help their clients lower their tax bills or deal in the stock market. Their job is to offer advice to clients about the proper saving techniques, setting up a budget, suitable investment options, and ways to earn money.

The right financial advisor helps people achieve financial stability more quicker by providing clients a direction and focus. Choosing the right person for this job is very challenging. A wrong decision, in this case, will result in a chaotic life. Therefore, when choosing a financial advisor, a lot must be considered. Here are five questions you need to address to help you find the right financial advisor for your needs. Check out America's Best Bookkeepers

What are your Financial needs?

The first and foremost step in choosing the right financial advisor is understanding the type of help one needs. One might need help with the retirement plan, inheritance issues, opting for a loan, divorce, or purchasing a home. On these requirements, a person has to look for a suitable area of expertise and capabilities.

Before one begins searching for the perfect financial advisor, documenting the whole financial situation is a must. It provides a clearer picture of the person and helps them understand their financial standing.

What is your Budget to pay for a Financial advisor?

The cost charged by a financial advisor is the second most crucial step. It is an essential step because it will help people search in the correct cost bracket. People who do not have a set budget struggle in finding the right financial advisor.

This defined budget will help in narrowing down the search. It is essential to understand that there are different ways through which financial planners charge their clients. It can either be commission-based. Some hourly charge rates while some flat charge fees. Check out America's Best Bookkeepers

The most important things to look for in the payment structure of an advisor are transparency and a track record. Evaluating a financial advisor based on these factors helps people avoid any misunderstandings in the future. Also, it must be noted that a credible advisor will never show reluctance in discussing compensations.

What are the required Qualifications?

Analyzing and evaluating the qualifications of a financial advisor is an essential part of the process. Before choosing the most suitable advisor, it is best to interview a reliable person. During the interview, the topics of licenses and credentials should be an integral part.

Also, asking for referrals is a perfect approach. It should be checked that the licenses are genuine, adequately issued, and from the state where they are providing their services. The best approach in referrals is to ask for at least three references from former clients.

After these references are provided, a person can cross-check to see if it’s genuine or not. Also, they can get in contact with previous clients and run a background check. It ensures that the advisor one is hiring is perfectly reliable. Moreover, it provides people with the required peace of mind. Check out America's Best Bookkeepers

What are the Characteristics you will require?

There are several factors on which a financial advisor must be evaluated before a decision is reached. These factors include; credentials, ethics, and experience. These factors help in finding out whether an advisor was involved in any criminal activities. Moreover, the evaluation based on these traits can also connect the clients to their advisor’s career background. Knowing how long an advisor has been working in the field determines the level at which they can be trusted.

Are they Compatible with you?

Many people think compatibility is not an issue when it comes to choosing the right advisor. It is one of the most critical aspects of the process. If a person does not feel comfortable discussing financial matters with the advisor, it will not matter what high qualifications an advisor has and what experience they possess. When there is no compatibility between a client and advisors, things become ugly and chaotic.

People must try to meet their potential financial advisors face-to-face. It makes a lot of fo things clear such as their patience, intellectual approach, and practicality. It is very tough to figure out the personality of an advisor in a single meeting, but it does provide a picture of what is to come.

While choosing a suitable financial advisor is best to lead the process through every step mentioned above. Missing out on any of these steps will lead a person to the wrong advisor, and things will get messy. Evaluating an advisor through these steps is best to smoothen out the process and be fully satisfied with the decision.

Check out America's Best Bookkeepers 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. Check out America's Best Bookkeepers

3 Types of Loans and Their Uses

While it is ideal for a person to buy everything they need upfront or in cash, that is not always plausible. Most people will need to get a loan from a bank or other financial institution that offers credit products.

While generally, debt should be avoided, when needed, you will need to carefully consider what you need and other factors that will help you secure the loan and minimize debt. The function of any loan is to allow you to achieve something that requires funding you do not have at your disposal.

The type of loan you will acquire depends on your needs, and each has a different process to obtain. Here are the three main types of loans people get and their uses. Check out America's Best Bookkeepers

Personal Loan

A personal loan is generally used to make purchases such as a car, major appliances, luxury items, and other significant purchases other than a home. Personal loans are relatively easy to obtain if you have decent credit but can carry higher interest rates.

When getting a personal loan, you need to determine the need for the loan. Because the interest rates are generally higher, you need to decide if the reason for the loan is worth the extra cost. If the reason for the loan is not an emergency purchase, you may want to consider saving for the item and making the purchase once you have saved enough to pay upfront or put more down on the item to lower the payments and interest rate. Check out America's Best Bookkeepers

Mortgage Loan

Most adults, especially those starting a family, will at some point consider purchasing a home. What separates a mortgage loan from a personal loan is that a mortgage loan is in a class of its own, and the interest rates are typically less than that of other types of loans.

This long-term loan has nuances that personal loans may not have. While a personal loan will have a higher interest rate, it is handled differently if you default on the loan. If a mortgage loan goes into default, the lending institution will foreclose on the home and take it back to sell and recoup the remaining amount and, in some cases, make a profit.

In addition to losing your home, you will have a foreclosure on your credit which will stay with you for a long time and can be challenging to overcome when trying to obtain loans or other lines of credit in the future. Therefore, your mortgage payments must be your number one priority when you make payments.

Mortgage loans also often have more terms within the contract, so you must have a professional that will advocate for you during the purchasing process. It is recommended that you take your time reading the fine print because some of the terms can put your purchase in peril even if you pay on time for the most part. Cubicle to Cloud virtual business

Commercial Loan

A commercial loan is a loan taken out by a company or a business owner to go towards business operations, supplies, equipment, or any other business needs. Often, commercial loans are taken out by new businesses at startups. However, these types of loans can be taken out at any stage of the business.

Multiple factors make a commercial loan unique in comparison to other loans. Often, to obtain a commercial, the business owner or accountant will need to provide the lender with a business plan with a heavy focus on the financial aspects of the business. There will need to be projections and detailed accounting for where the money will be used and how the commercial loan is expected to be paid back.

Conclusion

Before you take out any loan, whether personal, commercial, or a mortgage loan, you have to consider the consequences of obtaining the loan. You need to understand the interest rates and the loan structure and be sure you can handle the debt. Loans are a necessity when making large purchases or financing a business. However, you should not take on any debt unless you are sure you can pay it down.

Check out America's Best Bookkeepers 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. Check out America's Best Bookkeepers

Requirements to Finance a Car Loan

When you decide to purchase a car, generally, you will need to finance it. While some have a savings account that will cover it, most will need to take out a loan or obtain some other form of financing. When buying a car, the first thing you should consider, be it the financial or the bank itself, is that you can repay the money they will lend you.

Depending on the circumstances, you may be able to get financing through your bank, the dealership, or associated lending institutions. Wherever you obtain an installment loan, you will need to meet to qualify to obtain the loan. Here are the general requirements to obtain an installment loan to purchase a car. Check out America's Best Bookkeepers

Age

Most lenders will not give a loan to anyone under the age of 18; therefore, if they want to purchase a car while under eighteen, they will need to pay in cash or have an adult take out the loan on their behalf. In some cases, lenders will allow the underage car buyer to be on loan with a co-signer, but it is rare.

Income

Your income and monthly expenses will determine the loan. Most lenders will be assessing that you have enough income to pay your bills and cover the car installment loan each month. This assessment will determine the car you can afford. Once you have met the minimum requirements, you will need documentation to further determine your car’s financing. Check out America's Best Bookkeepers

Documentation Required

In addition to the basic requirements, a series of documentation must be presented when financing a car to carry out the financing procedures. The documents that must be provided are:

  • Photocopy of the driver’s license
  • Photocopy of the last three payroll checks or other income
  • Last bank statement
  • Proof of assets if you have any

Before Financing

Before financing a car, it is essential to keep in mind specific tips that can go well when returning the money comfortably and without surprises. There are many formulas for this, and some may be less beneficial or comfortable for you.

Loan Repayment

Do not forget that financing what you are doing is borrowing money, so you must consider your budget and your possibilities when buying the car. Acquire a vehicle that fits your economy and allows you to return the money comfortably.

Think that debts are always a negative point when it comes to benefiting from other loans. Also, keep in mind that you will have to pay the registration fee, the road tax, and the vehicle insurance in addition to the car’s fee. Check out America's Best Bookkeepers

Existing Options

As we have said, you must study all the financing formulas before requesting or processing the loan. What is best for you? You can do it from a bank or a financial institution, and the conditions may vary.

Financial companies tend to be more flexible when granting loans to finance the vehicle since they are usually linked to dealers and share one objective: selling the car. However, banks usually offer better financing options. Which one do you prefer? Value it!

Interest rates: in addition to the total price of your car, financing also acquires the commitment to return something else. To do this, you must consider the interest rate offered when financing the car. This can be fixed, variable or flexible.

Down Payment

Pay a larger down payment to lower the payments and the interest rate. On the one hand, the loan you will have to ask for will be lower, and your long-term debt and you will reduce interest. It is always better to avoid financing 100% of the car.

Conclusion

Now that you know the requirements to finance a car, you need to assess the options that exist in the market and get your ideal vehicle. Financing is a valuable and convenient tool that will allow you to pay for your vehicle in installments while you enjoy it.

Check out America's Best Bookkeepers 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. Check out America's Best Bookkeepers

4 Types of Bank Accounts and Their Benefits and Drawbacks

For some reason, one of the most challenging things to do is put money away into a savings account. However, financially, it is one of the most important things a person should do as a financially responsible adult. You must ensure you have savings for emergencies, one for future purchases or college, and another for retirement.

To have a healthy financial future, you may need to have multiple bank accounts to achieve your goals. Therefore, you must understand the types of bank accounts and their benefits and drawbacks to know what account or accounts are right for you. Here are four types of bank accounts, along with their benefits and drawbacks. Check out America's Best Bookkeepers

Savings Account

The very first account an individual opens in a bank is the savings account. To easily understand, it is safe to say that savings start with this account. To set up this type of account, it is best to deposit a lump sum amount or link it to automated savings. 

Benefits

For parents who wish to teach their kids about savings patterns, the savings account is the perfect option to choose. It is also an excellent option for people who wish to save their emergency funds or the extra cash. A justification for this is that savings accounts charge the lowest fee and high interest rates compared to the fee.

Drawbacks

It looks like a win-win situation, but there are several drawbacks of choosing this account type. As compared to other account types, the interest rate it yields is lower. Moreover, the bank imposes some restrictions on a savings account holder. They cannot benefit from debit card purchases, and some banks restrict the account to the holder to a maximum of six withdrawals in a month. Check out America's Best Bookkeepers

Checking Account

The critical feature of checking accounts is paper checks. It is an account suitable for depositing checks, paying bills, and making withdrawals. Through checking accounts, many banks offer the option of online bill payments. It helps in streamlining the payments. It is a perfect choice for people who do not keep a considerable balance as the ease check cards bring.

Benefits

A checking account allows frequent access and easy withdrawal of money. It also allows an individual to write checks for the payments of goods and services against the balance of this account. Paying bills online is also one of the fantastic features of a checking account. Open this type of account does not require a considerable balance.

Drawbacks

There are not many drawbacks to choosing a checking account. But there is one that impacts the decision of a person to open a checking account. It is the wrong account type for people who want to earn interest on their savings. It pays less or no interest on the money deposited in the account. Therefore, it is a wrong choice for people who aim to earn interest on their savings.

Money Market Account

A money market account is a combination of checking and savings account. Money market accounts are the perfect option for anyone who intends to keep their emergency funds for a more extended period. An account holder enjoys the features of both a checking and a savings account through the money markets account. Check out America's Best Bookkeepers

Benefits

The most attractive feature of a money market account for an account holder is high-interest rates. Compared to the savings account and the checking account, the interest rates paid on the deposited amount are the highest. 

Drawbacks

Unlike the checking account, a money market account requires a minimum balance. Some banks have set the minimum requirement to $5,000, and in some banks, this can go as high as $10000. Another drawback of opening this type of account is the limited number of withdrawals. Only three to four withdrawals are allowed per month.

Certificate of Deposit

The Certificate of Deposit (CD) is the perfect option for people looking for an account with the highest earnings. Anyone willing to open a CD account should deposit only the money they do not plan on spending any time soon. When opening this account, one should set a basic CD ladder, through which an account holder can access a portion of their savings at fixed intervals of time.

Benefits

The interest rates paid on this type of account are highest compared to all other types of bank accounts. It makes it a perfect choice for those who want to earn a good amount over their savings by keeping their money in a fixed place.

Drawbacks

A CD account requires a person to commit to locking up their money for a certain period. An individual has to keep their savings locked up for a minimum of six to eighteen months. In case a person wishes to withdraw the money, the bank will impose a penalty. To withdraw the money, individuals are expected to pay the penalty.

Conclusion

Choosing the type of bank account you need depends entirely upon you and your goals. A person has to make this decision based on their nature of saving and other lifestyle factors. Before you decide what type of account or accounts you want to open, you have to examine the benefits and drawbacks of each type.

Knowing all you can about each type of account will help you decide what account or accounts will be best for you.

Check out America's Best Bookkeepers 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. Check out America's Best Bookkeepers