Minimize Cyber Risks

No person or organization is safe from cyber security risks. It is nearly impossible to escape it in today’s world. Therefore, every individual and business owner should proactively build a safe and secure environment for their employees, associates, customers, and other users. A safe corporate environment reduces cyber criminals’ risks to a business. Below are a few innovative ways to minimize information and data security risks to your computer systems.

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Train Your Employees In Cyber Security

As bookkeeping is essential for financial recording, it is vital to set some time aside to educate your employees about cyber security, how to be smart online, and how to identify scams such as suspicious emails and websites.

Take Advantage Of Antivirus And Anti Spyware Software For Each Computer

Ensure you always have an updated version of powerful antivirus software on all your computers and devices so that no device is infected with new viruses.

Avoid Skipping The Firewall

Firewalls are critical to keeping cyber criminals out of your devices. If you have over five computers, a network firewall is a good idea to protect your network.

Obtain Necessary Backup Copies Of Vital Data

Without necessary data backups, you will be in a significant bind if you lose your organization’s valuable data and records because of a cyber breach. Aat least one of your data backup sets must be kept off-site in a secure place so that only a few reliable and trusted individuals can access it. Experts suggest locking up your critical business backup data.

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Secure Your Wi-Fi Connections

Usually, Wi-Fi networks are easy ways for cybercriminals to obtain easy access to confidential content. Thus, your Wi-Fi networks must be robust and complex enough to reduce your risk of this happening. Consequently, using special and numerical characters cannot harm, either.

Ensure Robust Control Over Access To Your Business Computers, Networks, And Other Devices

You’re bound to have seen the thriller movies where a cyber criminal fakes their identity and then attacks a server, stealing sensitive data by copying it onto a USB in minutes. Sure, that’s Hollywood for you. However, it happens in real life more than we’d like to admit. Thus, always ensure you know who is coming in and out of your company premises. In addition, do not permit individuals to play with your systems containing essential data files.

Create An Individual User Account For Each Employee

Having employees use their official accounts to perform their jobs on your business computers makes sense. It ensures easier tracking of who is performing what activity online and is a security measure that will be beneficial in many ways.

Keep A Password Policy In Your Organization

An easy tactic to safeguard your devices is to secure them with good passwords. A password policy will encourage all employees to change their account passwords quarterly and create them so they are difficult to guess. As mentioned earlier, it is imperative to build passwords using letters, numbers, and special characters simultaneously, making it harder to crack the code. Consequently, passwords have to be easy to remember but hard to guess.

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Limit Authority To Install Or Uninstall Software

Even if one of your employee’s user devices is compromised, a hacker will fail to download or delete software if you have limited authority. Only authorized staff members must be able to install software applications on your company’s devices to ensure a safe and secure environment.

Leverage Cyber Liability Insurance

In case of a cyber breach or data hack on your business computers, cyber insurance will protect you from system failures, cyber extortion, and breaches. Suppose your company heavily depends on its business computers, servers, and devices or stores personal client information. In that case, adding a cyber policy to your company insurance plan is a good idea.

CorpNet. Start A New Business NowAbout Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.Complete Controller. America’s Bookkeeping Experts

How to Avoid Inventory Shrinkage

Inventory shrinkage occurs in retail stores and businesses when the physical tally of the stock or merchandise contrasts with the tally that records specify should be there. Shrinkage can be due to various factors occurring in combination or singly. These include theft, inefficient record keeping, misplaced stock, order fill, or shipping errors. Even though paper errors indicate a trace of inaccurate loss, robbery can be an actual inventory loss.

Inventory shrinkage refers to a loss of merchandise due to damage and spoilage, theft, administrative mistakes, and faults in articles taken from the industrial site to the end consumer. It is often referred to as a strike to the loss or margin of profit.

Where do you get the information to monitor inventory shrinkage? Bookkeeping provides all of the necessary and relevant information from which all of your accounts are formulated. Bookkeeping is a recognized and well-defined process in business and accounting.

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Causes of Inventory Shrinkage

Inventory shrinkage is unavoidable. On the other hand, the pace can be measured through appropriate inventory management practices. Shrinkage can happen due to deceitful behaviors such as:

  1. Fake sales and employee theft 
  2. Retail theft, i.e., counterfeit coupons, petty theft, breaking, shoplifting

Nevertheless, inventory shrinkage isn’t continually accredited to a hurtful swindle. It could also be that there are below-par defined operational standards and procedures, leading to complex administrative errors. A trickle-down effect occurs in the entire business, including financial and warehouse operations.

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How to Avoid Inventory Shrinkage

To decrease inventory shrinkage in your business, you will have to increase your control and security in each sector involving merchandise.

  1. Constrict security by putting up cameras in the customer and employee areas, including break and stock rooms. If need be, change the locks in the stockroom areas. Allow only the higher-level employees to access the excess stock.
  2. Bolt the back doors. If theft in the area is high, hire a security provider to watch your store. Ensure that at least one of your employees is always present on the sales floor. For retail stores, train employees to greet customers verbally so that any prospective shoplifter knows they’ve been recognized and seen in the store.
  3. Elect certain specific employees to accept, open, and distribute new shipments. The items inside the shipment should be matched according to the order sheet instead of the transporter’s packing list. The merchandise should be immediately registered into the store’s inventory system and booked as received right before it is placed away. Ensure that the associates sign off on the packing list once all of the items have been verified to be correct.
  4. Verify that packing lists, purchase orders, shipping receipts, and invoices are accurate before filing. Organize the paperwork in a file cabinet, scan copies, and duplicate the forms on a computer. Make sure that you have a backup copy.
  5. Review each day’s transactions in the presence of your associates for accuracy. Check for repetitive and suspicious transactions. Instances can happen when an employee regularly cancels cash transactions. Provide employees with their password so they can use the cash register. In case of theft, you will know which employee committed the crime.
  6. Calculate the physical inventory you need in your business. Make a habit of doing this at least every year to keep track of the actual numbers you should have in your possession.

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Conclusion

Businesses must implement rigorous control measures and security protocols to combat inventory shrinkage. By enhancing surveillance, enforcing strict inventory procedures, and fostering a culture of accountability among employees, businesses can mitigate the risk of losses due to theft and administrative errors. Regular audits and diligent monitoring of inventory transactions are essential for maintaining accurate records and identifying potential discrepancies promptly. Through proactive measures and vigilant oversight, businesses can minimize inventory shrinkage and safeguard profitability.

ADP. Payroll – HR – BenefitsAbout 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.Download A Free Financial Toolkit

Trust Boost: Audit-Ready

In an audit-ready business, accounting information and bookkeeping are up-to-date and transparent. Such a business is ready for an audit at all times. Investors have trust and confidence in an audit-ready company and business.

An audit is an investigation and analysis of bookkeeping and accounts by an auditor compared with the physical verification of the stock/inventory. An audit can be done internally or by external auditors to check a company’s accounting information and bookkeeping.LastPass – Family or Org Password Vault

Internal audits are conducted by a company’s employees or by the head of a particular department.

An external audit is done by an external auditing company or by a team of external auditors. All government and private registered firms are bound to have an external audit done annually. An independent company does an external audit. After the completion of the auditing process, the external auditor prepares an audit report. Investors, government agencies, and the public can use the information in the audit report.

Accounting software helps small—and medium-sized businesses stay audit-ready and keep their bookkeeping and accounting work up to date.

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Perks Of Audit Ready Business: Winning Investor Confidence

An audit-ready business has many perks, one of which is building investor confidence in the business.

  • An audit-ready business means it has up-to-date accounting and bookkeeping information, paving the way for increasing investor confidence and trust.
  • An audit-ready business means its accounting statements match and its accounting and bookkeeping information is transparent. This increases the business’s credibility, and investors can invest capital safely.
  • Investors can easily interpret the business’s accounting information if the bookkeeping and accounting data are up-to-date and clear.
  • Investor confidence increases when they receive regular audit reports.
  • In dire need of foreign investment, an audit-ready business always attracts more investors and customers.
  • All businesses that get regular audits done, both internal and external, have an increased business rating. Potential investors will more likely go for a business with a good rating.
  • Not only investors but banks and other lenders have more confidence in an audit-ready business.
  • Investor confidence is increased in audit-ready businesses because the risk of fraud and embezzlement is minimized. Small and medium-sized businesses are more prone to fraud. Regular audits minimize fraud as maintaining an audit-ready business minimizes fraud.
  • Investors want to obtain the true financial picture of an audit-ready business. They can invest their money mindlessly in any business. A true financial picture can only be obtained if the accounting and bookkeeping are current and the balance sheet, financial statements, and cash flow match. The audit-ready business builds investor confidence by clearly depicting the financial picture. The investor will be ready to invest money whenever needed in the business.
  • Regular audits keep the business audit-ready at any given time. The investors do not have to check daily bookkeeping. A check and balance can be maintained through audits. Investors are getting the audit reports and indirectly have control over the business’s day-to-day bookkeeping and accounting functions.

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Conclusion

Investors have more trust in audit-ready businesses. Audit-ready companies always have up-to-date accounting information, and their accounting statements match their daily bookkeeping functions. Investors can make wise, timely, and future decisions about the business with regular audits, as the audit-ready business depicts its true financial status. Investor trust and confidence are built in an audit-ready business. Potential investors are also more attracted to audit-ready businesses.

CorpNet. Start A New Business NowAbout 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.Cubicle to Cloud virtual business

Self Storage Investment Potential

Maximize Your Self Storage Gross Potential with Smart Calculations

Self-storage gross potential represents the maximum monthly or annual revenue your facility can generate at 100% occupancy using market rental rates across all unit types. This fundamental metric serves as the foundation for investment decisions, pricing strategies, and performance benchmarking in the $448 billion U.S. self-storage market, which generates approximately $37.9 billion in effective gross income annually.

Over my 20 years as CEO of Complete Controller, I’ve worked with hundreds of self-storage operators who transformed their facilities from underperformers to profit powerhouses by mastering gross potential calculations and revenue optimization. The secret lies in understanding that facilities achieving 30-40% profit margins (with some exceeding 50%) don’t just calculate their gross potential—they systematically optimize every revenue stream while maintaining 85-95% occupancy rates. This guide reveals the exact strategies that helped one California facility increase revenue per square foot by 32% in just 18 months. Cubicle to Cloud virtual business

What is aelf atorage gross potential and how do you calculate it?

  • • Self storage gross potential (GPR) equals total revenue at 100% occupancy using current market rates for each unit type
  • • Basic calculation multiplies each unit’s market rent by the number of units, then sums across all types
  • • Advanced calculations factor in unit locations, amenities, and climate control premiums
  • • Industry best practice targets 85-95% GPR achievement for optimal profitability
  • • Smart operators leverage GPR data to optimize pricing, unit mix, and identify growth opportunities

Understanding the Foundation of Gross Potential Revenue

Gross Potential Revenue forms the cornerstone of self-storage financial analysis, representing the theoretical maximum income under ideal conditions. The self-storage industry’s remarkable 92% business success rate stems partly from operators who master GPR calculations and use them as strategic planning tools rather than simple mathematical exercises.

The basic GPR formula multiplies market rent by total units, but sophisticated operators recognize multiple layers of complexity. Ground-floor units typically command 10-15% premiums over upper floors, while climate-controlled spaces generate 25-50% higher rates than standard units. These micro-location factors significantly impact overall gross potential calculations and subsequent revenue optimization strategies.

Revenue optimization through strategic analysis

Modern revenue optimization incorporates demand forecasting techniques that predict occupancy trends based on historical data and market conditions. Facilities implementing dynamic pricing systems automatically adjust rates when occupancy exceeds 85% or falls below 70%, maintaining the delicate balance between maximum revenue capture and customer retention.

During the 2008 financial crisis, national occupancy rates hit 82.8% in Q1 2009, yet the industry rebounded strongly, demonstrating remarkable resilience. This historical perspective proves that understanding and optimizing gross potential provides stability even during economic downturns.

Valuation impact of accurate GPR calculations

Professional valuers examine facilities’ historical achievement rates against gross potential as key operational efficiency indicators. Properties consistently achieving 90%+ of GPR while maintaining healthy margins command premium valuations, while those struggling below 80% signal pricing or operational challenges requiring immediate attention.

Calculating Your Facility’s True Revenue Potential

Accurate gross potential calculations demand systematic approaches accounting for every revenue-generating component. Start by conducting thorough market research, establishing appropriate rental rates for each unit type and size category through competitor analysis and local demand assessment.

Create detailed unit-by-unit calculations considering square footage, facility location, accessibility features, and climate control options. Units near elevators justify 5-10% premiums, while end units with easier access often support higher rates than interior locations.

Market analysis integration strategies

Comprehensive market analysis ensures rental rates reflect current conditions rather than historical pricing. Examine competitor occupancy rates, pricing strategies, and concession offerings to identify premium positioning opportunities. Areas with high concentrations of renters, students, or military personnel support different unit mix strategies compared to suburban family markets.

The most successful facilities develop multiple scenario models accounting for best-case, worst-case, and most-likely performance outcomes. These projections factor in existing customer rate increases (ECRIs), enabling higher gross potential achievement even when initial rates include promotional discounts.

Technology-driven income projections

Advanced facilities leverage automated revenue management systems processing market data and occupancy patterns far more efficiently than manual approaches. These systems enable real-time optimization decisions, maximizing revenue capture while maintaining operational efficiency.

Customer relationship management systems track tenant behavior patterns, enabling targeted marketing campaigns and retention strategies. These tools identify upselling opportunities, extend rental periods, and promote additional services, increasing revenue per tenant substantially. Complete Controller. America’s Bookkeeping Experts

Advanced Strategies for Revenue Maximization

Successful revenue management extends beyond basic calculations to encompass sophisticated pricing optimization and inventory management. Facilities achieving the highest gross potential realization rates implement rule-based pricing adjustments responding to occupancy levels and demand patterns.

Financial performance optimization requires integrating revenue management with operational efficiency improvements. The most profitable facilities achieve high GPR realization while maintaining operating expense ratios below 35% of gross revenue, enabling profit margins exceeding 50% in well-managed properties.

Unit mix optimization for maximum returns

Strategic unit mix optimization significantly impacts gross potential revenue. Research indicates facilities averaging 120 square feet per unit operate more efficiently than those averaging 90 square feet, due to corridor-to-unit depth ratios and operational considerations.

Smaller units typically generate higher revenue per square foot than larger units, but larger units often have higher profit margins due to reduced management complexity. Climate-controlled units command substantial premiums but require higher construction and operational costs affecting overall profitability calculations.

Performance metrics that drive success

Revenue per available square foot (RevPAM), customer acquisition costs, and lifetime value metrics provide deeper insights than basic occupancy rates. Implement dashboard systems providing real-time visibility into these metrics across different unit types and customer segments.

One management transition case study demonstrated an 89% rise in net operating income and a 35% revenue boost within four months through strategic rate increases and operational improvements. Monthly revenue grew from $30,189 to $43,885 while occupancy increased from 80% to 89%.

Market-Driven Pricing Implementation

Dynamic pricing strategies balance competitive positioning with profit maximization, using gross potential calculations as flexible guideposts. Understanding demand elasticity within specific markets enables targeted pricing to maximize revenue across different customer segments.

Rental rate optimization involves continuous monitoring and monthly adjustments based on occupancy trends and seasonal patterns. Offering competitive move-in rates with structured increases often generates higher total revenue than maintaining consistently high rates, causing excessive turnover.

Ancillary revenue stream development

Profit margin enhancement extends beyond storage rates to ancillary revenue stream,s including moving supplies, insurance products, and packing services. These offerings typically carry higher margins than storage rentals while strengthening customer relationships and reducing price sensitivity.

Placerville Self Storage’s systematic revenue optimization program increased revenue per occupied square foot from $0.75 to $0.99 over 18 months—a 32% increase. The facility added $59,519 in annual revenue through tenant protection programs while improving occupancy from 84% to 93%.

Final Thoughts

Maximizing self-storage gross potential requires a comprehensive understanding of market dynamics, customer behavior, and strategic revenue management beyond basic calculations. Throughout my career helping storage operators optimize their financial performance, I’ve witnessed facilities transform from average performers to industry leaders by mastering these interconnected elements.

The key lies in viewing gross potential as a dynamic benchmark guiding continuous optimization rather than a fixed target. Implementing sophisticated pricing strategies, optimizing unit mix decisions, and leveraging technology positions operators for long-term success in our competitive market. Visit Complete Controller to discover how our specialized bookkeeping and financial analysis services can help transform your facility’s revenue performance. Download A Free Financial Toolkit

Frequently Asked Questions About Self Storage Gross Potential

What percentage of gross potential should a well-managed self-storage facility achieve?

Industry best practices suggest targeting 85-95% of gross potential revenue, with rates above 95% potentially indicating underpricing and rates below 80% suggesting operational or pricing challenges requiring immediate attention.

How do seasonal fluctuations affect gross potential calculations for self-storage facilities?

Seasonal variations should be incorporated into annual projections, with many facilities experiencing 10-20% demand fluctuations between peak summer moving seasons and slower winter months affecting both occupancy and achievable rental rates.

What’s the difference between gross potential revenue and net operating income?

Gross potential revenue represents maximum theoretical income at 100% occupancy and market rates, while net operating income subtracts vacancy losses, concessions, and all operating expenses from actual collected revenue.

How often should self-storage operators recalculate their gross potential revenue?

Most successful operators recalculate gross potential quarterly or whenever significant market changes occur, such as new competitor openings, major economic shifts, or substantial changes in local demand patterns.

Can technology significantly improve gross potential achievement for smaller facilities?

Yes, automated revenue management systems help facilities of all sizes implement dynamic pricing, demand forecasting, and real-time market analysis that manual processes cannot match, often improving GPR achievement by 10-15%.

Sources

ADP. Payroll – HR – Benefits 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. CorpNet. Start A New Business Now
author avatar
Jennifer Brazer Founder/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.
Reviewed By: reviewer avatar Brittany McMillen
reviewer avatar Brittany McMillen
Brittany McMillen is a seasoned Marketing Manager with a sharp eye for strategy and storytelling. With a background in digital marketing, brand development, and customer engagement, she brings a results-driven mindset to every project. Brittany specializes in crafting compelling content and optimizing user experiences that convert. When she’s not reviewing content, she’s exploring the latest marketing trends or championing small business success.

Strategies for SME Survival

In the past, the number of personnel in an enterprise determined whether the business was small-scale or medium-sized. In today’s era, the difference between small, medium, and large enterprises is determined by the number of full-time or part-time staff, IT infrastructure, and strategic managers. A giant enterprise will always have full-time personnel for IT infrastructure and data management in modern bookkeeping.

It is difficult for a small or medium-sized enterprise to survive among giant corporations. Giant businesses are the major players in the market, and their promotional budget is enormous. As the sales of their products or services are more significant, their cost is usually lower than the production of small and medium-sized businesses.

However, the promotional budget and low prices are not the only factors affecting customer choices. Quality, efficient services, and the flexibility to produce quality per a customer’s demand all play a part in where a customer decides to open their wallet. Nurturing a sense of trust among its customers plays a significant role in the survival of a small business.

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Measures to Ensure SME Survival

If you are an investor in an SME and face competition with a larger enterprise, organized bookkeeping will allow you to assess your competitor’s strengths and weaknesses. You will also be able to assess your company’s edge over your competitor. Identify the possible customer’s needs. Offer more personalized services. Show your capability to customize the product or services. Respond quickly to your customer’s needs.

  • Large companies also form strategic alliances with smaller enterprises to be their sub-subcontractors, which can increase the success of both companies.
  • Small and medium enterprises are motivated by a strategic partnership with each other to provide a broader range of products and services to their customers.

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How to Recuperate from a Business Slump

  1. Reinvent. Assess strengths, weaknesses, and open market challenges. Offer new products or services to gain market share.
  2. Keep your costs down even while the big corporations refuse to reduce their costs, even during a financial trial period.
  3. Customize your products and services according to the needs of your clients and customers.
  4. Small and medium-sized enterprises often lack the marketing of their services and products. Get creative and find a way to get your name out there, even if it’s only through social media.
  5. Reach out for a direct, face-to-face meeting with your customers. This will ensure better trust and higher-quality relationships.
  6. Healthy competition and good bookkeeping will keep your business going.
  7. Get involved in social media and interact with your customers. Updates about promotions and offers attract more potential customers.
  8. Stay in touch with your customers. Even if they stop buying your services or products, contact them. They might come back for new products or the same old ones.
  9. Vigilantly monitor your employees to keep them motivated and on track.
  10. Review your business. Identify the changes needed and assess the risks and benefits constantly.
  11. Prioritize the list of changes to be made in your SME. The changes with no potential risks must be the top priority.

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Conclusion

All of the above steps seem simple but can drastically change your business in the long run. Small businesses can never play like giant corporations, but they can have their own share of the market.

ADP. Payroll – HR – BenefitsAbout 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. LastPass – Family or Org Password Vault

Streamlined Accounting Solutions

Bookkeeping can be a time-consuming chore for business proprietors, but tracking, managing, and optimizing your company’s growth over time is compulsory. Sooner or later, you’ll need to capitalize on small business accounting software and systems to regulate your cash flow and formulate for tax time. From bookkeeping to invoicing to tracking expenses, there are many different things to consider when choosing the right software for your requirements. It’s an essential choice since it simplifies your small business finances. Below are a few options we recommend when selecting your accounting software for your business.

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QuickBooks Online

Intuit QuickBooks Online is a custom small business accounting and bookkeeping software program. It proposes many of the features and bookkeeping functionality that most companies need. QuickBooks makes it easy to select and pay for the features you need for your specific purposes. They include:

  • Billing
  • Payroll
  • Handling bills from retailers and suppliers
  • Expenditure tracking
  • Inventory tracking

FreshBooks

FreshBooks is a popular billing solution with built-in outlay management, time-tracking features, and the facility to accept client payments. Logically, this makes it great for freelancers, agencies, and other service-based productions with the ability to automate late payment reminders to customers and manage your different clients and developments with pricing based on the number of active customers you have at a time. FreshBooks is recognized for being user-friendly and providing stellar customer support when you need it, and it is an easy choice if you sell services rather than products.

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Xero

Xero offers an extensive breadth of accounting tools that comprise everything from bookkeeping to paperless expenditure management and the capability to get paid in over 160 currencies with programmed conversions and exchange rates updated hourly. Xero lets you send proof of purchase and quotes and mechanically reconcile your accounts, as you’d expect from a decent accounting program. However, the attainability of inventory tracking and the ability to make procurement orders to your dealer on affordable plans makes it a good option if you sell products online or offline. 

Zoho Books

Zoho Books is part of the Zoho collection of corporate software that also includes a CRM, help desk, and, in this case, accounting applications. If you are currently using or plan to use other Zoho tools, particularly their CRM, it might also make sense to use their business finance software. You get most of the features you’d come to expect from bookkeeping software, plus time-tracking and other features that are perfect for selling amenities rather than products.

Accounting Apps For Your Shopify Store

If you are a Shopify dealer, you might manually copy sales and customer data from your store to bookkeeping software or a spreadsheet. But there are apps that can systematize the flow of data, give you access to essential inventory, financial, and purchaser data, and free up time that you can then devote to growing your industry.

Connector Apps

Getting your numerous software solutions to “speak” to one another can save time and help you systematize data transfer. That’s where “connectors” or integration apps come in. Connector apps let you faultlessly export product, payment, tax, and customer data with a single click.Download A Free Financial Toolkit

SimplyCost

SimplyCost is a simple and reasonably priced Shopify app that lets you produce profit-based reports founded on the cost of properties sold. 

Profiteer

Profiteer is another Shopify app that can help you track the COGS of your products and variants. It doesn’t assimilate with accounting software directly, but it can transfer a CSV report showing your inventory’s total cost or profits within a specific time frame.

Conclusion

Factors such as the size of your business, your industry, your employees, and whether you sell products or services or both are important to consider when choosing an accounting system that works for your business and your budget.

CorpNet. Start A New Business NowAbout Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.Complete Controller. America’s Bookkeeping Experts

Accounting Software Saves Time

Time is money. Hence, businesses are required to ensure that they value time as much as they value money. One of the primary objectives of most enterprises is to maximize profits – signifying that with higher profit goals, they must save crucial business hours that would otherwise be wasted. The Japanese concept of Lean Production calls for eliminating waste or ‘muda.’ This waste can take various forms, including unnecessary time to execute a specific task. 

Lean principles dictate that lead time can be reduced by avoiding reworks. The task must be done to perfection on the first attempt so that no rework is necessary; the more rework a task demands, the higher the wastage and the lower the efficiency. Therefore, businesses must save crucial business hours and implement lean production within their organization to inseminate an efficient work environment.

Rather than manual tasking, businesses can salvage time through the implementation of accounting software—ERP (Enterprise Resource Planning). Accounting software enables various benefits that can effectively save crucial business hours that would otherwise be wasted. 

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With accounting software like QuickBooks, most of the account creation process can now be automated using built-in analysis tools and templates. Rather than manually creating ledgers and financial statements in Excel, using accounting software that includes the relevant templates is easier and saves time. Bookkeeping was initially automated to avoid human error, but automation such as this brings other laudable benefits. Now, you don’t only eliminate error; you also save time and any costs involved. 

Invoicing and Payments

Accounting software allows for automated invoice creation and updating. Moreover, payments can systematically be processed in time for both the vendors and customers from within. Creating invoices can be a tedious task owing to its repetitive nature. This repetition may effectively be reduced through automatic invoice generation for the various vendors. 

Payment runs will highlight the accounts that require payment. The system will automatically make changes to these respective accounts without manually posting a debit and credit entry within the innumerable accounts of the General Ledger. Automated invoicing and payments are yet another way to cut down on crucial business hours that may now be allocated elsewhere.

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Report Generation and Distribution

Accounting software may be configured such that daily, weekly, monthly, and yearly reports can be processed and prepared at preset time intervals. Moreover, the accounts can be integrated to feed relevant data into the reports. For instance, each employee’s daily time-in procedure will transfer data into their weekly attendance report. This will save time when preparing each employee’s weekly and monthly attendance sheets. In addition to real-time reporting, these reports can be distributed by integrating the email system with the accounting software used. This allows for timely reports to be sent to all authorized recipients. Imagine the time it would consume if this had to be managed manually.

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Inventory Management – Restocking

Stock-outs can be a nightmare for many businesses, especially ones with a well-established market reputation. For other, lesser-known ones, turning down customers for ‘out-of-stock’ products can be detrimental and may eventually lead to a diminishing customer base. Automated refurbishment can be actualized through accounting software to avoid stock falling below the safety margin or the Economic Order Point (EOC). In addition to avoiding stock-outs, crucial business hours can be redeemed. The business may as well use this to set itself apart from its competitors. Stock-outs give a very poor first impression to all potential customers.

Conclusion

An accounting software such as Xero or QuickBooks can be used to save crucial business hours. Every second you save may be utilized to perform other, more productive duties, thereby reducing waste and fostering efficiency. Moreover, resource allocation can be improved mainly by using accounting software. The redundant resource is an expense in itself.

ADP. Payroll – HR – BenefitsAbout 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.LastPass – Family or Org Password Vault

Role of Financial Communication

Marriage is often viewed as a fairy tale romance, but in reality, it is a journey filled with challenges that require careful navigation. One of the most significant challenges that couples face is the issue of financial communication. Poor communication in this area can lead to tension and, ultimately, divorce. In this article, we will delve into the intricacies of financial communication within marriage, exposing the underlying issues and providing practical advice supported by statistics and facts for couples seeking to strengthen their relationship through effective budgeting and financial management. CorpNet. Start A New Business Now

Understanding the Impact of Financial Disagreements


Money is closely tied to marriage, and how couples manage their finances can significantly impact the quality and longevity of the relationship. According to a study by the American Psychological Association, almost one-third of couples report that money is a significant source of conflict in their relationship. Research by the Institute for Divorce Financial Analysts identifies financial issues as the third leading cause of divorce, following infidelity and basic incompatibility.

The root of financial disagreements often lies in the differing values, beliefs, and practices related to money rather than the amount of money available. These differences can lead to frequent arguments, mistrust, and resentment, gradually eroding the foundation of a marriage.

Tips and Tricks to Save Your Marriage Through Proper Budgeting

Open communication

Establish an open, honest conversation about your financial situation. Discuss your income, debts, savings, and financial goals. This initial step is crucial in building a transparent and trust-based financial relationship.

Set common goals

Setting shared financial goals can unite you and your spouse, giving you a common purpose to work towards. These goals can include saving for a home, planning a vacation, or preparing for retirement.

Create a joint budget

A budget is an essential tool for managing your finances effectively. Work together to create a budget that reflects your joint expenses, savings goals, and discretionary spending. Regularly review and adjust your budget as needed. Cubicle to Cloud virtual business

Allocate personal spending money

To maintain individual freedom while managing finances together, allocate a specific amount of money for each person to spend as they wish, no questions asked.

Emergency fund

Building an emergency fund can provide a financial safety net, reducing stress and conflict over unexpected expenses.

Regular financial meetings

Schedule regular meetings to discuss your financial situation, review your budget, and track progress toward your goals. This ongoing dialogue can prevent misunderstandings and keep you both aligned on your financial journey.

Helpful Tools for Financial Management in Marriage


Several tools and resources can aid couples in managing their finances more effectively:

Budgeting apps

Applications like Mint, YNAB (You Need A Budget), and PocketGuard can help track spending, create budgets, and monitor progress toward financial goals.

Financial planning services

Financial advisors can provide personalized advice and strategies for managing finances, investing, and planning for the future.

Online resources and workshops

Numerous websites and organizations offer articles, courses, and workshops on financial management, budgeting, and investing tailored for couples at different stages of their relationship. Complete Controller. America’s Bookkeeping Experts

Conclusion

Marriage is a sacred union that encompasses all aspects of life, including finances. Financial disagreements are one of the leading causes of marital problems, and if left unresolved, they can lead to misunderstandings, resentment, and even the dissolution of the marriage. However, by engaging in open and honest communication, setting shared financial goals, and utilizing effective budgeting tools, couples can navigate financial challenges together and build stronger relationships in the process. Remember, managing money is not just about numbers on a page, but rather, it’s about aligning on values, supporting each other’s dreams, and building a shared future, one financial decision at a time. LastPass – Family or Org Password Vault 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. ADP. Payroll – HR – Benefits

Task & Time Billing

Time is money. We have heard that phrase over and over. But, this phrase reaches a much more detailed and specific level for professionals, such as HR execs and business owners. Some companies cater to such needs. They provide software that tracks time and gives more than an auxiliary attendance sheet. An employee’s punctuality is essential. Nonetheless, the organization is a completely integrated system of methods that must be more than a single dimension think-tank. The good news is that software analytics and processes help diversely in tracking time and details.

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Technology and Time Tracking

There are many ways to track time and all relevant task details for billing purposes. Solutions vary according to needs and markets that are immensely diverse. Due to technological breakthroughs, every solution is customized, and no two solutions may be alike. Starting with paper is a great way to track details for a start. However, there is now software that can speed up the process by using spreadsheets with filters. Usually, trust is not a reliable asset, nor is hope a reliable plan. Using technology to create an environment of accuracy and enhancing authenticated data received has vastly increased.

Using timekeeping tools can be instrumental but not always completely reliable. This software tracks time by start and stop points and is almost entirely automated. It records the moment it is embedded into an iOS or Android phone. Every minute on the device can be tracked. But, the problem is, it’s not accurate enough. Slugging at a task or wasting minutes away cannot be differentiated, as more details are needed. Twitter, for example, can contribute to promoting a blog or post or maybe just wasting time. There’s no way to record that with single-standing apps such as RescueTime or Chrometa.

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For advanced features that 
project management professionals often require, apps and other essential software can help with seamlessly tracking time on each task, especially client billing. It can be a great way to ascertain precise details of hours spent that are straightforward. If working in a team, many factors of the apps are beneficial as coordination is improved, and there is a more focused and productive use of time. 

One of the main contributors to the expansion and development of any business is happy and satisfied clientele. Culprits that can hurt the business are overstaffing, rent, ineffective work methods or flows, non-quantification of marketing efforts, and late client payments. Other things may be services the business doesn’t need but still has. It is imperative to use smart and goal-oriented methods that don’t burden the business to track time. As it is commonly known, human beings have no receptors for time perception and rely on signs or tools. Tasks and assignments under key tracking systems are much more productive and efficient, leading to a business’s overall uprising. The best methods, including timely notification and alerts, prompt staff to execute or expedite orders that help process billing. The business needs to thrive. The biggest failure that weakens a business is the failure to track time and the loss of billing information.

CorpNet. Start A New Business NowConclusion

In conclusion, the maxim “Time is money” resonates profoundly in professional spheres, particularly for HR executives and business proprietors. Technological advancements have revolutionized time tracking, offering tailored solutions that transcend basic attendance records. From traditional paper-based methods to sophisticated software, the landscape of time tracking has evolved significantly, enhancing accuracy and streamlining processes. While timekeeping tools offer automation and convenience, advanced software and apps provide precise tracking for project management professionals, facilitating efficiency and client satisfaction.

Effective time tracking is pivotal for business success, enabling organizations to identify inefficiencies, optimize workflows, and maximize billing opportunities. By adopting smart methods, businesses mitigate risks such as overstaffing and late payments, while timely notifications reinforce accountability, driving growth and prosperity. Failure to track time and billing information represents a critical vulnerability. Still, by embracing
 innovative solutions, organizations can harness time as a valuable resource and secure their position in a competitive market.

Download A Free Financial ToolkitAbout 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.LastPass – Family or Org Password Vault

Business Growth Strategies

We have put together the most discreet ways to use your acquired funds and obtain complete benefits of rapid growth and development of your small business.

Innovation of Current Products or Services

Invest your funds to innovate the products and services of your company to attract new customers and commit to the old ones. Know what your potential customers expect from you. Be honest and loyal to your customers. If you satisfy your customers, they will return to buy your product and services. They will refer friends and family members, too. 

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Participate in Trade Shows

Invest your new funding to participate in trade shows. This is a great strategy to utilize funds. Trade shows usually attract customers by grasping their attention. Select where and when to market your product at a trade show.

Expand Your Market

Invest money into reaching new markets. Make your product available to new customers by opening new stores at outreach stations or pop-up shops.

Market the Product

Use strategies to market your product. Advertise through television commercials, billboards, banners, and social media like Facebook and Twitter to target people of all ages, which will eventually bring in more capital.

Conquer a Niche Market

A niche market is the targeted and focused portion where other businesses fail to fulfill customer needs. Focus and invest here to win the battle in the niche market.

Payoff Debts

Invest your new funds to pay off debts. The less debt, the higher the credit scores. The money saved from monthly interest rates can be utilized to fulfill other business requirements. Keep an eye on your bookkeeping records to pay off the debt.ADP. Payroll – HR – Benefits

Modernize Equipment

Use funds to replace broken equipment immediately to avoid delaying orders and services. With better equipment, your orders will be completed on time, increasing your company’s trust and quality. This will give your business a much-needed boost.


Beef Up Technology

Investing in the right technology gives you critical insights into customers and possible prospects. It will also protect you from a hacking disaster due to data loss that may hinder your business. Invest in CRM (customer relationship management) software to keep track of potential customers and their purchasing history. The customer is your most valuable asset for your small business, and sales will be increased by targeting this asset efficiently. CRM is online-accessible software. A subscription fee for such software will significantly boost your small business.

Franchising

Franchising gives a fast boost to your small business. It is a method to expand your market and industry. The product is distributed more widely to meet the increased demand of customers. Before franchising, a market analysis should be done. Know what the customers’ demands are and what the regulatory requirements are. These will need to be analyzed thoroughly before franchising. Franchising will help expand capital, provide quick market penetration, and ultimately lead to business growth.

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Exporting

Boosting your business by exporting your product is one of the crucial methods for growing a business. Invest your money and time wisely to reach international customers. First, search the top three international markets where your product or service will gain maximum profit. Make an accurate analysis of the market conditions in these three countries.

Also, determine the pros and cons of 
marketing your product in these markets. Prioritize these three countries according to your previous findings. Now, start the business in the most favorable country. Don’t move to the second one until at least six months have passed.

Bottom Line

There are so many options for using new funds. Be wise and calculative in your decisions to create the best circumstances for your growing business.

LastPass – Family or Org Password VaultAbout 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.Cubicle to Cloud virtual business