It is no secret that many people often prefer to hire tax advisors to file their taxes. However, many people are unaware that this option even exists. If they do, they often refrain from asking the important questions in the beginning to legitimize their potential advisor. A total of 80% of people who acquire tax advisors never bother to ask about documentation or credentials. Through a recent survey, around 75% of people never bother to ask whether their advisor will be representing them if a tax audit happens or not.

To some, hiring a tax advisor may sound like a crazy idea. Sharing all their personal details with that person regarding their income, their accounts, personal life, kids, along with their social security number, maybe extremely anxiety-provoking. The question becomes, how can you find a reliable tax advisor with proper credentials and who fits your specific needs? Here are few tips that will help you:

1. Ask for an advisors Tax Identification Number

According to the Internal Revenue Service, anyone who is assisting or preparing to assist in federal tax returns must acquire a PTIN. However, these rules don’t apply to volunteer advisors. Always be sure that the tax advisor you have hired has a legitimate PTIN number and that they put it on your tax returns, as this is also a requirement of the IRS.

2. Require a CPA, law license, or Enrolled Agent description

It is not hard to obtain a PTIN, so why settle there? Advance a step and get an advisor who is a certified/ licensed enrolled agent. This is someone who has completed the IRS Annual Filing Season Program (AFS). Such identification requires vast amounts of study along with education and an exam.  

How do you find a reliable tax advisor with proper credentials who fits your requirements? A great way is to check out the Internal Revenue Service directory. This contains a list of authentic and recognized professionals that you can choose from. These professionals are reliable and vetted, ensuring that they deliver exceptional service.

3. Look for friends in high places

Being a member of proficient organizations like the “National Association of Tax Professionals,” “National Association of Enrolled Agents,” or the “American Institute of Certified Public Accountants” is an extremely beneficial credential to have, as most of these organizations have proper moral codes along with a set of certified conduct expectations.  

 

4. Reconsider those who don’t e-file

The Internal Revenue Service requires a paid tax advisor, who can complete more than ten tax returns for a customer, to be able to file automatically through the Internal Revenue Service e-filing method. If a tax advisor fails to offer an e-file, it is a clear sign that this advisor is lacking in experience and is not doing as much tax prep as they portray.

 

5. Confirm they would sign on the dotted line

According to the law, these paid tax advisors are required to sign their customers’ takings and mention their PTINs to ensure legitimacy. Avoid signing a vacant tax return because it will allow advisors to put anything they choose on the return, like their own bank account details, in order to steal your refunds.

 

6. Check if they’d have your back

Like enrolled agents, such as attorneys with CPAs, PTINs can represent a client in front of the Internal Revenue Service throughout audits, expenses, compilation problems, etc. Advisors who fulfill the “Annual Filing Season Program” have the authority to represent customers but only under limited circumstances.

Being available and accommodating is also crucial when hiring an advisor. Even after the tax returns are done and the filing season is over, a professional tax advisor will take your case, reply to an email, and allow you to come for a visit.

 

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.

Most people do not like the tax season, except when they are expecting a large refund. The process of getting your documents in order all on your own can become rather troublesome. If you are unsure whether you need professional help with your taxes, the following are some signs to watch out for.

No time

For many individuals with multiple ways of earning, complying with the requirements that come with doing their taxes may be a daunting affair. Even those who have only one job may still find the process to be tedious and difficult. It can be very time consuming to prepare the appropriate documents for the tax return. Most individuals employ tax professionals to do their taxes so that there are minimal chances of thoughtless and costly mistakes. Individuals tend to continue their routine work and let the tax advisors do their job. It is important to ensure that the accountant you hire has the proper qualifications, along with appropriate credentials.

Major life change event

Many significant life events may occur over time. Some of these include getting married, divorced, having a child, or obtaining another employment. These events could mean an addition or reduction in the yearly income. If you are getting married, it means that an addition is going to be made to the annual income if the spouse also works. Moreover, if someone gets a divorce, it means that the divorce settlement has to be met. When your tax situation changes, there are steps that need to be taken, along with various forms that need filling. If someone does not understand the tax law, it is important to hire a professional who will advise what to do. If someone forgets to make certain changes when they file, it could result in IRS charging them with added fees.

 

Business taxes

When a person starts a business, it is a given that taxes will become more complex. Business taxes vary greatly from personal taxes, regardless of whether you are an exclusive owner. In the event of starting up a business, it is prudent to hire a tax accountant or a bookkeeper to assist in taking proper care of the taxes. A professional tax advisor will guarantee that you get the most deductions you warrant while steering away from the expenses you cannot claim.

From the birth of the business, you must make sure that you have separate accounts for the business and any other income that you earn. For some people, distinguishing between the two can be troublesome, so it is typically a good idea to hire a professional bookkeeper or a tax accountant to help with filing the tax forms. Regardless of whether any business achieves success or not, there will always be additional charges for taxes, which can be tiresome and tedious to fill out. An accountant will also provide advice on how to diminish taxes throughout the year.

 

Paying back taxes

One of the most common errors individuals make is paying taxes on past filings. This may be because they must account for personal costs, including the amount given to the Internal Revenue Service (IRS). A professional tax accountant can assist with managing finances with regards to recounting what has just been paid versus what more you will have to pay. There may be a case where you are awaiting a refund, yet the taxes are still being paid. This process can become a bit complex when the time arrives to disclose this to the IRS. Therefore, it may be beneficial to have a professional look at your taxes.

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 adult that has purchased anything on credit has a credit score. Your credit score gives you buying power when it comes to homeownership or financing a vehicle. It can also affect what you pay for internet and phone services, utilities, and insurance. There are even some companies that require a certain credit score to be employed with them. A high or low credit score can be the difference between a great job and a good lifestyle and higher interest and debts.

Because there is such importance placed on your credit score, it is essential that you know what yours is and how to get it higher and keep it there. Here are five tried and true ways to raise your credit score.

Credit Cards

When it comes to your credit score, a credit card can have a large positive or negative impact on your credit score. Most people carry at least one credit card though it is suggested that you avoid having one altogether if possible. If you feel you must have a credit card, here are a few things to keep in mind.

• Don’t get a credit card with a high-interest rate
• Don’t have more than one credit card
• Make more than your minimum payments
• Always keep the balance lower than 10% of your limit
• Make them a priority to pay off before no to low-interest loans or payments
• Only use your credit card for emergencies

Avoid Debt

While it is understandable that most people don’t have enough cash on hand to purchase a home or car without a loan, you should avoid purchase on credit as much as possible. When you do need to carry a loan, here are a few things to consider.

• Shop for lenders
• Get the lowest interest rate possible
• Borrow from a friend or family member to avoid interest
• Pay more than the minimum payment
• Make these loan payments a priority
• Pay them twice a month if possible

Stop Applying

Many people don’t realize that every time you apply for a credit line, whether a loan, a rental application or a store credit card, those applications initiate a hard credit check. Every hard credit check lowers your credit score. So if you are car shopping or trying to get a discount on your purchase by applying for the store credit card, you are lowering your score. Here are some things you can do to avoid this.

• Don’t apply for cards or store credit; you don’t need to get a discount
• Go to your bank or a lender and obtain preapproval for a car or home loan before shopping
• Use websites that do not affect your credit score to check your score and know what it is before applying for lines of credit

Dispute Your Credit Score

Many people think their credit score is etched in stone and cannot be changed until the credit falls off. While it is true that after seven years old debt falls off, there are times when items on the credit report don’t belong there. Here are some things you can do to get bad debt removed from your credit score.

• Dispute old debt that is still on your report after seven years
• Dispute any debt you don’t recognize
• Pay off any debt that is still on your valid credit report

Pay Bills on Time

While financially responsible working adults should pay all bills on time, it is especially true of those bills that will lower your score if paid late. When prioritizing your bills, you should make those bills with high-interest rates and attachments to credit reporting a priority. Here are a few other things to keep in mind when paying your bills.

• Pay more than the minimum payments on bills with interest
• Check to see if any of your utility or service bills can be attached to your credit score for paying on time
• Make double payments per month on bills with interest

Conclusion

These are five areas of focus that will improve your credit score if you apply them. Knowing your credit score and how it affects your financial health should be a priority to every financially responsible working adult.

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.

Essential Bookkeeper Functions for Business Success

Bookkeeper functions include the critical financial tasks that maintain accurate business records, track cash flow, prepare tax documents, process payroll, and generate financial reports—forming the foundation of successful business operations. These essential responsibilities encompass daily transaction recording, bank reconciliations, accounts payable and receivable management, regulatory compliance, and strategic financial analysis that enables informed business decisions.

I’ve spent over two decades building Complete Controller into a leading cloud-based financial services provider, working with businesses across every industry imaginable. The single most consistent factor separating thriving companies from those that struggle comes down to mastering these core bookkeeper functions. When you implement proper financial processes from day one, you create the infrastructure for sustainable growth while avoiding the cash flow disasters that claim 82% of failed small businesses. This article breaks down the essential bookkeeping tasks that transform financial chaos into strategic clarity, providing you with actionable insights to optimize your business operations.

What are essential bookkeeper functions?

• Essential bookkeeper functions are: financial transaction recording, cash flow management, tax preparation, payroll processing, financial reporting, regulatory compliance, and strategic financial analysis
• Financial transaction recording involves capturing every business transaction with accurate categorization and supporting documentation
• Cash flow management includes monitoring daily deposits, tracking expenses, and maintaining optimal working capital levels
• Tax preparation encompasses year-round record keeping, quarterly planning, and strategic deduction optimization
• Strategic financial analysis transforms raw data into actionable insights for business growth

Core Daily Bookkeeper Functions That Drive Business Success

Professional bookkeeping starts with consistent daily practices that capture financial transactions in real-time. Modern bookkeepers leverage cloud-based accounting software and automated bank feeds to maintain accuracy while reducing manual data entry. These daily tasks create the reliable financial foundation supporting every other business function.

Transaction recording stands as the cornerstone of all bookkeeper functions. Every sale, expense, payment, and receipt requires proper documentation and categorization according to accounting principles. Professional bookkeepers establish systematic procedures for processing financial data, maintaining audit trails, and protecting against errors that compound over time.

Financial record management and data entry

Financial records form the backbone of business accountability, requiring organized systems for managing invoices, receipts, bank statements, and supporting documents. Professional bookkeepers create standardized filing systems—both digital and physical—that satisfy audit requirements while enabling quick access to critical information.

The evolution of bookkeeping technology has transformed traditional ledger keeping into sophisticated software management. While accounting software automates many routine tasks, human expertise remains vital for complex transaction classification, error detection, and maintaining compliance with accounting standards.

Cash flow monitoring and bank reconciliation

Daily cash flow monitoring provides real-time visibility into financial positions, helping businesses maintain adequate working capital for operations and growth. This critical function involves tracking deposits, monitoring account balances, identifying payment patterns, and forecasting future cash needs.

Bank reconciliation procedures require meticulous attention to detail, comparing internal records against bank statements to identify discrepancies immediately. Professional bookkeepers perform these reconciliations regularly, catching errors before they impact financial reporting or tax compliance.

Strategic Financial Reporting and Analysis Functions

Financial reporting transforms raw transaction data into meaningful business intelligence. Professional bookkeepers generate comprehensive financial statements that comply with accounting standards while providing clear insights into business performance, profitability trends, and growth opportunities.

These strategic bookkeeping functions extend beyond basic compliance to include variance analysis, key performance indicator tracking, and customized reporting packages tailored to specific business needs.

Monthly financial statement preparation

Monthly financial statements—including balance sheets, income statements, and cash flow reports—require careful application of accrual accounting principles. Professional bookkeepers match revenues with expenses, properly recognize income, and maintain consistency across reporting periods.

Advanced reporting includes detailed analysis of budget variances, profitability by segment, and trend identification that informs strategic decisions. These insights help business owners understand financial results beyond surface-level numbers.

Business performance analysis and reporting

Performance analysis involves examining financial metrics to identify operational strengths and improvement opportunities. Professional bookkeepers analyze gross margins, overhead ratios, customer profitability, and other key indicators that drive business success.

Customized reporting packages address specific management needs, whether tracking project profitability, monitoring inventory turnover, or analyzing customer payment patterns. These specialized reports provide actionable intelligence for optimizing operations.

Essential Tax Preparation and Compliance Functions

Tax compliance represents one of the most critical bookkeeper functions, requiring specialized knowledge of constantly evolving regulations. Professional bookkeepers maintain comprehensive records throughout the year, maximizing deductions while minimizing compliance risks.

Modern tax compliance extends beyond income tax preparation to include sales tax management, payroll tax administration, and industry-specific requirements. Small businesses face numerous tax obligations that require careful tracking and timely filing.

Year-round tax preparation and planning

Effective tax preparation begins January 1st with systematic expense tracking and documentation procedures. Professional bookkeepers monitor tax law changes, track deductible expenses, and implement strategies for optimizing tax positions throughout the year.

Quarterly planning sessions help businesses estimate tax obligations and manage cash flow accordingly. This proactive approach prevents year-end surprises while identifying opportunities for tax savings through timing strategies.

Regulatory compliance and audit support

Compliance management encompasses various regulatory requirements beyond basic tax filing. Professional bookkeepers help businesses navigate industry regulations, labor laws, and financial reporting standards that become increasingly complex as companies grow.

Audit support demonstrates the value of maintaining detailed records. When facing examinations, organized documentation and clear explanations of accounting methods result in faster resolution and better outcomes.

Accounts Payable and Receivable Management

Managing payables and receivables directly impacts cash flow and business relationships. Professional bookkeepers establish systematic procedures for invoice processing, payment term optimization, and collection management that balance financial efficiency with relationship maintenance.

Effective management requires strategic timing of payments to optimize cash flow while maintaining vendor goodwill. This includes taking advantage of early payment discounts and negotiating favorable terms.

Managing accounts payable and vendor relations

Professional payables management implements controls including three-way matching of purchase orders, receiving reports, and invoices. These procedures prevent duplicate payments and maintain accurate expense records while protecting against fraud.

Vendor relationship management involves regular communication about terms, prompt dispute resolution, and strategic partnership development. Strong vendor relationships provide flexibility during challenging periods and support business growth.

Optimizing accounts receivable and collections

Receivables management balances customer service with cash flow optimization through systematic collection procedures. Professional bookkeepers establish credit policies, monitor payment patterns, and implement collection strategies that maintain relationships while accelerating cash collection.

Advanced management includes analyzing customer behavior, identifying collection risks early, and implementing preventive measures. This analytical approach improves cash flow predictability and reduces bad debt losses.

Technology Integration and Modern Bookkeeping Functions

Technology integration has revolutionized bookkeeping functions, with 78% of small businesses now using cloud accounting software. Modern bookkeepers leverage automation tools, real-time reporting, and remote work security protocols to deliver enhanced services.

Cloud-based platforms provide real-time financial visibility, automatic backups, and seamless integration with banking systems. Professional bookkeepers help businesses select and implement appropriate solutions while maintaining the human oversight necessary for strategic value.

Final Thoughts

Mastering essential bookkeeper functions creates the financial foundation for sustainable business growth. From daily transaction recording to strategic financial analysis, these core responsibilities protect against the cash flow failures that claim most small businesses while providing the insights needed for confident decision-making.

Professional bookkeeping transforms financial management from a compliance burden into a strategic advantage. Whether managing these functions internally or partnering with experts, investing in proper bookkeeping pays dividends through improved accuracy, better cash flow, and clearer business insights. Ready to optimize your bookkeeping functions? Contact the experts at Complete Controller for guidance tailored to your business needs.

Frequently Asked Questions About Bookkeeper Functions

What are the most important daily bookkeeper functions for small businesses?

The most critical daily bookkeeper functions include recording all financial transactions, managing cash flow, processing invoices and payments, and maintaining organized financial records. These tasks form the foundation for accurate financial reporting and help prevent the cash flow problems that cause 82% of small business failures.

How do bookkeeper functions differ from accounting services?

Bookkeeper functions focus on day-to-day financial record keeping, transaction processing, and maintaining accurate books. Accounting services build upon this foundation with strategic analysis, tax planning, financial forecasting, and advisory services. While bookkeepers handle the tactical execution, accountants provide strategic financial guidance.

Can technology replace traditional bookkeeper functions?

While 78% of businesses now use automated accounting software, technology enhances rather than replaces bookkeeper functions. Automation handles routine data entry and calculations, but human expertise remains essential for transaction classification, error detection, compliance management, and strategic financial insights that software cannot provide.

What bookkeeper functions should I outsource versus handle in-house?

Consider outsourcing specialized functions like payroll processing, tax preparation, and complex compliance tasks that require specific expertise. Keep strategic functions like budgeting and cash flow management closer to home. Many businesses find hybrid approaches work best, combining in-house oversight with professional bookkeeping support.

How much do professional bookkeeper functions typically cost?

Professional bookkeeping costs vary based on business size and complexity. Full-time bookkeepers typically earn $40,000-$55,000 annually, while outsourced services can reduce costs by 30-50% through efficiency and elimination of employment overhead. Many businesses save $15,000-$20,000 annually by outsourcing to professional bookkeeping services.

Sources

• Rigits.com. (2024). “14 Bookkeeping Statistics You Need to Know.” https://rigits.com/blog/14-bookkeeping-statistics/
• TaxMom.info. (2024). “Top Bookkeeping Trends Every Business Owner Should Know in 2024.” https://taxmom.info/blog/top-bookkeeping-trends-every-business-owner-should-know-in-2024/
• B2B Reviews. (2024). “Small Business Accounting Statistics.” https://www.b2breviews.com/small-business-accounting-statistics/
• Fino Partners. (2024). “Case Studies: How Bookkeeping Services Transformed These Small Businesses.” https://thefinopartners.com/blogs/case-studies-how-bookkeeping-services-transformed-these-small-businesses
• Otterz. (2024). “Case Study: How Otterz Helped a Small Business Save $20,000 Annually by Streamlining Bookkeeping and Tax Filing.” https://www.otterz.co/case-study-how-otterz-helped-a-small-business-save-20-000-annually-by-streamlining-bookkeeping-and-tax-filing
• Complete Controller. “Importance of Reconciling Your Accounting Statements Regularly.” https://www.completecontroller.com/importance-of-reconciling-your-accounting-statements-regularly/
• Complete Controller. “Payment Terms for Small Business.” https://www.completecontroller.com/payment-terms-for-small-biz/
• Complete Controller. “Remote Work Security Post-Covid.” https://www.completecontroller.com/remote-work-security-post-covid/
• Internal Revenue Service. “Small Businesses and Self-Employed.” https://www.irs.gov/businesses/small-businesses-self-employed
• Investopedia. “Financial Records.” https://www.investopedia.com/terms/f/financial-records.asp
• Wikipedia. “Accounting Software.” https://en.wikipedia.org/wiki/Accounting_software

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. Reviewed By: Brittany McMillen

Brittany McMillen

Brittany McMillen is a seasoned Marketing Manager with a sharp eye for strategy and storytelling. With a background in digital marketing, brand development, and customer engagement, she brings a results-driven mindset to every project. Brittany specializes in crafting compelling content and optimizing user experiences that convert. When she’s not reviewing content, she’s exploring the latest marketing trends or championing small business success.

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Small businesses have different short and long-term goals than larger businesses. The main reason for this is that they have fewer resources and less time for recruitment. Small businesses have difficulty finding and hiring potential candidates because they lack the top larger businesses for recruitment. The hiring process is often difficult and can be expensive when looking to recruit top talent and fill out your business needs with high-quality candidates, making it difficult for small businesses to compete with larger companies. Here four great tips for social media recruitment to help your small business hire the best candidates.

Share Your Business on Social Media

In today’s advanced technology world, many businesses, large and small, utilize what is referred to as social recruiting. This type of recruitment is done by either using different social network platforms or by employee referrals. Social recruitment gives several advantages to small businesses. The advantages are connecting to potential employees, expanding the hiring pool, and understanding the candidate’s personality.

Business recruitment depends on how the business engages with existing and potential employees and well-established social media strategy. Your business needs to post updates regularly with ongoing interaction, specifically engaging your social media followers.

Current employees can also use their social media platforms to attract and refer potential strong candidates among their friends and followers. You can even offer your employees incentives for referral recruitment if their efforts result in a candidate’s hiring and retention.

Post a Thorough Job Description

No matter the platform you use to advertise your job opportunity, it is essential that you provide a thorough job description. You should get assurances that the business goals are clear and concise, but robustly you should layout the job description and requirements through concise bullet-points. It is proven that those businesses, regardless of size, attract more qualified potential candidates because the job description was clear and the expectations were well laid out. The job description can also provide the opportunity to see how the candidate submits their qualifications. The job description will allow them to tailor their resume or cover letter to the job.

Candidate Selection

Social media is not only used for advertising the organization’s vacancy, but it can also be used to screen applicants. Whenever a candidate’s application is assessed, the organization must review its skills with their personal qualities and previous experiences. But this approach doesn’t allow an organization to assess candidates as per behavioral values. This is the point where social media can play an important recruitment role. Reviewing candidates’ social media profiles, including Instagram, LinkedIn, Facebook, and Twitter, will help your business know more about the candidate. This includes the applicant’s interests, hobbies, and behavior as gathered through the information they are posting on social platforms and the type of content they put out or engage in. 

Widening the Talent Pool

Social media can attract candidates, but it can expand the talent pool by widening a small business’s reach to potential future employees. Most small businesses can’t attract high-quality candidates without great expense to compete with larger businesses. Social media levels the playing field. Because a strong social media presence doesn’t cost a lot, if anything, and it is not dependent on the business size and budget, any business can attract or find great candidates and have a larger talent pool from which to select.

Conclusion

Small businesses should be able to find and hire the best candidates regardless of their business size. To be competitive with larger businesses for the best employees without astronomical costs, small businesses must use social media recruitment. Using these tips will help your small business thrive with top talent staff to support it.

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.

We often hear about the importance of saving and getting advice on investing to contribute to your company’s 401(k). Though all of the professional advice is important, there are other ways you can save money that no financial advisor will suggest. Saving money by being thrifty is easy and can, in some cases, be fun because it involves shopping. Here are five ways to be thrifty and boost your savings.

Shop Second Hand for Clothing

Most clothing snobs would never consider buying clothing second-hand, and maybe they can afford to pay full price for new clothing as needed. But every fashionista on a budget will tell you that you can get amazing clothing that looks new and cost you pennies on the dollar. When you are in a clothing shopping mood or need an outfit for a specific event, it’s time to hit the ATM and map out yard sales and swing into thrift stores as you go. This type of second-hand clothing shopping can net some name brand clothing or clothing that, in some cases, was never worn before given up at deeply discounted prices. Often daily thrift stores will have additional savings for certain clothing types or tag colors. You can walk out with brand new, name brand clothing in some cases for less than a dollar.

You may not always find what you are looking for if you have a specific need, but you can find exactly what you need or a better choice in many cases. Not to mention hunting for the perfect bargain outfit can be a fun process. Yard sales often offer a similar treasure trove of great clothing for deeply discounted prices. However, yard sales don’t offer a wide variety of sizes, like a thrift store.

Used Furniture

You can shop online or through apps that offer used furniture for a steal. Often the furniture is in great shape for a fraction of the cost. If items are in rough shape, you can generally refurbish or repurpose them for minimal cost and have a great new piece. You can also find great used furniture while you are clothing shopping at the thrift store. Thrift stores have various used items and can be a one-stop shopping experience that will have you fulfilling a variety of needs or wants for a fraction of the cost for new items.

Pawn Shop Treasures

If you have never stepped foot in a pawn shop, you miss out on amazing used items for deep discounts. While you are purchasing everything from electronics to jewelry as is, pawnshops will allow you to try items to make sure they work before you walk out the door. In some cases, if you are good at fixing things, you can get items in need of repair for an extremely low cost. Do yourself a favor and go check out the nearest pawn shop as soon as possible; you will be addicted to the savings and amazing items you leave to take home.

Sales

Sales are not a surprise on this thrifty list, but sometimes we need reminding that we should hit up sales as much as possible. It is not suggested you hit up sales for the sake of the sale, but if you need the sale fulfills, you shouldn’t pay full price for that need. The idea behind being thrifty is that you fulfill your needs or wants the least expensive way possible. If you only need one item, take a friend with you to a buy one get one sale and split the total cost for your two items. Being thrifty doesn’t mean you have to sacrifice the enjoyment of shopping. You may even find the challenge of how much you can get for the least amount of fun.

Coupons

Coupons can save you a few dollars on every shopping trip, but if you become a professional couponer, you can end up with many free items that you can save for future use or donate. Many who dedicate themselves to professional level couponing say it is fun and exciting to see how little they pay for many items. Some are so strategic they walk out of the store with multiple baskets of items, having spent less than $100. If you don’t have that kind of dedication, don’t worry. You can still save a lot by using coupons on items you were already purchasing. Many stores have apps that allow you to electronically clip coupons is an easy way to save that can add up.

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

Most people have heard of life insurance, and many of those have heard the terms whole life and term life insurance. When choosing life insurance, you must know what you need before you speak with an insurance agent. Most agents, while keeping your best interest in mind, will are at their core salespeople. For this reason, you need to understand life insurance and know what you need, so you don’t buy needless insurance that doesn’t work for you.

When deciding which type of insurance to purchase, you should base your decision on your financial goals and your needs along with those of your beneficiaries. Life insurance isn’t just something that will cover your loved ones after your death. It also has some financial advantages you can utilize while you are alive. Here is an overview of both term life and whole life insurance and the comparison of what each one of them includes so you can make an educated decision on what you need before you meet with an agent.

Features of Term Life Insurance

• Only provides death benefits
• Only pays if you die while the term of the policy is in effect
• Most affordable life insurance to buy
• Purchased for a specific period or terms such as 5, 10, 15, or 30 years
• It is more expensive as you age
• Once your term ends, you must renew a new term
• Used as additional coverage with a whole life insurance policy
• It can be converted to whole life insurance

Features of Whole Life Insurance

• It covers you for life
• Provides death benefits
• Cash value that builds an accumulation for the lifetime of the policy
• Sometimes requires a health examination
• It can sometimes be purchased without a health examination
• It takes several years to build value
• Cash value is based on the rate of the return value
• During the life of the policy, it can be borrowed against
• It is initially more expensive, but premiums reduce over the years

Reasons to Convert Your Term Life Policy

• You are over fifty, and your term life insurance is about to expire
• You still need life insurance, but due to age or other circumstances, term life is too expensive
• Estate taxes are a concern, or you are hoping to set up your estate and need whole life
• You are establishing or changing your will to include a trust
• You need a non-taxable investment option

Should Carry Both Whole Life and Term Life Insurance?

In most cases, you will want to choose one insurance over the other, but there is an argument for having both at the same time. This is especially beneficial since term life policies have an endpoint, while whole life insurance covers your lifespan.

The Benefits of Having Both Whole and Term Life Insurance

• You need more coverage but can’t afford to add to your whole life policy
• You need more coverage only for a period and not whole life
• You have term life and can’t afford to convert to whole life completely

Conclusion

You should know the differences between term life and whole life insurance so that no matter which one you decide to take, it is the one that is right for you. The main thing to remember is that you must have life insurance. This insurance, while beneficial to you while you are alive such as with financial benefits you can take before death, but the main reason you take out life insurance is to benefit your loved ones after your death.

Many times, life insurance covers funeral and debt expenses, gives your beneficiaries income to cover after death expenses, and takes care of them for life. To choose the right kind of life insurance, you must consider the benefits of both and choose the best one you can afford that will cover what you need.

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.

Most people don’t like risks but choose to take risks when the rewards are too tempting to be ignored. ‘Risk’ is a four-letter word that often has a negative connotation. But the fact is that risk is natural and is present in almost everything we do. No matter how careful and responsible you plan and manage things. You cannot guarantee that the risks will be eliminated. So, you need to know how to cope with risk and make plans to minimize it.

As an entrepreneur, you have to make many high-risk business decisions, particularly regarding business growth. Many of these risks turn out to be a success for your business, while other risks give birth to traumatic situations. As a business owner, you must understand which financial risks you should take and which ones you should avoid. Understanding the concept of risk and reward is what separates a great entrepreneur from an average one.  This understanding will make wiser business decisions by preparing to take advantage of the ups and surviving the downs. Here are three of the main risks every small business owner takes and how to survive them.

Financial Risk

As a business owner, you are more likely to invest in risky assets to get potential financial rewards. For example, if you invest in emerging nations fund or a startup, you will probably lose most of what you have invested, at least initially. Emerging startups take a lot of time to generate revenue and to become a success story. As soon as you get older, you cannot afford such types of risks as you need to save money to spend a comfortable, relaxed life ahead. But as a youngster, even if you lose some money taking risks, you will earn it back again. You need to carefully consider investment risks, knowing what you have behind if the risk goes wrong.

Time Risk

Investing time is itself a major risk factor. For instance, if you can become poor after spending five years of your life investing in your business or career, you still haven’t earned anything. If you don’t manage your time and make it produce value, you have unknowingly added to the more obvious risks. Time risk is easily identified and managed and essentially an unnecessary risk that you don’t need to take.

Investment Risk

Most people are aware of stock investments’ financial risks, but most don’t understand there are risks in gold and unknowingly invest without understanding them. Because of this fact, gold should not be a replacement for a diversified portfolio. Contrary to popular belief, gold isn’t a safe or secure investment as gold prices fluctuate as much as currency or stocks. It may be slightly safer as the number of fluctuations is lesser on average than found in stocks, but in no way should it be considered a safe or secure investment. Investing in gold may not always be the right investment for you as one needs to consider all other options before making any investment decision.

Conclusion

An entrepreneur needs to be prepared to deal with all types of financial risks and challenges. You need to take proper measures and plan accordingly because running a business encompasses multiple risks (both internal and external.) Before making any financial decisions, make sure to consult with your financial advisor. They will guide you in wise investments and share financial experiences that will give you insight into sound business decisions by understanding risks.

Every person, whether a business owner or not, has to face risks in life and finances. Managing risks and using your understanding of them will guide you in making sound financial decisions that will help you succeed in business and life.

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.

Financial debt is something that many have to deal with at some time or another in their life. Due to poor spending habits or taking out loans for larger purchases, you need to work to overcome debt. Paying down debt is possible, but there are some mistakes that many people make when it comes to debt. Here are six debt making mistakes you should stop making.

No Negotiation

It is surprisingly easy to negotiate your credit card debts. Most people don’t even think about negotiating the terms of their debts and payments, but it is one of the easiest things to do. In most cases, you merely need to pick up the phone and call your bank and ask if a lower interest rate is possible. Though this is an easy task, many people don’t do it. One call could save you thousands of dollars in some circumstances, so make that call.

Failing to Plan

Most people don’t think it is necessary to have a planned budget to pay off their debts. This could not be further from the truth. You need to have a planned budget that shows you exactly where you’re spending, so you know where to make changes and cuts.  The most important thing to remember is that you need to create a strategy and stick to it. While you may have to do without some luxuries for a little while, it will be worth it when you are debt-free because of your efforts.

Failure to Prioritize

Many people don’t prioritize debt. If there is difficulty with making payments in some cases, they ignore the debt and allow it to grow or default. Once you make your debt a priority, you must put the debt that carries interest first, such as credit cards or loans. Paying off the highest interest debt first will save you money as the interest rates can make the debt grow and possibly become unmanageable.

Paying Bills Late

When people fail to pay their bills on time, the amount increases after the due date because of late fees. It means that you are just giving away your money in late fees to credit card companies, banks, and landlords. Paying late on some bills also affects your credit score, so you not only get hit with the fees but also decrease your purchasing power. To fix this problem, you need to budget and live within your means and pay your bills on time. If you are consistently late, you need to find where the problem is and fix it.

Not Asking for Help

Pride is a tough thing to deal with, but many people have it when It comes to finances. While it is not suggested that you ask for financial assistance to pay your bills or make ends meet regularly, there are times when it could be the difference between peace of mind or dire issues. You need a roof, electricity, water, and food. If any of those are threatened and don’t have the means to cover them, you can ask for help. In some cases, you may have a friend or family member that can give you a no-interest loan you can use to consolidate and pay down debts so you can start on an even field. Put aside that pride and ask. The worst they can say is no.

No Emergency Fund

Having an emergency fund saved is so vital that a whole article could be dedicated to it. If you have no other savings, account you should at least have an emergency fund. Start small and save $1,000 in as large increments as you can afford without hardship. Once you have reached this goal, start saving towards equal to six months of your income. Once you have this saved, you can decide if this is enough padding for you or save to twelve months of income.

Some important things to remember while building an emergency fund. Don’t focus on any other savings until your emergency fund is complete. Use the highest interest savings account you can find for these savings, so it grows. Money market accounts are notoriously great for this type of savings because of interest and ease of access without being too easy to access that you are tempted to spend for non-emergency expenditures. Have a trusted friend or family member named on the account or power-of-attorney to someone if you are incapacitated so it can be accessed to take care of everything during those times.  

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.

Technology has changed the way we function. It has modernized everything, and banking is no exception. Through online banking, you can now access your accounts through a cell phone or a computer. Online banking or internet banking is an online payment system that allows the customers of a financial institution or a bank to conduct a wide range of financial operations through the bank’s website.  Online banking has revolutionized the way financial transactions are being conducted today. It is much more convenient and easier than its post-technology counterpart, branch banking. Through online banking, banks have reduced costs as online banking only has a virtual presence.

Thanks to online banking, now you don’t have to visit the bank in person and wait in painstakingly long lines. You can access your account through your cell phone and carry out all your important transactions while staying in the comfort of your own house. The advantages of online banking don’t stop there. Here are seven things you can do via online banking.

Pay Bills

You can pay your utility bills through your cell or your computer thanks to online banking. This saves you both time and energy that you would have otherwise wasted with a trip to the bank. You can even access all your payment history for each account you pay through online banking.

Make Deposits

Through internet banking, you can deposit checks by simply entering the amount on the check and taking a picture of both the front and back of the check through a secure app. The app will use the phone’s camera, but these photos will not be saved on your phone for security purposes.

Research Your Payment History

You can search your payment history for any specific payment transaction. Not only is this easy, but perfect for times when you lose track of your bill and want to check when was the last time you made a payment.

Review Your Account

You can review your account balance and activity through internet banking. Online banking allows you to check your account’s details 24/7, which offers convenience to those who don’t have the opportunity to get to a bank during business hours.

Make Transfers

If you happen to more than one account in a bank, you can make online money transfers. Your funds get transferred instantly and only takes a few seconds of your time.

Get Notification

You can get notified through text and mail alerts for any account activity. This keeps you up-to-date with your account balance, and this is perfect for those who have their paychecks deposited directly. Email alerts also help keep your account secure as they warn you of any fraudulent activity.

Send Money

Sending money to a friend or a family member has never been easier. Most banks offer a wire-transfer service through which you can instantly send money to anyone for a small fee.

Online Banking Security

Banks take special precautions to keep your account information secure. So, yes, online banking is secure. However, there are certain things you can do to keep your account secure. These include:

• If you ever happen to receive an email claiming to be from the bank and are asked for personal information, then chances are it’s not from the bank. These are scams that can leave you bankrupt. Also, don’t ever click on any of the links found in such emails.
• Never leave your account without logging out. If you are using the app, it will automatically log you out, but you have to do it manually if you are using your browser.
• Don’t access your account using public wi-fi unless you have VPN coverage, as this can lead to your account being hacked. Always use a secure wi-fi connection like the one at your office or home. These are protected connections.
• Keep your computer updated with anti-virus software.
• In case you notice any suspicious transactions make sure to inform the bank immediately.

With its rising popularity, online banking is the future. Many banks have even started shutting down their smaller branches and only offer online banking. If you haven’t started online banking, then do it today. It’s easy, it’s hassle-free, and it saves 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.