Author: Stephen Huck

Remember how hard entering the real world is as an adult? Actively teaching your kids skills you wish someone had shown you will make life a little easier from the start. One of the most essential skills to teach is how to spend money and, more importantly, how to save it.

So This is Growing Up!

The transition from kid to adult hits you like a ton of bricks. Everyone can remember when they left the nest. Trying to shuffle through the information our parents taught us through the years. Then, we try to put the advice to use. We can also remember all the times we tried something new and wondered why had no one taught about this in school?  Talking to your kids about life and money matters now will help prepare them for the future. They might roll their eyes, but they won’t forget these lessons. Always lead by example. Remember, your kids will watch your behavior and are sure to mimic it. Explain to your kids the decisions you are making and practice good spending habits when possible, and when not possible, remind them to do as you say, not as you do.

Find a Penny Pick it Up

The information you pass on to your children will be invaluable to them. You don’t have to sit them down and lecture, but when the opportunity presents itself, recognize it so you can give them advice or explain what you do. For example, when you go to the bank, this is an excellent opportunity to explain savings and checking accounts. Explain the difference to them, even allow them to set up an account of their own. This is an easy and fun way to show your kids where they can keep their money. This also opens up the opportunity to explain interest and the benefits of different banking styles, such as big banks vs. credit unions.

Another great opportunity to talk to your kids is when they reach the age, they can get a part-time job, encourage your kids to work when they have the time. They will have the rest of their lives to work. Use the opportunity for them to take small expenses off your hands, like luxuries, going to the movies, or buying a new pair of headphones. Two weeks after they start working, they will have a paycheck; that checking account is useful now! Take time to show them the different fields on a check stub, hours, wage, total income, and taxes. This will help them to see that you don’t get every penny you earn in your pocket.

This is also a great opportunity to explain the importance of saving. Make sure you give them some advice on saving, help them find a goal to save for, and get them started saving towards it. This part-time income can also be a great way to introduce tax preparation. Whether they can file for themselves or you can still claim them on your taxes, they can take part in the tax filing process. Show your kids where they can go to do their taxes, explain they have to do it every year, and the consequences of not doing it. Monkey see, monkey do

While talking to your kids about money is important, most of their habits are going to be formed from watching you. It’s a fact that when you have kids, you are always being watched. Your kids will notice when you make thrifty decisions, like when you drive a block out of your way to fill your gas tank to save ten cents per gallon. Or when you buy treats at the grocery store if they are on sale. They will also notice if you justify large shopping sprees with “the price we pay for beauty” or if you always go out to eat over making food at home. Practicing restraint is good for your wallet, and you are also teaching your kids a valuable lesson. Don’t be afraid to point out when you know your spending habits are excessive, but you can afford it because of your budget and save your money to splurge a little; every purchase can be a learning experience for your kids.

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.

Budgeting and finances are the most unpopular topics of discussion. Unless you are trained in the art of financing, this concept can seem complicated. It doesn’t have to be that way. Anyone who has a smartphone has access to hundreds of free or paid budget apps. These can be helpful and easy to understand. We recommend following these steps before downloading one of those handy apps. This way, you have all your information in front of you, making it easier and more efficient to walk through the requirements of these apps. We recommend using a spreadsheet program or another similar system to record everything.

1. List everything you owe

Most Americans owe lenders in some form or another. Make a list of all of your debt:

• Who do you owe?
• How often do you make payments? (generally monthly)
• What is your minimum monthly payment? (If you pay more than the min-write that.)

If you want to go the extra mile, include what your interest rate is on each of these loans. It’s important to stay aware of these as they may fluctuate. Also, this is important to know if you are considering refinancing.

• • When are they due?

Student loan → $X/Month → % Interest →  due XX/01/20XX Car payment → $X/Month → % Interest → due XX/01/20XX *This does not reflect the total amount due, just your monthly payment* If you only can make the minimum payments, for now, that’s o.k. We’ll revisit this list later.

2. List your monthly expenses

Everyone has monthly subscriptions, expenses, and/or ‘dues.’ Write them down by name, what the monthly payment is, and the day they are due. Rent → $X/Month →  due XX/01/20XX Utilities → $X/Month →  due XX/01/20XX Subscriptions (such as streaming or news subscriptions) → $X/Month →  due XX/01/20XX Gym Membership → $X/Month →  due XX/01/20XX

3. Add your monthly debt & expenses

Add these two numbers together- place it at the top. This is the chunk of change you will be expecting to pay every month.

4. List your monthly income

Write what your monthly income is. If it fluctuates, look at the past six months, add them together, and divide by 6. This is your mean income. This goes to the top of your list.

5. Categorize your spending

This is probably the most time-consuming but undoubtedly, the most important step. Take a look at the last 3-6 months of your spending habits. Jot them down into categories and what their totals are. Example:

• Gas → $X → July/20XX
• Groceries (food items only if you can) → $X → July/20XX
• Going out to eat → $X → July/20XX
• Shopping → $X → July/20XX
• Beauty products/vanity* → $X → July/20XX

*If you find you are spending a lot each month on certain products, like beauty products in the example, make it a category.  This can go towards any particular hobby or interest you spend money on. The more you can categorize, the more you will be able to analyze your spending habits.

6. Face the facts

At this point, you are either patting yourself on the back or sobbing. Hopefully, you didn’t have to pick your jaw up off the floor. Either way, you have officially graduated from Millennial Budgeting 101! Now, put all that extra cash in a savings account! If you’re still struggling to comprehend your ridiculous spending habits, it’s time to reevaluate. Do you need Hulu, Netflix, HBO, and Cable TV? Get rid of what you don’t need. And stop buying what you can’t afford.

7. Make your budget

Now that you have the numbers in front of you and you’ve gotten rid of the things you don’t need, it’s time to set budgets. Remember, the goal is to save money every month. Every category needs to have a cap, and you need to stick to that cap.

• Income = X
• Expenses = X
• Spending
  • Gas = X
  • Groceries = X
  • Going out to eat = X
  • Shopping = X

* Remember this is ALL you’re allowed to spend each month.*

Now you have your basic budget formula (Income/month – Expenses/month – Spending/month = Savings/month)

8. Manage your budget

This is where you get to explore the different apps and stay on top of your finances. You can also use spreadsheet programs and save them to a cloud to use on the go. The importance is to watch your spending and, at the end of the month, look at the numbers. Another suggestion is to save your receipts throughout the day and enter those numbers in the evening or the next day. Look for budgeting apps or other technology-based tools that work for you to help manage your budget. Remember, the goal is to save money at the end of each month. 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.

Issues concerning money are one of the leading causes of divorce. Prevent the strain that comes from financial instability by taking control of your budget as a couple. Work together to fight the battle against money instead of fighting each other.

Hey, Money, We Need to Talk

Dealing with money issues cannot be avoided. Money (and gravitational pull) makes the world go round and is also the cause of a lot of stress: where to get money, how to spend it, and, dear God, how to save it. These issues are inevitable, but why let them create arguments in your marriage? You are already fighting one battle; don’t let it turn you against your strongest ally. The earlier you confront the issue of money and how to handle it as a team, the sooner you can defeat one of the main distressing issues in marriages. Financial problems put undue strain on marriages, and it needs to stop. You may not see eye to eye about spending, but you still need to work together to create a joint budget for the income in your home and be transparent about your spending. This will allow you to avoid issues about money and resolve the problems that have already occurred. Always remember what you work so hard to preserve. Why throw away such a precious bond that has created so much beauty in your life? 

Couples that Budget Together Stays Together

Making a budget as a couple is a great tool you can use to stop the frustration of wondering where all the money goes at the end of the month. It will also help you to work together to reach the financial goals that you have been trying to achieve on your own.

Getting started, you need to sit down and review your current financial situation in depth. Start with collecting your income, combine your pay stubs from last month, and write down all their totals. If your income is consistent, it will be easier to budget, but don’t worry; you can also budget for fluctuations in your income. Then, look at your spending. Collect all your bills. You can start with communal bills like rent, but make sure you also collect all the personal finances like your golf club membership or subscription to home magazines. The next area you will have to account for is spending. Estimate or pull up last month’s credit card statement to look at about how much you spend on food and gas or personal shopping. Lastly, you must discuss savings, how much you have, how much you put away each month, and what you are saving towards or where you invest it.

When you make a personal budget, you will compare the income to the expenses and adjust until your income exceeds the expenses. As a couple, you will have to decide what to keep and abandon to reach financial goals. You will know where all your money is going and will have already accounted for personal spending too. Now, there will be no surprises at the end of each month. You can rest assured knowing that all your essential bills are accounted for and know how much extra you must spend on yourself. Having a budget will avoid a scenario where resentment about spending your money is obsolete because you have merged your total household income and know that your money can cover all your necessary expenses.

Honesty’s the Best Budget (and Marriage) Policy

Creating a budget is a great tool and will help to prevent resentments over money in your relationship. But to do it right, you must be honest about your spending and financial situation. Studies show that about 30 percent of people are dishonest about their finances and estimate that about 50% of divorces are related to financial issues. Full disclosure is critical in your marriage budget endeavors to avoid becoming the latter statistic. Full disclosure means you break down the debt, bills, and spending. No secret student loans lingering or splurging on expensive “mental health excursions” at the spa without accounting for it. This is not to say you can’t indulge, but you need to be upfront about the extent of your financial obligations. Budget preemptively for personal expenses and be ready to give up what is unnecessary for the financial stability of your household.

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.

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 General Ledger (GL) contains every financial transaction recorded during any accounting period (or cycle). Nowadays, businesses record their account data electronically on software such as QuickBooks. But, before records were stored electronically, businesses hand-wrote all their transactions in “books” for each account. All these books combined were called General Ledger (GL). General Ledgers use the double-entry system of accounting. This means that every transaction will be recorded on two different accounts. After a General Ledger is complete, it is used to create financial statements.

Today’s Technology

Fortunately, accounting-based software exists today. This means that business owners, accountants, or bookkeepers can spend less time manually inputting financial transactions, spend more time growing their business, and analyze that data to make critical financial decisions. Many affordable accounting software options are on the market today, such as QuickBooks. We recommend taking the time to research the features offered throughout the software that best fits your company’s needs. There is no need to buy the costliest software with a multitude of features that do not apply to your company. Lastly, we recommend having an accountant familiar with that software set it up for you. Improper setup can cause hours of pressing the ‘delete’ button.

Preparing for a General Ledger

Before anything is posted in General Ledger, it is first recorded in journals, also known as the “Books of Original Entry.”  Nothing is posted in the GL before being recorded in its original journal. Every financial account has an assigned journal to it, and every time you record a transaction, it is called making a “journal entry.”  Generally speaking, this is where a bookkeeper comes in handy. Although this job may sound monotonous, it is imperative. Depending on the size of your company, you may have a team of bookkeepers inputting daily transactions or a sole bookkeeper.

Double Entry System of Accounting

Every time a transaction is recorded, it will be recorded twice in two separate accounts. It will be debited to one account and credited to another. Every account will have two columns: Credits to the left and debits to the right. Depending on the nature of the account, they will either increase or decrease. There are five types of main accounts: Assets, Liabilities, Income, Expenses, and Equity. Remember, for every transaction you record (whether that may be a sale or purchase), it’s going to be recorded in at least 2 of those main five accounts. For example, Say you own a convenience store and are out of beer. If you buy $1,000 worth of beer wholesale from the factory- your cash account will decrease by $1,000. This is shown by crediting the account on the right-hand side for that amount. Now, you have $1,000 worth of beer to sell, so your asset account will be debited on the left-hand side for that amount. Now, the books are balanced. If the books come out with a number other than 0 by the end of a cycle, an error was made during a journal entry.

Trial Balance

It’s the end of the accounting cycle, and you are ready to create your financial statements. More times than not, some errors were generated during journal entries. This is the purpose of a trial balance. The word “trial” is what it sounds like. It lists all the accounts with the balances next to them. This is where you can see if any mistakes were produced when debiting and crediting accounts using the Double Entry System of Accounting. Remember, the balance must be zero, or an error has been created. You are one step closer to producing exact financial statements by completing a trial balance. The larger your company grows, and depending on the nature of your sales (a house cleaning company vs. a supermarket), your accounts will differ. The house cleaning company, which offers a single service, will have a much less complicated GL compared to the chain supermarket with hundreds of vendors and employees. Be prepared for when your company grows! 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.

Cloud-based businesses are growing in popularity. I would know, as I am the founder and CEO of an industry-shattering cloud-based business. New developments in technology, such as the application of cloud storage and online tools, have transitioned small and large businesses into a more productive and efficient realm of doing business. Documentation of money flow and expenses is necessary for every company for both administrative and legal reasons. By transitioning to paperless accounting and online accounting software, documentation of money flow and business expenses can now be accomplished with enhanced security, organized cost and time efficiency, and effortless accessibility.

What do You Want to Spend Your Time and Money on as a Business Owner?

Say you’re a business owner focused on the success of your company. But you have all these bookkeeping responsibilities, trying to keep track of your accounts and business transactions. Accounting is necessary for the organization and the success of every company. With that comes a new set of expenses. Think about ink, paper, scanners, and mailing fees. Even more, think about employee salaries to cover the extra work. This is where transitioning online may come into play. Not only does this free up money by saving on overhead, but also time! You can do much more when you utilize the cloud for your business.  Moving online bypasses time spent on manually filling out paperwork, faxing, and mailing documents. And as companies grow larger, the amount of paperwork ultimately increases as transactions increase. This leaves more room for mistakes.

Looking at the Benefits of Cloud Document Management with an Online Accounting Department

• Efficiency – With online accounting software, such as Quickbooks, businesses will increase their efficiency. Accounting needs that regulate and analyze expenditure data are time-consuming and require focused attention. Transitioning to online accounting is user-friendly. Online accounting algorithms do most of the work for you and ultimately increase efficiency, allowing you to focus on other essential aspects of the business.
• Cutting costs – Thinking about going green? Is your company expanding, and you seem to be drowning in constant paperwork? By utilizing online accounting and cloud document management, you can focus your efforts on essential business issues while saving on accounting expenditures. Simple accounting software and online tools allow you to address these needs without excess expenditure on physical items such as thousands of sheets of paper, printers, and ink. Not only will you cut costs, but you’ll also be helping out the environment!
• Enhanced Security  – By storing information on a secure cloud database, online accounting departments increase overall business security. Financial information and transactions are not stored in file cabinets but are securely protected on private data networks. Gone are the days of paper shredders or the fear of misplaced paperwork with important monetary information.
  • https://www.completecontroller.com/security
• Virtual access – Don’t want to go into the office? On a business trip on another continent? You can access your data virtually with cloud documentation and online accounting departments. You don’t need to go into the office to file/fill out paperwork. Instead, stay in your comfy clothes- access/update/change your information from the comfort of your own home.

Where to Start with Online Accounting

In order to determine the optimal scale of online accounting software, it is essential to conduct a comprehensive assessment of expenditures and allocation of resources.

• https://www.completecontroller.com/how-it-works 

Future Opportunities

Online accounting software will save your business money, putting focus and monetary value where it counts. Aside from security, efficiency, and virtual access, online accounting software can make future projections for your business. An online accounting department can provide insight into helpful business practices and future business ventures by analyzing losses and profits and tracking expenditure trends and values.

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.

By: Jennifer Brazer

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.

Fact Checked By: Brittany McMillen

Master Balance Sheet Basics: Essential Insights You Need

Balance sheet basics start with understanding that a balance sheet is a financial statement showing your company’s assets, liabilities, and shareholders’ equity at a specific point in time—essentially revealing what you own versus what you owe to provide a clear snapshot of financial health. Small business owners who regularly review their balance sheets experience 20% less income volatility than those who don’t, making this fundamental tool critical for sustainable growth.

As CEO of Complete Controller for over 20 years, I’ve witnessed thousands of businesses transform their financial futures by mastering this single document. The average small business carries $195,000 in debt, yet those who understand their balance sheets secure better loan terms, optimize cash flow, and make data-driven decisions that fuel growth. This article will equip you with practical strategies to read, create, and leverage your balance sheet for improved financial ratios, faster loan approvals, and strategic business decisions that actually move the needle.

What is a balance sheet, and why does it matter?

• Balance sheet basics: A financial document showing assets, liabilities, and equity at a specific date, used to assess liquidity and solvency
• Assets represent everything your business owns of value, from cash and inventory to equipment and real estate
• Liabilities encompass all debts and obligations, including loans, accounts payable, and accrued expenses
• Equity reflects the net worth remaining for owners after subtracting liabilities from assets
• The fundamental equation (Assets = Liabilities + Equity) must always balance, providing a mathematical check on accuracy

The 3 Pillars of a Balance Sheet

A balance sheet stands on three foundational pillars that work together to paint your complete financial picture. Assets represent resources that generate future economic benefits, liabilities show obligations that require future sacrifices, and equity measures the residual interest belonging to owners.

The relationship between these three components reveals critical insights about financial stability and operational efficiency. When assets significantly exceed liabilities, businesses maintain strong borrowing power and weather economic downturns more effectively.

Current vs. non-current assets

Current assets include cash, accounts receivable, and inventory that convert to cash within one year, providing liquidity for daily operations. These liquid resources fund payroll, purchase inventory, and cover unexpected expenses without requiring additional financing.

Non-current assets like property, equipment, and intellectual property support long-term value creation but depreciate over time. Smart businesses balance both categories—maintaining sufficient current assets for flexibility while investing in non-current assets that drive competitive advantage.

Short-term vs. long-term liabilities

Current liabilities demand payment within 12 months and include accounts payable, short-term loans, and accrued expenses. Managing these obligations requires careful cash flow planning since misalignment between receivables and payables creates liquidity crises that force expensive emergency financing.

Long-term liabilities extend beyond one year and typically include mortgages, equipment loans, and bonds payable. While these debts enable growth investments, excessive long-term obligations restrict future flexibility and increase financial risk during market downturns.

Equity: The business’s true net worth

Shareholders’ equity represents the book value remaining after settling all liabilities, comprising contributed capital and retained earnings. Positive equity trends signal sustainable operations and reinvestment capacity, while declining equity warns of potential insolvency.

Retained earnings accumulate from profitable operations minus dividends, funding organic growth without diluting ownership or increasing debt. Successful businesses strategically balance dividend distributions with earnings retention to maximize both current returns and future growth potential.

Balance Sheet Ratios: Your Financial Health Metrics

Financial ratios transform raw balance sheet data into actionable intelligence that drives better business decisions. These metrics benchmark performance against industry standards and historical trends, revealing strengths to leverage and weaknesses requiring attention.

Banks and investors scrutinize these ratios when evaluating loan applications and investment opportunities. Companies presenting strong ratios command better interest rates, longer repayment terms, and higher valuations.

Current ratio: Test liquidity

Calculate your current ratio by dividing current assets by current liabilities—a result above 1.2 indicates healthy short-term liquidity. For example, $200,000 in current assets divided by $150,000 in current liabilities yields 1.33, suggesting adequate resources to meet immediate obligations.

Industries vary in optimal current ratios based on operating cycles and inventory requirements. Retail businesses often maintain higher ratios due to inventory investments, while service companies operate efficiently with lower ratios, given minimal working capital needs.

Debt-to-equity: Measure leverage

Total liabilities divided by shareholders’ equity reveals how much debt finances operations versus owner investment. Ratios below 1.0 indicate conservative financing, while readings above 2.0 signal potential over-reliance on borrowed funds that amplifies financial risk.

Strategic debt usage accelerates growth when returns exceed borrowing costs, but excessive leverage magnifies losses during downturns. Monitor this ratio quarterly to maintain an optimal capital structure that balances growth opportunities with financial stability.

Working capital: Fuel for daily operations

Subtract current liabilities from current assets to calculate working capital—the financial cushion supporting daily operations. Positive working capital enables inventory purchases, extends customer credit terms, and absorbs temporary revenue fluctuations without disrupting operations.

Negative working capital forces businesses into expensive short-term financing or asset liquidation. To improve working capital, accelerate receivables collection, negotiate extended payables terms, and optimize inventory levels based on actual demand patterns.

Step-by-Step: Building Your First Balance Sheet

Creating an accurate balance sheet requires systematic data collection and proper categorization of financial elements. Modern accounting software streamlines this process, but understanding the underlying mechanics prevents costly errors and enables strategic analysis.

Begin by establishing a specific reporting date—typically, month-end, quarter-end, or year-end. For accurate financial positioning, all asset and liability values must reflect balances as of that exact date.

Gather and categorize assets

Start with liquid assets, including cash accounts, money market funds, and accounts receivable expected within 30 days. Document physical inventory using consistent valuation methods like FIFO (First-In-First-Out) that match your tax reporting approach.

Fixed assets require special attention for depreciation calculations, which reduce book value over their useful life. To accurately reflect current net value, include purchase price minus accumulated depreciation for equipment, vehicles, and property.

List liabilities by urgency

Separate obligations by payment timeline—current liabilities due within one year versus long-term debts extending beyond. Include all accounts payable, accrued expenses, current loan portions, and tax obligations in the current category.

Long-term liabilities encompass mortgage balances, equipment financing, and bonds payable beyond the current year portion. Accurate liability classification directly impacts liquidity ratios that lenders evaluate for creditworthiness.

Calculate equity and verify the equation

Total equity equals assets minus liabilities, representing net business value. This figure includes initial capital contributions, additional paid-in capital, and retained earnings accumulated since inception.

Verify accuracy by confirming assets equal liabilities plus equity—any imbalance indicates missing entries or calculation errors. Common mistakes include overlooked liabilities, incorrect inventory valuations, or misclassified transactions requiring investigation.

Case Study: How “Baker & Bean” Doubled Profits

Baker & Bean café struggled with inconsistent cash flow despite steady sales, prompting owners to analyze their balance sheet for hidden opportunities. The review revealed $50,000 in commercial kitchen equipment sitting idle during off-peak hours—a significant underutilized asset.

By refinancing existing high-interest debt and restructuring payment terms, they freed up $800 monthly in cash flow. The improved balance sheet metrics enabled loan approval for a second location, leveraging the underused equipment for catering services.

Within 12 months, revenue increased 120% through expanded operations while maintaining the same debt-to-equity ratio. The balance sheet analysis transformed a cash flow problem into a growth opportunity by identifying inefficient capital deployment.

Woof Gang Bakery’s rapid expansion

Bradenton bakery owner Kasia Anderson leveraged her strong balance sheet to secure a $345,000 SBA loan in just 35 days. By presenting $1.2 million in home equity as collateral alongside organized financial statements, she demonstrated solid financial backing despite being a new business owner.

The transparent presentation of assets and managed liabilities built immediate lender confidence. This enabled rapid approval for purchasing an established franchise location, accelerating market entry compared to starting from scratch.

Avoiding Common Balance Sheet Pitfalls

Balance sheet errors compound over time, distorting financial reality and leading to poor decisions. Regular audits catch mistakes early before they impact loan applications or tax filings.

Pre-pandemic, 42% of small businesses maintained $5,000+ in cash reserves; today only 33% do, amplifying the importance of accurate financial tracking. Monthly balance sheet reviews identify concerning trends before they become crises.

Misclassified assets and liabilities

Recording a two-year equipment loan as a current liability artificially inflates short-term obligations, destroying liquidity ratios. Quarterly classification audits prevent these errors from undermining creditworthiness during crucial financing negotiations.

Similarly, mixing personal and business assets creates tax complications while overstating company value. Maintain strict separation between personal and business finances, documenting any owner loans or contributions properly.

Inventory valuation errors

Overvalued inventory inflates assets while understating the cost of goods sold, painting an unrealistic profitability picture. To maintain accuracy, implement consistent valuation methods and conduct physical counts quarterly.

Obsolete inventory requires write-downs that impact both balance sheet assets and income statement expenses. Regular inventory reviews identify slow-moving items for liquidation before they become worthless.

Neglecting intangible assets

Trademarks, patents, and customer lists represent significant value often omitted from balance sheets. Document these assets at fair market value when acquired or periodically revalue based on revenue generation.

Goodwill from business acquisitions and developed software also qualify as intangible assets requiring proper recording. Professional valuation services establish defensible values for these harder-to-quantify assets.

From Insight to Action: Practical Financial Strategies

Balance sheet analysis without implementation wastes valuable insights that could transform business performance. Convert knowledge into concrete actions that strengthen financial position and accelerate growth.

Focus initial efforts on quick wins that generate immediate cash flow improvements. Small changes compound into significant results when consistently applied across all financial operations.

Optimize your current ratio

Liquidate obsolete inventory through clearance sales or donations that provide tax benefits while freeing warehouse space. Every dollar converted from dead stock to cash improves liquidity for productive investments.

Renegotiate vendor payment terms from net-30 to net-45 or net-60, extending payables without incurring interest charges. Combined with faster receivables collection, this working capital optimization funds growth without external financing.

Reduce debt strategically

Target high-interest obligations first, potentially consolidating multiple loans into single lower-rate facilities. Calculate total interest savings to justify refinancing costs and accelerate payoff timelines.

Maintain some strategic debt when borrowing costs remain below investment returns. Completely debt-free businesses often grow slower than those leveraging reasonable amounts of low-cost capital for expansion.

Reinvest equity for growth

Allocate 20-30% of retained earnings toward research, development, and marketing initiatives that differentiate your business. A technology startup investing 30% of equity in AI tool development increased market share by 40% year-over-year through innovation leadership.

Balance growth investments with maintaining adequate cash reserves for unexpected opportunities or challenges. The strongest businesses combine aggressive growth strategies with conservative financial management.

Conclusion

Understanding balance sheet basics transforms financial guesswork into strategic advantage, enabling data-driven decisions that build lasting value. The fundamental equation—assets equal liabilities plus equity—provides the framework for evaluating every business decision through a financial lens.

At Complete Controller, we’ve guided thousands of businesses from financial confusion to clarity, watching clients reduce debt by 35% within a year while accelerating growth through smarter capital deployment. Your balance sheet tells a story about where you’ve been and indicates where you’re headed—master its language to write your own success story.

Start reviewing your balance sheet monthly rather than waiting for year-end surprises. Track key ratios, identify trends, and take corrective action before small issues become major problems. Ready to unlock your balance sheet’s full potential? Visit Complete Controller for expert guidance tailored to your business needs.

Frequently Asked Questions About Balance Sheet Basics

What is the main purpose of a balance sheet?

A balance sheet provides a financial snapshot showing what a business owns (assets) versus what it owes (liabilities) at a specific date, enabling assessment of liquidity, solvency, and net worth for strategic decision-making.

How often should a balance sheet be prepared?

Minimum quarterly for tax purposes, though high-growth businesses benefit from monthly preparation to track rapid changes. Annual balance sheets satisfy audit requirements but lack timeliness for operational decisions.

What’s the difference between a balance sheet and an income statement?

Balance sheets show financial position at a single point in time (like a photograph), while income statements track performance over a period (like a movie), with both documents providing complementary views of business health.

What is a “good” debt-to-equity ratio?

Ratios below 1.0 indicate conservative financing ideal for most industries, while readings above 2.0 suggest over-reliance on debt requiring restructuring to reduce financial risk during economic downturns.

Can a balance sheet help secure a loan?

Yes—76% of banks approve small business loans within five days when applicants present organized balance sheets showing strong current ratios (above 1.2) and managed debt levels that demonstrate creditworthiness.

Sources

• altLINE. “Small Business Loan Statistics (2025).” altLINE.com. 2025.
• BDC. “Balance Sheet Components.” BDC.com. 2024.
• Consumer Financial Protection Bureau. “The Financial Security of Small Business Owners.” Making Ends Meet Survey. 2025.
• Federal Deposit Insurance Corporation (FDIC). “2024 Small Business Lending Survey Report.” FDIC.gov. 2024.
• First Bank of the Lake. “Woof Gang Bakery SBA Loan Case Study.” FirstBankLake.com. 2025.
• Investopedia. “Balance Sheet Ratios.” Investopedia.com. 2025.
• Mulcahy & Co. “Case Studies in Business Lending.” MulcahyCo.com. 2024.
• Patriot Software. “Common Balance Sheet Errors.” PatriotSoftware.com. 2020.
• QuickBooks. “Small Business Financial Health Report.” QuickBooks.com. 2024.
• U.S. Chamber of Commerce. “Balance Sheet Best Practices.” USChamber.com. 2025.
• U.S. Small Business Administration. “Managing Business Finances.” SBA.gov. 2024.
• Wikipedia. “Balance Sheet.” Wikipedia.org. Last updated 2024.

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.

By: Jennifer Brazer

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.

Fact Checked By: Brittany McMillen

Profit And Loss Statement Vs. Income Statement:
Know The Difference

Income statement and profit and loss statement are essentially the same financial document, though the income statement often includes more comprehensive details about a company’s financial performance over a specific period. Both documents show revenues, expenses, and the resulting net income or loss, helping business owners track financial health and make informed decisions. The income statement typically follows a more formal structure required for external reporting, while the P&L statement may be simplified for internal management use.

According to a 2023 survey by the National Small Business Association, 61% of small business owners struggle with understanding financial statements, leading to poor financial decisions that cost them an average of $29,000 annually. Over my 20 years as CEO of Complete Controller, I’ve worked with thousands of businesses across every industry imaginable, and I’ve seen firsthand how mastering these financial tools transforms struggling enterprises into thriving ones. This article breaks down the subtle yet important distinctions between these statements, shows you how to leverage each for maximum benefit, and provides practical templates you can implement immediately to gain crystal-clear financial visibility.

What is the difference between a P&L and an income statement?

• Both terms refer to the same financial document that tracks revenues, expenses, and net income over a specific period
• The income statement is the formal name used in accounting standards and external reporting
• P&L (profit and loss) statement is the colloquial term often used internally by business managers
• Income statements may include more detailed line items for regulatory compliance
• The structure and purpose remain identical—showing whether a business made or lost money

Understanding the Core Components of Financial Statements

Every income statement follows a fundamental structure that reveals your business’s financial story. Revenue sits at the top, representing all money earned from sales, services, and other income sources. This gross figure forms the foundation for understanding your business’s market performance and customer demand patterns.

Cost of Goods Sold (COGS) comes next, capturing direct costs tied to producing your products or delivering services. For manufacturers, this includes raw materials and direct labor. Service businesses track direct labor costs and materials used in service delivery. Subtracting COGS from revenue yields gross profit—your first key profitability metric.

Breaking down operating expenses

Operating expenses encompass all costs required to run your business beyond direct production. These include:

• Salaries and wages for administrative staff
• Rent and utilities for office or retail space
• Marketing and advertising expenditures
• Insurance premiums and professional fees
• Depreciation of equipment and assets

Each expense category tells a story about your business priorities and efficiency. Smart business owners analyze these ratios quarterly, comparing them against industry benchmarks to identify cost-saving opportunities.

Non-operating items matter too

The income statement captures financial activities beyond core operations. Interest income from investments, gains or losses from asset sales, and foreign exchange impacts all appear here. These items help stakeholders understand the complete financial picture, not just operational performance.

Tax provisions represent another critical component, showing both current tax obligations and deferred tax assets or liabilities. This comprehensive view distinguishes the formal income statement from simplified internal P&L reports that might exclude such details.

Real-World Applications for Business Success

Small businesses benefit from creating monthly P&L statements for internal tracking. This frequency allows rapid response to changing market conditions or unexpected expenses. One retail client discovered through monthly analysis that their Tuesday promotions actually decreased overall weekly revenue—customers simply shifted their purchasing patterns rather than buying more.

Mid-size companies often produce both detailed income statements for external stakeholders and streamlined P&L reports for department managers. This dual approach maintains compliance while providing actionable insights at the operational level. A manufacturing client increased profitability by 18% after implementing department-specific P&L tracking that revealed hidden inefficiencies in their packaging department.

Industry-specific considerations

Different industries emphasize various aspects of these financial statements:

• Retail businesses focus heavily on gross margin analysis, comparing COGS percentages across product lines
• Service companies track labor efficiency ratios, measuring revenue per employee
• Manufacturing firms analyze material cost variances and production efficiency metrics
• Technology companies monitor customer acquisition costs against lifetime value
• Healthcare providers balance service revenue with insurance reimbursement rates

Understanding your industry’s key performance indicators helps you customize financial statements for maximum insight.

Common Mistakes That Cost Money

Many business owners confuse cash flow with profitability shown on the income statement. A company can show strong profits while facing cash shortages due to slow-paying customers or inventory buildup. This disconnect causes 82% of business failures according to U.S. Bank studies.

Another frequent error involves misclassifying expenses between COGS and operating expenses. This mistake distorts gross profit margins, leading to poor pricing decisions. A restaurant client discovered they’d been including manager salaries in COGS, artificially lowering their gross margins by 8%. Correcting this classification revealed their true profitability and enabled strategic menu pricing adjustments.

The timing challenge

Accrual accounting requires recording revenue when earned, not when cash arrives. This principle creates timing differences that confuse many business owners reading their first income statements. December sales might appear as revenue even though payment arrives in January, creating profitable months with negative cash flow.

Small businesses sometimes mix cash and accrual methods inconsistently, producing meaningless financial statements. Choosing one method and applying it consistently ensures comparable results across periods.

Technology Tools That Simplify Financial Reporting

Modern accounting software automates income statement preparation, reducing errors and saving time. Cloud-based solutions offer real-time financial visibility, allowing business owners to monitor performance daily rather than waiting for month-end reports.

Key features to seek in financial reporting tools:

• Automatic transaction categorization using AI
• Customizable report templates matching your industry
• Integration with bank accounts and credit cards
• Multi-user access with role-based permissions
• Comparative analysis showing period-over-period changes

Building custom dashboards

Visual dashboards transform raw financial data into actionable insights. Effective dashboards highlight:

1. Revenue trends with seasonal adjustments
2. Expense ratios compared to budgets
3. Gross and net profit margins over time
4. Key performance indicators specific to your business
5. Alert notifications for unusual transactions

One client reduced their monthly financial review time from eight hours to thirty minutes after implementing automated dashboards that highlighted variances requiring attention.

Strategic Planning Using Financial Statements

Income statements provide the foundation for data-driven business decisions. Analyzing historical trends reveals patterns that inform future strategies. Seasonal businesses use multi-year comparisons to predict cash needs and staffing requirements.

Scenario planning becomes possible with accurate financial data. Business owners can model the impact of:

• Launching new product lines
• Expanding to additional locations
• Investing in equipment or technology
• Adjusting pricing strategies
• Changing supplier relationships

Each scenario’s projected impact on revenue, expenses, and profitability guides strategic choices.

Benchmarking against competitors

Industry associations often publish financial benchmarks showing typical income statement ratios. Comparing your metrics against these standards identifies strengths and improvement opportunities. A professional services firm discovered their overhead expenses exceeded industry norms by 15%, prompting a successful cost reduction initiative.

Banks and investors also use these benchmarks when evaluating loan applications or investment opportunities. Understanding how your financial statements compare to industry standards improves your negotiating position.

Creating Actionable Financial Reports

Transform basic income statements into management tools by adding analytical elements:

• Variance Analysis: Compare actual results to budgets or prior periods, calculating both dollar and percentage differences. Focus attention on variances exceeding predetermined thresholds.
• Trend Indicators: Include sparklines or mini-charts showing 12-month trends for key metrics. Visual elements communicate patterns faster than numbers alone.
• Narrative Sections: Add brief explanations for significant changes or unusual items. Context prevents misinterpretation and documents institutional knowledge.
• Action Items: Conclude reports with specific recommendations based on the financial analysis. This bridges the gap between reporting and decision-making.

Final Thoughts

Understanding the relationship between income statements and P&L statements empowers better business decisions. While the terms are interchangeable, the underlying financial intelligence they provide transforms business operations. Regular analysis of these statements reveals opportunities, prevents problems, and guides strategic growth.

Success comes from consistent application of financial insights to daily operations. Start with monthly reviews, build comparative analyses, and use the data to drive continuous improvement. Your financial statements tell your business story—make sure you’re reading every chapter.

Ready to maximize your financial reporting and gain deeper business insights? The experts at Complete Controller can help you implement professional-grade financial systems that drive growth and profitability. Contact us today to transform your financial management approach.

FAQ

What is the difference between a P&L and income statement?

Both terms describe the same financial report showing revenues, expenses, and net income over a specific period. The income statement is the formal accounting term, while P&L (profit and loss) is commonly used in everyday business discussions.

How often should I prepare an income statement?

Most businesses benefit from monthly income statements for internal management, with quarterly statements for external reporting. Public companies must prepare quarterly and annual statements, while small businesses should create them at least monthly for timely decision-making.

What are the main components of an income statement?

The primary components include revenue (sales), cost of goods sold (COGS), gross profit, operating expenses (like rent and salaries), operating income, non-operating items (interest and taxes), and net income.

Can I create an income statement myself?

Yes, using accounting software or spreadsheet templates. Start by listing all revenue sources, subtract direct costs (COGS), then subtract operating expenses. Include non-operating items like interest and taxes to calculate net income.

How do I analyze an income statement effectively?

Focus on trends over time, calculate key ratios (gross margin, operating margin, net margin), compare results to budgets and industry benchmarks, and investigate significant variances. Look for patterns that indicate operational improvements or concerns.

Sources

• Accountingcoach.com. “Income Statement Explanation.” www.accountingcoach.com/income-statement/explanation
• Finli Learn. “Income Statement vs Profit And Loss.” 15 Nov. 2024. www.finli.com/learn
• Investopedia. “Income Statement Definition.” www.investopedia.com/terms/i/incomestatement.asp
• Patriot Software Blog. “Income Statement vs. P&L: What Is the Difference?” 26 Oct. 2022. www.patriotsoftware.com/blog
• SEC.gov. “Financial Statement Overview.” U.S. Securities and Exchange Commission. www.sec.gov/fast-answers/answersfsfinstmthtm.html
• Taxfyle Blog. “Analyzing Profit and Loss Statements vs. Income Statements.” 22 Feb. 2024. www.taxfyle.com/blog
• Tipalti. “Income Statement Definition, Formula & Importance.” 2023. www.tipalti.com
• Zeni AI Blog. “Income Statement vs. Profit and Loss: Are They the Same?” 2023. www.zeni.ai/blog

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.

Everybody has to use credit, whether buying a car, buying or renting a home, or sometimes even applying for jobs. The fact is using credit is almost unavoidable. You will need a good credit score to have power as a borrower and lower interest rates.

You Get Credit for All Your Credit, Good or Bad

We have established that inevitably, you will have to borrow money for high-cost items you need in your life, but why spend more than you have to on a high-interest loan? The first thing a lender will look at is your credit score. Your credit score is determined by all data of your past credit reporting arrangements sent in by creditors, such as credit card companies or lenders. This score will ultimately decide the outcome of your loan. Let’s discuss what a good and bad credit score looks like and the importance of making good decisions with your credit. Then, we will examine what actions affect your score and how the data is collected. When we are finished, you will have a new appreciation for what your credit score can do to help you.

A Good Credit Score’s Value is in Your Interest

A good credit score will make or break a deal, but what is a good credit score? What is a bad one? To answer this, we have to look at your past credit behaviors from all the credit reporting agencies you have dealt with in the past. These behaviors, good or bad, are reported to credit bureaus, who then compile the information, assess it, and rank you on a scale from 330-830. A good credit score is somewhere above 700. A score on the higher end of the scale will show a lender you are reliable with money. Some actions that keep your score above 700 are:

• You are paying your credit card bill in full or on time. Late payments are the most common mistake people make. If you don’t have the money, don’t spend it!
• You are paying back all of your loans on time. The people who lend you money will also report nonpayment or late payment to the credit bureau. Be sure you can maintain these payments for the entire loan length before making the deal.
• You are paying your rent on time. If you rent your home, your landlord also has the right to report you to the credit bureau. If you don’t pay your rent or send it in late, you are subject to a drop in your credit any time you are on a lease.

Take Control of Your Credit

Your actions will cause your credit score to move on the scale. Paying close attention will help you to stay in control of it. Some activities affecting your credit score include paying your bills, rent, and loans on time. This represents the most common credit-affecting areas, but others exist, such as:

• You are opening many accounts in a short time.  When you apply for a credit card, you ask someone to inquire about your credit history. Unfortunately, credit queries affect about 10% of your credit score.
• You are closing many accounts in a short time, especially if the cards still have balance. This is a red flag to the credit bureau.  When you close tabs with a balance, you are showing them that you cannot afford to fulfill your agreement.
• They are defaulting on a loan.  Not being able to finish a loan contract is a big problem.  You should consider this before accepting a deal.
• Check your credit score often.  If you don’t know your credit score, many services can show you what it offers, and many are free! Know your score.  Knowledge is the power to stay debt-free and credit-positive. Check your score at least once a year.

A good credit score will be valuable to you throughout your adult life.  Use these tips and pay close attention to your credit behaviors. Every credit decision you make, whether good or bad, will follow you for years to come.  So, assess your choices thoughtfully to stay out of trouble!  Click here to see how you can begin building your credit today. 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.

Young adults find out fast that they need credit to do anything in the adult world. Credit is easy to build once you know where to start. But no one gave a class on that in school, did they? Here is some advice to get you started.

It All Starts With a Piece of Plastic

We all grow up and envision what we expect our lives to be like. We imagine the perfect job, home, car. You may want to be an accountant with a three-bedroom home in California with a reliable vehicle. All before you turn thirty. Most of the time, you don’t have the money to accomplish these goals outright, even with a secure job. This is why you will need a good credit score that shows people you know how to spend your money so that they can trust you with some of theirs. You need good credit for everything, but you need a credit history. The best way to start is with a credit card! Get a secured credit card. You can go to any bank and apply. This card is more accessible because you will put some of your money down to get started. The money you put down will become your credit limit. All you have to do now is use it, pay for goods and services that you would use your debit card for, and stay under that deposit.

Plastic, Maybe, But Not a Toy!

You need to start building your credit because you will use your credit score for the rest of your life. Landlords will check it, banks that lend you money will want to know it, and sometimes even your employers. Be careful with that little piece of plastic because it can hurt you as fast as it starts to help. You can ruin your credit, but all that can be avoided. Avoid spending more than you have, don’t apply for more credit cards, and always pay your bill on time. Your score will flourish; remember, all those dreams depend on it.

Never Use Your Credit Card for Things You Can’t Afford

It can be tempting to want to spend it like free money, but you have to pay it back at the end of the month. Try to use it for bills that you already pay every month and save the shopping spree for your savings. This way, you always know what to expect when you get your bill. It will be consistent and easy to keep track of.

Avoid applying for other credit cards, even if they save you 10% when you check out at a department store. It can negatively affect your credit score. This is not a time to be impulsive. Instead, try to get a card with good benefits and use the one. If you want to open another account to separate your finances, go ahead as long as you use both and pay them off on time.

No matter what you use your card for, how much you are spending, or where you got it, the most important thing to remember is to pay your bill on time. This is why you should finish what you can afford because, at the end of each month, you get a statement from someone expecting their money back. If you don’t pay them, you will tarnish the reputation you worked so hard to build.

What is My Credit Score?

Your credit score is between 300 and 830, which helps a lender decide whether to lend you money or sell/rent something, like a car or house. The higher your number, the better your score. A good score might be 730. This would show a lender that you pay your bills on time, would be a reliable person to lend money to, and would probably qualify you for a lower interest rate. A bad credit score might be in the 550 range. This would be a red flag to any lender; you probably don’t pay your bills on time, pay your credit cards off with other credit cards, and have outstanding balances. This would make someone hesitant to lend you the money you need because you have not paid back the borrowed money. If someone did lend you money, they would give you a high-interest rate, making what you are buying more expensive.

You can check your credit score online or using a free app. Check it regularly and get a summary of the activity that may be making it drop so you can adjust your spending behaviors. Get a secured credit card, pay your bills on time, and know your credit score, and you will be in a great position whenever you decide you want to make your next life decision.

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.