Author: Jennifer Brazer

When you start and build a small business, you put everything into its success, your time, talent, and financial resources. With that in mind, a surprising fact is that often entrepreneurs don’t take the steps needed to protect their companies. Think your business is immune to disasters? Think again. Disasters can strike without warning and, when they do, your business stands to lose the time and money you’ll have to spend on bookkeeping data recovery and compensation. You could lose years of hard-earned reputation and trust of loyal clients. These two major losses could theoretically put an end to your business altogether. It’s important to protect your business from disaster before it happens. When it comes to recovery planning, you must take action to minimize the damage and further risk.

Security Measures to Protect Your Business

Crimes against people and property can significantly add to the cost of doing business for different small businesses. Shoplifting and theft of business property are all too common and expensive. Crimes against business owners, employees, customers, and others who enter the premises are less common but can be more tragic and traumatic when they occur.

Create a Written Security Policy

As part of your security platform, you may choose to compose your security rules and give them to your workers. Security is a comprehensive subject; you may choose to keep the focus of your policy narrow, or you may decide to address many different aspects of security in your policy. Consider including the following:

• Guards and security
• Your security program/committee
• Areas of limited access
• Restrictions on visitors
• Statements regarding the removal of company property
• Escort services to cars, if you provide it

Establishing Internal Controls

If you suspect there’s a problem with employee theft, there are basic activities to help you. Activities like screening applicants before they are hired, periodically examining bank accounts to see if there is anything unusual going on, and taking precautions in preparing payroll that can be implemented.

Taking Steps to Recognize and Prevent Employee Theft

Embezzlement or employee theft is an equal opportunity issue for businesses of all extents. The best way to prevent embezzlement is to identify the warning signs and implement an internal system of controls. Embezzlement doesn’t occur only in larger money-making businesses that you read about in the news. It happens every day to small business owners. Small companies are also less likely to take the safety measures necessary to prevent embezzlement.

Know Your Employees

Even if you have an in-house auditing system that makes embezzlement difficult, the danger of collusion still exists. Subsequently, some corporations protect themselves from employee dishonesty by bonding with their employees and taking the time to know them.

Developing a Contingency Plan for Emergencies

Think of your contingency plan as a fire drill. While you may never have a fire, it’s good to know what to do if there is one. Approach general emergency planning and use these steps to get started:

• Get organized
• Assume the worst
• Try to prevent the loss
• Keep duplicate records at a different site
• Keep backup equipment necessary to continue basic operations at a location other than the work site
• Store critical information in a safe and secure place such as a bank vault

 

Developing Emergency Procedures

If you have any employees, paste guidelines in the work areas regarding what to do in case of a fire, earthquake, or other disaster, and make sure that your employees are familiar with those instructions.

Final Note

Even the best-laid plans should have provisions for when all else fails. The most important thing to remember is that you don’t have to go through the recovery process alone. Review all of your business operations and identify areas that are crucial for your organization’s survival. Establish a procedure for managing those functions during a disaster of any kind.

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.

Here is a helpful guide to starting and running a successful consulting business:

Certifications and Licenses

The first step is to define the skill you are going to market with. Be sure that you have all of the required qualifications and updated knowledge before you step into the market. If needed, take any applicable courses and obtain certifications and licenses as necessary for your chosen field of consultation.

Time Management

The consulting business requires that you have great time management skills and are well organized—work at creating a standard schedule of tasks and identify needs before taking on a consulting project. Understand deadlines and how to work within them or adjust them according to needs.

Networking

Immediately establish a network of contacts if you do not already have one. This can be through business relationships or through friends and family who may have potential clients connected to them. Finding ways to get to those who may need your services is important for building your consulting business.

Define Goals

Define the long-term and short-term goals for yourself. These goals should match with your consulting business. Setting both personal and business goals will show where adjustments need to be made to make your consulting business a success.

Fields of Consulting Businesses

There are various fields of consulting businesses that one can choose according to their qualifications and expertise.

1. Accounting

Both small and large businesses need an accounting consultant for their financial management.

2. Advertisement

For good advertising campaigns, consultants are hired to market and create ads for other companies.

3. Auditing

Auditing consultants provide consultancy regarding audits to all types of organizations.

4. Business

To make a business more profitable, business consultants are hired.

5. Business writing

Business writing consultants are required for writing business reports for companies, small and large.

6. Career counseling

Career consultants will guide clients to explore job options and know which career is best for them.

7. Communication

For better internal communication within companies, such consultants are hired.

8. Editorial services

For making annual reports and newsletters of the corporate sector, consultants are hired.

9. Computer programming

For both hardware and software, consultants are needed in a variety of different ways.

10.  Gardening

Both home gardens and offices hire gardening consultants to advise towards optimum care of their gardens.

11. Executive search

These consultants hunt the talent for a corporation.  They may be involved in recruiting or job fairs.

12. Insurance

Insurance consultants will help companies and individuals in finding the best insurance plan at a minimum price.

13. Human resources

A human resources consultant will help in solving people’s problems in both large and small corporations. An HR consultant counsels people on how to respect each other and how to avoid violence in the workplace plus much more.

14. Grantsmanship

This consultant will help in writing different grant proposals for an organization.

15. Public relations

Portraying a good public image and getting good coverage for an organization is successfully done by a public relations consultant.

16. Payroll management

Both large and small businesses require payroll management consultants to manage their employees’ monthly payroll.

17. Marketing

Marketing consultants provide ideas for the marketing and promotion of a business.

18. Publishing

A publishing consultant provides guidance when a new publishing venture is going to be launched in the market i.e., magazine, newspaper, online newsletters, etc.

19. Taxes

A tax consultant suggests methods for paying the minimum amount for taxes.

20. Writing services

Writing skills are always in demand. Just define your field and take a step into the market.

Target Market

Market your idea. Identify the idea you are going to launch into the market. A consulting business may identify problems, supplement the staff, train employees, bring new life to an organization, create a new business, or influence other people.  There are so many different directions you can go as a consultant.  Passion is key.

Office and Staff

Initially, you can start and handle the consulting business on your own. As the consulting business grows, administrative staff may be needed to handle some aspects of it so that you can effectively compete for consulting tasks.

Benefits of a Consulting Business

 Initially, no office is needed, which means there are no worries about rent and other utilities. The deduction of taxes for home-based businesses is also less. There is so much flexibility with time. You are not bound to office hours. You can set your own working schedule and can take as much time as required to complete the task within a responsible amount. There are numerous freedoms to being your own boss.

Conclusion

A consulting business can be started and run with less money and more quickly than other small businesses.  Drive and passion are key to initiating and sustaining a consulting business.  

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

Here are the top five time management techniques to ensure a successful business.

Technique Number 1: Make Lists

Business people and entrepreneurs have to do tasks and many assignments. They have to manage countless issues at a time. Bookkeeping and accounting are time-consuming but necessary jobs they must handle. The best way to manage all of this is to make lists of all tasks and items you have to handle. Making lists is part of all-time management techniques. Lists can be memorized and used accordingly to prioritize if you have an outstanding memory. So, the best solution for time management is to enlist and write down all tasks, to-do lists, and pending tasks.

Four basic principles can be used for enlisting:

• Annual schedule: Prepare the schedule for one year. This schedule is based on daily activities.
• Things to do list: make a list of things to do on a daily, weekly, and monthly basis. All things-to-do tasks should be prioritized according to urgency.
• People to call list: enlist all phone numbers; you have to make phone calls. This is the alphabetically prioritized list. Alphabetical priority means that you allocate an alphabet to each number you have called according to priority—A, B, C, and so on as the priority goes down.
• Planner for the conference: planning of meetings and conversations you frequently need to have should be enlisted according to priority. This way, you won’t ever forget an important point or meeting.

An easy and well-organized system for making lists regularly should be adopted. The habit of making lists is worth using for business success. The lazier and more casual you become in organizing lists, the less will be your earnings.

Technique Number 2: Tickler Files

A tickler file system is used to manage everyday files and activities in an organized manner. It serves as a booster for automatic memory and lessens the mess of daily files, workload, and activities.

A tickler file is also known as a 43-folder system. It is a system in which files are arranged date-wise in such a way that at a specific time, that file will automatically be highlighted.

A tickler file is a remarkably friendly and straightforward system. Suppose you have 90 files of three colors, 30 for each month. You numbered them 1-30 for each month and allocated them in three different colors, i.e., Blue for the current month, red for the next month, and green for the month following that. Now you have a task that you need to perform on the 22^nd of the next month. You put the note and other details on the 22^nd number red file. On the 22^nd of the next month, that file will automatically remind you of that task by popping up. This is an automatic reminder system. By using these tickle files, none of your tasks are missed or forgotten. A lot of time is saved, and timely reminders lead to business success.

In cell phones and computers, this pop-up reminder system can also be used.

Technique Number 3: Fewer Meetings

Lengthy meetings are just a waste of time. No work is done in the meetings.  For unmotivated people, it is a hideout place where they can relax. To have better time management, the frequency and duration of the time should be shortened. Meetings should be focused, and something valuable should be accomplished in the meetings. 

Minimizing the meetings should be a good time management technique to have a successful business.

Technique Number 4: Block Time

Most of the time of the year should be pre-assigned and blocked to get maximum advantages. Assign your time to important tasks like bookkeeping, audit, payrolls, training, etc. to succeed in the business.

Technique Number 5: Profit from “Odd Lot Time”

The time you get while waiting for something is valuable. Spend that time in reading, thinking, and listening. Responding to missed calls and messages during this time is not a good idea because you cannot concentrate, and you normally do it in a hurry.

Conclusion

The key to success in any business is a disciplined time management system. With these five techniques, you can be a pro in handling your time. It is up to you to implement them into your processes, and if you choose to, you will be successful in your goals.

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 budget is an approximation of revenue and expenses over some time. Budgets can be prepared for an individual, a family, a group of people, a business, a government, a country, a multinational organization, or anything else that makes and spends money. A budget is an internal tool used by the administration and is often not essential for reporting by external parties.

Following a budget will keep you out of debt or aid you in working your way out of debt if you are currently in debt. Spending less than we make is usually quoted as the most critical personal finance objective. It helps us to save for emergencies and stash cash away for retirement. It’s the principal practice that facilitates us to attain some level of financial freedom. Constructing a budget with a template can help you feel more in control of your finances.

Common Excuses for Not Having a Personal Budget

Generating and using a budget is for those who need to monitor their cash flows from month to month because “money is tight” and is a valued tool for all demographics. Even though budgeting is an excellent tool for managing your finances, many people still think it’s not for them. Below is a list of budget myths:

1. I don’t need to Budget: Having a grip on your monthly salary and expenditures lets you make sure your hard-earned money is being put to its highest and finest purpose. Individuals who enjoy a salary that covers all bills with money left over can help maximize savings and investments.
2. I’m not good at Mathematics: You don’t have to be thanks to budgeting/costing software. You have to be able to follow guidelines.
3. My job is Safe: No one’s employment is secure. If you work for a corporation, being laid off due to downsizing or a takeover is always possible. If you work for a small business, it could die with its titleholder, be bought out, or fold. You should always be ready for a job loss by having at least three months’ worth of living expenditures in the bank.
4. And if it’s not, Unemployment Insurance will save me: Unemployment compensation is not a definite thing. Let’s assume if a bad condition at work leaves you with no choice but to resign from your job. Unless you can prove constructive discharge (that is, you were virtually forced to resign), your exit will be measured voluntarily, making you ineligible for unemployment insurance.
5. I don’t want anything significant: If you don’t have any main savings goals, it’s tough to tap up the motivation to stack away extra money each month. Though, your condition and your attitudes are possible to change over time.
6. I’m Debt-Free: Great for you! But it won’t pay your bills in an emergency.
7. I always get a Raise or Tax Repayment: It’s never a good notion to count on changeable sources of income. This may be the year your business may not have enough money to give you a raise or as much of an elevation as you’d hoped for, even if you’ve earned it. The same is true of bonus money. Tax refunds are more trustworthy, but this depends partly on how good you are at computing your tax liability.
8. I don’t have the proper regimen: If you’re still not swayed that budgeting is for you, here’s an approach to safeguard yourself from your spending practices. Set up an automatic transfer from your checking account to a savings account, programmed to occur right after you get paid each time.

Conclusion

Formulating a budget doesn’t have to be complicated. A budget can secure your future financial status and lead you to financial freedom.

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.

A business owner uses accounting statements to converse about its financial statistics with interested parties, including investors and creditors. No matter how big or small your business is, whether you do your bookkeeping, or you have an entire accounting team, three financial statements must be arranged to deliver detailed information about a business’ financial condition. The following three financial statements cover subjects on everything from assets, liabilities, and equity to net income and cash flows.

Balance Sheet

A balance sheet is a financial report that lists the accounts and balances of a business entity’s assets, liabilities, and shareholders’ equity. A business entity reports such financial statistics in its balance sheet at the end of a bookkeeping period, providing a snapshot of its financial situation at that point in time.

Income Statement

An income statement, occasionally mentioned as the statement of profits and losses, reports a business entity’s various profit, costs, and expenses, as well as the net. Therefore, an income declaration is a summary of a business entity’s financial performance during a given bookkeeping period. An income statement typically is systematized to cover functional activities and non-operating events such as investments and any withdrawn processes.

Cash Flow Statement

The statement of cash flows displays the cash inflows and outflows between a business entity and the outside domain during a bookkeeping period. While incomes and expenditures reported in the income statement involve many cash transactions, they also include certain non-cash exchanges. In addition to operating activities, cash flows also come from financing actions and bankrolling activities.

Accounting Statements provide valuable information to a wide range of users:

1. Managers require these statements to manage the dealings of the business by evaluating their financial performance and position and making important industry decisions.
2. Stakeholders use these statements to weigh the risk and return of their investment in the enterprise and make investment verdicts based on their exploration.
3. Prospective investors need these statements to measure the feasibility of investing in a business. Stockholders may foresee future dividends based on the profits disclosed in the reports. Moreover, risks related to the investment may be assessed from the statements. For example, inconsistent profits indicate higher risk. Consequently, financial statements provide a basis for the investment resolutions of potential investors.
4. Financial institutions (e.g., banks) use these statements to select whether or not to grant a loan or credit to a business. Financial institutions gauge the financial health of a business to determine the probability of a bad loan. A sufficient asset base and liquidity must sustain any decision to lend.
5. Suppliers need these statements to evaluate the creditworthiness of a business and determine whether to supply goods on credit. Dealers need to know if they will be repaid. Terms of credit are set according to the assessment of their customers’ financial health.
6. Customers use these statements to measure whether a supplier has the means to ensure the steady supply of goods in the future. This is especially vital when a customer is reliant on a supplier for a specialized module.
7. Employees use these statements to judge the company’s profitability and its significance to their future compensation and job security.
8. Competitors compare their performance with opposing companies to learn and improve strategies to progress their competitiveness.
9. The general public may be interested in the effects of business on the economy, environment, and the local community.
10. Governments require these statements to decide the correctness of tax declared in the tax returns. The government also keeps a trail of economic development through analysis of financial statements of companies from different sectors of the economy.

Final Note

Engaging yourself in your business’s bookkeeping can be eye-opening. It’s the best way to see how cash flows in and out of your trade and gain the framework you can use to ask yourself, your employees, and your stakeholders the right questions.

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.

Quickbooks Premier is the best software for a construction company’s accounting and financial management. It is the easiest software to use on the market for construction companies. The software will enhance company management and lead to long-term financial improvement.

This article is going to cover every aspect of Quickbooks Premier to provide you with the knowledge of why it is perfect for your company.

Let’s start with the application of the software. It would be best if you had a basic understanding of construction and construction accounting. With these basics in construction, you can separate the parts that are performing well and that need improvement. Construction accounting allows you to break the project into nine cost groups that are affiliated with a phase.

QuickBooks Premier: The Perfect Features to Enhance Your Bookkeeping

A number of simultaneous users

A single user can use one copy of Quickbooks, but it allows up to 5 users to insert data in the same Quickbooks premier file at the same time.

Data file size

Quickbooks Premier is great for SMEs as it works fast and accurately with 150-200 MB reports. This can serve you for at least ten years, so it is a good investment as it can store numerous amounts of invoices and estimates data.

Creating Email Quotes, Sales Orders, Invoices, and Purchase Orders

You are given three options for creating the above documents:

1. Microsoft Outlook, the outbound emails are tracked through them
2. Web-based emails (Microsoft, Gmail, Yahoo)
3. Via the QuickBooks email servers provided by QuickBooks (extra fees apply)

 

Printing Checks, Paying Bills, and Managing Expenses

With the Quickbooks checks stock, you can print them out. A voucher style and a wallet style are also available.

Manage Payroll, Payroll Taxes, and Direct Deposits

Payroll and their deductions are recorded in the payroll tables. If you need to use an automated service for payroll, you can subscribe to the QuickBooks services for extra charges.

One-Click Business Reports

After entering the complete business data and estimated data of the competitors, QuickBooks Premier enables you to get a complete business report with a single click. Something that is not possible with manual bookkeeping.

Import Data from Previous QuickBooks Premier Version

You can easily import data from a previous version of QuickBooks. With newer upgrades, this step becomes a snap of data.

Import Data from Excel

Quickbooks Premier has a feature called wizard import. This can help import all the data from your Excel sheets (customer list, vendor list, item, or accounts chart) into Quickbooks. This is an easy accounting solution software for companies.

Download Bank and Credit Card Transactions

If your bank account allows information to be downloaded into QuickBooks Premier, then the option exists in the software without any extra cost. You can easily download and save information in the spots fixed in the software. Remember to read the functionality for the efficient use of this feature.

Creating a Budget

You can create a budget on QuickBooks Premier with the budget tool. You can create a single budget for each year of business. This tool also creates a small spreadsheet and permits the copy of prior year numbers and posts them. You can compare actual reports vs. several budgets to observe business performance. For the advanced feature, an add-on program is available for purchase.

Inventory Tracking and Setting Reorder Points/Creating Assemblies/Bills

QuickBooks also provides an awesome bookkeeping feature for tracking inventory using reports like “Stock Status by Item” and “Stock Status by Vendor” reports.

Conclusion

Efficient business reports and the creation of a feedback loop for companies with Quickbooks Premier allow you to identify improvement zones. This results in creating an infinite loop of successes for your business.

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

Guided help in accounting software assists users through:

• Highlighting controls
• Step-by-step instructions
• Additional help boxes
• Grasping errors

There are tour guides and help boxes built into accounting software. When accounting software is designed for small business owners, it is built with the aim of simplicity. New users can also operate accounting software with ease. The software is made simpler by incorporating built-in help boxes. Small business owners can use the accounting and bookkeeping software themselves.

Accounting and bookkeeping software must have the following controls built-in:

• Income and Expense
• Financial statements
• Cash flow statements
• Balance sheets
• Fixed assets
• Budgeting
• Payroll
• Taxation matters
• Inventory management
• Sales management
• Customer management

 

Special Guided Help Boxes in Accounting Software

Guided help boxes in small business accounting make the work more accessible and less time-consuming. The guidance the help boxes provide is straightforward and user-friendly.

Guided Help Box to Avoid Errors in Entries

There are special features to eliminate typing errors when accounting and bookkeeping in small businesses.

Now, the essential accounting software also comes with some unique built-in features. If there is any difference in financial statements, the software will highlight the error. Small dialogue boxes are opened to guide where the error can exist. If one is not able to understand, then they can access help boxes built into the software. You can get instructions using that ‘help’ feature. If the balance sheet does not match with cash flow statements or financial statements, a guide box opens to recheck entries. Such features reduce the chance of typographic errors.

Inventory Management

If the business product is going out of stock, a special help box will keep giving you reminders until you get a fresh stock and enter the data into the software.

In some software, the near-ending stock will be highlighted to inform users to plan for their next purchase.

Expiry Management

When you are doing a business of finished products or raw materials, everything has an expiration date. A standard rule is to follow the principle of ‘first in, first out.’

But accounting software also collects expiration dates and gives an intimation of soon-to-be-expired batches.

Help in Budget-Making

When making a budget using small business accounting software, the built-in features will help throughout the budgeting process. If expected expenses exceed the percentage reserved for special operations, it will be highlighted. A help box can guide you to manage expenses and income according to the budget percentage. If the income is low and expenses are high, the guided help will lead you to make expenses accordingly. 

Taxation Matters

Guided help boxes in small business accounting and bookkeeping also aid in tax matters. Income tax statements can be prepared. Value-added tax can be deducted. A final picture of your taxation matter is made transparent using helpful accounting software features.

Last Date Intimations

Using software aids you in remembering the last dates to pay taxes and make other payments. Small window boxes act as reminders, or highlighted controls will be present in accounting software to aid in making payments and paying other liabilities.

Expense Management

If the current expenses are going higher than expected in any business operation, the guided help boxes will lead you to the point where you can check the exceeding expense record.

Web-Based Accounting

The above features are provided in software for small business accounting and bookkeeping. The same features and guided help boxes are also available in cloud-based accounting systems. Accounting can be done online, and the cloud-based accounting systems provide the same help and guided boxes. You can access your accounting data from anywhere in the world.

Conclusion

Guided help boxes act as a valuable guide for performing basic accounting functions by the users. In small business accounting software, these help boxes assist new users in performing accounting and bookkeeping tasks themselves. Accounting and bookkeeping are made easy and less time-consuming. 

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.

Starting a business is often exciting and scary at the same time! It is like moving through an immense fog where you can only see a few feet before the windshield. Hence, you do not know what is awaiting you until it is actually upon you. The more experienced you are in entrepreneurship, the better you can navigate that fog. From bookkeeping to business management, your knowledge and expertise will enable you to make the right decisions. Here are nine critical choices at the start-up that can go a long way toward success.

A Good Sense of Timing

You need to understand this in two ways:

1. Picking the best moment to begin your start-up: The ideal moment to start your company is typically a balancing act that is determined by several significant factors, including the availability of necessary start-up funds, the success or failure of competitors, the ebb and flow of your industry, and your personal and family circumstances. For instance, you may delay the plan as you expect a baby in the next few months.
2. Immediate action to grab the opportunity: Since entrepreneurship is about taking calculated risks, you must leverage an opportunity as soon as it appears. You can achieve this by completing your business plan and making decisive moves to get your company off the ground promptly. But, always avoid a rush attitude. You must show diligence in the plan development. However, many start-ups fail simply because they are too sluggish and wallow to complete any task timely.

Avoid Giving Heed to Statistics

Many people use statistics like ‘95% of businesses fail’ only as an excuse to make themselves comfortable about giving up. Even if that number is correct, it is because most of them do not commit to their goals, follow through to the end, or have money management skills. Statistics can be a detriment regarding having the drive to see your business succeed.

Do Something You Love

Do not begin something you will not want to do in the next five years. Making your passion your business means you will still enjoy and earn in the next five years. It could be anything like painting, singing, engineering, teaching, marketing, auditing, or bookkeeping. 

DoYou Have to Raise Funds to Launch Your Start-up

It is often rare for an entrepreneur to have enough savings and funds in his bank account to begin their business seamlessly. On the other hand, most start-up enthusiasts have to raise finances to turn their ideas into reality. Therefore, you might need to use bank loans, leverage assistance from family and friends, or put properties on a mortgage to arrange money to invest in your start-up. Hence, assess your business goals to know how much you need to begin.

Know Your Team Members Before Bringing Them on Board

The people behind your business are the most critical factor, particularly for start-ups. Recordkeeping is essential for bookkeeping, and products or services have to be iterated many times until they find their marketplace; similarly, it is all about having the right people doing the right job. Their direction is more important than the pace of their performance. Here, it would be best to focus on their background story, such as precious experience, companies and qualifications, and the value they bring to the table.

Invest Wisely

Warren Buffet says, “Instead of putting all your eggs in the same basket, make multiple investments.” Following this inspiration, you should diversify your investments to help increase your chances of success and reduce the risk involved. Since these investments are for the long run, always show patience.

Avoid Over, or Under, Investment

Starting a business can significantly affect you and your family financially. You must learn where and when to spend what amount. You should neither waste your precious dollars nor fail or delay to invest adequately, where necessary, simultaneously. You often need to spend funds to earn money in any business. Hence, never skimp out or underestimate things your company needs.

Set Up Your Cash Flow Tracking

Since you must submit a self-employed tax return, you must have a good track record of all business transactions. Though opening up a separate business account is not necessary when setting up as a sole trader, it could be helpful to keep track. Several online tools help not only small businesses to manage bookkeeping and maintain other accounts but also enable large organizations to prepare audit reports and complex financial reports. 

Start Selling

You must know how to promote your product or service and who to target. Though you have already mentioned it in your business plan, it is time to put the matter into execution. Much of your early budget will be on advertisement and marketing, whether that is SEO, networking, telemarketing, or targeting retailers. Your first few sales will boost your confidence to show more commitment and dedication towards the business goals. 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.

Constantly evolving trends, the bookkeeping industry predicts that there will be no slowing down in the coming years. Bookkeeping is an old profession that has evolved over decades. Therefore, it has to embrace technology and tools to stay current. Here are the six major bookkeeping trends to be looking out for in the coming year.

Clients are Going to Be More Fluid

The development of technology, along with convenience, brings along its threats. The rising trends of less paperwork and cloud-based bookkeeping mean that clients can transfer all their data to a bookkeeping service of their choice in a few clicks. The main reason the majority of the small businesses changed their bookkeeping service provider was the lack of proactive client service. Therefore, the bookkeeping service should be provided in a way that nails quality client service.

Most SMEs Will Shift to the Cloud

If the ongoing bookkeeping trends continue further in the coming years, maximum SMEs will adopt cloud-based bookkeeping services because they cost less, are convenient, and are user-friendly. While accounting software like QuickBooks and Xero are the international market leaders in providing bookkeeping services, it does not mean that these are the only options clients have, as every client has their particular requirements.

The Future is App-Driven, Flexible Organizations

The actual strength of cloud-based bookkeeping services is their flexible nature. For instance, Xero provides more than 500 add-ons in its system. Such add-ons provide bookkeepers with the opportunity to offer custom-made services according to the preference of the client. The services that could be offered under bookkeeping are not restricted by the number of members in the team. Additionally, apps are low investment choices that allow the bookkeeper to demand a great price that could be transformed into monthly packages over time.

Initial Salaries Are Increasing

There has been up to a 4% increase in the salaries for bookkeepers and accountants during the current year. Businesses demand to build a relationship with their consumers and need to employ and retain the staff at a certain level. This is meant to provide a determined workforce with actual training and growth opportunities and pose as being flexible with working trends. After all, as of today, cloud-based services offer support to their clients, even from remote locations.

“Trustworthy Consultant” Is Not an Objective Any Longer

A computerized, real-time stream of financial statistics from clients moves toward a completely new era of service. The further profitable and dynamic path is consultation. Technological advancement has provided us with the ability to offer consultation in real time based on recent financial numbers. The shift to consultation is the opportunity to become an indispensable part of the success of a business rather than remaining just a financial record keeper.

DIY Bookkeeping Is Getting Easier

Software for bookkeeping and accounting is available at low prices and is becoming easy to operate. Along with that, online video tutorials are available on almost every topic, which also includes bookkeeping. For new entrepreneurs, doing bookkeeping and accounting by themselves may appear to be somewhat interesting. SMEs are inclining towards internal bookkeeping operations. There is a need to offer an excellent reason to work with bookkeeping solutions and their value added to the business.

Final Note

With each coming year, there will be new trends in bookkeeping to create a stir in the ongoing practices, and this year is no exception. Among the major competitors, there has been a 41% increase for QuickBooks, whereas Xero observed a 51% growth in subscribers for bookkeeping and accounting services based on the cloud. It is beneficial to know the correct way to direct your efforts with the upcoming trends explained above.

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.