We see encouraging signs regarding the recovery of the labor market. Despite this upturn, a high rate of under-employment among Americans as they continue to work part-time or irregular work schedules. An estimate of 5 million people are working for lesser wages and for lesser hours than they would prefer. This is limiting the possibilities for a large workforce as well as complicating the lives of these individuals. Among the worst affected people are the caregivers, whose services can be required at any hour.
Irregular work schedules contribute to income instability among households and impact economic factors across the country. A General Social Survey (GSS) has been developed, which has analyzed data obtained from different sources, resulting in some key findings which are mentioned below.
Irregular work schedules – Key findings
It has been observed that about 10% of the total workforce has to work in irregular shifts as well as on-call. 7% of the workforce works in rotary shifts, which, when combined with the other 10%, makes up 17% of the workforce that are facing irregular scheduling issues.
About 6% of this irregular workforce, work at an hourly rate—8% for a specific salary, and an additional 30% at any other compensatory mechanism. The numbers are even higher for the workers in rotatory irregular work schedules.
Workers who fall at the lowest spot in the pyramid face the most challenging situation and are among the lowest-earning citizens.
A minimum salary threshold limit for the workers is close to $22,500 per year. It has also been observed that those who are working under this limit are most likely to be affected by irregular scheduling. This stat reinforces the fact that irregular scheduling is positively correlated to low income among laborers.
Irregular work schedules have also been related to longer weekly working hours. So basically, workers are spending more time at work weekly, yet they are still earning less than the majority of the population. Sales related jobs are most commonly associated with irregular scheduling and make up majority of this workforce, who are in desperate need of a reprieve. 15% of the irregular workforce comprises of individuals related to sales.
Agriculture, repair services, transport, entertainment, and real estate are the most hardly hit industrial sectors with lopsided scheduling. These sectors of the economy need to be reformed to prevent irregular work schedules from further escalating.
The data (10%) obtained from Current Population Survey regarding the non-specification of an ‘unusual’ workweek is extraordinarily consistent with the finding in the GSS data. If an individual is working part-time, the likelihood of working variable hours almost double. Managerial jobs, government employees, professional support services, and jobs requiring technical skills are among the industries that have the lowest flexibility regarding working hours as their shift timings are usually fixed.
It has been found in the International Social survey that in 45% of the cases, employers are the ones who decide the shift timings, and only 15% of the workforce are allowed flexible shift timing. In contrast, the remaining percentage couldn’t decide within current constraints. This highlights a significant percentage of the workforce that can be subject to irregular work schedules as they don’t have an alternative in the process.
Community action groups and labor unions have spearheaded efforts to put forward and implement legislation at local and federal levels against irregular work schedules. These irregular work schedules have had damaging effects in the past, which, if allowed to continue, would further blight the working-class labor of this country.
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.
Becoming A Small Business Consultant—Is Market Favorable for Pursuing A Career in Accounting Consultancy?
Becoming a small business consultant requires relevant skills, knowledge, interest, and expertise. From accounting to time-management to business management, you need to have all organizational skills to start your own consultancy business. Consulting careers offer promising and lucrative career pathways. Consulting fields include healthcare, engineering, marketing, and accounting, as well as other fields. Accounting is one of the top consulting businesses thriving today. Every business, no matter how large or small, has accounting needs. Accounting consultancy, coupled with bookkeeping advice, helps a business with all its financial needs. Becoming a small business consultant in accounting is not as difficult as it seems. You need to have relevant job skills, knowledge, expertise, and proficiency in accounting.
According to a study, businesses around the globe spend nearly $450 billion a year on consultancy services. In the US alone, individuals and businesses spend $140 billion a year on consultancy services. With this knowledge, choosing an accounting consulting career may be the right choice; here are some other reasons to choose this career:
What’s the Motivation?
The real motivation behind becoming a small business consultant could be favorable market conditions and intensifying scope and opportunity of accounting consultancy business. As per industry experts, it has less to do with accounting experience and having a formal degree and more to do with relevant job skills and interest. Some people may be good at reviewing bookkeeping for making better accounting decisions. Others may be good at accounting related things such as handling and fulfilling tax obligations, planning and meeting debt repayments, making accounting assumptions and forecasting future trends, etc. So, it is ideal to narrow down your focus in accounting and target a specific sector of business accounting for building a reputable brand of your own. So, what you can do is:
Do Some Soul Searching
Becoming a small business consultant doesn’t have to be hard. What you can do is do some soul searching whether you can take accounting consultancy as a part-time job or full-time commitment. For ensuring a safe and healthy career path, it is better to make it a full-time job. So, soul-searching may include your experience, certifications, and work habits. Your commitment, will, and strength of character will determine or define your success.
Identify the Area of Accounting You Are Good at or Define Your Skillset
Before shaping your consulting business, you need to identify the problems you can solve easily. What you can do is list the problems you can solve or areas of accounting you can tackle well. Your accounting strength plays a significant role in helping your potential clients acquire your services. So, becoming a small business consultant requires you to set your direction right. Once you know where you are good at and your core strengths, you will surely have no reason not to be successful in your field.
Decide How You Will Work
As you may be aware, consultancy services are offered in different plans and services. It largely depends on the extent to which you desire to acquire and deliver your services. Some service plans include a mere piece of advice, which means helping your clients how to do something on their own. However, service-based consultancy services include doing the entire accounting work on behalf of your client’s will, tailored to his/her accounting needs and specifications.
Define Your Consultancy Fee
You have multiple options to choose from and select your consultancy fee. So, you need to decide which method or methods suit your business needs or work best for you. Your consultancy fee could be based on an hourly basis, per project, retainer (a set number of guaranteed hours per work per a defined time frame, or result-based (charging for providing specific results). It is one of the most important steps to becoming a small business consultant that needs to be answered well, perhaps by doing a cost-benefit analysis.
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.
Master the Art of Building Impeccable Credit Today
Building impeccable credit starts with maintaining perfect payment history while keeping credit utilization below 30%, ideally under 10%, and allowing time for these positive behaviors to compound—typically achieving scores above 740 within 12-18 months of focused effort. The average American credit score sits at 715 in 2024, but reaching the exceptional range above 800 opens doors to premium financial products, the lowest interest rates, and opportunities that can transform both personal and business success.
Over my 20 years leading Complete Controller, I’ve watched countless entrepreneurs struggle with credit challenges that limit their business growth potential. Credit building follows predictable patterns—payment history drives 35% of your score, utilization accounts for 30%, and time rewards consistency. This article breaks down the exact strategies our most successful clients use to build credit scores that fuel their ambitions, from securing business loans with favorable terms to accessing lines of credit that enable strategic expansion.
How do you build impeccable credit, and why does it matter?
Build impeccable credit by combining perfect payment history, sub-10% utilization, strategic account management, and patience over 12-18 months
Payment history contributes 35% of your credit score calculation—every on-time payment strengthens your foundation
Credit utilization below 30% is essential, but top performers maintain under 10% across all accounts
Timeline expectations include 6 months for first score, 12-18 months for good credit (670+), and 2-3 years for excellent ranges (740+)
Business owners gain access to better financing terms, higher credit limits, and expanded growth opportunities through impeccable personal credit
The Foundation: Understanding Your Credit Score Architecture
Credit scores function as standardized financial report cards, with FICO scores ranging from 300 to 850 based on five weighted components. Payment history dominates at 35%, amounts owed follow at 30%, length of credit history adds 15%, while credit mix and new credit each contribute 10%. Modern credit scoring only became commercially available in 1989 through Equifax’s BEACON system—before this, credit evaluation relied on manual review of lengthy reports and subjective judgment.
The scoring algorithms reward consistent positive behaviors compounded over time. Credit bureaus receive monthly updates from lenders, meaning strategic actions taken today typically reflect in scores within 30-45 days. Unlike the daily financial statements I analyze at Complete Controller, credit scores update on predictable cycles, allowing for strategic timing of applications and balance payments.
Credit score ranges and their real-world impact
Exceptional credit scores between 800-850 grant access to premium rewards cards, the lowest mortgage rates, and instant approvals for most financial products. Good credit spanning 670-739 provides mainstream access with reasonable terms, while fair credit from 580-669 limits options and increases borrowing costs substantially. Scores below 580 require focused rebuilding strategies and patience.
People with exceptional credit scores maintain average utilization of just 6.5%, while those with poor credit average 82.1% utilization—the correlation between low utilization and high scores proves unmistakable across all credit ranges.
Master Payment History Management for Maximum Impact
Payment history forms your credit foundation, contributing 35% of the total score calculation. Payments reported 30 days late remain on credit reports for seven years, though their negative impact diminishes after the first two years. Creating failsafe systems prevents the costly mistakes that derail credit-building progress.
Successful payment management combines automation with active monitoring. Configure automatic minimum payments as your safety net, add calendar alerts five days before due dates for full balance reviews, and conduct weekly account checks to catch any processing issues early. This triple-layered approach has protected our Complete Controller clients from accidental late payments that could set back months of progress.
Strategic payment timing techniques
Payment timing within billing cycles directly impacts reported utilization rates. Paying down balances before statement closing dates reduces the utilization percentage that gets reported to credit bureaus, even when you pay statement balances in full by due dates. This single strategy can improve scores within one billing cycle for those carrying higher utilization.
Multiple payments throughout the month keep running balances low and demonstrate active account management to scoring algorithms. Split large purchases across two payment cycles or make payments immediately after major charges post to maintain optimal utilization ratios.
Optimize Credit Utilization for Score Enhancement
Credit utilization—your balance divided by credit limit—ranks second in scoring importance at 30% of calculations. While conventional wisdom suggests staying below 30%, achieving impeccable credit requires maintaining utilization under 10%, with many top performers keeping it below 5% for maximum benefit.
Utilization calculations occur at both individual card and aggregate levels. One maxed-out card damages scores even when overall utilization stays low, making balance distribution across accounts essential. The most effective approach combines low individual card utilization with minimal overall debt relative to total available credit.
Advanced utilization strategies
Request credit limit increases every six to twelve months, particularly after income increases or extended periods of responsible usage. Higher limits provide a utilization cushion and demonstrate lender confidence—both positive signals to scoring models. Avoid the temptation to increase spending alongside higher limits; the goal remains minimal utilization regardless of available credit.
Consider becoming an authorized user on established accounts with perfect payment history and low utilization. This strategy adds positive account history to your profile immediately, though its impact varies based on the scoring model used.
Build Strong Credit Through Strategic Account Management
Impeccable credit emerges from quality account management rather than quantity of credit lines. Starting with one or two accounts allows focus on perfect payment patterns before expanding your credit portfolio. Each account type serves specific purposes in demonstrating comprehensive credit management abilities.
Secured credit cards provide controlled entry points for building or rebuilding credit. These cards require deposits equal to credit limits but report to bureaus identically to traditional cards. Select secured cards offer graduation paths to unsecured status after demonstrating consistent responsible usage over 6-12 months.
Credit mix and account diversity benefits
Credit mix contributes 10% to scores by demonstrating ability to manage various credit types successfully. Revolving credit like credit cards paired with installment loans such as auto financing or mortgages shows comprehensive financial management skills. Natural financial needs should drive credit mix decisions rather than forcing unnecessary debt for minor score improvements.
Credit-builder loans offer structured paths to positive payment history while building savings simultaneously. These unique products hold borrowed amounts in savings accounts while you make payments, releasing funds upon successful completion. They particularly benefit those preferring predictable payment schedules over credit card management.
Long-Term Credit Excellence Strategies
Maintaining impeccable credit requires ongoing strategic decisions as financial circumstances evolve. Length of credit history contributes 15% to scores, making account longevity increasingly valuable over time. Keep older accounts active with small recurring charges like streaming subscriptions to preserve history length and available credit.
Regular monitoring catches issues before they escalate into score-damaging problems. Free credit monitoring services provide score updates and new account alerts, while annual credit report reviews from all three bureaus through AnnualCreditReport.com identify errors requiring dispute. Studies show 20% of consumers have errors on at least one credit report—making regular reviews essential.
Common credit management pitfalls
Strategic credit building requires avoiding predictable mistakes that undermine progress. Closing old accounts reduces available credit and shortens average account age—both negative factors unless high annual fees outweigh benefits. Multiple credit applications within short timeframes generate hard inquiries that temporarily reduce scores by 5-10 points each.
Space credit applications at least six months apart when possible, and research approval odds before applying. Many card issuers offer prequalification checks using soft inquiries that don’t impact scores, allowing comparison shopping without credit damage.
Conclusion
Building impeccable credit transforms financial opportunities for both personal and business success. Throughout two decades at Complete Controller, I’ve witnessed how exceptional credit becomes the foundation for entrepreneurial growth—from securing expansion capital to negotiating vendor terms that preserve cash flow.
The path to impeccable credit follows proven principles: prioritize payment history above all else, maintain utilization below 10%, and make decisions that compound positively over time. Real transformation stories like Greater Nevada Credit Union members achieving an average 106-point increase prove these strategies work when applied consistently.
Start implementing these strategies immediately—every positive action contributes to your financial future even before scores reflect the changes. Your commitment to building impeccable credit today creates opportunities that extend far beyond numbers on reports. Contact the financial experts at Complete Controller to discover how professional bookkeeping and financial guidance accelerate your journey to both business success and personal credit excellence.
Frequently Asked Questions About Building Impeccable Credit
How long does it realistically take to build impeccable credit from scratch?
Building credit from scratch requires at least 6 months to generate your first score, 12-18 months to reach good credit (670+), and typically 2-3 years to achieve excellent credit above 740 with consistent positive behaviors.
What credit utilization percentage yields the best credit scores?
While keeping utilization below 30% prevents score damage, people with exceptional credit scores (800+) maintain average utilization of just 6.5%, with many staying below 5% for maximum scoring benefit.
Can you build excellent credit without paying interest on balances?
Yes, paying credit card balances in full each month demonstrates responsible usage without interest charges—credit scores reward payment history and low utilization, not interest payments.
How often should someone check their credit to maintain good standing?
Monitor credit scores monthly through free services for trend tracking, and review complete credit reports from all three bureaus annually through AnnualCreditReport.com to identify and dispute any errors.
What actions create the fastest credit score improvements?
Bringing all accounts current and reducing high credit utilization below 30% (ideally under 10%) produces the quickest results, with score improvements often visible within 30-45 days of these changes.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
Jennifer BrazerFounder/CEO
Jennifer is the author of From Cubicle to Cloud and Founder/CEO of Complete Controller, a pioneering financial services firm that helps entrepreneurs break free of traditional constraints and scale their businesses to new heights.
Brittany McMillen is a seasoned Marketing Manager with a sharp eye for strategy and storytelling. With a background in digital marketing, brand development, and customer engagement, she brings a results-driven mindset to every project. Brittany specializes in crafting compelling content and optimizing user experiences that convert. When she’s not reviewing content, she’s exploring the latest marketing trends or championing small business success.
The advancement in technology has changed the perspective and behavior of customers. And the growing demand pressures the retail industry to change with it. Brick and mortar are street-side businesses who are finding it tough to compete with online retail. Generally, brick and mortar retail stores are operated by one to two people, and these stores do not have any kind of accountant who can keep records in the form of bookkeeping. Online business is increasing day by day as people can look for their desired products and buy online rather than the inconvenience of visiting the store. Some customers still prefer to buy from brick and mortar retail stores. This is because they get the chance to interact with the sellers and see or try the product.
Lack of Software Program
The retailers of these stores are deprived of accounting software programs that are considered the most convenient and reasonable way for people associated with brick and mortar retail stores. These retail stores do not possess the capability to manage the payroll, sales, and inventory tracking and an effective method to operate the expenses accurately. This causes them to face a lot of trouble in terms of generating maximum income to run these stores and fill them with required stuff. The good part of the software program is that it can be operated on conventional computers. Still, these advancements are not available at brick and mortar retail stores that restrict them to enhance their business.
Conventional Record-Keeping Methods
Bookkeeping methods are employed to keep a record of financial transactions instead of using software accounting programs that can maintain the record more accurately, and fewer human efforts are required to complete the task. On the other hand, brick and mortar retail stores make receipts, a sales record, and maintain the record of the bank loan. All these tasks are time-consuming and require investing in many humanitarian efforts. In this regard, there is a possibility that the seller cannot maintain everything accurately, or it has lost them; there are little chances to recover the data.
Inventory Method
This is an undeniable fact that brick and mortar retail stores are required to have physical inventory, a method in the store. It is essential because the essence of accounting relies on accurate data consider a crucial ingredient for the inventory. On the other hand, the inventory is also important because it can determine sales data and data of remaining products available in the shop. However, bricks and mortar retail stores lack accounting strength in terms of inventory processes that can enable them to specific data. They do not have a software system that can let them know about the inventory of various products without staying back after the closing of the shop. The effectiveness of the inventory method is crucial for accounting that can determine the need and the requirement of changes in the business of brick and mortar retail stores.
Lack of Accounting Expertise
Brick and mortar retail stores are facing issues related to managing accounting and bookkeeping needs. It has been observed that people who work in retail stores are good at selling the products, but they often don’t possess any experience related to accounting. In this regard, the lack of availability of people who have accounting or bookkeeping expertise among your staff can lead to the failure of the business.
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.
Regardless of the scale and size of the business, bookkeeping and accounting are the most important aspects of every business. When running the day-to-day operations, businesses need to know where business funds are flowing. Accounting can make or break a business, whether they are starting or are an established business. Small business owners who can achieve success in maintaining and managing their business accounts well can make better financial predictions for their company.
Certain areas of business such as bookkeeping, finances, cash flow, tax-filing, debt(s) repayments, among many others, can be intimidating for small business owners to understand and tackle. Why? Because they may be good at the management side of the business but not on the accounting side of it. They may have little or no knowledge of accounting related matters, making them hire professional accountants for doing the tasks mentioned above on behalf of the company.
In today’s economy, it has become the norm for small businesses to hire professional accountants, bookkeepers, or auditors to get a clear picture of their company’s finances. The reasons why most small business owners use advanced accounting software or hire professionals is they can help them reduce costly errors or financial mistakes, help them in tax season, help them to meet debt repayments, and help them in the bookkeeping process. Bookkeeping or accounting is not that hard to comprehend. Businesses need to check and update their bookkeeping and accounting practices regularly. So, here’s is what you can do
1. Record Transactions
Don’t delay recording business transactions; take actions right away! There is no such cool thing as recording the business transaction as they occur as it would help you avoid time delays and help you leverage more control over your records. However, records could also be maintained on a weekly or monthly basis if you at good at maintaining a diary and saving receipts.
2. Use Tools of the Trade
Maintaining a proper file for keeping records sounds professional. This indicates that you need to have tools of the trade for ideal bookkeeping that may include arch file, plastic punched pockets, and set of dividers, labeled for each month.
3. File Everything
All the business transactions that have had occurred over the period must be filled in that arch file. Moreover, this includes all the business transactions or expenses for the month that are needed to be stored. It is ideal to have a copy of records like bank statements, invoices, receipts, and payment with you all the time besides keeping records on your computer or a soft copy. Trust me! Filing these important business documents can save you money and stress. Once you know your cash flow status and the company’s financial standing, you can ensure accurate tax filings.
4. Start a spreadsheet
You can also start a spreadsheet as it is ideal for small businesses having small accounting needs. A spreadsheet is a great way to start bookkeeping activities until your accounting needs grow, and so does your business. This way, you will exactly get to know where you are spending or where your money is going!
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.
Profit is the primary motivation for initiating a startup business. A business can’t survive on capital investments or loans for long, which means that you need to earn and make profits to survive in a competitive business environment. As an entrepreneur, you must ensure the smooth flow of administrative processes as well as business-related tasks, no matter how complicated they may sound. The accounting and bookkeeping practices of a business can make or break it. Using superior accounting and bookkeeping software and best practices are the best ways to secure success.
Accounting Is the Key That Makes Your Startup Profitable!
The secret to success and profitability lies in how well you manage your business accounting. Most successful retail businesses that have great returns have hired professional accountants to handle business finances. Why? Because they are unsung heroes of the business world, who have the potential to change the entire fate of the company. Even if you consider yourself a professional in accounting, outside accounting help is a good idea.
Don’t Skimp On Accounting
For making your startup profitable, you need to look at your cash flow statements, bank statements, accounts receivables, and payables and make income projection and handle other financial aspects of the business. This indicates that the life of an accountant is never easy as it requires time, efforts, energies, accounting knowledge, and wisdom. Accountants also need to adapt to changing market dynamics and find new ways to streamline your business.
Also, it is to note that handling complex aspects of the retail business like decisions regarding payroll, the potential of new expenditures, and overheads are never easy. And there is nothing worse than hiring a fresh accounting grad for managing important accounting related matters. By hiring an accounting grad with a lack of experience to run your business, you can never expect to make your startup profitable. The chances are quite low. So, you need to invest in acquiring accounting expertise for maximizing your company’s profitability and making the most out of your company.
Set Result-Driven Goals
Market and cost-benefit analysis, coupled with effective financial projections and assumptions, can put your business on the right track. By measuring progress, it becomes relatively easier for you to pinpoint problem areas in your business. Also, it becomes easy to track and monitor the performance of the company, allowing you to correct problems with relevant yet effective solutions before they become serious threats.
Making your startup profitable is not that difficult; all you need to do is keep your morale high and set realistic and result-driven goals and objectives. A right strategy can save a large amount of money every year, allowing you to grow and expand your business quite successfully. So, you must hire an accounting professional who understands your long-term business goals and knows the worth of your hard-earned money. For example, if a business expects to see a reduction in their annual sales or income taxes, it must hire an accounting professional who has expertise in that specific domain. Another business desires to save time and money and wants its debt repayments to be appropriately scheduled, then it could hire a professional accounting or budgeting planner for having an effective plan.
What to Do to Make a Retail Startup Profitable?
Retailers across the globe want to maintain healthy financial cash flows and maximize their profitability. Gone are the days when startups used to maintain a large inventory, which means the cash and profits used to get stuck in inventory. Now, they do not have large inventories. Instead, they keep the level of inventory, which they can sell easily.
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.
Capital financing relates to any kind of capital, which happens as the aftermath of a business decision. In other words, capital financing might seem like the current assets and liabilities of a company but is more complicated than that. The term capital financing is utilized to define four different kinds of capital. The four are venture capital, debt capital, working capital, and equity capital. These labels relate to the origin of capital financing. While a business flourishes and expands the business function, external finance might be required to support an increase in the capital. Equipment, properties, and main assets are financed via capital financing options so that companies could keep the most amount of cash in hand for interim business requirements. While funding is accessible for every business, big companies hold more choices because of their size and records of commercial achievements. Some kinds of capital financing entail private investors, equity financing, bank loans, and business bonds.
Debt financing is another capital that is acquired via borrowing of funds to be paid back at a future date. General forms of debt financing are credits and loans. The advantage of debt financing is related to the fact that it enables a business to leverage a trivial sum of money into a far larger amount, empowering further swift development that might not be possible otherwise.
Call for the Establishment
This calls for the establishment of efficient financial management. Financial management entails development, systematizing, regulating, and monitoring financial capitals to accomplish business objectives. You could achieve efficient financial management only if you have developed a comprehensive business strategy. An approach in this regard relates to holding determined goals and being agreed, established, and assessed the procedures, policies, strategies, and practices to accomplish these goals.
The standards of bookkeeping are considered as one of the guiding principles for efficient financial management. The bookkeeping systems of your organization for maintaining financial records and documentation should perceive recognized external principles of bookkeeping. Establishing efficient financial practices and systems to evaluate the financial strength of the company is considered as a significant part of running a business and assures that your tax requirements are met.
Effective Financial Management System
While establishing an effective financial management system, bookkeeping is the process of recording financial transactions. These records could support applying for financing, evaluate business practices, compliance with tax obligations, and productive management. This financial transaction includes equity to and from shareholders, payments to retailers and account payables, payroll to employees, and billing and cash receipts from customers. An accurately organized bookkeeping system would assure a sufficient internal control system where all the transactions are recorded and only officially sanctioned transactions are carried out. The posting of financial transactions is usually related to the accountabilities of a bookkeeper. It must be noted that bookkeeping is the handling and recording of financial transactions after the transaction has been made.
Along with that, due to tax, you would be officially obligated to maintain records about your commercial expenditures such as general sales tax (GST), employees’ salaries, your income, fuel tax credits, fringe tax benefits, and superannuation. Fundamental skills in efficient financial management initiate in the critical fields of cash management and bookkeeping that must be executed following particular monetary regulations to guarantee reliability in the practices of bookkeeping. Fresh managers in the leading roles would soon go on to learn how to create financial statements with the assistance from bookkeeping records and evaluate these statements to comprehend the financial situation of the company. For the reason that financial evaluation demonstrates the actual condition of the business, efficient financial management is considered as one of the most significant processes in the management.
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.
Taking the first steps in investing can be scary and difficult. Making investment decisions requires thought and timing. Investing earlier in life will help you build greater wealth over time. After you have done your research, chosen and purchased your investments, you know that you can afford to relax while being fully aware that your money is being invested wisely. But you must keep it in mind that you can’t afford to put your feet up and forget all about your investments altogether.
Investment tips for Contemplation
Revising Your Portfolio
If you fail to keep track of your portfolio, it can turn out to be one of the biggest amateur investor mistakes. Many experts recommend that you revise and keep track of your portfolio around every 6 to 12 months or so. Check and see how much your funds are, but make sure that you don’t consider them in isolation. How do you manage to do this? Bookkeeping will help you in providing all of the necessary and relevant information from which all of your accounts are formulated.
For you to get the complete picture, compare your funds with others in the same group. Over time, don’t just let your savings and investments drift. You need to make sure that your asset provisions are still suitable and fitting as per your risk level.
How should you evaluate your portfolio?
If you happen to have more money than you can invest, and you feel that the returns you will get on your present investments will be quite impressive, you may start contemplating on buying more. If your salary happens to have risen, or if you happen to have some programs you wish to invest in.
If your portfolio happens to do well, and your attitude, timeframe and goals risk happen to remain the same, the most straightforward approach you can take is to spread out all your money through your existing investments.
Nevertheless, at this stage, just as your confidence grows in your investing skills, you will find many investors who wish to start enhancing their portfolios, especially with higher risk and with more interesting funds. This is a sign of adding in minor companies or more specialist or international funds.
Investment tips when Buying Shares
The most assured and confident all of the investors, who happen to have the conviction and courage to hand-pick all those businesses and companies they think will perform well, might want to enhance their portfolios with some zing and direct shareholdings.
Focusing on individual companies and investing a share of your portfolio can be a prudent way for you to boost up your returns. That is, only if you happen to make the correct and right choices. We admit that it is easier said than done.
Chances are, if you are taking and following the tips from a stranger you met in the bar, then your money will most probably go down the drain.
It is wiser and more sensible for you to buy shares of those companies you are aware of and familiar with. You have a clear understanding of that company and its reputation. If not, it wouldn’t hurt you to do some research.
Another easy way an investor can learn all about buying shares can be by joining an investment club. This is a place where you can meet up with other like-minded people who wish to pool in and buy shares together.
You should find yourself a financial advisor located in your area
It is easy and cheap to invest in a diverse range of investments. Still, if you happen to be confused about the options or have huge sums of money you are looking to put away, or if you have big goals in your mind that could be early retirement or school fees, you should seek an independent financial adviser.
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.
Let’s face it, protecting your privacy from hackers and spies is no easy task. Smart cybercriminals would go to extremes to hurt individuals and companies financially. Cybersecurity has become a serious issue these days as criminal minds have been inventing new ways to steal sensitive information that will lead them to personal financial gains. With an increased success rate of cybercriminal activities for hackers and scammers, many people are finding hacking a lucrative career path and a steppingstone towards faster growth and success.
My Personal Take on Online Security and Protecting Your Privacy
The internet, which is a blessing these days, can also be a dangerous place to share your personal and business information. Privacy has more or less become a rare commodity these days, and companies can no longer claim to have 100% cybersecurity or secured systems and networks. The malicious apps and malware software, dangerous viruses, and phishing scams are growing in number, and companies have little or no clue what to do to secure their networks. If we specifically talk about data breaches and identity theft, they are becoming commonplace, creating real risks to your privacy.
What Cybercriminals Look For?
Hackers, scammers, and spies want valuable data. This includes bank details, bookkeeping records, credit card numbers, email addresses, home addresses, vendor details, stakeholders’ details, birth dates, past financial records, and more. They will exploit any opportunity at hand and make individuals and companies pay for their lack of cyber or online security. The main reason why cybercriminals can easily break into your accounts is due to outdated operating systems, networks, or browsers.
This is why protecting your privacy against cybercriminals is absolutely mandatory for every individual and company regardless of the size, scale, and location. Two of the most common reasons why cybercriminals desire to steal data is 1) blackmailing where personal data is stolen for personal interests and 2) extortion. Where an individuals or company’s data is held for ransom.
Here’re the tips for protecting your privacy from hackers and spies, which means online security needs to be duly tracked, updated, and embraced to prevent cybercriminal activities.
Minimize Your Digital Presence
Sharing too much data on social media and the internet can be dangerous for you. According to experts, it can pose potential threats to not only individuals but also for the companies. Sharing personal information and tweeting too much about your day-round activities can turn into a disaster. Recently, a story about a young girl who had been followed by some crazy pedophile tweeted about being home alone and being attacked, took the internet and social media by storm. This made headlines across the world, making people aware of the dark side of the internet. So, this fun-loving and socially interactive activity can be dangerous, which needs to be minimized and stopped right away for one’s safety and the sake of online security. To cut a long story short, just restrict your online presence and do not give any personal information to anyone before verifying their legitimacy and credentials.
Keep Your Systems and Networks Updated
Giving easy grounds to cybercriminals means letting go of your personal and business information to online criminals without showing any resistance. There is no denying the fact that outdated systems and networks are vulnerable to cyber threats. One thing is clear; they can’t prevent cybercriminals from entering your servers due to obsolete software and firewalls. So, you need to keep online security in-check and keep all system software updated, encrypt your wireless network, and have firewall software that will oppose spyware and phishing attacks. Most importantly, malicious viruses attacking your servers.
Implement Strict Password Policies
By establishing code and implementing strict password policies, you can expect to elevate your online security. In today’s world, where protecting your privacy has become an extremely challenging task, a strictness in implementing password policies can help prevent data leakages and keep cyber criminals away from breaking into your system and networks.
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.
Accounting is a complex profession in the financial industry as well in the financial matters of business and has different software and tools. Often tools or software are used by the people who are specialized in bookkeeping and have to manage and record numerous financial entries. Similarly, QuickBooks is one of the accounting software packages that help professionals in accounting and finance in managing the transactions that take place within a business. Meanwhile, QuickBooks is developed and marketed to serve the accounting and finance-related needs of firms that are either small or medium-sized businesses.
How Do I Close My Financial Year in QuickBooks?
Different periods exist in the field of accounting and finance and range from one month to an entire financial year. The most important period in terms of closing the records of transactions in the fiscal year is the end of a financial year. The period varies depending on the needs of business regarding its transactions.
Likewise, QuickBooks being an accounting software provides an option for recording and closing the financial information when the fiscal year is ended. While using the QuickBooks software, it is necessary to make sure that data is not changed. Close attention needs to be paid while entering the data into the right period. But it sometimes happens, the data is entered into the wrong period inadvertently. The wrong input data then creates more work for the CPA in the next financial year, as the accounting professional is required to adjust the data that has been wrongly posted.
Thus, the users have the option to close each period if they prioritize to regulate their business more efficiently. QuickBooks being smoother helps businesses in keeping their accounting data for longer runs. However, recording a financial year-end in the QuickBooks can require the users to condense their file when they want to save a large volume of data. Besides, there is a probability that the employees of a business can add, change, or delete the entries as per their needs.
However, changing the entries will require making the appropriate adjustment in the entries that were wrongly posted in the previous financial year or the previous month. Besides this, it should be remembered that QuickBooks is driven by the date of entry made by the accountants. For instance, if the entry was made on 1/1/11, which was the first day of the new financial year in the financial books of a business, then the entry is considered to be put in the fiscal year of the period. To adjust or change the period of entry, such as 1/1/12, the accountants will have to consider that the entry is now in the previous financial year.
To solve this problem of the change while closing the financial year in QuickBooks, the accountant will have to use the Set Closing Date and Password option within Company Preferences. Through this option, accountants can lock the information that was input in the earlier financial year or previous period. The change in the period of entry cannot be completed without entering the password.
One of the important features in QuickBooks is the automatic year-end adjustment. The program adjusts the company’s expenses and revenues and zeros them out so that the new financial year can be started. On the last day of the fiscal year, the section of equity on the balance sheet will show the line of net income. This reflects the profits for the current fiscal year. The QuickBooks module increases the retained earnings section by the value of net income and reduces the net income account by the same value. In this way, QuickBooks allows an accountant to start the new financial year from zero net income.
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.
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.
