QuickBooks is an accounting program package designed to manage the needs of every small to medium-sized business, such as payrolls, bills, inventory, sales, etc. It offers software solutions for both on-premises and cloud-based accounting applications. It’s the accounting program used most. The package develops solutions according to the industry’s needs and includes tools for marketing, services, products, supplies for merchants, and training solutions.
QuickBooks offers different package options, depending on your and your company’s needs.
A contractor version of the software is available. It is built to meet every kind of contractor; therefore, do-it-yourself accounting is not as easy, and many users make mistakes.
Incorrect Payroll
Managing payroll is difficult, and any business can benefit from outsourcing this time-consuming process to a payroll firm. As local, federal, and state laws regularly change, managing payroll can become complicated, and businesses can be negatively affected by errors resulting in tax penalties.
Not Reconciling Accounts
Reconciliation is necessary for all of your accounts, including your savings and checking accounts, taxes, loans, and mortgage escrow accounts. Otherwise, you will not know if the money in the business account register is correct. Reconciliation is an important step in bookkeeping and must be done regularly.
Using Too Many Accounts & Sub Accounts
While QuickBooks offers one advantage in creating further sub-accounts of accounts, this can also complicate the system and be very time-consuming. If possible, this should be avoided, especially in the case of small companies where one parent account is adequate.
Not Backing Up The Company Data
It is necessary to back up the Business QuickBooks files daily to prepare for the unpredictable. This will prove to be immensely helpful in case of a computer crash.
Not Reviewing
The balance sheet and P&L statements have valuable business health insights. Reviewing these statements can help catch mistakes before they cause any financial repercussions. Thus, they should be checked regularly.
Not Setting Sales Tax Preferences
You can set up your sales tax preferences if your business makes sales subject to sales tax. To do this, go to Edit → Preferences → Sales Tax icon → Company Preferences → Owe Sales Tax and then choose from As of Invoice Date or Upon Receipt of payment.
Booking Loans Improperly
Recording any loans taken by the business is necessary. Each payment’s principal and interest breakdown is monitored and reconciled with the monthly loan balance.
Not Creating User Permissions and Passwords
Suppose multiple users are accessing your QuickBooks file. Giving each of them separate roles, permissions, and logins is necessary. This ensures that everything happening in your books is controlled smoothly.
Deleting Transactions
In QuickBooks, many transactions are interconnected, and deleting one transaction can affect other transactions linked to it. One option is to void a transaction rather than delete it. But that, too, can cause problems if the deleted transaction is for a closed period. Refer to your accountant and get the transaction reversed through the current period.
Paying Payroll Taxes Using the Write Checks Window
QuickBooks keeps track and records the payroll tax a business owes as the payroll is managed in the Payroll Liabilities account. Accidentally paying the payroll taxes through the Write Checks window will result in the paid amount not getting correctly deducted from the Payroll Liabilities. Therefore, to ensure that the payroll liability balance is deducted correctly, paying the payroll taxes from the Payroll Liabilities window is necessary.
Conclusion
In conclusion, QuickBooks is a versatile accounting solution tailored for diverse business needs. It offers both on-premises and cloud-based applications. It caters to various industries with specialized tools, including a dedicated contractor version. However, users should be cautious to avoid common mistakes, such as mishandling payroll, neglecting account reconciliation, and utilizing excessive accounts.
Proper data backup, regular review of financial statements, setting sales tax preferences, and maintaining accurate loan records are essential practices. Additionally, creating user permissions, avoiding transaction deletions, and paying payroll taxes contribute to QuickBooks’ effective and error-free use in managing business finances.
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.
Anticipate Family Costs: Essential Tips for Budgeting Wisely
Anticipating family costs means proactively identifying and planning for both predictable and unexpected expenses that families face throughout different life stages, from housing and healthcare to education and emergency situations. By developing strategic forecasting skills and implementing smart budgeting systems, families can maintain financial stability while preparing for both planned milestones and unforeseen circumstances.
As founder and CEO of Complete Controller, I’ve guided thousands of families through their financial journeys over the past 20 years. During this time, I’ve discovered that successful households aren’t just reactive budgeters—they’re strategic anticipators. Recent data shows the annual cost of raising a child has jumped to $29,419 per year in 2025, representing a 35.7% increase from just $21,681 in 2023. This guide shares proven strategies and insider insights that transform financial stress into financial confidence through proactive planning and systematic expense tracking.
What does it mean to anticipate family costs?
Anticipating family costs involves systematically identifying, estimating, and preparing for both predictable life-stage expenses and potential financial surprises before they occur
Proactive planning reduces financial stress by creating dedicated funds for major expenses like housing upgrades, education costs, and medical emergencies
Strategic forecasting helps families maintain their standard of living during income changes, job transitions, or unexpected life events
Cost anticipation enables better decision-making about timing major purchases, career moves, and family planning milestones
Smart preparation builds financial resilience through emergency funds, insurance planning, and diversified savings strategies
Understanding the True Scope of Modern Family Expenses
Modern family financial planning extends far beyond traditional budgeting categories. The average American family now spends approximately $61,334 annually on expenses, with housing consuming 34.9% of household budgets at roughly $1,784 monthly. These baseline figures only represent the foundation of family financial planning, as true complexity emerges when examining lifecycle-specific costs and regional variations.
The cost of raising a child to age 18 has reached approximately $297,674, breaking down to an average of $29,419 annually per child. This substantial figure encompasses housing modifications, food expenses, childcare, education, healthcare, transportation, and miscellaneous costs that evolve significantly as children age. Housing expenses alone account for 29% of child-rearing costs, while food represents 18% and childcare or education comprises 16% of the total financial commitment.
Regional cost variations impact planning
Geographic location dramatically affects family expense anticipation. Family costs vary dramatically by location, with annual child-rearing expenses ranging from $16,490 in Mississippi to $36,472 in Hawaii. The Boston metro area requires nearly $40,000 annually to raise a child, while Birmingham, Alabama costs only $19,082 per year.
For families considering relocation or planning major life changes, understanding these regional variations becomes crucial for accurate cost anticipation. California families face housing costs twice the national average, while Mississippi families benefit from significantly lower property expenses. These substantial differences require adjusted saving strategies and timeline modifications for major financial goals.
Beyond obvious expenses like housing and food, successful family cost anticipation must account for numerous hidden categories. Seasonal expenses often catch families unprepared:
Back-to-school costs average $890 per child
Holiday spending reaching $1,000+ annually
Summer camp fees range from $172-$2,000 weekly
Weather-related home maintenance costs
Strategic Approaches to Forecasting Future Family Expenses
Effective family cost anticipation requires systematic approaches combining historical data analysis with forward-looking planning methodologies. Successful families develop comprehensive forecasting systems accounting for both predictable lifecycle changes and potential unexpected expenses.
The foundation of strategic expense forecasting involves creating detailed expense categories extending beyond traditional budgeting frameworks. Fixed expenses provide predictable baseline costs, but variable and irregular expenses require more sophisticated planning approaches.
Lifecycle-based cost planning
Family expenses evolve predictably through various life stages. New parent families face immediate costs, including hospital bills, childcare arrangements, and baby-related purchases. Historical data from the USDA shows child-rearing costs increased from $259,711 in 1960 (adjusted to 2023 dollars) to $300,322 by 2015—a 16% increase. When accounting for recent inflation, families can now expect to spend approximately $318,949 to raise a child born in 2025.
As children age, expense patterns shift from equipment and childcare toward education, extracurricular activities, and eventually college preparation. Understanding these progression patterns enables families to adjust savings strategies and prepare for major expense categories before they become immediate financial pressures.
Technology-enhanced forecasting methods
Modern families benefit from sophisticated budgeting applications that streamline expense forecasting and provide automated tracking capabilities. Leading platforms like Monarch Money offer customizable budgeting tools with both flex budgeting for high-level planning and detailed category budgeting for comprehensive expense management.
YNAB (You Need a Budget) implements zero-based budgeting systems requiring users to assign every dollar to specific categories, creating intentional spending plans naturally incorporating forward-looking expense anticipation. These platforms provide loan payoff simulators, net worth tracking, and household member sharing capabilities supporting comprehensive financial planning.
Building Robust Emergency Funds for Family Financial Security
Emergency fund planning for families requires sophisticated strategies extending beyond traditional personal finance recommendations. Only 41% of Americans could use savings to cover a $1,000 emergency expense in 2025, down from 44% in 2024. Meanwhile, 27% of adults have no emergency savings at all—the highest percentage since 2020.
The complexity of family emergency planning stems from interconnected household expenses and higher likelihood of simultaneous emergencies affecting multiple family members. A comprehensive family emergency fund should address immediate cash flow needs, potential income replacement requirements, and major unexpected expenses.
Calculating appropriate emergency fund levels
Family emergency fund calculations must consider both fixed and variable expense categories while accounting for potential expense increases during emergency situations. Basic monthly expenses provide the foundation, but emergency scenarios often involve additional costs:
Higher medical expenses beyond insurance coverage
Increased transportation costs for medical appointments
Temporary childcare arrangements during family crises
Home repair costs average 1-4% of property value annually
Successful family emergency planning typically targets 6-12 months of total household expenses, with higher targets for families with variable income, single-income households, or those with limited local family support systems.
Managing Child-Related Costs Throughout Different Life Stages
Child-related expense management requires sophisticated planning, accounting for dramatically different cost patterns throughout developmental stages. The financial journey of raising children involves predictable phases with distinct expense characteristics, each requiring specific budgeting strategies and saving approaches.
Early childhood expenses focus heavily on immediate need,s including childcare, medical costs, and baby equipment. Childcare costs alone range from $5,000 to over $17,000 annually depending on location and care type, representing one of the largest variable expenses in young family budgets. Childcare costs have experienced the steepest rise at 51.8% in recent years.
Strategic planning for education expenses
Educational cost planning extends far beyond college savings. Private K-12 education averages approximately $13,000 annually, while college costs continue escalating at rates exceeding general inflation. Successful families implement dedicated education savings accounts, typically 529 plans, while maintaining flexibility to adjust contribution levels based on changing circumstances.
Sydney and her husband faced $15,000 in credit card debt after living without income for 18 months while supporting two young children. By implementing YNAB budgeting system and cutting expenses like dining out (which was $500 monthly), they paid off the entire debt in just six months after her husband found new employment. Their success came from systematic expense tracking and aggressive debt payoff planning.
Technology Tools and Systems for Family Financial Tracking
Modern family financial management benefits significantly from sophisticated technology platforms that automate expense tracking and provide predictive insights. The most effective family financial systems combine automated data collection with strategic planning tools supporting both day-to-day money management and long-term financial goal achievement.
Leading family budgeting applications offer features specifically designed for multi-person households:
Shared account access for transparency
Expense categorization systems
Goal tracking capabilities
Automated savings features
Educational resources for children
Beyond general budgeting platforms, families benefit from specialized tools addressing specific financial management challenges. FamZoo provides hands-on money management education for children while enabling parental oversight. OurFamilyWizard offers dedicated expense tracking for co-parenting situations, supporting transparent financial communication.
Conclusion
Mastering family cost anticipation transforms financial management from reactive stress to proactive confidence. Through my two decades at Complete Controller, I’ve witnessed how strategic planning and systematic tracking create financial resilience for families navigating life’s transitions.
The path to financial security starts with understanding true family expenses, implementing strategic forecasting methods, and building robust emergency funds. By combining traditional planning wisdom with modern technology tools, families can create comprehensive systems that adapt to changing needs while maintaining long-term financial goals.
Take control of your family’s financial future today. The experts at Complete Controller stand ready to guide you through comprehensive financial planning strategies tailored to your unique family situation.
Frequently Asked Questions About Anticipating Family Costs
What percentage of income should families allocate to anticipate future costs?
Financial experts recommend families allocate 20-25% of gross income toward future cost anticipation, including 10-15% for emergency funds, 5-10% for education savings, and 5% for major purchase planning.
How can single-parent households effectively anticipate family costs on limited income?
Single parents should prioritize essential expense categories, utilize automated micro-savings apps, seek community resources for childcare and education support, and focus on building smaller emergency funds initially while gradually increasing savings percentages.
What are the most commonly overlooked family expenses when planning budgets?
Families frequently overlook home maintenance costs (1-4% of property value annually), rising insurance premiums, extracurricular activity fees, technology replacements, and seasonal expenses like back-to-school shopping and holiday spending.
How should families adjust cost anticipation strategies during economic uncertainty?
During uncertain times, families should increase emergency fund targets to 9-12 months of expenses, diversify income sources when possible, review and optimize insurance coverage, and create tiered budget scenarios for different economic conditions.
What tools help families track and anticipate costs across multiple family members?
Effective multi-member tracking tools include Monarch Money for comprehensive household budgeting, YNAB for zero-based planning, FamZoo for teaching children money management, and OurFamilyWizard for co-parenting expense coordination.
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.
Most motivated professionals and expert entrepreneurs know the importance and advantages of investing in themselves – developing and sharpening valuable skills that boost their strengths over time. While you certainly require guts and patience to initiate and run a new venture, you also must concentrate on nurturing these six essential business skills, which are vital to succeeding as an entrepreneur in critical situations.
Communication
Your company can instantaneously turn from a good to a bad situation when your communication lacks clarity, purpose, and impact. On the contrary, effective communication has enough potential to revolutionize an idea, thus breathing new life into your product or brand. Besides being a creative and design genius, Steve Jobs, the founder of Apple, was also an influential communicator.
If you revisit his marketing taglines and keynote speeches, you will immediately realize how communication played a key role in building one of the most valuable companies in the world. Many psychologists and business experts also believe that effective communication is one of the most important skills to become a successful entrepreneur.
Branding (Personal as well as Business)
In today’s digitally evolved corporate environment, knowing how to establish yourself as an expert professional in your industry is critical to your entrepreneurial success. Branding now includes being active on social media platforms like Facebook, YouTube, Instagram, and Snapchat.
Content marketing, both on and off your business website, shapes it. However, poor content can result in negative branding. Consequently, it is necessary to determine how to share your content and marketing resources so that your target audience wants what you have to offer and finds it valuable.
Critical Thinking
The objective analysis and assessment of a matter to form a logical judgment are collectively known as critical thinking. It typically begins with questioning assumptions, hypotheses, opinions, and claims rather than simply accepting them as gospel. Just like bookkeeping is fundamental to creating business accounts, critical thinking is essential to smart entrepreneurial decisions, making that, in turn, a key to becoming a successful businessperson.
Today, we are continuously bombarded with tactful content and sound bites. That is why our ability to question what is real and what is not, understand casual relationships, and reason logically instead of generalizing from a given data point has become more critical.
It would help if you questioned everything, especially superstitions and common doctrines. Also, listen to people who challenge your popularly held beliefs. Here, it would be best to resist habitual pressure to look at matters in “us vs. them” or black-and-white terms. In addition, you should learn to view the world from different viewpoints, perspectives, and angles.
Sales
Although you may not identify as a salesperson, you are involved in sales extensively when running a business. You might have a great sales team handling all of your corporate sales. However, you typically tap into your sales skills when you give a presentation about your business products, negotiate with a vendor, or convince anyone of anything.
There are numerous strategies to sell even without selling. Take a moment to think about corporate conversations you have with your potential clients. Those that rendered a sale are probably easy pitches for potential customers to purchase from you.
They primarily focus on helping them find a solution to their problem. Thus, it would help if you also concentrated on helping them instead of selling. This will give you more confidence in the sales process, which will result in more sales.
Confidence and Assertiveness
While listening is necessary for effective business communication, you must also determine when to take control of a conversation and assert your viewpoints, opinions, and beliefs. Although you need to be attentive to other people’s requests and claims, you also must understand when to say no. You must learn to be consistent and open-minded to earn the trust and respect of those around you.
Perseverance
Most successful entrepreneurs have faced devastating failures and defeats in their lives. Instead of looking at such situations as a demotivating factor, they view them as stepping stones towards their business success. Besides maintaining their perseverance and optimism, they also make smartly calculated changes to their future efforts. Remember that you fail when you do not try, as persistence is the key to success in just about any aspect of a business.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud 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.
In the world of e-commerce, payment gateways are an essential part of the online shopping experience. They are the digital equivalent of a point of sale (POS) terminal in a physical store, allowing customers to pay for their purchases online securely. But what are payment gateways, exactly, and how do they work?
What is a Payment Gateway?
A payment gateway is a software application that facilitates online transactions by securely connecting the buyer, the seller, and the financial institutions involved in the transaction. It acts as a virtual POS terminal, encrypting sensitive data such as credit card details and authorizing funds transfers.
When a customer purchases online, the payment gateway performs several functions. First, it encrypts the customer’s payment information to ensure it is transmitted securely. Then, it sends the encrypted data to the payment processor, which verifies the customer’s account information with the issuing bank. If the transaction is approved, the payment gateway authorizes the transfer of funds from the customer’s account to the seller’s account.
What are the Benefits of Using a Payment Gateway?
Using a payment gateway offers several benefits for e-commerce businesses and their customers. First and foremost, it provides a secure and convenient way for customers to make online purchases. Payment gateways use encryption and other security measures to protect customer data, reducing the risk of fraud and identity theft.
Payment gateways offer faster and more efficient payment processing than traditional payment methods like checks and wire transfers. They allow businesses to accept payments from customers worldwide, regardless of their location or currency. Payment gateways can also help businesses reduce the risk of chargebacks and other payment disputes, as they provide a clear and transparent record of all transactions.
How to Choose the Right Payment Gateway for Your Business
Choosing the right payment gateway for your business can be daunting, as there are many factors to consider. Here are some key considerations to keep in mind when selecting a payment gateway:
Payment Methods: Make sure the payment gateway supports the payment methods that your customers prefer, such as credit cards, debit cards, and digital wallets like PayPal and Apple Pay.
Security: Look for a payment gateway that uses the latest encryption and security technologies to protect customer data.
Fees: Consider the fees charged by the payment gateway, including setup fees, transaction fees, and monthly fees.
Integration: Ensure the payment gateway easily integrates with your e-commerce platform or website.
Customer Support: Look for a payment gateway that offers reliable customer support, including phone and email support and online resources like FAQs and user guides.
Navigating a Payment Gateway
Once you have selected a payment gateway for your business, it is essential to understand how to navigate the platform to ensure smooth and secure transactions. Here are some tips for navigating a payment gateway:
Familiarize Yourself with the Dashboard: The payment gateway dashboard lets you view transaction history, manage payment methods and settings, and generate reports. Take the time to familiarize yourself with the dashboard to monitor and manage transactions easily.
Set Up Fraud Detection and Prevention: Most payment gateways offer fraud detection and prevention tools to help businesses identify and prevent fraudulent transactions. Set up these tools and configure them to suit your business needs.
Configure Payment Settings: Payment gateways allow businesses to configure various payment settings, such as currency, payment methods, and transaction limits. Configure these settings to suit your business needs and comply with local regulations.
Test Transactions: Before going live with your payment gateway, it is essential to test transactions to ensure everything works properly. Most payment gateways offer a test environment where you can simulate transactions and verify that they are processed correctly.
In Conclusion
Payment gateways are an essential part of the e-commerce ecosystem, enabling businesses to securely accept payments from customers worldwide. By understanding how payment gateways work and how to navigate them effectively, businesses can provide a seamless and secure online shopping experience for their customers.
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.
Envision navigating the complexities of business finance with ease, equipped with powerful financial dashboard tools that bolster your decision-making capabilities with real-time, actionable insights. More than ever, these dashboards are pivotal in financial management, designed to enhance your understanding of your business’s financial health and optimize your operational workflow. In this article, we’ll demystify financial dashboards and introduce three exemplary options that can revolutionize how you manage your business’s finances. Join us as we explore the power of financial dashboards and their potential to help drive your business toward unparalleled prosperity!
Financial Dashboards: Unveiling the Secrets to Success
Financial dashboards extend beyond attractive charts and vivid displays; they are indispensable partners in propelling your company forward. They encapsulate a snapshot of your financial performance, including revenue, net profits, income statements, and other crucial KPIs. With the support of precise calculations and insightful analytics, a financial reporting dashboard equips you with the knowledge to navigate the intricacies of the business world adeptly.
A key benefit of utilizing a financial dashboard is its ability to aid in robust inventory management, ensuring your stock inventory is handled precisely.
By meticulously tracking your stock inventory, these dashboards guarantee the availability of the right products when needed, enhancing cash flow management. This proactive approach prevents out-of-stock scenarios and curbs excessive stock retention, which can tie up capital. Furthermore, efficient inventory management practices can lead to a reduction in waste and a more insightful understanding of expenditure patterns, thus conserving resources and boosting profitability.
Now, Let’s Explore 3 Financial Dashboards Designed to Elevate Your Business to New Levels
inDinero: Streamlining financial management for start-ups
For start-up entrepreneurs seeking advanced financial planning tools, inDinero emerges as the go-to financial dashboard. Launched in 2010, inDinero streamlines your financial processes by integrating data from bank statements, credit card details, and other fiscal documents. Say goodbye to the monotony of manual data entry— inDinero categorizes your transactions automatically, offering time and energy savings. With its intuitive user interface and effective organization, inDinero stands as an invaluable asset for start-ups determined to maintain financial control.
BodeTree: Your benchmark-setting partner
Teaming up with Intuit, the developer behind QuickBooks BodeTree, offers a financial dashboard experience.
By syncing with your QuickBooks account, BodeTree scrutinizes your data and outlines a comprehensive breakdown of tasks and expenses for each business activity. Inspired by the Bodhi Tree, synonymous with enlightenment, BodeTree’s mission is to guide your business toward a financial epiphany. Its sophisticated benchmarking algorithms provide insights that inform your decision-making and shape your financial strategies. With BodeTree as your companion, setting benchmarks becomes a strategic endeavor.
Corelytics: Leverage the power of comprehensive metrics
Corelytics distinguishes itself as a frontrunner among financial dashboards. Since 2005, Corelytics has been at the forefront, importing data from accounting platforms like Sage, PeachTree, MYOB, and QuickBooks. Corelytics meticulously organizes and analyzes every metric, offering a comprehensive view of your business’s financial health. Whether it’s monitoring expenses, scrutinizing margins, tracking revenue trends, or setting goals, Corelytics delivers all-encompassing support. Its mobile app feature ensures you can keep tabs on your financial reporting even when on the move. Honored with the Showcase Award for its exceptional dashboard design, Corelytics is a steadfast companion for business owners seeking financial clarity.
Congratulations! You are Now Equipped with Powerful Insights into the World of Financial Dashboards
These incredible tools do much more than present well-packaged numbers and graphs; they are a vital component for achieving financial success. Whether you choose the seamless transaction tracking of inDinero, the benchmark-setting prowess of BodeTree, or the comprehensive metric and goal-setting features of Corelytics, the decision rests in your hands. These dashboards will sharpen your understanding of your business’s financial well-being and streamline your financial management procedures. Embrace the transformative power of financial dashboards, uncover the insights they provide, and watch your business thrive in the dynamic world of finance. Get ready to embark on a journey towards prosperity and elevate your business to new heights with these indispensable dashboards!
Frequently Asked Questions
Q: What are financial dashboards, and how do they benefit businesses?
Financial dashboards provide real-time insights into a business’s financial performance, including revenue, profits, and key performance indicators. They aid in cash flow management, stock inventory oversight, and optimization of operational workflow.
Q: What is inDinero, and how does it simplify financial management for start-ups?
inDinero is a financial dashboard that automates transaction tracking by integrating data from bank statements and credit card records. Its intuitive interface and streamlined organization system make it an essential ally for start-ups.
Q: How does BodeTree redefine financial support for businesses?
BodeTree, in collaboration with Intuit, offers a unique financial dashboard experience by synchronizing with QuickBooks. It provides detailed insights into tasks, expenses, and industry benchmarks, serving as a strategic partner for achieving financial goals.
Q: What makes Corelytics a leader in financial dashboard technology?
Corelytics distinguishes itself with comprehensive financial reporting capabilities, seamless integration with accounting software, and an award-winning mobile app. It ensures a comprehensive view of a business’s financial health and supports informed decision-making.
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.
Strategic scheduling of your company’s resources is integral to optimizing project outcomes, and meticulously tracking associated costs is a cornerstone of this process. This involves monitoring machine hours, employee hours, inventory goods, and other resource usage to gauge project progress accurately. When a project extends over a prolonged period, a prudent practice is to transfer these accumulated costs from the balance sheet to the work-in-process account.
This shift aligns with accounting norms and empowers you to analyze and incorporate these costs into your income statements as needed. Work in process functions as a dynamic mechanism, orchestrating the convergence of labor and materials to transform them into finished goods. Consequently, the balance within the work-in-process account is a comprehensive representation of the total value of partially completed inventories at the close of a reporting period.
The significance of calculating work in process extends beyond accounting conventions; it emerges as a strategic imperative for businesses of all scales. Whether orchestrating large-scale projects or navigating the dynamic landscape of trade businesses, leveraging the insights derived from work-in-process calculations ensures a proactive approach to resource management and a solid foundation for sustained success.
Importance of Calculating Work in Process
The importance of calculating work in process is multifaceted. Firstly, it ensures that the ongoing work contributes to maximizing profits. Secondly, a deeper understanding of the cost structure is achieved through this calculation. Thirdly, it facilitates effective management of both employees and projects, ensuring profitability. Lastly, enabling the company to make informed decisions ensures relevance and adaptability to the evolving dynamics of the business landscape.
Determining Your Emolument-Covering Rate
Conducting a comprehensive evaluation is imperative to ascertain the rates necessary to cover your emolument.
The initial step involves meticulous consideration of the wages required, a figure intricately tied to individual circumstances. All essential needs, ranging from mortgage payments to the cost of living, should be factored in. In trade businesses, administrative tasks such as invoicing, bookkeeping, and managing bills are pivotal in ensuring comprehensive coverage.
Subsequently, the determination of viable working hours becomes pivotal. While it is impossible for any tradesperson to work around the clock, optimizing working hours is essential for maximizing profits. It is vital to account for factors like holidays, sick leave, and official leave, assuming a standard 40-hour workweek and 2080 hours per year. For instance, factoring in four weeks for holidays and three weeks for various leaves reduces the working year from 52 to 45 weeks. Consequently, the calculated working hours amount to 1800 in a single year. This meticulous approach enables a nuanced understanding of costs and profits and facilitates the precise calculation of one’s work rates.
Determining the Essential Rate to Cover Operational Expenses
Establishing the correct rate is paramount for a trade business to effectively recoup its ongoing operational costs. Even if a tradesperson opts not to charge for a single working hour, essential expenditures such as power, rent, and vehicle costs persist. Commencing this process mandates a meticulous analysis of past expenses, as neglecting to do so can jeopardize the profitability of subsequent business endeavors.
This rate calculation is indispensable as a proactive measure to ensure that all running costs are factored into pricing structures. Beyond the direct compensation for labor, it encapsulates the critical components that sustain a trade business, safeguarding it from financial pitfalls. As powerfully stated, initiating this analysis by scrutinizing previous costs is a fundamental step that lays the groundwork for informed decision-making and sustainable profitability in the evolving landscape of the trade industry.
Strategic Profit Margin Calculation for Business Success
Conducting a meticulous profit margin calculation is imperative for achieving the desired return from your business endeavors. Establish a specific profit margin percentage for each hour of chargeable time, aligning this margin with a judicious allocation of time for the calculation. Crucially, this approach ensures a balance between profitability and realistic time constraints.
In tandem with determining your profit margin, it is essential to gauge the competitiveness of your charge-out rate by comparing it to industry averages. This insightful analysis provides a benchmark for the overall rate, enabling you to position your business effectively in the market. Remember, the key is not just to charge after an hour of work but to ascertain rates that are competitive and reflective of the value you provide.
Furthermore, it’s crucial to recognize that setting rates too low or too high can have detrimental effects. While a rate lower than the industry average might position you as a competitive player, charging too little can erode confidence among consumers and within your workforce. Conversely, pricing that is too high can deter potential clients and hinder your business growth. Striking the right balance in your charge-out rates is a nuanced process that harmonizes profitability with industry norms, ultimately fostering trust and sustainability within your business ecosystem.
Material Costs and Strategic Markup in Rate Calculations
In calculating the charge-out rate, it’s crucial to note that material costs are treated separately and are not inherently included. The strategic addition of material costs involves a markup, and this can be executed in diverse ways, allowing for flexibility in pricing strategies.
One approach is to use the wholesale or retail price as a base for applying the markup. This method provides a clear structure for factoring in the material costs, ensuring they are adequately covered while contributing to the project’s overall profitability. Alternatively, using the actual cost of materials as the basis for markup offers a transparent and straightforward way to incorporate these expenses into the final rate.
You create a transparent and fair pricing model by adopting a thoughtful approach to materialcost inclusion and markup determination. This safeguards your business from potential financial shortfalls and establishes trust with clients by providing clear insights into the value they receive for the services rendered.
Conclusion
In conclusion, businesses must maintain a realistic perspective and align their goals with employees’ expectations. Understanding the full spectrum of business costs is crucial to maximizing profits, encompassing materials, variable expenses such as bills and vehicle costs, and accounting for factors like overtime.
Regularly reviewing and adjusting costs when necessary ensures a dynamic and adaptable financial structure. Instantaneous analysis of the cost structure is beneficial, along with staying informed about the pricing strategies of competitive businesses. Being attuned to market demands and setting rates sustainably—neither too high nor too low—ensures a balanced approach to financial sustainability.
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.
Master Time Management Tips to Achieve Your Goals Effortlessly
Time management tips are practical strategies that help you prioritize tasks, eliminate distractions, and structure your schedule to boost productivity while reducing stress. These techniques transform overwhelming workloads into manageable actions, creating space for both professional achievement and personal fulfillment.
Running Complete Controller for over 20 years has taught me that effective time management separates thriving businesses from struggling ones. When my team adopted structured scheduling techniques, we saw project completion rates jump 32% while actually reducing overtime hours. Research shows employees waste an average of 2.09 hours daily on non-work activities, costing employers $759 billion annually—but the right strategies can reclaim this lost productivity and help you achieve ambitious goals without burnout.
What are time management tips and how can they help you achieve your goals?
Time management tips are evidence-based techniques for organizing tasks, eliminating time-wasters, and aligning daily actions with long-term objectives
They create systems that reduce decision fatigue, allowing focused energy on high-impact activities
Proper implementation leads to 40% more free time weekly according to Harvard studies
For entrepreneurs, these strategies prevent burnout by creating sustainable work rhythms
The most effective approaches combine planning tools with behavioral psychology for lasting change
Building Your Time Management Foundation
Every professional operates on unique biological rhythms that affect focus and energy throughout the day. Google’s Executive Productivity Advisor Laura Mae Martin discovered that professionals who schedule critical work during their “Power Hours” complete tasks 27% faster with higher quality output. One executive shifted her lunch break after discovering noon was her peak focus window, instantly reclaiming five productive hours weekly.
Start tracking your energy patterns for three days. Document when concentration peaks, when distractions multiply, and when mental fatigue hits. This self-awareness becomes your blueprint for structuring an optimal schedule that works with your natural rhythms rather than against them.
Creating your productivity infrastructure
Distinguishing between scheduling and task management prevents system overload. Digital calendars should house time-bound commitments while task managers capture actionable items. This separation avoids overcrowded calendars that leave no room for deep work.
Schedule tasks requiring 25+ minutes as calendar blocks, leaving shorter actions for task lists. Research indicates this dual-system approach reduces missed deadlines by 63% compared to using only one tool. The key lies in treating your calendar as sacred territory—only commitments worthy of your time deserve space there.
Core Techniques That Deliver Immediate Results
Time blocking transforms abstract goals into concrete appointments with yourself. Assign specific hours for focused work, administrative tasks, and restorative breaks—treating these blocks as non-negotiable meetings. Teams at Xero accounting software implementing strict time blocking reduced after-hours work by 19 hours monthly while increasing client satisfaction scores.
For optimal results, block your Power Hours for high-cognition work first, cluster similar low-energy tasks together, and include buffer blocks for unexpected demands. This structure creates predictability in unpredictable environments.
The 4D framework for instant prioritization
Not all tasks deserve equal attention. The 4D Framework provides instant clarity:
Delete: Eliminate non-essential tasks completely
Delegate: Assign appropriate tasks to team members
Financial planners at Complete Controller using this system reduced client report delays by 78% while freeing 15+ weekly hours for strategic initiatives. The framework forces conscious decisions about every task rather than defaulting to busywork.
Conquering Common Time Management Barriers
Procrastination often stems from overwhelming project scopes that trigger avoidance. The micro-tasking method breaks initiatives into 15-minute actionable steps, making start-up friction disappear. NYU research showed students using this technique were four times more likely to complete complex assignments ahead of schedule.
Apply micro-tasking by defining the next physical action required, setting a timer for 15 minutes, and committing to single-task focus during that window. This builds momentum through small wins that compound into major achievements.
Systematic digital distraction management
Constant notifications fragment attention, costing professionals 2.1 hours daily. Combat this through structured boundaries: turn off non-essential notifications, use app-blockers during focus blocks, and designate specific check-in times for messages.
A Microsoft experiment found teams implementing “focus hours” with no internal communications completed 43% more deep work weekly while reporting lower stress levels. The secret lies in making distraction harder than focus.
Advanced Strategies for Entrepreneurial Success
Entrepreneurs face unique time challenges including unpredictable demands and blurred work-life boundaries. Successful founders apply modified approaches like the 1-3-5 Rule: limiting daily commitments to one major task, three medium tasks, and five small tasks.
CEO-specific delegation involves identifying tasks only you can perform versus those others should handle. Combined with structured flexibility—leaving 20% of your calendar unscheduled for opportunities—these methods enabled Complete Controller’s 35% business growth without increasing leadership hours.
Real-world transformation
Sarah Chen, a tech startup founder, struggled with 80-hour weeks and stagnant progress. After implementing Power Hour identification, strict email batching, and meeting-free Wednesdays, she achieved 22% revenue growth in one quarter while reclaiming 15 hours weekly for strategic planning. Her key insight: protecting morning creative blocks became non-negotiable because those 90 minutes drove 80% of innovation.
Creating Lasting Change Through Behavioral Design
Linking new time management practices to existing habits increases adoption rates by 300%. Examples include reviewing your priority list after morning coffee, completing one important task before checking email, and scheduling tomorrow’s time blocks after lunch.
These trigger-action pairs build routines without willpower depletion. Track consistency for 21 days to cement habits that become automatic responses.
The weekly review ritual
Weekly reviews prevent system decay through three steps:
Audit: Compare planned versus actual time use
Analyze: Identify recurring time leaks
Adjust: Refine schedules and boundaries
Professionals conducting 30-minute weekly reviews report 38% better goal alignment and consistently catch emerging inefficiencies before they escalate. This continuous improvement cycle transforms time management from static rules into dynamic optimization.
Final Thoughts
True time management mastery creates systems aligned with human psychology and professional demands. At Complete Controller, these principles maintained 95% client retention while scaling operations—proof that intentional time design creates sustainable success. Start with one technique from this guide, apply it consistently for 21 days, and watch your productivity transform. For personalized assistance applying these strategies to your business operations, connect with our expert team at Complete Controller.
Frequently Asked Questions About Time Management Tips
What are the most essential time management tips for busy professionals?
Prioritize using the Eisenhower Matrix, implement time blocking for deep work, delegate non-core tasks, conduct weekly reviews, and schedule restorative breaks. These five strategies form the foundation of sustainable productivity.
How can I manage time effectively with constant interruptions?
Start with a time audit to identify interruption patterns, then protect your Power Hours through communication boundaries, use micro-tasking for fragmented periods, and embrace strategic delegation. Even 15 minutes of daily planning saves 90 minutes of execution time.
Which time management technique works best for creative work?
The Pomodoro Technique combined with theme days often proves most effective for creatives. Working in 25-minute focused bursts maintains freshness while theme days reduce context-switching between different types of creative tasks.
Does time management actually reduce workplace stress?
Absolutely. Studies show structured time management lowers anxiety by 37% through creating predictability, reducing deadline pressure, and providing control over workloads. Consistency in application matters most for stress reduction.
How quickly will I see results from new time management strategies?
Most professionals notice reduced overwhelm within three days of consistent implementation, measurable productivity gains within two weeks, and habit formation at 21 days. Full system mastery typically requires 66 days of practice.
Sources
Asana. “18 Time Management Tips to Boost Productivity.” Asana Team, 2025. www.asana.com
Worklytics. “Mastering Focus Time in Outlook: A Guide to Deep Work Productivity.” March 28, 2025. www.worklytics.co
Zenbrief. “SEO Content Outline Best Practices.” 2024. www.zenbrief.com
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.
Accounting is the systemic and comprehensive recording of a business’s financial operations. Business bookkeeping is the recording of financial transactions as part of the accounting process.
The most common area where small business owners make mistakes is in accounting and bookkeeping. Small business accounting mistakes range from minor errors (e.g., saving a minimum amount) to extensive errors, which can seriously threaten the business.
Entrepreneurs and owners often do not see the impact of typical small business accounting mistakes as a major threat to business growth in the long run.
8 Common Small Business Accounting Mistakes that Pose Risk to Business Stability
Business owners mix personal finances with their business accounts.
Business owners mix their finances with business expenses. Keeping these two finances separate is of utmost importance. If these two finances (personal and business) are not segregated, what was intended for business and personally cannot be known. The finances cannot be estimated correctly, and the profit generated from invested capital cannot be calculated.
A business credit card is utilized for personal expenses during a holiday trip or other excursions. Later on, this amount will be paid from the company’s income.
During purchase orders for an inventory of the company, purchases are also made for personal or private use.
Trying to manage all accounting and bookkeeping yourself
A small business owner is often an all-rounder. They constantly try to manage all business functions themselves. Accounting and bookkeeping are hectic and time-consuming jobs. If you spend all your time accounting and bookkeeping, you will miss other essential business operations.
If you have an accountant to manage this, you will keep a second eye on accounting and bookkeeping and free up time for other areas.
Infrequent bookkeeping.
Entries are not done in time. Running behind in bookkeeping and submitting entries of the expenses or sales will not yield an up-to-date picture of the business and allow you to make timely decisions. It can lead to a negative balance if payments are made, but no income statement is updated.
Invoices that the company is supposed to pay may go unnoticed, which can give your company a bad name. It can also end terms with suppliers, halting or significantly reducing business growth.
Covering small expenses out of pocket without recording.
Sometimes, paying minor expenses with your own money in business is more accessible. Often, these payments are small and not entered into the bookkeeping record. Paying out of your pocket falsely makes your company appear firmer in income than it is.
Starting new projects and ideas without a clear budget.
If you start a new project in your business without planning for it, you can run short of your budget for other business operations. You may have to quit the project while doing it if you don’t get the loan or find other investors. It’s always best to plan before you make a big move.
You are not saving the original receipts after entering them into the register/books.
It is essential to keep all receipts until all taxes are paid and an audit is conducted. Even after that period, receipts are significant for matching data entries in a register or software.
Not using accounting software or cloud technology.
Failing to set up the correct software as needed by your company leads to poor decision-making. Installing improper software (more complicated than required or lacking crucial functions) can lead to more complexity in accounting. Accounting software prevents accounting and bookkeeping errors.
Many software applications come with guided help boxes to make the accounting process more accessible to interpret. Inventory control tools are provided in the software. Tax matters are made easier using accounting software. It’s best to make the jump for your company and purchase the best software for your company.
Wrong interpretation of accounting information.
Accounting information software is just a tool to use. After thoroughly checking the financial reports and interpreting the data, decisions must be made. Data is interpreted by comparing financial statements with the cash flow statements and the balance sheets.
Entrepreneurs/business owners/directors must focus on the long-term consequences of their decisions after getting a complete picture of the company’s accounting information. Short-term decisions after the interpretation of account data do not provide the company with long-term benefits.
Conclusion
Small business accounting mistakes are not small and can dissolve the business in the long run. A trained professional should manage Accounting and bookkeeping tasks, and you must closely monitor your accounting and bookkeeping data. Use accounting software for bookkeeping. Do not mix personal expenses with the business account or pay out of pocket for business expenses. These small mistakes lead to big problems for your business in the long run.
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.
Protecting your business from cyber fraud requires being well-prepared to tackle potential threats and dangers. Here’s what you need to know.
Undeniably, the stories of cyber fraud that once seemed startling are now non-stop and have a knack for repetitiveness. They are no longer a surprise due to the vast frequency of their occurrence. Many think tanks have come together to combat this menace, but it was concluded that solutions largely depend on the nature of a business.
There is no denying that cyber fraud has become a sophisticated profession that poses threats to organizations globally. You may be shocked that cyber fraud is expected to cross $3 trillion by 2019, a five-fold increase from the 2014 estimate. It is also important to note that significant cyber fraud goes undetected, causing US organizations to lose billions of dollars annually.
Shifting the Scope and Dynamics of the Industry
Before the advent of the internet, criminals had to dig through a company’s trash and intercept their mail to steal sensitive information. Although stealing in the past and initiating fraud required extraordinary lengths and creativity, it often restricted fraudsters from doing their homework before committing fraud. This indicates that stealing from a company was relatively more difficult and time-consuming, with a greater fear of getting caught. Times have now changed.
Cyber Fraud in Today’s Era
In today’s fast-paced internet era, companies are more vulnerable to cyber fraud as information is readily available online. Fraudsters, criminals, spies, and hackers use the internet to hack into company accounts, steal people’s identities, infect devices with viruses, and trick others into revealing sensitive information.
These hackers have invented different ways to break into company accounts, and their pattern of stealing is hard to guess. A most recent example is the “WannaCry Ransomware, ” which caused people to lose billions of dollars worldwide. This cyber-attack affected more than 250,000 users in more than 140 countries.
Unfortunately, hacking has turned into a very lucrative business, encouraging crooks of all types to enter the market with respective vested interests. It is a top concern, from petty con artists to organized international syndicates.
How to Protect Your Company from Potential Threats
The good news is that companies don’t have to spend thousands of dollars protecting their invaluable information and data. We will briefly focus on low-cost, low-tech tips to protect your business from cyber fraud.
Establish a Clean Desk Policy
Cyber fraud prevention starts with protecting and securing your staff’s most susceptible assets. You must motivate your employees to adopt a culture of a clean desk policy, as it can be a starting point for most cyber frauds. Institutions like banks and other regulated bodies must establish a clean desk policy code before leaving the office.
This policy is a simple and effective way to secure and prevent sensitive data from leaving your company. This may include data about employees, vendors, clients, contractors, insurance agents, outsourcing agents, and internal and external stakeholders.
Reconcile Balances Everyday
We are living in an era where we witness cybercrimes every day. To prevent cyber fraud, we have no option but to reconcile our daily balances and accounts. Proper checks and balances are essential to keep your business on the right track. Maintain and regularly check your bookkeeping records to know if and when fraud occurs.
Establish Vendor Policies
Establish vendor policies to set an ideal platform for ensuring growth and success. Protect sensitive information and secure your identities, as cyber fraud can cost you a lot and may knock you out of the competitive race.
Verify All Requests Before Transferring Funds
This can be done by establishing contact by phone or scheduling a one-on-one meeting. Never transfer funds or make payments without confirming urgent requests from your customers, vendors, or anyone involved. Doing so may lead to cyber fraud or banking repercussions, such as transaction discrepancies and loss of funds.
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.
It is believed that bookkeeping, forecasting, and planning are not just for startups. If you do this in an ongoing business, you’re going to grow 30% faster, you’re going to be more prosperous, and your statistics will mean more. In addition, being an entrepreneur requires a sense of self-confidence and firm faith in your idea so that you can have the nerve to capitalize on a dream of your own, as opposed to living someone else’s dream in a regular job.
The financial aspect of starting your own company tops the list of elements that must be considered cautiously and require proper planning, bookkeeping, and monitoring. There are steps to guide you in better organization of your finances so that you can see your dream to its end without surrendering due to financial issues. Financial ratios are a valuable and convenient tool for measuring a company’s performance and financial position. There are many benefits to entrepreneurship.
You get to be your boss, work in the industry you’re passionate about, and acquire significant rewards if that business turns into a victory. Unfortunately, entrepreneurship often involves substantial financial risk, and without accurate planning, a failed business can also tank your finances.
Here are seven signs that your company is in good financial health and a few guidelines on setting yourself up to survive the worst-case scenario of your business going under.
Your Income Is Growing
When viewing your profit-and-loss statement, you must see a reasonably stable increase in your monthly profits, year after year. It doesn’t have to be an enormous spike in profitability, but even a couple of percent increase shows an upward movement and a solid financial viewpoint.
Your Expenditures Are Remaining Flat
As your income grows, you want your costs to stay uniform. Of course, if your business experiences a substantial growth spurt, then your costs may rise, but in general, this upsurge should be in line with your increase in revenue.
Your Cash Balance Exhibits Progressive Long-Term Growth
While you may be growing your revenue, if you’re taking that cash and simply financing it back into the business, you might find yourself asset-rich and cash-poor. A low or stagnant cash balance means your business is not maintainable. Therefore, you want to keep a good quantity of cash in the bank so that if anything emergent comes up, you aren’t in a position to incur more debt to meet an unanticipated expense.
Your Debt Ratios Must Be Low
Two debt ratios to pay particular attention to are a business’s debt-to-asset ratio and debt-to-equity ratio. Maintaining a 2:1 ratio or lower for debt-to-asset ratios is desirable.
Your Profitability Ratio Is on the Healthy Side
One of the best ratios to calculate is your profit margin. This includes taking your annual net profits and dividing them by your yearly sales. So, while you may be making sales, your profit margin could still be low depending on your pricing structure, startup costs, or other elements. On the other hand, your profitability ratio is measured healthy when it’s on the high side.
You’re Functioning with New Clients and Repeat Customers
The cost of acquiring new clients is higher than repeatedly working with the same customers. A stable stream of new and repeat clients shows that your business has multiple revenue-producing options. Contacting new customers can help isolate your business from changing attitudes and buying patterns.
Final Note
Evaluating the health of your business’s finances can be as simple as reviewing a profit-and-loss statement or as complicated as analyzing all the different elements of your business bookkeeping. But there is little doubt that fully understanding your business finances is a sure way to remain successful and profitable.
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.
Incorrect Payroll
Not Reviewing
Deleting Transactions
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.
