Financial planners will give varying advice on savings and how to work towards retirement. If you get started saving in your twenties and invest well, you will likely have the recommended three times your annual income saved by forty. When people are young, they are often worried about college and student debt, starting a young family, and beginning a career, so it is less likely that a plan to save money is executed.
If you are approaching forty and have not yet saved towards retirement, it’s not too late. Below are some tips to help you save money for retirement, emergencies, and other goals.
Investments Rather than Savings Accounts
When people hear the word savings, they generally think of taking a set percentage of their paycheck and putting it directly into a banking institution’s savings account. While this is a good idea in the respect that you are working to save money, bank savings accounts are not the way to save towards big goals.
Savings accounts are often low interest and are closer to putting your savings under your mattress or in the cookie jar. Instead, consult a professional financial planner and find ways to invest money to gain you more interest and grow your money more quickly. This could be through mutual funds, investment savings plans, investing in stocks, or buying properties or items that appreciate over the length of ownership. The essential thing to remember about investments is that you should research options and understand the risks and rewards.
Additional Streams of Income
Besides investments that increase your existing income, another way to save towards your goal of three times your annual income by age forty is through additional income streams. In today’s world, the side hustle is typical as people make ends meet or work towards savings or other life goals financially.
Like investments, additional streams of income should be well researched. Some options require little of your time and virtually no interference with your main job paying the bills. These additional streams of income could be gig work like driving for a rideshare app, delivering food, or freelancing. It could also be from becoming a consultant or advisor. There are several ideas you could try to create more streams of income.
Retirement Funds
Many companies offer a retirement fund. This is a fund that the employee will contribute to from each paycheck. In most cases, the companies that provide retirement funds will also have offers to match a certain percentage of what the employee is investing in.
While retirement funds are a great way to save money that has you seldom missing the money put into them, there are also some drawbacks to this type of savings. There are often penalties on early withdrawals of the money. Also, because most of these funds are not taxed at the time of savings, you will owe a tax percentage on the savings when you withdraw the funds.
Many retirement funds are also attached to mutual funds to increase them and are vulnerable to market fluctuations. When the economy is in a downturn or recession at retirement or the time of withdrawal, your money will not hold as much value.
Conclusion
Whether you begin saving in your twenties or closer to your forties, it is crucial to saving something. Those dependent on the government to carry them through retirement will find it a struggle, depending on how much they contributed to social security during their career. It is crucial to look for ways to save while you are still young for retirement, emergencies, and other financial goals. These savings could be through investments, multiple streams of income, retirement plans, or interest-gaining savings accounts. Whatever you do, start saving now!
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
There are many causes of stress for small business owners. The constant pressures of building your business, growing the bottom line, paying your employees, and juggling the many tasks necessary to run a business can take a stressful toll. That toll can hurt the business and other staff members,s so before that happens, you need to focus on your mental health. Here are some tips to help you manage stress while continuing to focus on your business.
Focus on the Positive
As a small business owner who takes on the entirety of the stresses of owning a business, it is easy to begin focusing only on the sources of stress or the negative. Changing your mindset towards focusing on the positive and the things that are going right can refresh your perspective and minimize stress while also benefiting the business and its employees by boosting morale.
Prioritize Tasks
Making a list and prioritizing tasks is one of the quickest ways a business owner can relieve stress. Even if the list seems long, having the tasks at hand prioritized will make the day run smoother. It also helps the staff know what needs to be done and assists with delegation. Many business owners carry a lot of stress because they try to do it all themselves, even when they have capable employees.
Empty Your Brain
When you are a small business owner, it’s hard to punch out of the office and leave work at work. Often, all the tasks at hand, issues that need attention, and other business concerns will be on the owner’s mind non-stop. There are a few things you can do to help empty your brain of business thoughts so you can recharge and rest. Watch a show, play a game, or read a book with nothing to do with your business and escape. This escapism will help you clear your mind of business thoughts and wind you down to a good night’s sleep. If you continue to have trouble shutting your brain down for rest, try writing down your thoughts or make a list of things you need to focus on the following day and leave them for tomorrow.
Take Breaks
It is easy to get bogged down with business and forget to take breaks. While employees have scheduled breaks and lunches, the business owner often won’t approach breaks in the same way. An easy fix is to schedule yourself breaks and a lunch that equals that of your employees. If you don’t have employees treat yourself as one anyone. A great way to remind yourself of a scheduled break or lunch is to set the alarm; every smartphone has one. Additionally, you can take more extensive breaks from the business by way of vacations or day trips. Time entirely away from the business can go a long way in relieving stress.
Take Care of Yourself
Most business owners don’t take great care of themselves physically or mentally. To combat this, there are stress-busting things an owner can do. Schedule yearly physicals and checkups to medically keep an eye on your physical and mental well-being. Also, get regular massages, or set up spa days. You can also eat healthier, exercise more, and take vitamins.
Conclusion
Besides business operations, managing stress is of the highest importance for a small business owner. Even if the business is a success, it can adversely affect the company if the owner is stressed. If you are a business owner or part of the staff of a small business and there is stress, use these tips to help you manage stress. Some businesses fail due to financial struggles, but others fail because the owner becomes overwhelmed. This is your dream; take care of your stress so you can make your dream a success and live a stress-free life while you do 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.
To beat the competition, you need a three-pronged approach: leveraging data-driven insights to understand where competitors are weak, crafting a distinctive value proposition that customers can’t ignore, and executing operational excellence that makes your business leaner and faster than rivals. In 2026, outmaneuvering competitors isn’t about outspending them—it’s about outsmarting them through precision, agility, and customer obsession.
Over my 20 years leading Complete Controller, I’ve watched countless SMBs lose market share not because they lacked talent or heart, but because they were reactive instead of strategic. They competed on price rather than value. They chased trends instead of setting them. The businesses that truly outmaneuver competitors don’t play by industry rules—they rewrite them. In this article, I’ll share the exact frameworks, strategies, and tactical moves that separate market leaders from the rest, drawn from working with hundreds of businesses across every sector imaginable. By the end, you’ll have a concrete roadmap to transform competitive threats into growth opportunities.
How do you beat the competition? A quick strategic recap
Leverage data and competitive intelligence to identify gaps in the market and weaknesses in competitor positioning
Develop a unique value proposition (USP) that clearly articulates why customers should choose you over alternatives
Master customer-centric market penetration by deepening relationships and building long-term loyalty
Adopt innovation and technology strategically to improve efficiency and stay ahead of industry shifts
Execute operational excellence to control costs, improve margins, and respond faster than competitors
Become a Data-Driven Competitor (Not a Guessing Game)
Data is the competitive superpower of 2026. According to BARC research, 58% of companies still base at least half of their regular business decisions on gut feel rather than data. Best-in-class companies show a dramatically different pattern—only 40% of top performers rely on gut instinct, compared to 70% of laggards. This gap represents your competitive opportunity.
The businesses that win make decisions based on real insights, not hunches. Most competitors are still guessing what works. You’ll know exactly what works—and what doesn’t.
Build your data-driven competitive advantage
Start by collecting intelligence on three fronts:
Customer Data: Use surveys, social listening, and CRM systems to understand exactly what your audience wants, when they want it, and what frustrates them about competitors. This reveals hidden pain points competitors are ignoring.
Competitor Tracking: Monitor where rivals are investing marketing dollars, what messaging resonates with their customers, and where gaps exist in their offerings. Tools like SEMrush, Similarweb, or even manual competitive audits reveal spending patterns and strategic blind spots.
ROI Measurement: Stop running campaigns and hoping they work. Measure what converts, what’s eating your budget, and where your dollars generate real returns. Most businesses waste 40% of their marketing spend on channels that don’t move the needle.
A SaaS company I worked with analyzed competitor reviews on G2 and Capterra. They discovered that 70% of complaints about the market leader centered on poor onboarding support. Instead of competing on features (they couldn’t win), they built an exceptional customer success program. Within 18 months, they captured 15% market share by solving a pain point competitors ignored.
Develop a Unique Value Proposition That Commands Loyalty
Most businesses sound like their competitors. They promise “quality,” “innovation,” and “customer service”—words so generic they mean nothing. To beat the competition, your value proposition must answer this question in a way no competitor can: Why should I choose you?
A strong USP isn’t a slogan. It’s a specific, defensible reason customers choose you. It should address a customer pain point better than any alternative.
Building a USP that sticks
Your Angle
Competitor Weakness
Your USP
Speed
Competitors have 5-day turnaround
Next-day delivery on all custom orders
Price
Premium market leader dominates
Same quality, 30% lower price (through operational efficiency)
Service
Competitors offer transactional support
Personal account manager for all clients, regardless of size
Niche Focus
Competitors serve everyone poorly
Built exclusively for [specific industry], with deep domain expertise
Transparency
Black-box pricing and process
Fixed-rate, itemized billing with full visibility into every cost
When we launched Complete Controller, the market was dominated by large firms charging enterprise prices and small operators offering subpar work. Our USP? Founder-led expertise with cloud-based efficiency—the rigor of a Big Four firm at SMB pricing. We weren’t cheaper than everyone; we were better-than-small and cheaper-than-big. That clarity attracted exactly the right customers.
Master Customer-Centric Market Penetration
Customer loyalty is your ultimate competitive advantage. You can’t be outmaneuvered if your customers are so satisfied they wouldn’t dream of switching. Harvard Business Review research shows acquiring a new customer costs between 5 and 25 times more than keeping an existing one. Yet most businesses chase new logos while neglecting existing customers.
By 2025, 89% of businesses compete primarily on customer experience, surpassing traditional factors like product features and price. The competitive battlefield has shifted. Speed, personalization, responsiveness, and ease of use are now the primary battlegrounds.
Three pillars of customer-centric penetration
Personalization at Scale: Starbucks demonstrates this perfectly with their 34.6 million-member loyalty program. Members visit 5.6 times more frequently than non-members, and the program generates nearly 59% of total U.S. sales. They track purchase history and send hyper-personalized offers. If a customer typically orders a latte on Tuesday mornings, they receive a targeted offer for that exact drink at that exact time.
Retention Through Lifetime Value: Calculate the lifetime value of your customer base. Then allocate resources to deepen those relationships through loyalty programs, exclusive offers, and proactive support. Every dollar spent on retention generates 3-5x more ROI than acquisition spending.
Speed and Responsiveness: Competitors might offer similar products. What they can’t match is your ability to respond to customer needs in hours, not days. Faster websites, quicker customer service, and smoother checkout experiences create immediate competitive advantage.
Winning strategy needs financial clarity. See how Complete Controller gives you the edge.
Stay Ahead Through Strategic Innovation and Technology Adoption
Innovation separates winners from stagnant competitors. Deloitte’s 2026 manufacturing outlook shows 80% of executives plan to invest 20% or more of their improvement budgets in smart manufacturing and AI initiatives. In 2026, AI isn’t optional—it’s the baseline. However, only 6% of organizations achieve payback on AI investments within the first year—most take 2-4 years to see ROI.
Innovate without breaking the bank
Product and Service Evolution: Don’t wait for the perfect product. Tesla exemplifies iterative development, regularly updating vehicles based on user feedback. Launch, gather feedback, improve, repeat. Your competitors move at the speed of quarterly strategy reviews. You can move at the speed of customer feedback.
Affordable Technology Adoption: Small businesses win by adopting technology selectively. You don’t need every shiny tool. Identify one or two automation opportunities that save time, reduce errors, and improve customer experience:
A CRM system that centralizes customer data
An accounting platform that syncs with your bank feeds
A chatbot that handles 60% of customer questions
Tailored Marketing Through Technology: Use marketing automation, email segmentation, and retargeting to stay in front of prospects until they’re ready to buy. Technology allows you to nurture relationships at scale.
At Complete Controller, we integrated AI to categorize expenses automatically and flag anomalies in real-time. What took our human team 6 hours per client now takes 90 minutes. Clients get faster, more accurate reports. We improved margins. And we communicate this as a competitive advantage: AI-enhanced accuracy with human oversight—better than pure automation, smarter than manual work.
Financial Agility—Control Costs While Competitors Waste Money
This is where most content falls short. Beating the competition includes operational excellence—managing costs so efficiently that you have more resources for strategic investments than rivals.
Southwest Airlines built a competitive moat through relentless operational efficiency. They implemented rapid 10-15 minute aircraft turnarounds, used a single aircraft type to reduce maintenance complexity, and chose point-to-point routes over hub-and-spoke models. The result? 47 consecutive years of profitability while maintaining prices 30-50% lower than competitors.
How financial discipline becomes a competitive weapon
Eliminate Cost Waste: Most businesses have invisible cost drains—redundant software subscriptions, inefficient processes, overstaffed functions. Audit your spending ruthlessly. Where is your money going? Which costs drive customer value? Which don’t?
When I review client P&Ls at Complete Controller, I consistently find the same pattern: They’re spending 3-5% of revenue on accounting and bookkeeping alone, often without visibility into the work being done. By switching to cloud-based, AI-enhanced bookkeeping, they cut that cost in half while getting better insights.
Invest the Savings in Customer Value: Don’t just cut costs to improve margins. Reinvest savings into customer experience, product development, or market expansion. This creates a flywheel: operational efficiency funds innovation, which attracts more customers, which improves scale, which further reduces unit costs.
Pricing Strategy: Value-Based, Not Cost-Based: Most businesses price based on costs or competitor pricing. Winners price based on the value they deliver. If your operational excellence saves a customer $50,000 per year, charging $5,000 for that solution is a bargain. You’ve created asymmetric pricing power—customers pay for value, not hours.
Build a Sustainable Competitive Moat
Quick wins matter in the short term, but sustainable competitive advantage comes from building barriers competitors can’t easily replicate.
Niche Mastery: Instead of competing in a crowded general market, own a specific niche where you’re the undisputed expert. Complete Controller focuses on mid-market businesses and professional service firms—a niche where deep domain expertise creates a moat. We understand their pain points better than generalists ever will.
Strategic Partnerships: Form alliances that competitors can’t easily replicate. Partner with technology vendors, complementary service providers, or industry associations. These relationships compound over time, creating switching costs for customers.
Customer Obsession as Culture: Embed customer-centricity into your team’s DNA. When every employee makes decisions with customers in mind, you’ll outmaneuver competitors driven by quarterly targets or cost-cutting mandates. This is difficult to replicate because it’s cultural, not tactical.
Continuous Improvement Mindset: Make strategy a daily practice, not an annual event. Review what’s working. Double down. Kill what isn’t. Competitors hold strategy meetings once a year. You’re adapting in real-time.
Final Thoughts
The strategies I’ve outlined aren’t theoretical—they’re battle-tested approaches that have helped hundreds of businesses transform competitive threats into growth catalysts. The common thread? Winners don’t compete on the same battlefield as everyone else. They change the game entirely.
Your competitors are stuck in yesterday’s playbook—competing on price, features, or empty promises. You now have the blueprint to outmaneuver them through data-driven decisions, customer obsession, operational excellence, and strategic focus. The question isn’t whether these strategies work. It’s whether you’ll implement them before your competitors do.
Ready to transform your competitive position? The experts at Complete Controller can help you build the financial foundation and operational excellence needed to outmaneuver any competitor. Let’s turn your competitive challenges into your greatest opportunities.
Frequently Asked Questions About Beating the Competition
What is the most important strategy to beat competition?
Listening to customers and solving their problems better than anyone else. If you nail this, the rest follows. Customer-centric businesses generate 60% more profit than product-focused competitors.
How do small businesses compete with larger companies?
By focusing on personalized customer experiences, leveraging local market knowledge, forming strategic partnerships, and maintaining operational agility. Smaller firms can respond faster to market changes and build stronger customer loyalty than corporate giants.
What makes a business more competitive?
Three factors create lasting competitive advantage: superior customer experience, operational efficiency that funds innovation, and a clear value proposition that resonates with a specific target market. Businesses that master all three outperform competitors by 2-3x.
How do you identify competitive advantages?
Analyze customer complaints about competitors, audit your operational efficiency versus industry benchmarks, survey why customers choose you, and identify processes you execute better than rivals. Your advantages hide where competitors show weakness.
What is a competitive edge in business?
A competitive edge is any capability, asset, or position that allows you to deliver more value to customers than alternatives. This could be faster service, deeper expertise, better technology, lower costs passed to customers, or superior relationships.
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.
If you are considering opening a merchant account for your business, this is an excellent decision that will benefit your company in the long-term. In this modern era of globalization and cutthroat competition, almost everybody utilizes their credit cards or debit cards to purchase products. Less often, you see individuals using cash or checks to fulfill their financial obligations. A merchant account is an ideal route for your business to venture into the cutting-edge era. It enables the person to acknowledge various types of payments. Some of the key advantages of getting your business a merchant account are:
A merchant account supports business operations and the ability to acknowledge payments that customers are making through credit cards and debit cards from their respective banks. Consequently, more customers are purchasing products by using credit cards consistently. This usage makes having a merchant account a positive impact on both customers and your business.
In reality, the concept of merchant accounts and credit cards has trickled down through various studies and researches conducted in this domain. An average customer makes much more purchases when they are permitted to utilize a credit card, rather than using physical fiat currency. This is a psychological impact on the customer, who cannot see the cash leaving the hands when swiping the credit cards on a POS machine.
One of the extra advantages offered by opening up a merchants account is that you can deal with the payments through the internet or online portal. This empowers the business to deal with daily exchanges efficiently. Once the merchant account has been opened, the small business or the business of any size will not require the management and its employees to toil hours toward the finish of the business day, bookkeeping, and reconciliation. All purchases will be recorded in proper order, electronically and chronologically. Merchant Accounts makes the business much more disciplined (financially) and is in a strong position to oversee income effectively.
When the businesses have a merchant account with respective banks, customers will be more confident in providing payment to your business. The acceptance of credit or debit cards as a form of payment will increase traffic as more people every day are almost eliminating cash and paying via credit or debit card. Customers like the convenience and will often choose where they shop by the experience, including how they pay for their purchases. When it comes to business, it is important to stay up with technology and remain competitive in your industry.
By opening a merchant account to streamline the payment process, business operations and bookkeeping will effectively remain reconciled and corroborated with the profit and gross revenue stream. The point of sale device of the merchant account can also send point-by-point and month-to-month statements of all transactions that have been made, in any currencies, and with which payment strategies, and other pertaining information and data. This makes it simpler to manage expenses and take advantage of the benefits.
Opening a merchant account has no downside for the business that wants to expand and offer their customers options to pay. This ability to be flexible and receive multiple forms of payment will expand the business and ensure that every customer that comes into your business has options.
The bottom line is that customers are looking for their shopping or business experience to be smooth and easy. They also want to be able to pay with the form of payment of their choosing. You, as a business owner, can ensure this by opening a merchant account. The benefits of opening a merchant account may also be that your business will be able to grow.
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 management varies from organization to organization and the nature of the business. Many individuals think that to learn effective financial management, one must understand the mechanics of financial management in banks. The banks in the United States have increasingly developed significant financial management expertise. This expertise can help a business with a successful financial management plan.
For a business to be successful, it must have strong financial management. Using the template of how banks manage finances will strengthen the financial management of the business. While the success or failure can hinge on multiple considerations, it comes down to profits. From the owner/CEO to the office support staff, financial management should be a priority. In some cases, hiring an accountant or professional bookkeeper will ensure that nothing financial will slip through the cracks. This will also allow the owner and staff to focus on daily operations.
The people who support the limitation of the banks’ size contend that big banks and the government policies that have indirectly supported these banks impose severe potential risks to the monetary system just because of proficient internal financial management. The recessions that have occurred in the past seem to have born that out because four of the biggest banks, including Citibank, Washington Mutual Bank, Wachovia Bank, and the Bank of America, had received assistance from the government.
Banks hinder effective financial management at the time of mergers and acquisitions. As many types of research have shown, at times, financial management adopts economies of scale for product revenue and a cost generating stream.
Like other industries, the modern advancements in financial management and information processing technologies have brought a revolution in the banking industry. For instance, small banks have conventionally enjoyed the advantage of lending to small borrowers and businesses where personal relationships and proximity were imperative to evaluate the risk of credit and to monitor borrowers. It is all possible to automate the process of financial management and interface it with other bank functions. Conversely, the new technology of financial management has brought a reduction in the cost of obtaining information, data, numbers, and hence skewed the pendulum in the bank’s favor.
Initially, technological advancements in financial management have more likely raised the fixed cost for the banks, such as having a generic platform of ERP (Enterprise Resource Planning). Also, current regulatory policies have given bigger banks more cost advantages than smaller banks, just because these banks proactively deploy automated financial management solutions.
The treatment of big banks by the government as automated financial management can also help generate economies of scale by lowered risk premiums demanded by the creditors of bigger banks, which can give them the advantage of funding over the smaller competitors. The arguments of the supporter of the limitation of sizes of banks can be more of weight if the source of scale economies would provide cost-effective and cost-beneficial solutions to financial management.
Hence, the policymakers must consider the loss of scale economies’ benefits when determining the benefits of shrinking the banks’ sizes. Also, it is suggested that instead of limiting bank sizes, the policy of discipline must be implemented for the systematically big banks.
In the end, finance management is the heart and soul of any business entity. Having a prolific and proficient financial management system and department should be of paramount importance for any business concern and ensure that the business operations are maintained at any level, despite any governmental or regulatory intervention. It is not necessary that the organization’s size matter, but what is important is how effectively the financial management operations work towards the betterment of the whole organization.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
When it comes to starting and running a successful small business, technology has to be considered as a crucial aspect of the business. Due to the nature of technology and the movement to online transactions, e-billing and invoicing have become more widely used by small businesses. There are distinct advantages for you and your customers, and they are as follows.
E-Billing and Invoicing Customer Advantages
Convenience
Convenience is not only an advantage for your customer but to you as the business owner. By offering your customers various payment types, you are increasing the chances that your customers will pay their bill in full but on time. Customers using the option of paying online can choose when and where they complete transactions, therefore, ensuring on time or early payment.
Control of Finances
Because online bill paying is instant, this gives the user control over their finances. Sending a check takes time to arrive, process, and debit from their bank accounts, leaving time to possibly utilize the funds causing the check not to clear due to insufficient funds. E-billing eliminates this because instant account debit applies whether the customer chooses, debit, credit, or e-check.
Email Reminders
E-billing and invoicing include automation to remind customers of their upcoming due date. Not only does it send reminders, but it also offers an option to “Pay Now” when it sends the reminder before the due date. This option increases the probability of the customer paying early.
Automatic Payments
Speaking of automation. Most e-billing and invoicing systems have an option for automatic payments. The customer can opt into this automatic payment debit. In some cases, the company can offer discounts or fee waivers for those using the automated option. Automation increases paid receivables by a large percentage.
E-Billing and Invoicing Business Advantages
Instant and Secure Invoicing
Invoicing is made convenientandsecure by emailing the invoice to the customer with the mouse’s click. The invoices will also trigger automation for email reminders. At the time of the original invoice, there will be a “Pay Now” option increasing the possibility that the customer will pay before or on the due date.
Less Time Invoicing and Bookkeeping
Electronic invoicing allows you to distribute multiple invoices in less time to create and send one paper invoice. You can use automation to link invoicing to your bookkeeping software, which can save time spent reconciling accounts receivable entries.
Cost reduction
Sending automated e-invoices saves money. There are savings on time, mailing products, and postage. The savings can be quite a lot for high volume businesses. Small businesses benefit from this cost savings the most since budgets are generally tight for small businesses.
Storage
Automatic reminders and electronic invoices can be saved on your business computer’s hard drive. You can also back up your files on external drives. Paper documents must be stored in filing cabinets taking up space and utilizing precious time to file them. Also, Invoices can be integrated into your accounting software, making it more accurate than paper document filing, which leaves the possibility of lost or misplaced invoices.
Conclusion
Because of security, accuracy, convenience, and quick payment, e-billing and invoicing are quickly becoming the norm for accounts receivable. Whether you are a customer or a business owner, the benefits of e-billing and invoicing are numerous, and the disadvantages are few.
With more and more customers going online to find a payment solution that works for their needs, electronic invoicing and billing is an excellent tool for your business that provides your customers a seamless and enjoyable billing process.
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 responsible adult should consider creating a budget to manage household finances. Surprisingly, many adults don’t have a budget or monthly financial plan. Often this leads to poor money management because there is no accounting for expenses in comparison to income. Here are some tips to help you achieve your financial goals to gain control of your household finances.
Start Planning
It is necessary to have a financial plan to help you manage household finances. Financial planning includes various phases. The first phase is deciding how to control your budget and then create a spending plan that encompasses repayment of the debt, saving an emergency fund, and another financial goal setting. At this point, you need to prioritize your finances according to what’s most important for you financially. Here are three points to focus on when making your plan specifically regarding your household finances.
Creating and sticking to a budget is the key to success.
Contribute monthly to your financial goals
Build an emergency fund
Create and Stick to a Budget
Creating an honest and realistic budget is imperative. You must gather all your income sources and list all your expenses, down to the smallest detail. Once you have an honest accounting of your income and expenses, you need to analyze your expenses. Determine your fixed expenses, your necessities, non-necessities, and impulse spending. Now comes the hard part. It would be best if you cut as many non-essential expenses as you can. You don’t have to give up every non-necessity, but the more you can eliminate, the closer you will get to getting your household finances under control.
Once you have eliminated the expenses you can live without, allot a monthly amount towards savings. Put as much money towards savings as you can though experts in finance say that it should be at least 10% of your net income. Experts also say you should pay yourself (put money in savings) first, pay bills, and then non-essentials you choose to keep. Unless an emergency comes up before you have an emergency fund saved, do not deviate from this budget. This will take discipline.
Avoid Unnecessary Bank Charges
A few years ago, it was reported that bankers in New York celebrated the billions they made from bank fees. While it is understandable that you will make a mistake at times, you must spend within your means to avoid the high bank overdraft fees. These can snowball and add up to financial devastation. If you make a mistake, call your bank right away, most banks will forgive a fee or two once in a while, so always call to see if you can get the fee(s) waved.
There are other fees to try to avoid. Some bank accounts charge fees if you dip below a certain balance. Choose an account or bank that does not charge a minimum balance fee. Also, some banks will reimburse ATM fees and other fees. When choosing a bank or bank account, do your research.
Prioritize Debt
When it comes to debt, it is important to prioritize your debt. You need to list your debts by the highest amount and highest interest rate. Credit cards with high-interest rates and loans should be a priority to pay down as quickly as possible. If you have to do without that latte and tighten the belt on entertainment and extras while paying these high-interest debts off, you have to do. Many Americans suffer from overwhelming debt and, in some cases, never come out from under it before incurring more. Most importantly, do not take out a loan or use credit cards to pay down debt. Cut expenses or get another stream of income but don’t get in further debt to pay the debt.
Conclusion
Managing your household finances isn’t difficult but does take focus and determination. Start planning, create and stick to a budget, avoid unnecessary bank charges, and prioritize debt, and you will get your household finances under control and even have money for savings!
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
Accounting and bookkeeping are essential tools for keeping business finances in order, but first, you need to address other issues as a business owner. The first step to your business’s financial health is to separate business finances from personal ones.
It is a common mistake for a business owner to mix business and personal finances. This is natural since, in most cases, the start-up capital, or at least some of it, was from the owner’s personal savings or salary from another source of income. This mix of business and personal finances should be addressed early, and the separation should be done as soon as possible.
It is impossible to determine the company’s actual profit and losses if you are supplementing the income of the business with personal finances outside of start-up capital. It’s not to say that you can’t use your personal finances to fund the business, but you should be treated as any other investor and should pay yourself back from profits.
Separating the finances is not the only step you should take. It would be best if you also made your business a limited liability company. This simple move will protect your personal finances if your business goes bankrupt, is audited, or has a lawsuit filed against it.
In addition to separating your business and personal finances, here are some other ways you can keep your business finances in order.
Get Organized
Use a professional accountant or bookkeeper or accounting and bookkeeping software to stay organized with your finances. This organization will help you observe the due dates of invoices for on-time payments. Lack of organization can lead to late fees, high-interest payments, or loss of business.
Know Your Fixed and Variable Expenses
Fixed expenses are those you must pay every month, such as water, electricity, telephone, payroll, and taxes. Variable expenses are those costs that aren’t consistent and vary in cost and change or cease to exist. The knowledge of both your fixed and variable expenses will keep your finances in order and make bookkeeping easy and accurate.
Billing Strategy
Many small businesses struggle with finances due to billing issues. Accounts receivable is often a place within a small business where improvement is needed. There are several ways you can address billing issues. You can require the customer to pay in full upfront. In some businesses, demanding payment in full may not be suitable for getting and retaining customers. If that is the case, you can still get more invoices paid by offering customers a 2% discount on the total bill if they pay in full within ten days and make payment in full due within thirty days. These incentives are often used by clients of companies who implement the practice.
Track Your Books Closely
If you are working with a bookkeeper, review and monitor your books daily or monthly. This monitoring will help you avoid negative surprises. Knowing your books will help you formulate strategies for increasing profit and lowering expenses, and it can also help identify fraud. Even if you hire a professional accountant or bookkeeper, you, as the business owner, should always be aware of what is happening with your business finances.
Make Good Financial Habits
Being aware of your business finances and having a hand, at least to some degree, in your company’s bookkeeping is a great habit to get into, but you can do more. Set aside time every week or month, depending on your business’s volume, to go over your books and to strategize as needed to keep your business finances in order.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
If you ask most employees what the most challenging thing is to do, they will likely say the same thing, asking for a raise. While it may be difficult to ask for an increase in your salary, every employee deserves to be paid what they’re worth. Here are some tips to help you increase your salary.
Timing
There is a saying that says, “Timing is everything.” This saying is true when it comes to getting a raise. While you should look for the best timing to ask and increase your chances of success, you have to be careful not to let timing become the excuse not to ask. The perfect time to ask for a raise, that gives you the best opportunity for success will vary depending on the person you are asking and your company’s operations. If there is a hiring freeze or other company financial adjustments, you should wait until the company is in a better place.
Follow Internal protocol
While you may deserve every penny of a raise, if you ask for it inappropriately or ask a person who has no decision-making capacity, your request may be declined. Make sure you know the internal protocol relating to asking for a raise. Some companies give that power to management while others consider all employee salary increases once a year based on their performance review.
Prepare a Presentation
A presentation can include visual aids or PowerPoint, or it can be a well-planned oral presentation. While your presentation should be assertive, it must be kept short and to the point. If you can’t convince your boss that you deserve a raise in less than two or three minutes, then your performance may not hold up to the ask. When you walk into your boss’s office, they should already know that you deserve this salary increase from your outstanding job performance and service record.
Focus on the Company
When asking for a raise, you must focus on yourself and focus on the company. You must show that you value the company and understand that it is a business. Showing this understanding and value and how you fit into it as an employee and how you increase the company’s worth, will help your chances of you not only getting a raise but getting the amount that you desire.
Avoid Specific Salary
Some may argue that you should ask for the exact amount you would like to make when asking for a salary increase. However, it has been proven that asking for a range of salary increases your chances of not only receiving a raise but getting more than you expected. By giving a range with the lowest end of the range being the lowest acceptable amount and the high end of the range shooting for the stars, you guarantee that you will be satisfied with the amount if your raise is approved.
Conclusion
Asking for a raise, while scary, is a necessity if you don’t work for a company that automatically considers salary increases each year according to performance reviews. Though it may make you nervous to ask, 100% of employees who don’t ask for a raise don’t get one. Studies have shown that of employees who ask for a raise, approximately 70% receive one. Of those who receive a raise, roughly 40% receive what they asked for and about 35% more than they asked for. This leaves the other 25% to receive less than what was proposed. The point is the odds are in your favor that if you ask, you shall receive. So ask already!
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.
What is a stakeholder? A stakeholder is a person or organization that has invested in a business or project and has a stake in that business or project’s success or failure. When it comes to small businesses, a company can rarely get started or continue to operate without involving stakeholders. As the owner, you are the ultimate stakeholder; however, you must keep other stakeholders happy because unhappy stakeholders can cause problems and ultimately negatively impact your business.
Some of the adverse effects are constant communication that is unnecessary and distracting, asking for changes within the company that cause setbacks, and issues between the stakeholders and key staff. To avoid this, here are some steps you can take to keep your stakeholders happy.
Communicate
The truth is that communication is key to every relationship in your life. Your relationship with stakeholders is no different. If you have regular and meaningful contact with your stakeholders, they will have no reason to be overly involved in the business. When communicating, it is also essential that you are transparent and honest, even when you may need to deliver bad news. Most stakeholders understand there will be occasional setbacks or issues, but if you are upfront and communicate clearly, they will often stick with you through good times and bad.
Actively Listen
Stakeholders will have opinions and ideas, even if you don’t use their idea, they still need to feel like they have a voice, and it is being heard. Stakeholders have a vested interest in the business’s complete success; therefore, they should be able to interject ideas and opinions. Actively listening is advantageous to the owner because some ideas may fix an issue, grow the business, or inspire innovation. Remember, they are in if for the return on their investment, so they will always be coming from a place that has the company’s best interest at heart.
Manage Expectations
Managing expectations is not just related to the financial outcomes of the business. It is also about managing expectations of the relationship, communication, and the stakeholder’s direct involvement in your business. While it would be an ideal world if every business partner would invest and be a silent partner, but that is generally not how it is in the real world of the small business. Managing expectations will ensure you and your stakeholders are on the same page and avoid any surprises.
Strong Leadership
Stakeholders need to see strong leadership within your business. Regardless of communication or management of expectations, if your leadership is weak, no talking will overcome that with the stakeholders. A stakeholder wants to feel their investment will pay off with an owner who knows how to lead the business to profit and success.
Have a Service Level Agreement
Like managing expectations, a service level agreement is a way to layout yours and your stakeholder’s understanding of what is expected to be delivered. Having an agreement on productivity and return on their investment will ensure no one is unclear on the objectives.
Stakeholders Are People
We need to remember that stakeholders aren’t some unrelatable entities. They are people who have a stake in your business, just like you! If you keep that in mind, it will make it easier to look out for their best interest. Treat them as you would want to be treated if you were the stakeholder, and they were the owner. What would you need to be happy? What information would you want to know? What would you expect of yourself?
The bottom line is you and your stakeholders carry the same goals and needs when it comes to your business. Taking these steps will ensure that your stakeholders are happy, and the relationship remains mutually beneficial.
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.
