In the past, the number of personnel in an enterprise determined whether the business was small or medium-sized. In today’s era, the difference between small, medium, and large enterprises is determined by the number of full-time and part-time staff, IT infrastructure, and strategic managers. A giant enterprise will always have full-time IT infrastructure and data management personnel in modern bookkeeping.
It is challenging for a small or medium-sized enterprise to survive among giant corporations. Big businesses are the major players in the market, and their promotional budget is substantial. As the sales of their products or services are more extensive, their cost is usually lower than the production of small and medium-sized businesses.
However, the promotional budget and low prices are not the only factors that affect customer choices. Quality, efficient services, and the flexibility to produce quality per a customer’s demand all play a part in where a customer decides to open their wallet. Nurturing a sense of trust among its customers plays a significant role in the survival of a small business.
Measures to Ensure SME Survival
If you are an investor in an SME and face competition with a larger enterprise, organized bookkeeping will allow you to assess your competitor’s strengths and weaknesses. You will also be able to determine your company’s edge over your competitor, identify customer’s needs, and offer more personalized services. It will also allow you to show your capability to customize the product or services.
Large companies also make strategic alliances with smaller enterprises to be their subcontractor and, by doing so, will raise the success of both companies.
Small and medium enterprises are motivated by a strategic alliance to provide their customers with a broader range of products and services.
How to Recuperate from a Business Slump
Reinvent. Take a look at strengths, weaknesses, and open market challenges. Offer new products or services to get market share from that.
Keep your costs down even while the big corporations refuse to reduce their costs, even in a financial trial period.
Customize your products and services according to the needs of your clients and customers.
Small and medium-sized enterprises often lack the marketing of their services and products. Get creative and find a way to get your name out there, even if it’s only through social media.
Reach for a direct/face-to-face meeting with your customers. This ensures better trust and higher-quality relationships with your customers.
Healthy competition and good bookkeeping will keep your business going.
Get involved in social media and interact with your customers. Updates about promotions and offers attract more potential customers.
Keep in contact with your customers. Even if the customer stops buying your services or products, contact them. They might come back for new products or the same old ones.
Keep an eye on your employees to keep them motivated and on track.
Review your business. Identify the changes needed and assess the risks and benefits continually.
Prioritize the list of changes that are to be made in your SME. The changes that have no potential risks must be the top priority.
Conclusion
All of the above steps seem simple but can significantly change your business in the long run. Small businesses can never have the ability to play like giant corporations, but they can have their share of the market. The key is not only to profit but to survive all the inevitable valleys in the ups and downs of owning and operating a business. If you experience a downturn in business or the economy does not financially support your business, remain calm and follow the above advice. You will make it to better days.
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.
As the measure of funds needed expands, you will be required to get to an inexorably refined investor looking for the greatest return without expecting the risk of a new venture. Family and companions are usually the first groups to be looked upon by entrepreneurs looking for capital – they are more neutral than proficient financial specialists. They will probably continue contributing more because of the relationship than the business proposition’s financial matters. Then again, family financial specialists bring their arrangement of issues, including the likelihood of stressed relations if they come up short. Attracting investment capital needs careful consideration of these options.
VCs and Angels Funding are Rare
While entrepreneurial magazines and sites advance angel investors’ accessibility and funding capital (VC) firms for bookkeeping capital, not every startup firm gets the opportunity. With the strict screening process of these financial specialists, not every new venture gets shortlisted. However, they might be attracted to invest capital if sufficient arrangements are in place.
Crowdfunding May Be Considered
Another subsidizing system known as “crowdfunding” was made in the Jumpstart Our Business Startups Act of 2012 (JOBS), enabling small organizations to raise to $1 million from people over the Internet with a yearly wage of under $100,000 through a streamlined enlistment strategy and restricted money related data.
While the bill has pulled in intense pundits stressed over-expanded false exchanges, most onlookers who trust this Act will give required access to new businesses’ new finances. For example, locals, Kickstarter, and GoFundMe enable business people to achieve new cash sources adequately and reasonably.
What are the Legal Responsibilities to Potential Investors?
By and large, entrepreneurs looking for reserves from singular investors are required to give structures and detailed, verifiable data in a justifiable dialect to potential financial specialists to bookkeep the investment and decide if it is ideal for them. Offerings and proceeded with organizations’ legitimate commitments to their financial specialist, proprietors are controlled under the US Securities Act of 1933 and the Securities Exchange Act of 1934.
While jobs are expected to disentangle the techniques, making it less demanding for small firms to get to the equity markets, consistency with the relevant regulations is required. Looking for and paying for competent legal advice while requesting, arranging, or contracting with investors or banks is necessary for reasonable entrepreneurs.
How Do I Negotiate a Win-Win Agreement?
Negotiation is an essential skill for attracting investmentcapital. Sometimes, there is a solitary financial investor and, occasionally, various investors. For example, in the last case, the investors take an interest as a unit, each sharing the extent of the venture. Sometimes, funding is a take-it-or-leave-it choice; in others, intense negotiations are involved. For each situation, the parties seek an understanding that finishes their objectives.
Arrangements among investors and entrepreneurs include at least the following variables:
The Amount of Capital Invested. Financing might be a solitary sum or a mix of investments over a period.
The Timing of the Investment. A particular sum is contributed to futureinvestments on specific dates or when individual goals have been met.
The Return on Investment. In debt, return, or the organization’s viewpoint, “cost” might be communicated as an interest with installment periods and principal decrease. In value, the return is the offer of future profit directed to the investor.
The Timing of the Return to the Investor. Later, planned installments bookkeeping will be marked down to mirror the investor’s opportunity costs and the risk-free return he would have generally earned without the venture.
The Certainty of the Return. Since the return on capital will be in the future, financial specialists are typically worried about the probability of the anticipated outcomes being real. This “risk” increment straightforwardly corresponds to the period between the venture and expected return, the span of the return concerning the investment, and the unwavering quality of the fundamental budgetary and working suppositions.
Who makes decisions when things don’t go as arranged? Financial specialists generally require specific insurance to limit losses or to capitalize on profits when possible.
Negotiation is an aptitude that can be learned and can be rehearsed. Be as it may, learning at the table across a seasoned professional is typically costly.
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 non-profit organization is defined as a tax-exempt entity in many countries, including the United States, where this designation is recognized by the Internal Revenue Service (IRS). These organizations are established to focus on specific social, educational, religious, or charitable causes, seeking to impact their communities positively or globally.
Any revenue generated by non-profits—whether through donations, fundraising events, or grants—is reinvested back into their mission-related activities rather than distributed as profits to owners or shareholders. This unique structure allows non-profits to prioritize their social objectives over financial gain.
Furthermore, non-profit organizations benefit from various tax exemptions. They do not have to pay income tax on donations received or funds raised through their initiatives, enabling them to allocate more resources directly toward their programs and services. This tax status helps them maximize their impact and fulfill their missions more effectively, ultimately benefiting the communities and causes they serve.
We have every reason to trust that only dedicated and honest volunteers are involved in raising funds for these noble causes. However, it’s essential to acknowledge that the reality can be starkly different. Instances of dishonest individuals infiltrating the financial operations of non-profits are not uncommon, putting the very mission of these organizations at risk. Without diligent monitoring, a significant portion of raised funds can be exploited through theft, fraud, embezzlement, and other forms of misconduct.
Identifying Signs of Financial Fraud in Non-Profits
Outdated financial data
A non-profit must always be prepared for an audit. If financial data needs to be updated or the organization needs to be audit-ready, it raises serious concerns about potential discrepancies in bookkeeping. All accounting statements must align with the balance sheet and cash flow statements, and any mismatches should instantly raise alarms regarding possible fraud.
Cash not reflected in income statements
Any cash available to fund a non-profit must be clearly shown on the income statement. This is a glaring warning sign if funds are present but not reported. Regular monthly audits of all financial documents are non-negotiable.
Management bullying
Management behaving in a bullying manner that discourages queries is a red flag. Corrupt individuals often resort to intimidation to cover up unethical practices. This bullying can manifest as shouting or refusal to address legitimate questions.
Budget cutbacks
When a non-profit cuts its budget by reducing its paid workforce and increasing reliance on volunteers, it can create dissatisfaction among staff. Unhappy employees may feel pressured to engage in fraudulent activities to make ends meet.
High staff turnover
Frequent resignations within a non-profit can be a clear indication of underlying fraud. If employees are unhappy with current practices, including potential unethical behavior, it’s time for serious introspection.
Overemphasis on short-term fundraising goals
A non-profit that shifts focus solely to short-term fundraising goals may be attempting to hide fraudulent activities. Management could be raising small amounts to distract from more significant underlying issues.
Operations in poorly controlled areas
Non-profits operating in remote or poorly monitored regions are at an increased risk of fraud. These environments need more oversight for proper bookkeeping and financial practices.
Changes in employee lifestyle
A sudden and unexplained change in an employee’s lifestyle—especially one in charge of finances or management—should be scrutinized. An extravagant lifestyle that cannot be supported by their known income is a strong indicator of potential misconduct.
Frequent bouncing of checks
This is a serious concern if sufficient cash is in a non-profit’s account but checks are consistently bouncing. An immediate audit is warranted to address potential fraud issues.
Infrequent audits
A lack of regular audits suggests that someone may be attempting to conceal fraudulent activities or misappropriations.
Conclusion
A non-profit organization can become a breeding ground for fraud and theft if its accounting and bookkeeping practices are outdated and unchecked. While it’s hard to believe, unscrupulous individuals do infiltrate these organizations for personal gain. Therefore, every non-profit must implement robust, transparent systems to mitigate the risk of fraud. By recognizing these warning signs, we can effectively safeguard the integrity and mission of non-profit organizations.
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.
Corporate culture refers to a shared set of norms, values, assumptions, and beliefs that govern employees’ organizational behavior in the workplace. Culture defines how employees behave in the company and influences each one in some way or the other. As for organizations that operate in virtual workplaces, employees are connected remotely. Hence, a shared set of values is often missing. Therefore, an increasing need to teach a healthy virtual culture ensures that each remote worker feels a part of the team (sense of belonging).
Why do Virtual Workplaces Require a Corporate Culture?
It is essential to identify why a virtual workplace requires a corporate culture. First, there needs to be sufficient trust among remote employees. Lack of trust among employees connected virtually can lead to work disruptions, such that employees may not be willing to work as a team.
Second, to introduce the leadership model in a virtual workplace, a set of shared beliefs and values becomes inevitable. People who are connected remotely will find it very difficult to accept the leadership of another remote employee. Leadership is not only a requirement for physical workplaces but becomes even more critical if geographical locations separate employees.
Employees in a virtual workplace may also feel isolated as their interaction is limited, which obstructs open, informal, and social communication between team members. This isolation hampers employees’ growth aspect in terms of social skills, effective communication skills, and interaction outside of the work environment. Digital interaction does not allow for gestures, body language, and a pat on the back for a job well done. These elements tend to be missing in a virtual workplace, but a common corporate culture could fill in this void to some extent.
How to Build a Corporate Culture in a Virtual Workplace
The following are a few methods that stimulate a corporate culture in a virtual work setting:
There must be computer-based chat rooms set up for remote employees for them to discuss and perform work projects. This will enable open communication channels in a virtual workplace.
Moreover, virtual collaborative tools may be used to exchange ideas, share viewpoints, and opinions on the various tasks assigned to remoteemployees, be it for basic bookkeeping.
To cultivate a culture whereby social skills may be enhanced, virtual socialization tools must be set to ensure that remote employees can engage in informal and personal conversations. This engagement will induce social interaction among employees and result in trust among remote employees, something they had been missing upon due to physical limitations.
Virtual employees lack a sense of engagement. This feeling may be countered using video calls and video conferences so that face-to-face interactions become a possibility. This way, gesturing and body language can be exercised to convey messages to remote employees.
Once in a while, employees may be arranged to meet one another at a conference or annual dinner physically. This interaction is another way of ensuring that a corporate culture seeps into the virtual workplace. These meetings will develop a set of shared values, beliefs, and norms to which all remote employees can become accustomed.
Another method to instill a corporate culture in the virtual workplace is through constant feedback from remote employees. Employees may share personal views regarding what is missing in the virtual culture and what needs changing. Their valuable insights can lead to necessary alterations because it is the employees that make up a corporate culture.
Virtual employees may have full ownership of their projects to allow delegation. This ownership cultivates trust among employees and will inseminate a sense of belonging in them.
Conclusion
Virtual workplaces can make remote employees feel less motivated and alienated, provided the lack of physical interaction. However, corporate culture is as much a necessity for a virtual work setting as they are for a physical workplace. Using these methods, efforts toward establishing a positive virtual culture for remote employees will be established.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
Do your finances seem to be out of your control continually? Are you spending too much money on credit cards? Do you struggle to keep a balance between your spending and savings? If any of these circumstances describe your financial situation, maintaining a budget in place may support you. Creating and sticking to a substantial budget are the first steps leading to your financial freedom.
Although budgets tend to be excellent in action, they are challenging in theory. Not sure how or where to start budgeting? Whether you have not managed to create a budget plan or are merely facing trouble sticking to your budget, here is your easy yet effective step-by-step guide to help you build a budget you can effortlessly follow.
Begin with Big Goals
First, you must know that successful budgeting is not centered around what you are sacrificing but focuses on your goals. Thus, make it clear: WHY you are making a budget. Do you want to get rid of your debts as soon as possible? Are you planning to pay cash to get a vehicle? Do you aim to purchase a home? Focus on your big goals, as it is the secret to getting everything you want to achieve.
Track Your Spending
Before creating a budgetplan, you must understand how much you spend every month on various items. To determine this, you must only identify your budget baseline by tracking your spending for the past few months. Thus, go through your recent bank statements, the last six months or more, and determine how much goes towards utilities, food, groceries, mortgage or rent, transportation, shopping, etc. This process will also enable you to identify areas where you often overspend. Consequently, you become more aware of your spending and saving patterns, helping you make better financial decisions.
Make the Most of Technology
Technology has made things far more manageable than most people know. If you have never made a budget before, are unsure where to begin your budgeting, or get frustrated with intricate details, using a smartphone app is a good idea. Many great budgeting, bookkeeping, and finance apps can connect with your bank accounts and set up a complete budget by using the data from your spending habits.
Give Each of Your Dollars a Purpose
When you begin budgeting your every dollar, you eventually plan for unexpected situations such as spending on a sporadic coffee cup with your friend. These savings will also help you put your extra money towards either savings or an emergency fund. Give your money purpose, down to your every last penny.
Set Goals
Your financial goals can wipe the pain out of saving money. The more specific goals you have, the more motivated and excited you are to save money, and the more you are inclined to stick to your goals and, thus, budget. Your great goals could be saving for a dream vacation with your family or a down payment on a new home.
Allow Yourself Some Fun
Besides focusing on your basic needs and financial goals, make a thin line for some fun. If your budgeting plan makes your life dull, you are less likely to go along with it. On the contrary, you will love sticking to a plan that keeps you happy. A few fun categories in your budgeting may include eating out on weekends and saving for the winter holidays.
Use Cash
It is often easier to overspend, thus saving less when you are using credit or debit cards. Therefore, take out adequate cash on your payday for the budget categories that make sense and tell yourself, ‘I cannot get more money, even when I run out.’ Hence, you are done with spending right away when your cash is gone! And this is simply one of the easiest ways to keep yourself accountable.
Automate Your Savings
Transfer part of your paycheck into your savings account as soon as you receive it. This way, you will help minimize your spending and improve your savings. Also, leverage auto withdrawals to save for expensive transactions like a vacation or new furniture.
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.
If you encounter a problem with your QuickBooks file, you need to know everything you can do to rebuild it. A problem can occur for various reasons, such as getting an error while you are trying to save something, the balance sheet is not balanced, or you are trying to verify a file, and it says that you should rebuild since there are errors in the concerned file. Whatever the case, we’ve provided simple instructions for you to rebuild that file with ease.
Rebuilding a QuickBooks File
You need to log in as admin to the copy of your company to rebuild the test copy. After that, click File -> Utilities -> Rebuild Data.
This process will shut all the open QuickBooks windows and help you generate a current backup of your data as a QBB file. (If you have set the backup to verify and the verification fails, you can select the “No verification” option from the backup window)
The rebuild immediately starts as soon as the backup is completed. A small file takes a few minutes, but it can take several hours if it is big or badly damaged. You mustn’t do anything while this is processing, or you could do irreversible damage to the file.
The older versions of QuickBooks would give a message at the end of the rebuild, telling whether it was successful or failed. However, the latest version says, “Rebuild Completed.”
Clicking on the view issue button will allow you to see what happened and show a report of everything that is fixed or can’t. This report could be helpful if you continue to have issues and need to see what was done in a previous file rebuild.
Sometimes, rebuilding can significantly affect account balances or customer balances without warning. Therefore, even if the rebuild succeeded, printing out a customer aging report, a balance sheet, and an aging vendor report is necessary to see if any value has changed. If it has changed, you must use the previous customer aging report, balance sheet, and aging vendor report to rebuild with the correct data.
You can also run reports on this since the rebuild was run on the copy of the actual file and then open the original file and compare it after running the same reports.
Also, check out P&Ls because, in some cases, rebuilding can also affect them.
It might be that the balances were incorrect before, and the rebuild fixed them, but it is essential to be aware of the changes since sometimes the rebuild makes changes that don’t align with the norm.
A rebuild can also disconnect transaction that is supposed to be linked. For example, a payment can get detached from the bill used to pay, leading to an unpaid vendor bill. This problem is why it is necessary to survey the aging reports and compare the numbers after rebuilding with the original numbers.
If you find that the rebuilt file conforms to the reality, you can make it your main working file and go forward.
Sometimes, you might see an error saying, “We couldn’t fix some of your errors.”
In that case, you can:
Rebuild your file’s test copy repeatedly until it works out. Running the rebuild command often can sometimes fix the problems that weren’t previously fixed.
Make sure you create a backup to have the file version before the error occurs. This backup would ensure that your file gets verified without any problems, the balances are correct, and the transaction is not disconnected.
Get the help of an experienced professional.
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.
Start-ups have been the hyped-up success story of the former decade, with a few new companies hitting it big and changing the face of business development. But for every successful start-up, countless others fail, sometimes mysteriously and often unobserved. No one enters business expecting to fail, yet many new start-ups do. To understand what causes failures, listed below are the top five reasons why start-ups tend to fail.
Market Problems
A primary reason why new businesses fail is that they run into the problem of having little or no market for the product they have built. Here are some common indications:
There is not a convincing enough value proposition to cause the buyer to commit to procuring. Good sales reps will tell you how to get an order in today’s challenging circumstances. You must find buyers with their “hair on fire” or “in thrilling pain.”
The market timing is not right. You could be ahead of your market by a few years, and the public may not be ready for your specific resolution at this step.
Luckily, you may have had the funding to last through the early stages, but the market size of people who need your services and have funds to come to you is not large enough.
Business Model Failure
One of the most common causes of failure in the start-up world is that entrepreneurs are too optimistic about how easy it will be to acquire customers. They assume they will beat a path to their door because they will build an exciting website, product, or service. That may happen with the first few customers, but it quickly becomes an expensive task to attract and win customers if you do not have a proper business model in place.
The capital efficiency “rule”
If you want a capital-efficient business, you must recover the cost of acquiring your customers in less than 12 months. Wireless carriers and banks break this rule but have the luxury of access to cheap capital.
Poor Management Team
A widespread problem that causes start-ups to fail is a weak management team. A good management team will be innovative enough to avoid these reasons. Weak administration teams make errors in multiple regions:
They are frequently ineffective in strategy, building a product that no one wants to buy, as they failed to do enough work to validate the ideas before and during development.
They are usually poor at execution, which leads to issues with the product not getting built correctly or on time.
Running Out of Cash
A fourth primary reason start-ups fail is that they run out of cash. A vital job of the CEO is to understand how much money is left and whether that will carry the company to a milestone that can lead to successful financing or cash flow positive.
Product Problems
Another reason new businesses fail is that they miss the mark in developing a product that meets the market’s needs. This failure can either be due to simple execution or a far more strategic problem: inability to achieve Product/Market fit. Most of the time, a start-up’s first product won’t meet the market need. Getting the product/market fit right in the best cases will take a few revisions. In the worst cases, the product will be way off base, and a complete re-think is obligatory.
Conclusion
Some start-ups prosper, yet so many fail. And it is a failure that teaches us the best lessons. There are many other reasons start-ups fail, but these five came up as most expected when inquiring about the founders and team members involved in the start-up ecosystem. Should your start-up fail, it’s worth spending some time understanding what went wrong and learning from your mistakes to make it the next time.
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.
How Accounting Software Saves Time for Your Business
Accounting software saves time by automating repetitive financial tasks, eliminating manual data entry errors, and delivering real-time financial insights that previously took hours to compile. Modern cloud-based solutions can reduce bookkeeping workloads by 40-70% while providing instant access to critical business metrics.
I’ve witnessed the transformation firsthand. Over my 20 years as CEO of Complete Controller, I’ve guided hundreds of businesses through the shift from spreadsheet chaos to streamlined automation. One client, a growing e-commerce company, reclaimed 25 hours weekly—time they redirected into launching two new product lines. This article reveals the specific mechanisms behind these dramatic efficiency gains, complete with real-world metrics and implementation strategies that will revolutionize your financial operations.
How does accounting software save time for your business?
Accounting software saves time through task automation, error reduction, real-time reporting, and seamless integration with banking systems
Automated invoicing and billing eliminate 3+ hours of weekly manual work
Bank reconciliation syncs automatically, cutting monthly reconciliation from 16 hours to 2-3 hours
Integration with payment systems removes duplicate data entry across platforms
The Hidden Time Drain of Manual Accounting
Traditional bookkeeping methods consume valuable resources in ways business owners rarely calculate. Manual data entry alone accounts for 15-20% of accounting staff time, with each transaction requiring multiple touchpoints across different systems.
Consider the typical invoice processing workflow. Without automation, creating an invoice involves entering customer data, calculating line items, applying taxes, generating PDFs, sending emails, and tracking payments—a 15-minute process per invoice. Multiply that across dozens of weekly invoices, and you’re looking at hours of repetitive work. Add reconciliation, expense tracking, and payroll, and manual accounting becomes a full-time job that pulls focus from strategic growth initiatives.
Core Time-Saving Mechanisms in Modern Software
Automated transaction processing
The foundation of accounting efficiency lies in automated data capture. Companies implementing digital expense management systems report saving over 30,000 hours annually, with receipt processing time plummeting from 61 seconds to just 10 seconds per expense. This 83% reduction in processing time translates directly to cost savings and employee satisfaction.
Bank feed integration represents another leap forward. Instead of manually entering each transaction, accounting software automatically imports and categorizes expenses based on customizable rules. A restaurant owner I worked with reduced her weekly bookkeeping from 8 hours to 90 minutes through bank feed automation alone.
Error elimination through intelligent validation
Human error in manual accounting costs businesses an average of $1,200 annually in corrections and reconciliations. Automation reduces reporting errors by an astounding 90% while accelerating processes by 85 times. Built-in validation rules catch discrepancies before they compound, preventing the cascade effects of mismatched accounts.
These systems flag unusual transactions, duplicate entries, and mathematical errors instantly. One manufacturing client discovered $18,000 in duplicate vendor payments within their first month of implementation—errors that manual reviews had missed for years.
Real-time financial intelligence
Perhaps the most transformative aspect is instant access to financial data. Traditional month-end closing processes that once consumed 5-7 business days now happen continuously. Dashboards update with each transaction, providing:
Live cash flow monitoring
Instant profitability analysis by product/service
Automatic budget vs. actual comparisons
Predictive cash flow forecasting
This immediacy enables agile decision-making. When market conditions shift, businesses can pivot strategies based on current data rather than waiting weeks for financial reports.
Quantified Impact: Real Business Transformations
Manufacturing efficiency breakthrough
A major food manufacturer partnered with CLA Connect to automate their complex rebate and billback processes. The results exceeded expectations:
Monthly time savings: 60 hours
Error reduction: 90%
ROI achievement: 4 months
Annual cost savings: $72,000 in labor alone
The automation handled thousands of rebate calculations that previously required manual spreadsheet manipulation, freeing the accounting team to focus on strategic vendor negotiations.
Professional services revenue discovery
An architecture firm implemented AI-powered accounting tools to streamline their project-based billing. Beyond the expected efficiency gains, the software uncovered $48,000 in overlooked tax deductions, including a $22,000 R&D tax credit for innovative design work. Monthly accounting costs dropped by $2,400 while billable hours increased due to improved time tracking.
Nonprofit impact amplification
A regional charity transformed their donor management and grant reporting through cloud-based accounting integration. Month-end reporting time dropped by 50%, while electronic approval workflows reduced processing delays from 7 days to 3 hours. The time savings allowed them to pursue additional grants, increasing funding by 30% within the first year.
Strategic Implementation for Maximum ROI
Selecting your optimal solution
Business size and complexity determine the ideal software approach:
Small Businesses (1-20 employees): Cloud-based solutions like QuickBooks Online or Xero offer comprehensive features under $50/month. Focus on solutions with strong mobile apps for on-the-go management.
Growing Companies (20-100 employees): Mid-market platforms like Sage Intacct or NetSuite provide multi-entity support and advanced reporting. Budget $200-500/month for robust functionality.
Enterprise Operations (100+ employees): Custom ERP implementations handle complex requirements like multi-currency consolidation and regulatory compliance across jurisdictions.
Phased migration strategy
Successful transitions follow a structured approach:
Process Documentation: Map current workflows to identify automation opportunities
Data Preparation: Clean historical records before migration to prevent error propagation
Pilot Testing: Start with one department or process to refine procedures
Gradual Rollout: Expand module by module based on impact potential
Continuous Optimization: Regular reviews to maximize feature utilization
Most businesses achieve 80% adoption within 90 days using this methodology.
Overcoming Common Implementation Challenges
Data migration excellence
The biggest risk during transition involves data integrity. Best practices include:
Reconciling all accounts before migration
Running parallel systems for one full accounting cycle
Validating that historical reports match between old and new systems
Creating backup archives of legacy data
These steps prevent the compounding effects of migration errors.
Team adoption strategies
Resistance to change dissolves when teams experience quick wins. Start with the most time-consuming tasks—typically invoice processing or expense management. When staff see 2-hour tasks reduced to 15 minutes, enthusiasm builds naturally.
Provide role-specific training focused on daily workflows rather than comprehensive system overviews. A payroll specialist needs different features than an accounts receivable clerk. Targeted training accelerates proficiency.
Beyond Time: Strategic Business Advantages
Cost reduction multipliers
Time savings represent just one dimension of value. Additional cost reductions include:
Paper and printing: $500-2,000 annually
Storage space: Eliminated with digital archives
Late payment penalties: Automated reminders improve collections
Audit fees: Clean records reduce billable audit hours
These savings often cover the software subscription costs entirely.
Scalability without staffing
Traditional accounting requires proportional staff increases with business growth. Automation breaks this constraint. One e-commerce client scaled from $2M to $8M in revenue with the same finance team by leveraging automated order processing and inventory management.
Competitive intelligence
Real-time analytics reveal opportunities competitors miss. Instant margin analysis by product line, customer profitability rankings, and cash conversion cycle metrics inform strategic decisions. This visibility transforms accounting from a compliance function to a strategic advantage.
The Evolution Continues: Future-Ready Finance
The progression from manual ledgers to AI-powered forecasting represents just the beginning. At Complete Controller, we’re implementing machine learning tools that predict cash flow gaps 30-60 days in advance, allowing preemptive action rather than reactive scrambling.
Voice-activated data entry, automated audit trails for blockchain integration, and predictive analytics for customer behavior are transitioning from concepts to practical tools. Businesses embracing these advances today position themselves for tomorrow’s opportunities.
Taking Action: Your Efficiency Transformation
Accounting software fundamentally reshapes how businesses operate. The 40-70% time savings documented across industries represent hours redirected toward growth, innovation, and strategic planning. Error reduction protects profitability while real-time insights enable agile management.
The transformation extends beyond efficiency metrics. I’ve watched clients rediscover their passion for business when freed from bookkeeping burdens. One manufacturer used their recovered 60 monthly hours to develop a new product line that doubled revenue within 18 months.
Your business deserves the same transformation. Every day of delay means lost hours and missed opportunities. Ready to reclaim your time and accelerate growth? Visit Complete Controller to schedule a consultation with our automation experts and discover your personalized efficiency roadmap.
Frequently Asked Questions About Accounting Software that Saves Time
How much time can small businesses realistically save with accounting software?
Small businesses typically save 10-15 hours weekly through automation of invoicing, expense tracking, and reconciliation. Our clients report 40-70% reduction in total bookkeeping time within the first 90 days.
What accounting tasks benefit most from automation?
Bank reconciliation, invoice generation, and expense categorization show the highest time savings. Manual bank reconciliation averaging 4 hours weekly drops to 30 minutes with automated bank feeds.
How quickly can we implement accounting software?
Basic implementation takes 2-4 weeks for small businesses, while complex enterprise deployments require 6-12 weeks. Phased approaches allow immediate benefits while completing full integration.
Does accounting software handle multi-state payroll and tax compliance?
Yes, advanced platforms automate multi-state payroll calculations, tax withholdings, and quarterly filings. This eliminates manual tax table updates and reduces compliance errors by 95%.
What’s the actual ROI timeline for accounting software investment?
Most businesses achieve positive ROI within 3-6 months through labor savings alone. Factor in error reduction and improved cash flow visibility, and payback often occurs within 90 days.
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.
As a wise consumer, you most likely have a fair idea about managing your credit. However, as a new business owner, you might not yet have the capacity to establish business credit. Your credit score will not come in handy if you require business financing at any point in time. Instead, a strong business credit history will be needed. Business credit performs the same function as personal credit by measuring trustworthiness. The credit bureaus collect information from vendors, banks, and other business partners to measure your solvency and allot you a score which, unlike a personal credit score, ranges from 0 – 100.
Why Business Credit is so Important
Just as the strength of your credit score determines the kind of credit products you are eligible for and their terms and conditions, a business credit score is a vital component in measuring your métier as a business. Your business partners want a reliable payment and other financial handling track record. The credit score allows them to make informed decisions about your business. Therefore, a good credit score can open up the doors to inexpensive and enduring credit in the future.
Ways to Establish Business Credit
While establishing business credit may seem arduous for a start-up, here are some ways to do that without much hassle.
Establish a Business Entity
As mentioned, your aim should be to reflect your payment history on your business accounts rather than personal ones. Therefore, it needs to be a separate and registered entity. Your purpose should be to identify the entity that offers you the best solution regarding your needs and creditworthiness. The two most common options are sole proprietorship and partnerships, as they are easier to manage initially. However, these entities are independent.
If you have chosen a sole proprietorship or partnership, it will be hard to differentiate and establish business credit as a separate entity. Both structures do not specifically distinguish an individual and a business. Therefore, it is unable to help you in developing business credit.
The proper structures for establishing business credit are a ‘C Corporation,’ ‘S Corporation,’ or an ‘LLC’ (Limited Liability Corporation). While it’s essential to think of a structure that suits your need to build credit, it is not the only thing that matters, as the proper business structure depends on many other factors.
Get a Federal Tax ID
The IRS relies on an employer identification number (EIN) to observe businesses, especially queries related to employee payroll expenses. Every business must get this number as it performs various essential functions and establishes business credit simultaneously. You will be required to apply with your state or county government office.
Establish a Dedicated Business Address and Phone Number
While it may sound pretty simple, setting up a dedicated office for your business and a landline establishes your credibility, which eventually positively affects your credit score. You will register with business directories; just listed gets a few points added to your credit report. A phone line can establish business credit by developing a formal trade credit relationship with your vendors and other business acquaintances, a good sign for credit companies.
Institute Trade Lines with Suppliers
Maintaining good relations with only a handful of vendors and suppliers suits your credit score. However, you must develop good credit relations with various business partners to enhance it. As your small business grows, you can procure from many different suppliers that will open up multiple tradelines for you. It will be even better if your partners extend credit and allow you to pay after weeks or months, as this shows their trust in you, which is excellent for establishing business credit.
Conclusion
As a small business owner, you have the power to build your credit score over time. By prioritizing the fundamentals, you can surpass your competitors and achieve financial success. Keep in mind that paying off your business loans and bills promptly is crucial, and following the tips outlined above will ensure you stay on the right path. With determination and discipline, you can confidently establish a solid credit history for your business. Complete Controller has your back too! Check out our blog and learn even more about building your business credit and more!
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.
Organizational culture outlines how employees intermingle with each other and how they complete their tasks. The corporate culture revolves around beliefs, symbols, values, and rituals that oversee and rule the working style of employees present within a company.
Corporate culture binds the workforce together. It also gives a direction for the corporation.
If changes occur in an organization, the biggest challenge any business will face is cultural change since the employees have become accustomed to how the organization is already carrying things out.
Why is Company Culture Important, and Why Does it Matter?
Company culture is an essential aspect of any business. Employees are much more likely to love and relish their time when fitting in with the corporation’s culture. Employees will also be inclined to enjoy doing their jobs when they see that their values and needs are consistent with others. They tend to grow and improve their relationships with their coworkers, making them even more productive.
If employees work in a company that doesn’t fit in and adjusts to the company culture, they are more likely to get less pleasure from doing their work. Let us take an example of this scenario. Suppose an employee prefers to work independently and freely but happens to work for a corporation that stresses teamwork. In that case, that employee will be more likely to be less efficient and happy.
Work at a corporation with a standard management style. You will find your job responsibilities to be very clearly defined. There might be fewer opportunities to develop and advance without going through their transfer process or formal promotion. Compared to a more casual place of work, employees will have more possibilities to take on fresh, new projects, along with additional roles.
How does Company Culture Affect a Working Environment and Employees?
Impact on employee performance
Exactly how does the culture of a company impact individual performance? A company’s culture should be widely communicated and reinforced to deliver a competitive advantage. Every one of the employees must share their beliefs and values.
In an organization where the culture is strong, the employees feel valued. The staff enjoys the control they have over their jobs. They don’t feel powerless. Whether by working at home or selecting their projects, employees who feel valued can make decisions that help achieve a much higher level of performance.
Impact on employee satisfaction
A positive company culture can ensure that its employees are satisfied with their occupations and loyal to the company. This can tremendously benefit a company with a competitive hiring atmosphere. Employees are more interested in becoming a part of and staying with an organization where the company culture promotes employee development, offers flexibility, and supports a work-life balance.
Improving and working toward employee satisfaction concerning a supportive and strong company culture can drastically decrease recruiting, training, and hiring expenses. At the same time, it will improve employees’ morale and increase profits.
Impact on employee engagement
In companies with good communication practices, employees know their ideas and opinions will be welcomed. Suppose employees feel that they have been heard. In that case, they do not carry resentment, which eventually leads to damaging morale, absenteeism, and termination. Communicativecompanyculture will lead to innovation, greater participation, and creativity. Once employees are hired, educated, and oriented to the organization, they feel energized, supported, frustrated, and undervalued. When employees feel valued, they are more willing to be enthusiastic, involved, and engaged.
In Conclusion
In conclusion, a company’s culture is pivotal in shaping the working environment and determining how employees perceive their jobs. A strong company culture promoting values and beliefs can help employees feel valued and empowered, increasing satisfaction, engagement, and productivity. On the other hand, poor company culture can adversely affect employees’ morale and lead to decreased productivity and higher turnover rates. Therefore, organizations must prioritize cultivating a supportive and communicative company culture that aligns with their employees’ values and needs. By doing so, companies can create a positive working environment that fosters employee growth, satisfaction, and engagement, ultimately leading to increased success and profitability.
Check out the Complete Controller blog to learn more about the importance of company culture and working environment.
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.
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.
