Author: Jennifer Brazer

Financial independence is something every responsible adult should want for themselves. This independence can lead to large purchases such as a home, car, or other luxuries. It can also help you have the peace of mind that you can retire and make ends meet in your golden years. Those that have worked their way to financial independence are happier and less stressed than those who are not. Here are three ways to gain financial independence and peace of mind for your financial future.

Get Control of Debt

Often, a person cannot get out of responsibility or have financial independence due to loss of control over their money. This loss of control can occur when debt is taken on that is hard to overcome. These debts include high-interest or payday loans, credit cards, or other loans and credit lines that have you in a hole you cannot climb out of even with making regular payments.

If you cannot afford a financial planner or credit repairer, which is often the case when deep in debt. You can take control without expert help—first, work at combining your debt into one payment if possible. Identify the lowest interest line of credit you have or obtain a low-interest loan if you can cover all your debt and use it to pay off all your cards and higher-interest lines of credit.

This action will combine your debt into one payment with a lower interest rate which will help get your finances in check if you cannot get a loan or don’t have room on a lower-interest credit card to charge off higher-interest debts. Start by paying off two financial items right away. First, any high-interest loans or credit cards, and second the smallest obligation you have. These two things will help you increase control of your finances rapidly.

Cut Spending

Cutting spending is perhaps the most difficult thing for most of those getting out of debt to do. Most people automatically think that cutting spending means they cannot have any luxuries and that they will have to cut out everything fun in life. The truth is that cutting spending simply means that you cut out things that are unnecessary. Some of these things can be temporary, while others may be more permanent.

To cut spending, start with cutting out expenses for things you don’t use often. If you have memberships you don’t use often, you should consider cutting them. Also, you can cut back spending on your utilities by finding ways to cut down usage. If you are focused on it, you can cut spending more easily than you think.

Increase Your Income

In today’s economy, in which gig-type jobs are more common, it is much easier to get something going on the side of your main source of income. In the past, the only side jobs you could get were selling make-up or housewares in a pyramid marketing venture. Today, there are literally hundreds of ways to earn extra income on the side with little to no upfront costs to you. You can make food, grocery, or package deliveries as a contractor, giving you flexibility in schedule and income. You can also do countless freelance jobs on the side, using your skills and talents to increase your income.

Another way to raise your income is to obtain another source of income through a second job. Often you can obtain jobs that are seasonal if you only need the second income for a restricted time to pay off debt or build a savings account. Unlike the freelance type job, this would be a regular job schedule and revenue. You can also ask for a promotion or go for a raise. These extra increases in your income can help you work through debt more rapidly or build savings that can be used for emergencies, purchases or down payments, or retirement.

Conclusion

Financial independence is something all adults should desire when it comes to their lives. Most people will tell you that the biggest stress in their lives is money issues. These issues can be alleviated if some financial strategies are applied sooner rather than later. The advice above should help you gain financial freedom in no time.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-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.

Being your boss can be exciting and possibly a little frightening. Once you choose to strike out on your own, you have a lot to consider. While many freelancers or sole proprietors build their business plan, managing taxes should be considered in the plan’s financial portion. While it is recommended that you employ a specialist to handle your taxes no matter what type of business owner you are, it is still good to know how taxes are handled for the sole proprietor. Here are five tax tips for a business that has a sole proprietor.

Understand the Forms

Because the business’s net revenue is taxable, you will need to become comfortable with a Schedule C form. It is the form where sole proprietors report income and expenses. If your business earns under a specific amount, you may file a Schedule C-EZ and check with the IRS for the current minimum income. You will also need to obtain a Schedule SE to calculate the self-employment tax appropriately. If doing your taxes, you will need to know these forms and study their instructions. Even if you hire a tax pro, your familiarity with these forms will make the job easier for you both.

If you don’t hire a professional and decide to do it yourself, make sure you have the best tax software specifically designed for the freelancer or sole proprietor. This is not the time to wing it.

Organize Your income and Expenses

Being self-employed usually means your income is inconsistent, so estimate your tax liability during the year to avoid surprises. Unfortunately, if you’re audited, the burden is put upon the one being audited to prove the income and expenses on the audited tax return. If you are organized in your receipts and bookkeeping, this should be easy to get through. An audit is not always triggered by something the taxpayer did incorrectly, some audits are random, and if you are organized, you will not need to worry. This organization will make your taxes easy to prepare, whether you give them to a professional or prepare them yourself using tax prep software.

Know the 1099 Form

If a client pays you more than $600, they must send you a 1099 and send a 1099 to the IRS. You need to ensure you include it with your tax preparation data. Even if the client does not pay you more than $600 or doesn’t file a 1099, you are still expected to report all income you make as a freelancer or sole proprietor. These tax mistakes are often caught years after the error is made, and the IRS not only expects you to pay the amount you should have but also charge interest. It is best if you claim income and pay taxes on it when it is due to avoid issues with the IRS down the line.

Claim car Expenses

Even if you don’t primarily use your car for your business, there are times you can write off car expenses. If you drive to any business-related meetings or errands, you should keep an accounting of gas and mileage. You can also write off some of the car repairs if they become necessary. Check the IRS website to find out how many cents per mile you can write off for business-related car use. You must keep detailed mileage accounts for business about car use to get the most out of this valuable deduction.

You can also deduct your actual car expenses, such as depreciation, licenses, gas, oil, insurance, registration fees, repairs, and tires. The car expense deduction generally is based on the total miles driven for business. If leasing your vehicle, you should check with the IRS and determine if your lease payments can be deducted.

Home office Deductions

If you work from home or use part of it in your business, you can deduct some of your mortgage or rent and insurance, utilities, repairs, and similar expenses. You can calculate your home office deductions in one of two ways. First, figure what percentage of square footage you use exclusively for business activities. That percentage of your home-related expenses becomes deductible. So if your office is 10 percent of your home’s square footage, 10 percent of your rent, utilities, and other home expenses for the year may be deductible. If any repairs occur within the office area of your home, those repairs are often fully deductible.

The second way to figure home office deductions is to deduct $5 per square foot for business, up to 300 square feet. You keep fewer records but generally get a smaller deduction, so calculate things both ways before filing. Consult the IRS website for details or the latest changes in deduction amounts.

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 your own small company can be exciting for the budding entrepreneur, but it can also be scary and intimidating. You can have the best company idea in the world and execute poorly and end up killing your company before it ever has a chance. While many companies fail within the first five years, the highest percentage within the first year doesn’t have to be the same for you and your company.

Growing up, you can likely look back to your successes and failures and realize that the common thread to whether you were successful or failed was preparation. Entrepreneurs can’t just come up with a company idea and jump in the deep end without being prepared to swim. Besides writing a great company plan and lining up financing, here are five strategies for company success every entrepreneur needs to know.

Networking

Networking has been in existence since the beginning of time and is nothing new to the company world. While larger companies have staff dedicated to networking and partnerships, networking is up to you for the small company entrepreneur. You can start by joining every local small company group that makes sense for your company.

You can also use your social media to network with family and friends, and if you use hashtags, you can connect to others outside of your direct connections. Networking with all types of companies can be rewarding. You can be a source if other company owners need the products and service your company offers, or they may send referral companies from their customers that need what you offer through your company that they do not.

Be Unique

Your company could be an inventive idea no one else has come up with; however, it doesn’t need to be the next new thing to be profitable. Even if you decide to start a company that is in a saturated market, don’t let that discourage you if it is a company you have a passion for the company you want to start. The key, in this case, is to be unique within the market. Have a product or service in addition to the standards that no one else has and make it your focal point.

This is the time for you to be daring and inventive. There are no limits for the eager and forward-thinking entrepreneur, not afraid to stand out.

Competition

Every company should be highly aware of their competition. This understanding is not reserved for direct competition but also indirect competitors. To be the most competitive in your market, you should begin by recognizing your closest competitor almost as well as you know yourself. Study them, know their best practices and what works for them, and determine their weaknesses and development opportunities.

Knowing the competition can also lead to other networking opportunities. Competition doesn’t have to equal contention. There can be prospects to partner with to boost revenue and your customer base.

Take Care of Your Company Credit

All credit, whether personal or company, is important. While your personal credit score can prevent you from making large purchases or cost you in high-interest rates or loan denials, if it is negative, your company credit is even more critical to keep positive. Companies can have downturns, emergencies, or unforeseen circumstances that will require capital that may not be on hand. If you need a small company loan, it could be the difference between survival or total failure if your credit prevents financial assistance.

Always pay your accounts payables on time, early, or better yet, in full. Ensure that all company loans and credit cards are paid quickly and consider your company credit score one of the most important things for you to protect.

Pricing

Many small companies make one vital mistake they shouldn’t be making and erroneously set their prices. There is a fine balance between overpricing and underpricing. Pricing is a lot easier than you might think. Some market and competitor pricing research and calculations on operations costs will ensure that your pricing will not only be competitive but keep your operations running.

Conclusion

Every entrepreneur has a lot to contemplate and plan for when starting your own company. Focusing on standing out, networking, knowing your competition, taking care of your company credit, and pricing will ensure your company not only succeeds but flourishes.

 

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.

If you are a small business owner and have not created a succession strategy, now is the perfect time to start. You can facilitate the change of ownership of your business by paying special attention to succession strategizing.

A Prince Edward Island potato producer-only started talking about his retirement at 80 after being diagnosed with dementia. His case is no different from many other small business owners who have not established a succession strategy.

By acting now to establish a succession strategy, you can help keep your business running smoothly. When the time comes to pass the torch, adopting a prudent exit strategy will allow you to preserve your business’s value. 

Why is strategizing important?

A good strategy allows you to maintain good relationships with your employees and business partners, particularly if your family members are among them. You should also make sure that your business is solid and has good prospects for the sale price you want. 

Succession strategizing helps you:

• Protect your business legacy
• Ensure the continuity of service in your community
• Adding value to your business
• Ensure the financial security of your family and your partners
• Preparing for the unexpected (illness, accident, death)
• Preparing for the future

A change in management can also cause problems for employees, suppliers, and customers. Ensure your strategy includes a communication strategy for your business partners and team members to keep all parties informed during the transition. It is also essential to make sure that the smooth running of your business continues.

When should you start?

Why not today? If you strategy to leave your business in the next five years, you should start strategizing now.

Even if your business is newly established, having a strategy allows you to prepare for the unexpected, good business continuity strategizing. Experts say the transition process can take up to five years and even up to ten years when it is a family business, depending on the organization’s size and complexity.

In a family business case, the relationships and emotions involved can complicate matters since most people are uncomfortable talking about age, death, and finances. According to Susan Ward, an experienced business writer and business owner, 70% of businesses don’t survive the transition from founder to the second generation. In most cases, the factor for failure is a tax or family conflict, two things that can be addressed in a good family business succession strategizing strategy. 

Who is the ideal candidate to replace you?

Whether you want to transfer your business to a family member, employee, or an external third party, you will need to think about the skills and qualifications that a person will need to acquire to run the business, a process that can take years. Once your successor is chosen, a transition strategy will take into account the training he needs.

What support will you need?

You don’t have to fend for yourself. Experts are available to assist you with succession strategizing. Professionals’ use is essential to a small business’s success, including when they are transferred to another owner. They offer knowledge and expertise in areas that you may not be familiar with. They can also complement your management team to keep your business running efficiently.

As an entrepreneur, you could benefit from the services offered by four types of professionals:

• Accounting
• Lawyer
• Financial strategy
• Financial security advisor

What is your succession strategy?

Your successor’s choice, business structure, and collaboration with one of these specialists will facilitate your business transfer. By determining how you will transfer your business – whether, for example, to a family member or through a cash or financing sale – it will be easier to establish a program to follow to make room for the next generation. And with the helpful resources available to you – and many of which are free – the best time to strategy for the future is 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-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.

There are many advantages to buying an existing company rather than starting one. First, you avoid many of the ills associated with starting a company from scratch, such as those caused by new product development, hiring staff, and building a customer base.

You also avoid going through the crucial first years that are often fatal to new companies. It can also be an excellent way to break into areas where start-up costs are high, such as tourism and manufacturing. Ask yourself the following six questions to make sure you’re buying a profitable company. Despite these advantages, existing companies are seldom flawless. Ignoring their flaws can lead to a host of problems. Here are six questions to ask yourself to make sure the proposed acquisition is right for you.

Why do customers appreciate the company?

A company with an established client base can be more expensive to purchase, but it is not necessarily bad. You inherit the company’s “company background,” giving you easier access to cash and building on relationships already established with customers.

But to make sure a company is worth your time, you need to find out why people do company with it.

• Is it for its quality products or its excellent service?
• Is it for its experienced and professional employees?
• Is it for the relationship between the customers and the owner?
• Will a change of ownership make a difference?

Market research can explain ​​how customers perceive the company’s products, services, and overall brand.

Think carefully before acquiring a reputable company, as it can be challenging to change flawed perceptions. Ask yourself why the company is for sale and find out about its reputation and its owner.

See what people are saying about the online company. It may not represent the big picture, but you will get a good idea of ​​what inspires the company and what needs to be done to change negative feelings.

The product or service is unique in the market?

If you target a company in an industry where competition is intense, probe deep to find out how the company stands out, as this is a key reason customers are loyal (see above).

If there are no apparent distinguishing features, think about what you can do to stand out from the crowd and the efforts and costs involved.

What does corporate culture look like?

Take a look at the company’s culture, management style, quality of work, and the relationships that the seller maintains with employees and managers. Check whether these aspects correspond to your philosophy and whether it is worth making changes to them.  Rapid change after an acquisition can cause resistance from employees, suppliers, and partners.

Long-term employees are a great asset. They know the company, the products, and the processes. Also, they can provide company and sector information. If staff turnover is high, question the cause. Is it due to competition within the sector? Is it because of the corporate culture? Is this linked to the aging of the workforce? The answers to these questions will give you an overview of the challenges or needs in human resources.

Do you know enough about the company or the sector?

Do not fall into the trap of buying a company in a field that is unknown to you because it seems to you to be a “safe deal.”

It is much more challenging to succeed in a sector where you have no experience or interests you little. Evaluate your skills, interests, and experience, then make sure the company matches this insight’s results. By choosing a known territory, you significantly reduce the risk of failure.

Will this new company integrate with the companies you already own?

If you want to expand your company by acquiring, you will need to seek synergy in key areas.

• Its products or services should be related or complementary to your current offer.
• Marketing and sales techniques need to fit in with each other.
• You will also need to harmonize production and distribution methods.

You will need to integrate the new company staff into your existing activities and plan to deal with potential redundancies.

It may be useful to start thinking about the integration plan during the due diligence process. Your evaluation must go beyond simple accounting to also take into account your strategic objectives.

Are there any hidden costs?

Hidden issues can make the company less attractive than it initially appeared. For example, if the lease for facilities or equipment expires soon, you may have to incur unforeseen expenses. By doing proper due diligence, you can uncover these problems and avoid costly oversights that can get you into unnecessary debt.

Once you have started the process, do not restrict yourself to examining activities and financial statements. It would be best if you also spoke to employees and suppliers to assess the company’s fair value. Buying an established company can be a challenge, but it is the best way to own your own company. About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-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.

Every conscientious adult should have savings in their financial plan, but the truth is most people don’t have anything conserved, nor do they have a financial plan. There is a mindset to financial planning and finances that has people concerned they would have to give up things they love to do or make major changes to stay out of debt and go as far as possible in the financial plan to save. Most adults that work hard live paycheck to paycheck with no security fund and don’t think they can change that without offering up what they are working hard to do. 

Making a financial plan is just a start. There are several aspects of your finances where you can make adjustments or try new ideas to build your savings minus living a dull life with no fun or indulgence. Here are three strategies that will build your savings without giving up much.

Rework Your Bills

Countless people don’t realize they can renegotiate a portion of their bills—even utilities. You can rework almost everything. Call your utility companies and find out about paying a fixed amount and having other adjustments made to save money on your overall utility bills. They may be able to install devices in your home that will help you lower your bill.

If you are meticulous about keeping it within this flat amount, this can save you huge. If you are an excellent driver, you can get insurance companies into a negotiation to get your business. They want clients paying in dividends that are low risk ever to make a claim. These insurance companies know they need to give you deal to be competitive since the auto insurance market is saturated. You can also call your internet and cable company and ask for the deals they offer to new and old clients. If they say they won’t give that to you, their loyal customer, let them know you will go to another company. You can do the same thing with your phone carrier, find out what offers they have, and negotiate them yourself.

The bottom line is, you should try reworking all of your bills, getting better interest rates after you have been paying on time for a period, or getting fixed payments. The most that any business you are trying to negotiate with can say is no, but maybe they will help you save money.

Better Banking

Your banking establishment will generally offer you bank accounts that will cost them nothing. Do your research and make sure you look into every type of bank account provided. Some bank accounts offer cashback for debit card usage or higher interest savings or checking accounts. Don’t settle for the plain bank account with no frills you are offered.

The recent trend is banking establishments offering what is called a hybrid checking account. This checking account is a checking and savings account in one, and it provides a higher interest rate. This will add up, especially if you steadily deposit into this account.

Good Investments

You are thinking you hardly make enough to cover bills. How can I even think about investing? There are a few ways. First, if your company offers a 401(k), add as much as you can. If your company matches a certain percentage, contribute that amount, so you get the most for your investing buck. Micro-investing is a trend that is also an easy way to invest when you don’t have a lot of wiggle room in your financial plan to invest. These spare change investing apps won’t make you rich or able to retire early. What they will do is give you the money you can use to pay down debt or put into more significant investments.

When you go for more significant investments, make sure you have paid down your debts and have an emergency fund first. Your priority should be getting out of debt and having the ability to cover emergencies and loss of income, then investments.

Conclusion

You don’t have to put away entire paychecks to build your savings. Little changes can have just as much impact on your savings. Once you start, you can easily get in the habit of savings and have a nice nest egg saved before you know it. Budget, invest and use banks that will build your savings.

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 starting a business, a business owner first comes up with an inspired idea for your business. No matter what business you are planning to open, a strategy is necessary to lead to success. A strategy is a plan that you have in mind to run your business. Business plans include all processes a business can be initiated and a step-by-step development according to which the business will be overseen.

A business plan is exclusively designed to determine your business’s objective and its necessity in the world. The idea you outline in your business plan will be important to initiating your business idea and entering the market. To get funding or partnerships, you will need to convince possible investors why they should invest in your business. The business plan must be effective and detailed to persuade investors and partners. Here are the seven sections needed to create the perfect business plan.

Executive Summary

The first section of the perfect business plan should first include the perfect executive summary. The executive summary should represent a summary of the entire plan so that the reader will have an idea of the business and everything included. Though the executive summary is the first section, it is to be composed last since it will summarize the entire plan. When reading this, the investor or potential business partner should have no doubt what the business is and its plans.

Company Brief

The company brief is different from the executive summary in that it will talk about how your business would stand apart in the national or global market. This should be your business objectives, the customers you will serve, and everything the reader needs to know about the company. The business brief is a good way for the owner to highlight all anyone would need to know about the company.

Market Analysis

Market analysis tells the investors about the industry, specifically the market your business will operate in, so that it is clear. You will have to use the data and the insights gathered from the analysis to discuss the past, present, and future of the market your business will be entering. This analysis will be important to identifying target customers, marketing strategies, and your business’s competitiveness. The market analysis will highlight where your business fits in the industry of choice.

Competitive Analysis

The competitive analysis is just as it sounds. It is the analysis of your competitiveness in the industry, the market, and your business location. You will analyze the competition in your area and wider by analyzing the overall industry. You must do both to properly analyze your competitiveness, especially if you will have an online presence.

Marketing Plan

Your business plan’s marketing plan will be your opportunity to show how you plan to attract your target customer.  The marketing plan must include every aspect of marketing you plan to use as well as the costs. In this section of the business plan, the marketing plan and strategies need to be clear to the reader.

Sales strategy

Sales are the main focus of any business as it is the reason you would start a business. The sales strategy will have detailed ideas of how you plan to generate customers and convert them into sales. The sales strategy consists of all the methods in which you intend to hit the marketplace. It’s best to be as clear as could be anticipated. The sales strategy should also include your projected sales force.  You can use operating businesses in the same market to help you with this projection.

Financial Plan

The financial plan is the last but most important section of your business plan. Here you reveal all the financial forecasts, including your plans concerning the initial financing. It is one of the essential parts of your business plan since it includes the data in which the reader takes the most interest, how much money the business will make.

Each company is different, so your viable business plan may not look like your competitors’ business plans. As long as you include all of these essential sections in your business plan, it will be perfect. A business plan’s main purpose is to attract investors or partners and get funding from lending institutions.

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.

Large corporations need to have their business analysis at their fingertips and report the overall end-to-end process. A well-developed automated system can provide these two things without a single error.

The State of ePayables 2018, The Future of AP’s Ardent Partners, explains the highest efficiency and the significant impact of automated accounts for payments as the best solution. A normal corporate is still getting 55% invoices in a year, according to recent research.

What is the most efficient payable account in the world? The department of accounts payable determines the essential metrics:

The average price for each invoice – The most efficient payable account is AP teams that report the cost of $2.52 to drive only one invoice compared to $17.61 for others.

According to AP teams and experts, exception charges for average invoices recorded the exception rate around 8% compared to the rate that less efficient companies offer.

Monthly average invoice – The world’s best metrics are nearly 4,814 as compared to 1,408 for others.

Time of processing cycle for an average invoice – The invoice processing time of AP teams is 3.7 days on average. Also, the average turnaround that accounts payable partners process with 17.1 days.

In terms of business invoicing, businesses need to match the documentation for verification. This process needs quick approvals, exceptions, and procedure visibility. Most of the enterprises record their delays in matching, receiving, paperwork verification, exceptions, etc. Also, there is the highest lack of process visibility.

Various businesses can’t make cost-saving arguments more evident to process the electronic invoicing system. The industry of e-invoicing claims that they don’t have a budget for automated solution investment. That’s why they can’t cope with the issue yet.

With these challenges, organizations choose to fulfill all the accounts payable tasks. The accomplishment of this goal depends on the accounting software solution quality. Various industries use the automation level that decides the optimization of such a rare exception. The size of your business and organization generate multiple challenges.

Now, it is necessary to discuss the tricks of using e-invoicing that make businesses more efficient. Transactions and billing of the sales become smooth and error-free with e-invoicing. Here are four ways e-invoicing increases your business efficiency.

Minimize hours and errors

The process of manual invoices generates multiple mistakes and data entry perplexities. The modern automated system of invoices only restricts these errors but also allows suppliers to submit PDF invoices.

You can access PDF technology from any device, including a computer. Use e-invoicing software to read the hidden layer of EXIF metadata. EXIF data help you in case of a clash regarding the invoice origin. This technology gives you accurate verification regarding the document’s origin. The majority of suppliers know what PDF technology, including its printing, is. That’s why they will not need to be shy to use it. The most interesting thing is that e-invoicing decreases the billing process and minimizes errors.

Eradicate paperwork

E-invoicing eradicates the concept of paperwork and hard copy filing. Suppliers need to have all transaction records, but it occupies lots of space and needs large rooms to store them. It means manual e-invoicing burdens the additional expense on businesses. However, every company wishes to spend less as much money as they can. The significant paper and postage engender unnecessary costs that are difficult to manage and consume lots of time searching. E-invoicing also decreases carbon footprint by eradicating the concept of paper filing. The interesting thing is that there will be a great integration of green initiatives with clients.

Three-way matching with verification

 Have you ever noticed how fast the billing process is complete right after purchase from the grocery store? The blessings of e-invoice technology verify all items with their prices with the facility feature of three-way matching. During this process, customers place their orders and get all the items with a delivery slip at a time. With e-invoicing, there is no need to rifle via filing cabinet to search individual documents and eradicate rubber-stamp approvals for invoices. There are trustworthy suppliers or service providers that generate multiple errors.

Remove all bottlenecks

Managers got approvals due to automated system alerts when they access e-invoice. There is no need to discuss or repeat the requests. The employees search and accept the consent for invoices that are already verified. They staple the invoices to a record with all documentation and information necessary for consent. The industry of automated AP processes is the best option to increase the business. AP departments increase the digital strategy with increased volume.

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.

No matter the size, every small business needs to apply for small business credit at one time or another. The exceptions are when the owner has the capital to run the small business until it is self-sustained or if an investor buys a stake in the company, eliminating the need to take out loans or other credit lines for start-up or operations.

When applying for small business credit, you need to ensure you are separating your private finances from the small business’s finances. It is expected that you will use some of your savings in the small business, but you should still treat that investment as though you were an outside investor. If you keep your private funds and small business funds mixed, it can lead to confusion and liability issues. Once you have separated your private finances from your small business finances, you can apply for or use different small business credit types to finance your small business. Here are four common types of small business credit and how they work.

Charge Cards

A charge card is comparable to a credit card; however, the main distinction is that you cannot make minimum payments each month. They also have no pre-set spending limit. Each charge is accepted or disapproved based on a few factors. Your small business credit score, current financials, recent spending patterns, and account history will decide if your purchase will be approved. Charge cards are excellent for purchases you need immediately but can pay off immediately since the entire balance is due the following billing cycle.

Installment Accounts

Installment accounts, also known as commercial repayment accounts, are an all-fixed amount process. The amounts don’t vary according to interest or other sliding factors. The lender will agree to loan you a fixed amount, you will concur on the final fixed amount you will pay back, then decide a fixed amount you will pay each month to pay it back. In some cases, the loaned amount is the same as the payoff amount, for instance, if you borrow from a friend or family member who doesn’t want interest. The advantage is all parties interested are clear on the amounts.

Revolving Credit Accounts

Revolving credit is money you borrow that has a pre-set credit threshold, and you can charge all you want up to your credit limit as many times as you need. The two types of rotating credit are small business credit cards and a small business line of credit. Both will have a pre-set limit. You charge or borrow any amount under the limit. Then you pay it back with interest.  As long as you pay down the balance and keep your account in good standing, you can charge up to your limit an unlimited number of times. The advantage of a revolving credit savings account is that you don’t have to pay the balance all at once; however, keep in mind they will have interest connected, so make full payments when possible.

Vendor Accounts

Vendor accounts are when a small business receives products or services and pays the vendor over a set period. Most vendor accounts will expect the net amount back within 30 days; this is also known as a net-30 account. Other vendors may have longer or smaller accounts. Some will also negotiate with a small business that is loyal and in good standing. Most of these vendor accounts do not carry interest. The vendor account is exceptional for products and services and for building vendor trust and relationships. Another plus to a vendor account is that it is reported to business credit bureaus and can build your financial status as a small business.

Conclusion

When you have a small business, it is best not to use your money to fund the small business unless you treat it as an investment and pay yourself as a stakeholder from profits. Using small business credit is a reliable way to take care of small business needs until it is self-sustained. You should cautiously ponder all the options and use what makes sense for you and your business. You can use more than one type of small business credit; be sure you keep in good standing, or your small business could suffer financially.

 

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 person’s salary vanishes as if by magic during the first few days after receiving their paycheck. The reason is they always have debts that demand the majority of their income. Debt seems like a never-ending problem. Every day that it is not paid, a person gets into more debt, which can become out of control over time.

The secret to getting out of debt is not to lay awake all night thinking about numbers. Reconcile your debts and the money you have coming in, and don’t see the debt as a burden but see it as something you need to manage. Therefore, a person will know the first step to manage finances and not die in the process. Know the proper management of finances is not a matter of economists or judicious organization and planning. So how to do it?

Make a List of Debts

From long to short, all sorts of debts must be included in this list. This will be a person determine exactly how much they owe. Includes the name of the person, interest rates, time duration of each debt, and its intermediaries in it. However, do not distress yourself with large numbers and financial disorganizers.

Make a Daily Spending Plan

Please don’t wait for the last week of the month. Instead, it recognizes daily financial priorities, those inescapable, and which a person must invest, such as public transportation or gas or food consumption. Once each week is organized, it is now time to add large expenses (also priority), such as payment for services, rent, own study or children, toilet, and market. Nobody better than a person himself knows the exact figures for such expenses, so the accounts are already clear.

Credit and Debit Card

If a person already has a weekly budget. Why overload it with cards? According to experts, a card is only a temptation that will springboard a person towards future debts. Eliminate credit cards. It takes away a huge weight.

Make an Excel Spreadsheet

Make an excel sheet, Set daily/weekly priorities and budget, including extras or unexpected expenses. Add a column indicating what kind of debts a person is currently paying and what is missing etc. Titrate each debt with no more than three words. That way, you have a general idea of ​​what is pending without necessarily being reflected in figures.

Create an Alternate Account

Create an alternative account, deposit all the weekly savings there. Having a savings account on the side will make a person feel more secure about their financial situation. Plus, with the time, that person will also save some extra cash on the side. According to finance experts, such side accounts have helped people to feel more secure in their financial standing. 

Savings Plan

Having a proper saving plan is extremely crucial. Such plans help a person maintain financial balance and prevent them from overspending. According to experts, a person who has a proper savings plan is likely to save more money as compared to those who don’t.

Seek Advice

Managing accounts can be extremely challenging at times. If that’s the case, feel free to hire professional help regarding the field. People who handle large amounts of money, such as entrepreneurs, have the optimal mental and physical organization behind them who manage their fiance.

Reduction of Luxuries and Leisure Plans

Saving involves sacrifice. If a person does not want to spend their entire life savings every month, it is better to give up on certain luxuries, at least for a while. Instead of going out with friends weekly, do it once a month. Take home-made lunch to work for a while, try to eat at home, not outside, and avoid taking taxis to transport. 

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.