Tax OIC vs Installment Agreement:
Which Is Right for You?

Tax OIC vs Installment Agreement represents two distinct paths for resolving IRS debt—an Offer in Compromise allows qualifying taxpayers to settle for less than they owe, while Installment Agreements spread the full debt across monthly payments, and choosing correctly depends on your assets, income, and ability to demonstrate financial hardship.

Over my 20 years leading Complete Controller, I’ve guided thousands of business owners through tax resolution decisions that saved them from financial disaster. The stark reality? In fiscal year 2024, the IRS accepted only 21% of Offer in Compromise applications (7,199 out of 33,591 submitted), while approving most qualifying Installment Agreement requests. This guide cuts through the confusion to reveal exactly which option fits your financial situation, breaking down qualification requirements, strategic timing considerations, and the critical financial thresholds that determine your best path forward.

What is Tax OIC vs. installment agreement?

• Tax OIC vs Installment Agreement differs fundamentally in debt reduction versus payment structure—OIC settles tax debt for less than owed, Installment Agreements require full payment over time
• Offer in Compromise requires proving financial hardship through Reasonable Collection Potential calculations showing inability to pay full debt
• Installment Agreements provide flexible monthly payment options without reducing total debt owed
• Approval rates vary dramatically—OIC acceptance dropped to 21% in 2024 while Installment Agreements maintain high approval for qualified applicants
• Collection Statute Expiration Date (CSED) plays crucial role—taxpayers must consider the 10-year collection window when choosing between options

Understanding Your IRS Debt Relief Options

The landscape of tax debt relief transformed significantly with the Fresh Start Initiative’s launch in 2011, expanding access to both traditional and innovative resolution pathways. Tax resolution fundamentally revolves around two primary mechanisms: reducing the debt amount through demonstrated hardship or restructuring full payment across manageable timeframes.

The IRS operates within a 10-year collection statute from assessment date, creating strategic implications for both relief options. This Collection Statute Expiration Date (CSED) often determines whether pursuing debt reduction through OIC makes mathematical sense or if an Installment Agreement better serves your interests. Modern relief programs reflect economic realities, with pilot programs testing streamlined agreements up to $100,000 in select locations.

Breaking Down Offer in Compromise Requirements

An Offer in Compromise allows settlement for less than total tax debt when the IRS determines full collection is unlikely given your financial circumstances. The program operates on three grounds: doubt as to liability, doubt as to collectibility, and effective tax administration, with most successful applications falling under collectibility challenges.

Reasonable Collection Potential (RCP) calculations drive every OIC decision, combining net asset values (typically 80% of quick-sale value) with projected disposable income. For lump-sum offers, the IRS projects 12 months of income; periodic payment offers extend to 24 months. Your RCP must fall significantly below total tax debt for viable OIC consideration.

Compliance requirements include all tax returns filed, current-year estimated payments made, and for businesses, all required deposits completed for the current and two preceding quarters. The application process demands Form 656, detailed financial disclosure via Form 433-A or 433-B, plus supporting documentation including bank statements, asset valuations, and expense verification. Processing typically extends 6-12 months with a $186 application fee plus 20% down payment for lump-sum offers.

Installment Agreement Types and Qualifications

Installment Agreements provide structured repayment without debt reduction, accommodating various financial situations through multiple program types. Guaranteed Installment Agreements serve taxpayers owing $10,000 or less who meet compliance requirements and agree to 36-month repayment terms, receiving automatic approval without financial disclosure.

Streamlined Installment Agreements handle debts up to $50,000 with 72-month payment terms, avoiding comprehensive financial statements for qualifying taxpayers. Recent pilots tested $100,000 streamlined thresholds, though availability varies by collection office. Non-streamlined agreements accommodate any debt amount but require full financial disclosure and negotiation.

Partial Payment Installment Agreements (PPIAs) acknowledge inability to pay full debt within the collection statute, allowing reduced monthly payments subject to biennial review. From 2016 to 2020, the IRS established 182,492 PPIAs while taxpayers defaulted on 173,268—a staggering 95% failure rate highlighting the importance of realistic payment commitments. Business taxpayers can access In-Business Trust Fund Express agreements for employment tax debts up to $25,000 payable within 24 months.

Financial Analysis: Determining Your Best Option

Strategic selection between Tax OIC vs Installment Agreement requires systematic financial evaluation starting with RCP calculation. Asset valuation uses quick-sale values (80% of fair market) minus secured debt and exemptions, while income analysis applies IRS allowable expense standards rather than actual spending patterns.

Your RCP determines viability—if calculations equal or exceed total tax debt, OIC applications face certain rejection, making Installment Agreements the primary option. Taxpayers whose RCP falls well below total debt present stronger OIC cases, particularly when projected Installment Agreement payments would exceed potential OIC settlements.

Business owners face additional complexity as the IRS considers both personal and business resources. Business assets, equipment, and receivables factor into RCP calculations while expenses must meet ordinary and necessary standards. Professional evaluation often becomes essential for accurate financial presentation.

Cash flow reality check

Sustainable payment capacity requires analyzing current cash flow alongside projected changes throughout multi-year agreements. The IRS expects Installment Agreement payments to consume most calculated disposable income, leaving minimal cushion for unexpected expenses or income variations.

A small business owner with $37,202 in payroll tax debt successfully negotiated an OIC for just $160—a 99% reduction—after pandemic disruptions created irregular income patterns. This case demonstrates how extraordinary circumstances combined with proper documentation can achieve dramatic debt reduction through OIC.

Strategic Timing and Implementation

Timing significantly impacts both approval likelihood and ultimate costs, with collection statute considerations often driving decisions. Taxpayers with 6+ years remaining typically find Installment Agreements favorable from the IRS perspective, while shorter periods may strengthen OIC cases based on mathematical impossibility of full collection.

OIC processing requires 6-12 months during which collection activities generally suspend but interest continues accruing. Installment Agreements often receive immediate online approval for qualifying applicants, making them attractive for urgent situations. In 2021, the IRS sent 2.4 million default notices for failed Installment Agreement payments, emphasizing the critical importance of realistic capacity assessment before commitment.

Both options require current compliance including all returns filed and ongoing tax obligations met throughout the application process. Financial documentation varies significantly, with OIC requiring comprehensive disclosure while streamlined Installment Agreements minimize paperwork for qualifying taxpayers.

Making Your Final Decision

The choice between Tax OIC vs Installment Agreement ultimately depends on mathematical reality combined with strategic positioning. Calculate your RCP accurately, assess sustainable payment capacity conservatively, and consider timing implications including remaining collection statute periods.

OIC suits taxpayers with genuine long-term inability to pay full debt, particularly those with limited assets and income relative to tax obligations. Installment Agreements serve taxpayers who can afford monthly payments but need time to satisfy obligations without severe financial strain. The dramatic difference in acceptance rates—21% for OIC versus high approval for qualifying Installment Agreements—should factor into your risk assessment.

Professional guidance often proves invaluable given the complexity of financial calculations and documentation requirements. At Complete Controller, we’ve helped countless business owners navigate these decisions successfully, understanding that each situation requires personalized analysis and strategic planning. Contact our expert team to discuss your specific circumstances and develop a tax resolution strategy that protects your financial future while satisfying IRS requirements.

Frequently Asked Questions About Tax OIC vs Installment Agreement

What happens if my Offer in Compromise gets rejected?

If the IRS rejects your OIC, they keep your application fee and any payments made, applying them to your existing tax debt. You can appeal the decision within 30 days, resubmit with additional information, or pursue an Installment Agreement instead. The rejection doesn’t prevent you from exploring other relief options.

Can I switch from an Installment Agreement to an Offer in Compromise later?

Yes, you can apply for an OIC while in an active Installment Agreement, though you must continue making payments during the OIC evaluation process. If approved, the OIC supersedes your Installment Agreement. Many taxpayers use Installment Agreements as temporary solutions while preparing stronger OIC applications.

How does bankruptcy affect these tax resolution options?

Active bankruptcy proceedings disqualify you from OIC consideration, and the IRS typically suspends Installment Agreements during bankruptcy. Some tax debts may be dischargeable in bankruptcy depending on age and type, potentially offering an alternative resolution path for qualifying taxpayers.

What are Currently Not Collectible (CNC) status options?

CNC status temporarily suspends IRS collection activities when you cannot pay any amount toward tax debt without causing financial hardship. While interest and penalties continue accruing, CNC provides breathing room to improve your financial situation before pursuing OIC or Installment Agreements.

Do state tax agencies offer similar programs?

Most state tax agencies offer comparable programs with varying names and requirements. State OIC programs often have higher acceptance rates than federal programs, while state installment agreements may offer more flexible terms. Coordinating federal and state tax resolution strategies requires understanding each agency’s specific requirements.

Sources

• Boston Tax Lawyer. (2024). “IRS Data Book Highlights Recent Enforcement Actions and Priorities.” https://www.boston-tax-lawyer.com/blog/irs-data-book-highlights-recent-enforcement-actions-and-priorities/
• Complete Controller. “Payment Terms for Small Business.” https://www.completecontroller.com/payment-terms-for-small-biz/
• Complete Controller. “Tax Preparers Roles & Qualifications.” https://www.completecontroller.com/tax-preparers-roles-qualifications/
• Complete Controller Blog. https://completecontroller.com/BLOG
• Internal Revenue Service. “Fresh Start Initiative.” https://www.irs.gov/businesses/small-businesses-self-employed/fresh-start
• Internal Revenue Service. “Installment Agreements.” https://www.irs.gov/payments/installment-agreements
• Internal Revenue Service. “Offer in Compromise.” https://www.irs.gov/payments/offer-in-compromise
• Jackson Hewitt. (2024). “You defaulted on your IRS payment plan. Now, what?” https://www.jacksonhewitt.com/tax-help/irs/irs-collection-process/what-to-do-if-you-default-on-an-irs-payment-plan/
• Treasury Inspector General for Tax Administration. (2022). “The Administration of Partial Payment Installment Agreements Needs Improvement.” https://www.tigta.gov/sites/default/files/reports/2022-06/202230021fr.pdf
• Victory Tax Law. (2024). “Offer in Compromise Success Stories: Examples of Debt Relief.” https://victorytaxlaw.com/offer-in-compromise-success-stories/
• What Percentage of Offers in Compromise Does the IRS Accept? YouTube video transcript. (2024). https://www.youtube.com/watch?v=Mnj4M33YjWg
• Wolters Kluwer. (2022). “Historical Income Tax Rates.” https://www.wolterskluwer.com/en/expert-insights/whole-ball-of-tax-historical-income-tax-rates

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

Brittany McMillen

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

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Hiring an ideal bookkeeper to manage your financial matters is an intimidating task. Whether setting up a new business or having an established, thriving business, the need to hire a professional bookkeeper never fades away. As a business becomes successful, the need for an experienced bookkeeper only increases. A competent bookkeeper is your secret weapon for faster growth, which means long-term success for your business. If you expect a clear picture of your company’s financial health so you can make well-informed decisions, minimize your tax bills, save time on administration, and reduce accounting errors, then hiring a professional bookkeeper will be an ideal choice for your business.

The Need for A Bookkeeper

The demand for professional accountants and bookkeepers has intensified over the years. Many businesses across the globe that used to feel reluctant to share their numbers with accounting agencies now feel safe to hire professional-level accounting services at every scale. Online accounting services have become the top choice for most businesses because they are credible and flexible and help you focus on strengthening and growing the core areas of your business.

Hiring a bookkeeper has become an absolute necessity these days. Businesses must handle their cash flow properly to achieve financial stability and security to keep the business running and flourishing. From managing payroll and corporate debt to estimating and forecasting profitability year-round, bookkeepers must always be on their toes to guide and keep the organization running in the right direction. Making sensible monetary projections and successfully resolving financial discrepancies year-round are key traits of an ideal bookkeeper.

A good bookkeeper can change the entire fate of a company with realistic financial projections and judgments. 

Traits of An Ideal Bookkeeper

Professional Competence

Having adequate accounting knowledge and technical skills is necessary to get things right first. Bookkeeping requires practical knowledge of accounting principles, debt, tax-related issues, and professional competence. It is not a business owner’s job to handle everything independently, especially finances. Therefore, they must look for bookkeeping services or individuals with expertise in the accounting field and the ability to know, understand, and deliver anticipated results. Before hiring any bookkeeper, you should search and select the person for the task who knows how to handle financial matters related to your industry. Professional competence is the first thing that will assure your business partners, investors, and stakeholders that you have chosen the right person for the job.

Blatantly Honest

An ideal bookkeeper is blatantly honest about finances and cash flow. A professional bookkeeping service will never think of manipulating their client’s confidential information because, if they do, they can face lawsuits and hefty penalties. A good and reputable bookkeeper will never indulge in illegal or unethical activities, which would inevitably put them out of business. An ideal bookkeeper will always be true to their job and never abuse their clients’ confidential information. If they do not, they can never win the trust and confidence of a lost client again. For bookkeeping and other related tasks, you must always hire a credible and trustworthy bookkeeper who will complete those crucial accounting tasks honestly.

Organized

An ideal bookkeeper must be incredibly organized and have good time-management skills. Sometimes, they will have to carry out multiple accounting-related tasks at one time. An excellent bookkeeper cannot afford to be messy and show a carefree attitude towards specific important accounting tasks. The ideal business accountant will prioritize their tasks and manage their time effectively to your business’s benefit. 

Conclusion 

In conclusion, hiring an ideal bookkeeper is paramount for any business, regardless of its size or stage of development. The ever-growing demand for professional accountants and bookkeepers reflects the recognition of their pivotal role in maintaining financial stability and fostering business growth. Recognizing the need for a bookkeeper as a necessity in today’s business landscape is crucial.

Ultimately, an ideal bookkeeper is a secret weapon for businesses, propelling them toward faster growth and long-term success. As businesses evolve and face financial challenges, the importance of hiring an ideal bookkeeper remains constant, ensuring the efficient management of financial matters and contributing to the organization’s overall prosperity.

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.

When it comes to investing in real estate, there are many options to choose from. Two popular choices are fix-and-flip properties and rental properties. Both can offer great investment returns, but which is the wiser move? Let’s take a closer look.

Fix-and-Flip Properties

Fix-and-flip properties involve buying a property that needs work, fixing it up, and then selling it for a profit. It can be a great way to make money quickly, especially if you have the skills and knowledge to do the work yourself.

One of the benefits of fix-and-flip properties is that you can see a return on your investment relatively quickly. You can buy a property, make improvements, and sell it within a few months. It means you can reinvest your profits into another property and continue growing your wealth.

Another benefit of fix-and-flip properties is that you have more control over the outcome of your investment. You can choose the property you want to buy, decide on the improvements needed, and set the price when you sell. It allows you to maximize your profits and make strategic decisions about your investment.

However, there are also some downsides to fix-and-flip properties. One of the most significant risks is that the housing market can fluctuate, and you may need to be able to sell the property for as much as you had hoped. Additionally, you may spend more money on contractors than you anticipated if you don’t have the skills and knowledge to do the work yourself.

Rental Properties

Rental properties involve buying a property and renting it out to tenants. It can be a great way to generate passive income and build long-term wealth. You can earn money from rent payments and benefit from the property’s appreciation over time.

One of the benefits of rental properties is that they can provide a steady income stream. As long as you have tenants in the property, you can earn rent payments each month. It can help you build wealth over time and provide a reliable source of income for years to come.

Another benefit of rental properties is that they can appreciate in value over time. It means the property can become more valuable, and you can sell it for a profit. Additionally, you can use the equity in the property to finance additional investments.

However, there are also some downsides to rental properties. One of the most significant risks is having trouble finding or dealing with difficult tenants. You may also have to deal with maintenance and repair costs, which can cut your profits.

So, Which is the Wiser Move?

Deciding between fix-and-flip and rental properties depends on your investment goals and personal preferences. If you’re looking for a quick return on your investment and have the skills and knowledge to do the work yourself, fix-and-flip properties may be the way to go. However, rental properties may be the better choice if you’re looking for long-term wealth-building and a steady source of passive income.

It’s also worth considering that you don’t have to choose between the two options. You can invest in fix-and-flip and rental properties to diversify your portfolio and maximize your returns. The key is researching, understanding each option’s risks and benefits, and making strategic decisions based on your investment goals.

Investing in fix-and-flip or rental properties can be an exciting and wise decision to reach your financial goals. It’s essential to consider your objectives and preferences before making any investment. By weighing the pros and cons of each option and making informed decisions, you can create a profitable real estate portfolio. Trust yourself, and let your financial future shine with the right strategy!

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.

An outsourced accounting firm is one of your most vital vendors. They are responsible for reducing your tax bill, performing all tasks related to bookkeeping, and warning you of potential financial hazards. Responsibly managed finances allow you to reinvest in your company’s growth, which is every business’s goal. As your business grows, you may likely need a new accounting firm that will be able to cope with your new scale of operations.

The job of an accounting firm is more than just filing tax returns or looking after your books. The firm should be your strategic partner, helping you in difficult situations and guiding you towards new and better opportunities. As an integral part of your business, it can take time to recognize the need to consult a new firm as your business grows. However, a few signs can help you decide when to hire a new accounting firm.

You Are Not Taken Seriously

When you cannot reach your accounting firm on the phone, it is time to acknowledge that it is too large to handle your unique needs. You never want to be the smallest client of any firm, as you may not receive the necessary attention given to their profitable, more prominent clients. Only a few firms maintain the same standard for every client, and they are quite rare. If you find yourself in such a situation, chances are something could go wrong with your work due to inattention to detail. It can lead to a stressful situation and merits a new accounting firm.

Lack of Interest

If a situation arises and you must explain your business operations to the firm every time you meet, it is time to find a new firm. This lack of interest means that you are a small client, or your business needs to be simplified for them to handle. If the firm has not contacted you for quite a while, requiring you to reach out every single time, you are probably better off without them. The right firm will stay in contact throughout the year and help you make important decisions regarding your business’s future.

When You Continually Find Mistakes

Because you are spending your valuable resources to hire a firm’s accounting services, they must ensure everything is in place. However, that is only sometimes the case, and you may start finding mistakes in the delivered work. Expect everything to be flawed, even if you have hired a firm to look after your accounting issues. 

Instead, complete regular reviews, and even without an accounting degree, you will be able to identify basic errors as you gain experience. When mistakes continually happen, this is the time to look for an alternative option and find a new accounting firm that can accurately handle tasks for you.

Lack of Ideas to Ease the Tax Burden

The key to managing taxation issues is being proactive and taking control of matters before they get out of control. Breaking down your business into subdivisions can help you identify the areas that can be focused upon to save you from a heavy tax burden. It is a basic approach; every firm may have its own tactic. 
However, if you do not feel your current accounting firm is interested in that matter, you should sever ties with them quickly. It would help if you gave yourself enough time to find a new accounting firm and let them understand your business operations. After they know the numbers and other critical matters, your new firm can proactively guide you towards lesser tax burdens.

Only the Most Basic Deductions are Presented

Your business is entitled to many deductions, and your accounting firm should be able to identify all of them, not simply basic ones like healthcare and dependent deductions. Your priority should be to improve your business’s cash flow and account for deductions such as the depreciation expense of new corporate assets. Failing to file them will unjustifiably place them off your records, which is bad for business. If your current accounting firm fails to cater to serious deduction matters, it is time to look for a new accounting firm.

You are Their Largest Client

It is neither advantageous to be the smallest nor the largest client of an accounting firm. Once your business grows to a certain level and you become the largest client of an accounting firm, it probably means you must find a firm that will grow with you. It implies that your operations now require professional services and a more qualified accounting firm that can handle things effectively. An experienced firm is better equipped to take clients on a similar scale.

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.

Cash registers are in almost every store around the world. Today’s modern POS systems are robust and do just about everything. Still, you need a process to handle and account for the store’s cash. These internal controls are vital to prevent mishandling and implement other safeguards. This crucial process must be reliable and create an environment of operational efficiency and assurance of reliable accounting records. Not only does the mishandling of cash cost the business, but it is also one of the main contributors to shrinkage and loss in the store. Theft is the second common cause, made possible through an improper control procedure.

Cash registers are important in counting money, reconciling receipts, balancing the drawer, and accounting for the day’s transactions. Modern POS systems offer step-by-step instructions to balance the cash drawer for employee guidance. Many store policies are created to facilitate further a cash management system that would ally in many areas. Cashiers have to make sure that everything adds up. Otherwise, things can go downhill quickly. In most companies, the register is balanced in the presence of another staff member.

How to Balance a Cash Register

At the start of each shift, individuals are responsible for counting the contents of a register to ensure the exact amount of cash present, as the cashier will be held accountable at the end of their shift. At the end of their shift, the contents must be counted again and given a comparative glance to ensure everything is balanced. The register is balanced at the end of each shift to ensure that money has amounted correctly, none has been stolen, and no mistakes have occurred. Another employee must be present in some stores when the cash register is balanced. 

When all of the proper checks and processes have been accomplished, the cash will go to the person who will deposit it into the bank. This balance will be part of the company’s overall accounting at the end of the reporting period. Balancing the register and keeping a balance record will ensure your business finances are accurate.

Why is it Important to Balance a Cash Register?

Not only does balancing the cash register bring equilibrium to the cashier, but it also gives further insight into how the money flows in or out. The cash register acts as a monitoring system of money movement. If anything is missing unexpectedly, it may indicate theft or carelessness. The key to success is being precise and providing accurate data regarding the cash flow. Regarding safety, much money is never kept in the register. A minimum amount is controlled to ensure safety in case of burglary or theft. Avoid keeping too much cash on the floor, as it can be dangerous and prone to theft. 

Also, an entire sales report can be pulled up instantly during any part of the shift. Documentation makes the cash drawer safe from mistakes and maladministration, so it always favors the business.

A business’s success always hinges on its financial health. Every business has checks and balances, but the cash register is the heart of the business’s financial aspect. It is where you take payments: your revenue for operations, payroll, and your future as a business owner. No matter their position, every staff member should understand the register and how to balance it. It is also essential to the business as it can identify discrepancies. Any irregularities or discrepancies should be dealt with soon as they are discovered to avoid financial disaster.

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.

Bankruptcy: Your Path to Financial Freedom and Independence

Bankruptcy for financial freedom provides a legal pathway to eliminate overwhelming debt, stop creditor harassment, and create the fresh financial start necessary for building lasting wealth and independence. The bankruptcy process discharges most unsecured debts within months, freeing up monthly income for savings, investments, and wealth-building activities that were impossible while servicing high-interest obligations.

Over my 20 years as CEO of Complete Controller, I’ve watched countless business owners struggle with debt loads that consumed their profits and destroyed their peace of mind. The entrepreneurs who embraced bankruptcy as a strategic reset consistently achieved better financial outcomes than those who spent years fighting unwinnable battles against compound interest. This article reveals how bankruptcy transforms from a feared last resort into a calculated wealth-building strategy that creates genuine financial independence.

What is bankruptcy for financial freedom, and how does it work?

• Bankruptcy eliminates credit card debt, medical bills, personal loans, and most unsecured obligations through legal discharge, immediately freeing monthly cash flow for wealth building
• Chapter 7 bankruptcy completes the discharge process in 3-4 months with a 95-99% success rate for eligible filers
• The automatic stay halts all collection activities inc,luding wage garnishments, lawsuits, and creditor calls, the moment you file
• Asset protection exemptions preserve homes, vehicles, retirement accounts, and essential property during the fresh start process
• Credit rebuilding typically achieves 700+ scores within 24 months through strategic secured credit use and perfect payment records

Understanding Bankruptcy as Your Strategic Reset Button

Bankruptcy represents America’s recognition that honest people deserve second chances when debt becomes mathematically impossible to repay. The system protects productive citizens from permanent financial slavery, allowing them to redirect their talents toward building prosperity rather than servicing endless interest charges. Medical expenses cause 62% of personal bankruptcies, with 72% of those filers having health insurance, proving that responsible people face debt crises through no fault of their own.

Business bankruptcies comprised 13% of filings in 1980 versus just 4.4% in 2024, demonstrating how bankruptcy evolved from primarily serving failed businesses to helping individual consumers escape personal debt traps. This shift reflects changing economic realities where student loans, medical costs, and credit card interest rates create debt spirals that traditional budgeting cannot solve.

The mathematics of debt elimination

Chapter 7 bankruptcy achieves what debt consolidation programs promise but rarely deliver—complete elimination of unsecured debt burdens. While consolidation loans simply shuffle debt between accounts, bankruptcy legally erases obligations forever. The discharge injunction provides permanent protection against future collection attempts, creating true financial peace that allows forward-thinking wealth strategies.

Consider the typical American carrying $15,000 in credit card debt at 22% interest. Making minimum payments requires 30 years and $46,000 in total payments. Bankruptcy eliminates this entire obligation in months, immediately freeing $400+ monthly for emergency funds and investments. That same $400 invested monthly at market returns creates $500,000+ over those same 30 years.

Breaking Free from the Debt Prison Mindset

The psychological burden of overwhelming debt creates mental imprisonment that prevents wealth accumulation regardless of income levels. Constant anxiety about bills, collection calls, and potential lawsuits consumes cognitive resources needed for career advancement and strategic thinking. Physical health deteriorates under chronic financial stress, creating medical expenses that compound existing debt problems.

Filing bankruptcy provides immediate emotional relief through the automatic stay protection. Collection activities cease instantly, creating mental space for productive planning rather than defensive survival. Mandatory credit counseling courses provide financial education that many Americans never received, establishing sustainable habits for long-term prosperity.

Transforming scarcity thinking into an abundance mentality

Debt creates scarcity mindset patterns where every dollar feels precious because creditors claim it before arrival. This defensive thinking prevents risk-taking necessary for income growth and wealth accumulation. Post-bankruptcy individuals report feeling “wealthy” with modest emergency funds because they control their income for the first time in years.

The fresh start enables abundance thinking, where money becomes a tool for building rather than merely surviving. Investment opportunities become visible when debt payments no longer consume discretionary income. Many successful entrepreneurs credit bankruptcy with providing the mental clarity needed to launch profitable ventures.

Protecting Assets While Eliminating Obligations

State and federal exemption laws protect essential property during bankruptcy proceedings. Homestead exemptions preserve hundreds of thousands in home equity in states like Florida and Texas. Vehicle exemptions typically protect reliable transportation needed for employment. Retirement account protections ensure that 401(k) and IRA balances remain untouched for future security.

Strategic pre-bankruptcy planning maximizes asset protection within legal boundaries. Converting non-exempt cash into exempt categories like paying down mortgages or funding retirement accounts preserves wealth while eliminating debt. Professional guidance prevents costly mistakes while optimizing fresh start outcomes.

Building your post-bankruptcy credit foundation

Credit scores typically drop 160-240 points immediately after bankruptcy filing but recover faster than most expect. The elimination of high debt-to-income ratios actually improves creditworthiness for many metrics. Secured credit cards and credit-builder loans establish positive payment history immediately after discharge.

Managing credit responsibly after bankruptcy requires discipline but yields rapid results. Maintaining zero balances while using cards for regular expenses demonstrates financial control to scoring algorithms. Many filers achieve 700+ scores within 24 months by following systematic rebuilding strategies rather than avoiding credit entirely.

Creating Multiple Income Streams for True Independence

Bankruptcy eliminates the defensive financial posture that prevents wealth accumulation. The freed monthly cash flow enables pursuit of additional income sources that compound prosperity. Side businesses, investment properties, and skill development become possible when debt service no longer claims every dollar.

Smart money management post-bankruptcy focuses on building assets rather than accumulating liabilities. Emergency funds provide security that prevents future debt accumulation during temporary setbacks. Investment education transforms former debt payments into wealth-building vehicles that generate passive income over time.

Strategic wealth accumulation after discharge

Joe’s bankruptcy success story demonstrates practical wealth building after strategic filing. Overwhelmed by $50,000 in divorce and medical debts, Joe filed Chapter 7 and followed disciplined credit rebuilding advice. Three years later, he qualified for a mortgage with better credit scores than before his financial crisis, proving that bankruptcy enables rather than prevents major financial goals.

The 517,308 Americans who filed bankruptcy in 2024 represent a 14.2% increase from 2023, reflecting growing recognition that strategic bankruptcy beats endless debt struggles. These filers join millions who discovered that eliminating debt through legal channels creates opportunities for genuine prosperity that debt service prevents.

Conclusion

The path from debt burden to financial independence requires courage to challenge cultural stigma and embrace bankruptcy’s strategic advantages. Throughout my decades guiding business owners at Complete Controller, I’ve witnessed how fear of temporary credit impacts prevents people from accessing permanent financial freedom. The most successful clients recognized that building wealth requires eliminating obstacles rather than working around them indefinitely.

Your financial future deserves better than endless interest payments and sleepless nights worrying about collection calls. Bankruptcy provides the legal fresh start that transforms monthly debt service into wealth-building capital. The choice between continuing debt slavery and embracing strategic renewal determines whether you’ll spend decades enriching creditors or building your own prosperity. Contact the financial experts at Complete Controller to discover how strategic financial planning and professional bookkeeping services can support your journey from debt burden to genuine independence.

Frequently Asked Questions About Bankruptcy for Financial Freedom

Will bankruptcy ruin my ability to buy a house or car in the future?

Most people qualify for car loans within months and mortgages within 2-3 years after bankruptcy discharge, often with better terms than when carrying high debt loads, as lenders see improved debt-to-income ratios.

What happens to my retirement accounts if I file for bankruptcy?

Federal law protects 401(k), IRA, and most retirement accounts completely during bankruptcy, allowing you to eliminate debt while preserving funds for future security.

Can creditors still contact me after bankruptcy discharge?

The discharge injunction permanently prohibits creditors from attempting collection on eliminated debts, with violations resulting in sanctions and potential damages for illegal collection attempts.

How much does bankruptcy cost compared to continuing minimum payments?

Chapter 7 bankruptcy typically costs $1,500-$3,500 total, while minimum payments on $20,000 of credit card debt cost $60,000+ over time, making bankruptcy financially advantageous for most filers.

Should I try debt consolidation before considering bankruptcy?

Debt consolidation works for manageable debt loads under 40% of income, but bankruptcy provides superior results when facing overwhelming obligations, immediate collection actions, or mathematical impossibility of repayment.

Sources

• My Attorney Greg. (2025, February 3). “The Emotional and Financial Benefits of Filing for Bankruptcy.” Fortner, Greg. myattorneygreg.com/the-emotional-and-financial-benefits-of-filing-for-bankruptcy/
• U.S. Courts Administrative Office. (2003, January 1). “Chapter 7 – Bankruptcy Basics.” www.uscourts.gov/court-programs/bankruptcy/bankruptcy-basics/chapter-7-bankruptcy-basics
• Mitten Law. (2024, September 29). “What Is The Success Rate of Chapter 7 Bankruptcy?” www.mittenlaw.com/bankruptcy/what-is-the-success-rate-of-chapter-7-bankruptcy/
• Sarasota Bankruptcy. (2022, June 15). “5 Surprising Personal Bankruptcy Statistics.” www.sarasotabankruptcy.com/5-surprising-personal-bankruptcy-statistics/
• Debt.org. (2025, March 24). “Bankruptcy Statistics [Updated For 2025].” www.debt.org/bankruptcy/statistics/
• Contant Law. “Joe’s Story: Getting Life Back to Normal after Bankruptcy.” www.contant-law.com/joes-bankruptcy-story/
• Complete Controller. “How to Manage Your Credit Responsibly.” www.completecontroller.com/how-to-manage-your-credit-responsibly/
• Complete Controller. “5 Money Management Tips to Help Avoid a Deficit.” www.completecontroller.com/5-money-management-tips-to-help-avoid-a-deficit/
• Complete Controller. “Bank vs Vaults: Asset Protection.” www.completecontroller.com/bank-vs-vaults-asset-protection/
• Consumer Financial Protection Bureau. www.consumerfinance.gov/
• Day One Credit. (2024). “Fresh Start Program Success Study.” [Study tracking 500 individuals over seven years]
• Wikipedia. “Bankruptcy.” en.wikipedia.org/wiki/Bankruptcy

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

Brittany McMillen

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

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With small businesses, resources are often in shortage. Reducing the time and effort you spend operationally on accounting and financial management processes can help you save time and money in the long run. Small business proprietors frequently overlook little things that can significantly impact their company to save time and conserve resources. One such area is managing the business’ bookkeeping finances. If done right, it can give you the financial flexibility you need; it can be done wrong and can drain the business operationally. Here are five common accounting mistakes that analysts make.

Using Generalized Financial Statements

If analysts take the time to read the finances, they likely digest them through a third-party provider. The problem with this approach is that each service modifies each company’s unique financial statements to fit into a pre-created template. These services ensure comparability across companies, industries, and nations.

Not Understanding the Reflexivity/Interactivity of the Three Major Financial Statements

Few analysts take the time to trace the dollar of capital raised within a company through the income statement to the bottom line and then back to the balance sheet. Nor do they relate changes in the balance sheet accounts to the cash-flow statement to identify huge inconsistencies in either amounts or categorizations. Instead, most analysts investigate the statements in isolation from one another.

Not Creating Apples-to-Apples Comparisons in Time

This particular accounting secret is one that people rarely discuss publicly. Specifically, have you ever noticed that the income statement’s temporal dimension, balance sheet, and cash-flow statement are all altered? The income statement is stated quarterly for the year’s first three quarters. Then, annually, however, the balance sheet is always reported as a quarterly snapshot — even when it is the fourth quarter.
Last, the cash-flow statement is always shown as an accretion of cumulative cash for the year. Each of these is very different from one another, and they only align in the first quarter for any company. Companies usually play games with these time dimension mismatches. Consequently, analysts must put all of the financial statements on the same temporal dimension.

Not Adjusting Statements for Distortions

It is a classic problem in financial statement analysis. Despite this, most analysts do not amend financial statements to adjust for one-time items, including write-offs, sales of divisions, and accounting revisions. Precisely, what to look for is outside the scope of this article, but most analysts do not take the time to do this.

As a brief tip, if you ever see a write-off number that is a bit too round, such as $500 million or $75 million, you can bet that the amount is management’s estimate of a loss, not the actual loss. Consequently, you can expect future corrections to this initial write-off estimate.

Not Reading the Footnotes

Lastly, despite all the warnings to pay attention to the information in footnotes, most analysts do not read them. Nor do most analysts take the numbers from the footnotes and put them into the main three bookkeeping financial statements.

An example would be taking the detailed property, plant, and equipment figures reported in the footnotes and incorporating them into the entire balance sheet analysis. It was once taught that a company was playing games with its useful expected lives figure because when looking at the common-size over assets financial ratios, it could see that one of their property, plant, and equipment numbers had gone down massively on a relative basis. This distortion significantly affected the reported depreciation, net income, operating cash flow, and free cash flow.

Conclusion

While there are many other accounting mistakes that analysts can make, if you correct those highlighted above, it is believed that you will successfully separate yourself from your analyst peers and improve your returns.

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.

A trademark typically protects brand names and logos used on goods and services. A business owner must choose and register a trademark that can be registered federally and protected legally. Though it is not obligatory to register a trademark federally, it has various benefits. The benefits include notification to the public of the registrant’s entitlement of possession of the mark, lawful assumption of possession countrywide, and special right to use the mark on or linking to the goods/services listed in the registration.

Trademark Timing for New Businesses

Though not compulsory, most aspirants use private trademark attorneys for legal guidance concerning their trademark, applying for an application, and the probability of accomplishing the registration procedure since not all submissions continue to register. A private trademark attorney may help you avoid many potential pitfalls.

Now, the question arises when the right time may be for a new business to get its trademark. When a new business is started, everything is accomplished in stages. It takes time to introduce the products or services to the market. It takes time to accumulate customers. It takes time to do marketing at a scale where potential customers are attracted to a level that they become permanent customers. Especially for small businesses, when everything has to make its space or place in the market, it takes time for business owners to determine the right time to obtain a company’s trademark that can be used on their products and services for their identity.

In the United States of America, a company acquires the common law right to a label as soon as it is used in trade. That means that as soon as the product or service begins to be sold, the business owner can claim entitlement joint law proprietorship of that trademark without official registration with the U.S. Patent and Trademark Office (USPTO). These common law rights are restricted to the specific graphics where the mark is used and will be of limited help in court if you ought to bring to trial another business using a similar or identical name or mark.

Any new business should register its trademark rights for the company as soon as possible. In most cases, a business will likely file to register a trademark application as soon as its LLC or corporation is filed.

Comprehensive Trademark Search

When business owners want to register and apply for a trademark, they, along with attorneys’ guidance, must ensure the name or symbol is not already used by any other company/business. For an LLC or a corporation, provide the name is not already used by any other corporation in the same state. Perform a comprehensive search to ensure that a similar name is not used in every other state because you can be asked to stop using the name immediately.

“Intent-to-Use” Trademark Applications

While it is best to register a trademark as soon as possible, there is another side, too. A trademark means your service is ready to be introduced to the market. What if your product or service must still be prepared for the market? 

In this case, the USPTO allows you to apply an “intent-to-use” trademark application. When the USPTO allows your intent-to-use application, you must use the trademark within six months. But if your products or services still need to be ready, you can request an extension. The USPTO will see if a good cause exists for your extension of the intent-to-use application request. USPTO can allow you an extension for four months. You can file applications four times to extend your four months every time. The advantage of this application is that your filing application date will be considered the date of the first use of your trademark. 

Conclusion

A trademark is a logo or name that must be obtained by every business as soon as possible. It is a must for any business to register a trademark at the earliest time possible. It shows that a business is ready for the market. You can use the intent-to-use trademark application if your business needs to be prepared.

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.

Technology has enabled us to break through the shackles of burdensome organizational residue. Once a gratified paperwork, the filing cabinet is no longer an essential component of a fast-paced office that is ever so efficient and swift in its operational prowess. Finally, a concept formulated by technology is helping eradicate age-old traditions that once were used. Paperless offices are the future. With cloud computing, a casual office is turned into a digital record-keeping safe house: kiss receipts and copies goodbye. Life is easier if it’s less messy.

The concept further aids other vital industries like business development, engineering, oil, and gas. However, accounting is an area that can specifically bring much-needed organizational and management bliss. As business evolves, the need for paper lessens, which reduces clutter and commotion. With a focused environment comes more productivity. A paperless office doesn’t just save trees; it saves jobs and, usually, is the outcome of the composed progression of a business that is still growing. It’s much better to work with spreadsheets, word processors, and PDF files rather than handling files and getting lost in paperwork, even to answer a simple question.

The Benefit of Paperless Office in Accounting

Document handling becomes euphoric. Executives have never been this excited due to the absence of “paper.” The past manual processes have receded into the corridors of redundancy, and technology puts the last nail in the coffin. Modern systems have made it possible to use computers in a paperless office to save, store, and organize data at a better rate and with less effort. Everything, from expenditures to purchase orders, can easily integrate into a system that can make enterprising easier and create an opportunity to save time using systems instead of manual tasks. The click of a mouse can bring all information to your fingertips.

The reduction of supply costs helps businesses manage their priorities. With money saved, costs automatically decrease, and other places of essence cater to that amount. Cabinets, folders, paper, and printer ink are not ideal for a business environment or paperless office as they contribute to waste – a waste of time and paper! Remember when you copied a single paper three times because of an improper printing setting? Keep in mind that paper is an expensive commodity. Not only does it take years for a tree to grow, but it also takes even more processing power to produce paper.

With an e-office, all documentation for record-keeping is instant and spontaneous. There is no need to return to the old storage where the dusty, old, frail, dog-eared files lie in total oblivion. With a paperless office, all storage is on the system, and your fingers can search for you. It is the best time to invest in the technological benefits of clouds and IT systems. Even a computer, scanner, and small-time printer can help you manage the documentation you have collected over the years. For instance, accounting or database management can be achieved with a single spreadsheet, and that’s only basic stuff.

Since a business is prone to many inquiries, the paperless setup facilitates all outside inquirers easily. For instance, the vendor calls to follow up on invoices and purchase orders. In a paperless office, a system of retrieval and storage of documents would not warrant you throwing everything down and rushing to the filing cabinet to retrieve documents and then call them back. Electronic documentation is the future for not only accounting but every evolving industry. Soon, it will be the only way to document as technology often overwhelms traditional ways of doing things.

Conclusion 

In conclusion, the transition to a paperless office marks a transformative era, liberating businesses from cumbersome paperwork. Beyond saving trees, it streamlines operations, enhances productivity, and revolutionizes document handling. With the advent of technology, the evolution towards a digital future is beneficial for accounting and various industries, signaling a paradigm shift in how we approach record-keeping and information retrieval. As businesses embrace the efficiency of e-offices, they contribute to environmental sustainability and navigate a smoother, more organized path toward success in the ever-evolving landscape of modern work.

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.

Many bookkeeping software solutions are more alike than different in terms of features. Standard components include overall ledger management, invoicing, and payment processing. Every association has additional requirements and needs. They can be customized for their size, kind of employees and clients, and industry. For these reasons, no system can offer perfect functionality out of the box. If you need a lifeline for processing payroll—and avoiding the feared late payroll tax—do not worry. Many small business owners struggle with those same problems: you’re not the only one. Check out these top-notch payroll-focused accounting tools listed below.

WagePoint

WagePoint is a simple online payroll application designed for small businesses in North America. Managing payroll is essential for small and mid-sized companies, and WagePoint gets the work done quickly and easily. WagePoint can manage government remittances/reporting, direct deposits, and all year-end reporting for hourly and salaried workers. WagePoint is an intuitive, easy-to-use, web-based payroll software. It is perfect for small businesses seeking to pay their employees or contractors while remaining compliant with IRS regulations. It is an ideal app for companies in a wide range of industries.

Thousands of small businesses use WagePoint, and it offers an easy-to-use interface that allows establishments to set up the app in a few hours. The salesperson offers a service called “Switch It” – for businesses with more than ten employees to help them switch their existing payroll system to WagePoint.

Gusto

Gusto (previously named ZenPayroll) is a featured payroll, welfare administration, and compliance management platform. It has been designed to assist mainly small businesses. Gusto provides tools to manage core HR needs such as time tracking, hiring, onboarding, and training. With devoted online accounts, employees can fill out their details in the system and track all paperwork in one place. Companies can mechanize their payroll operations by scheduling payment and benefits releases. Payments can be made via direct bank deposit or through check. The solution automatically delivers electronic payslips to an employee’s inbox upon completing the transaction.

Employees even choose to make charitable donations to their association of choice directly from their paychecks. The solution mechanically calculates, pays, and files a company’s local, state, and federal payroll taxes. Some supplementary features include custom reporting, multiple pay rates, multiple pay schedules, and third-party calendar integrations.

SurePayroll

SurePayroll is a complete online payroll solution for every business. On top of that, SurePayroll has also created an administration platform in its payroll software called One-Click Payroll. It simplifies payroll-related procedures in a few seconds without bargaining accuracy and reliability.

The bookkeeping software comes with an interactive, customizable dashboard. Another highlight of the system is that it supports multiple payroll types and calculates and delivers payroll taxes. Many businesses choose SurePayroll to handle payroll processes because of its extensive payroll-processing tools and unparalleled recordkeeping. SurePayroll is built to streamline the payroll process with its awesome tools and excellent third-party integrations. It is a solid option for any business looking for software to make payroll faster, more accurate, and more reliable.

With SurePayroll accounting software, workers can easily check their payroll information, including paychecks, vacation leaves, and pay stubs. They can also do all these via smartphones, tablets, and other mobile devices. The system also takes care of taxes by automating the processes while maintaining compliance with its payroll services. Customer support is also credible—the software fields knowledgeable and responsive support staff and easy access to the support center.

Conclusion

When choosing the best bookkeeping payroll software for your business, aside from key features, consider these other accounting aspects: ease of use, compatibility, integration, and security. More importantly, it would help if you preferred a cloud-based software model.

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.