Author: Stephen Huck

Back to the time when receiving paper statements from your potential bank was the norm rather than an abnormality, taking the time to balance your checking account records with your statement every month was a sign of keeping your finances healthy.

Now that you can frequently access all of your cash transactions via your bank’s online portal, you might assume that balancing a checkbook is a hectic chore that has lost its usefulness completely. However, manually balancing the checkbook is still a mandatory part of maintaining your checking account.

If you use a checkbook, it is essential to keep it balanced. Balancing a checkbook is far easier than we think, requiring only facile addition and subtraction details. Balance your checkbook by recording all cash transactions to your bank account. Divide cash transactions into two categories, mainly deposits and withdrawals. These factors highly influence the addition and subtraction process. Balancing a checkbook refers to knowing the exact amount of cash in your bank account to make the related decisions without errors. Follow the below steps to understand how to balance a checkbook.

Recording Your Cash Transactions

The initial step of balancing a checkbook is to list every cash transaction as it occurs. Every check you write and deposit you make, including debit card swipes, ATM withdrawals, and curricular bank fees, will be enlisted in the records. Always maintain a running balance by reducing the withdrawals and adding the credits.

Reviewing the Monthly Bank Statements

The second step is to update the checkbook register upon receiving the monthly bank statement. Start with the report’s top and work to the end, one transaction at a time. As you spot the cash transaction in your checkbook journal, place a checkmark in the provided column.

Once you carefully review the bank statement, you can spot any missing information from the checkbook register. For instance, if you instantly grabbed $30 at the ATM to update it in the journal later but then forget, you’ll notice the cash transaction listed on the bank statement but not on your register. You can later add that cash amount to your journal to correct the balance.

Address Existing Issues

When your balances don’t match, go through every transaction and carefully determine the occasional errors. Making mistakes is human nature, especially when trying to make calculations in your head. Ask a bank representative for assistance if you cannot locate the variations.

Draw a Line in Your Journals

Now that you’ve balanced the checkbook journal draw a line under the last cash transaction. Also, you can label the available space in the front with the date. This will make locating the beginning point for your upcoming bank statement easier when you receive it.

Register Your Bank Statement

The final step includes registering your bank statement for protection purposes. The IRS suggests saving key documents for up to seven years. Since banks must keep your account records for five years, you might not want to rely on electronic records forever.

Importance of a Balanced Checkbook

You might wonder why maintaining a checkbook register is essential if you can quickly get an update through online banking portals. These services won’t update you with your outstanding checks, precisely the ones you made but didn’t process by the banks.

Why Should We Maintain a Checkbook Regularly?

Balancing a checkbook is an outdated task, and the quick services of online banking portals have made tracking cash transactions much more effortless.

Truthfully, no one likes to record cash transactions and deposits manually every month. Indeed, online applications can help you manage your money quickly. However, there are still a few possible reasons why manually balancing the checkbook is a productive part of your financial regime. You might need to backtrack further if you don’t review your checkbook correctly.

Conclusion

In summary, while online banking has made it easier to access and track financial transactions, manually balancing a checkbook remains crucial to maintaining a healthy financial status. The process involves recording all cash transactions accurately, reviewing monthly bank statements, addressing discrepancies, and registering statements for long-term record-keeping. Despite the convenience of online banking, manually balancing a checkbook ensures that all transactions are accounted for and helps identify any discrepancies or errors that may arise.

Additionally, it provides a comprehensive overview of outstanding checks, offering a more accurate representation of available funds than online banking portals alone. Thus, while it may seem outdated, balancing a checkbook remains essential to personal financial management, offering peace of mind and financial clarity in an increasingly digital world.

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.

Spreadsheets were once the saviors of companies. They helped them organize, visualize, and plan their finances. However, spreadsheets became obsolete with time, at least for medium—to large-sized businesses. For small businesses, spreadsheets offer the same functionality and ease. They are inexpensive and easy to manage, adapt, and edit. 

Unfortunately, relying on spreadsheets has become a hassle in today’s digital age. There are numerous issues involved when you maintain your finances on a spreadsheet. From data theft risks to file corruption, spreadsheets can bring down your entire operation in a day. How do you protect yourself from that? You secure your business like most companies do: You shift from spreadsheets to CRM (customer relationship management software).

What is a CRM?

As the name implies, CRM, customer relationship management, is a function that every business is already involved in deeply. A CRM allows you to manage all your customer-related tasks regarding software on a single platform. Whether you deliver a product, send an invoice, or manage your inventory, you can do it all with a CRM. Since it is software, it is much more secure than spreadsheets and offers the ease of completing your tasks in just a few seconds. 

Moreover, with CRMs, you can organize, visualize, and forecast customer data in real-time since everything is regularly updated. Not just that, with a CRM, you can even manage sales, advertising, leads, and communication with your customers. Having a CRM means having a one-stop shop for all your business requirements.

What are the Benefits of Using a CRM as Opposed to Spreadsheets?

Unlike spreadsheets, CRMs don’t require manual input of customer information, communication strings, project requirements, and financials. All of these functions are automated. You can focus on the main business while the CRM handles the management. Here are a few more benefits every business can reap when using CRMs.

Less Time Consuming & More Effective

As mentioned earlier, since CRMs are automated, they reduce the need for manually performing tasks, giving you the luxury of saving time. You can easily collaborate with your sales, production, accounts, and finance teams through CRM to perform all the functions on one platform. The most significant benefit you get is efficacy. 

You streamline the entire process without any data leakage or missed deadlines. You won’t find a needle in a haystack in case of a discrepancy. You will scroll through customer communication, project history, etc., to see where the difference lies. A CRM makes your business easier to manage and less hectic.

Real-Time Visualization of Your Business

Planning is the cornerstone of every business. If your planning is perfect, your business cannot fail. Unfortunately, with spreadsheets, achieving nirvana in terms of planning is nigh impossible. With CRMs, your data is always up-to-date, so you have an overall view of your business’s performance every minute.

Benefits of Moving from Spreadsheets to CRMs

The most important thing for your business is introducing high-security measures that spreadsheets cannot. With spreadsheets, your data is always at risk of being stolen by an employee or an outsider. With CRMs, this is not the case. This software has many security features to ensure your data is regularly backed up and is not prone to viruses, malware, and hacks.

Should You Switch to a CRM?

Suppose your business involves online marketing, sales, data management, and invoicing. In that case, you should immediately move to a CRM since it will make things easier, more secure, and streamlined for your business and among your teams. With spreadsheets, all of these functions are impossible to perform. You would have to hire a separate group for data management, which will obviously burden your payroll.

Conclusion

In conclusion, while spreadsheets have been reliable tools for businesses, their limitations and vulnerabilities are increasingly apparent in today’s digital age. Many are transitioning to customer relationship management (CRM) software as businesses prioritize efficiency, security, and real-time insights. CRMs offer comprehensive solutions for managing various business aspects, from customer relations to sales, advertising, and financials. Unlike spreadsheets, CRMs automate tasks, streamline processes, and provide real-time visualization of business performance, enhancing effectiveness and decision-making. 

Moreover, CRMs offer advanced security features to protect sensitive data, providing peace of mind regarding data integrity and confidentiality. For businesses involved in online marketing, sales, and data management, transitioning to a CRM is highly recommended, as it simplifies operations, ensures security, efficiency, and collaboration among teams, and represents a strategic investment in future success and sustainability. Relying solely on spreadsheets may hinder growth and expose the business to unnecessary risks and inefficiencies.

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

When a person needs money, seeking a line of credit is probably the last thing that occurs to them. What comes to his mind is usually going to a bank for conventional, fixed, or variable rate loans, utilizing credit cards, borrowing from friends and relatives, or turning to donating organizations on the web. In extreme circumstances, there are payday lenders or pawnshops available.

Businesses have been utilizing credit lines for decades to meet working capital requirements or the advantages of strategic investment opportunities, but they’ve never suited the individuals. This is because banking institutions often don’t promote credit lines, and potential lenders don’t think of asking. The only line of credit that might appear is a home equity credit line or the HELOC, but the borrower’s house secures this loan and has its risks and faults.

Understanding Line of Credit

A line of credit is a flexible loan from a bank or another financial institution. Unlike a credit card, which provides a limited amount of funds that you can utilize at your convenience, a line of credit is a fixed amount of funds that you can access as required and repay instantly or over a specific period. Like a loan, a line of credit charges an interest rate as soon as you borrow cash.

Remember that the interest rate usually varies, making it less predictable what the borrowed money will cost you. However, lines of credit generally have a lower risk than credit card loans. Still, they complicate the system as the outstanding balances become uncontrollable after a line of credit is approved.  

They identify banks that are not overwhelmingly interested in underwriting single personal loans, which are undoubtedly unsecured for most clients. Similarly, it would not be feasible for a borrower to get a loan once a month, repay it, and then apply for it again. Lines of credit provide solutions for both issues by making a particular amount of money available when the borrower requires it.

How to Achieve Credit for Personal Purposes

It is imperative to comprehend the credit scoring landscape to achieve financial success and freedom. During the lending phase, your credit profile reflects your creditworthiness. Generally, attaining a line of credit is hard without primarily maintaining a versatile credit profile. However, qualifying for credit is mandatory for personal use. Here’s a list of pointers for building a sound profile.

Getting a Secured Credit Card

The first step is to apply for a secured credit card. However, the individual will have to deposit a certain amount later to be used as security against a deposit. Due to the higher risk, most secured credit cards have higher fees and penalties. This option is flexible for individuals looking forward to growing their credit score. You’ll have a sound credit score after using the credit card wisely for six months.

Become a Legalized User

Becoming a legalized user on a productive account can enhance your creditworthiness. Indeed, the more active your report, the merrier your credit scores will be. If the primary credit card user lists you as a legalized user, the original credit cardholders will also reflect their positive credit on your credit score.

Apply for a Retail Credit Card

Clients often find it easier to qualify for a retail credit card than other forms of credit. Retail cards generally offer lower limits and higher interest rates, so stay aware of them. If utilized responsibly, a retail card is a valuable link in developing a credit profile.

Get an Endorser or Become One

As an endorser, you are mutually responsible with the other endorser for a sum of loans over an extended period. Endorsers generally apply for mortgages, auto loans, or substantial personal loans. However, it is essential to acknowledge that these loans can take years to pay off. Such circumstances require you to consider your relationship with the individual you’re applying with, such as your ability to make payments over a long period and how it can influence your future financing obligations.

Conclusion

In conclusion, while seeking a line of credit might not be the first option for individuals needing money, understanding its potential benefits can be crucial for achieving financial flexibility and success. Unlike conventional loans or credit cards, a line of credit offers a flexible borrowing option that can be accessed as needed and repaid over time. By understanding how lines of credit work and taking steps to build a strong credit profile, individuals can increase their chances of qualifying for personal lines of credit.

Whether through secured credit cards, becoming a legalized user, applying for retail credit cards, or considering an endorser, there are various strategies to improve creditworthiness and access lines of credit for personal use. With proper financial management and responsible borrowing, individuals can leverage lines of credit to meet their financial needs and achieve greater economic freedom in the long run.

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

The COVID-19 pandemic reshaped global society in many ways. From reduced restaurant dining to near-no theaters and cinemas, entertainment quite literally has evolved for all. So have other industries. One of the major paradigm shifts that the COVID-19 pandemic caused was the work environment. Millions of companies shut down and had to implement remote work on short notice, increasing the need for more robust and secure network connectivity.

While companies worldwide are gradually opening, many adopt the hybrid work culture, which allows employees to spend a part of their working week working remotely. There still are countries where strict work-from-home protocols are in place in the wake of the coronavirus variant spreading havoc.

While the remote working model has made life easier for both employers and employees, it has also presented us with its fair share of concerns. The topmost concern is cyber security. With the increased dependence on the internet, companies’ crucial data is also prone to hacking and data leakage. Last year alone, approximately $4.2 million was lost by businesses due to data breaches.

If you are among those worried about the potential threats of the remote working model, worry no more. Here’s a thorough guide on how to stay secure while embracing work from home.

Get a Strong Virtual Private Network (VPN)

Before you give your employees access to work from home, get a solid VPN to secure their remote connections. Opt for a VPN with a layer two tunneling protocol, and ensure your employees update their passwords frequently.

Make Sure Your Employees Have Updated Hardware

Obsolete systems like Windows 7 and earlier versions no longer need security updates. Your employees working remotely must have the most updated hardware. In addition to being up-to-date, ensure the devices are protected biometrically, and your employees use super-strong passwords and 2-factor verification wherever possible. Install and update anti-virus programs frequently.

Ensure You Connect on a Secure Network

If you don’t have a VPN, connect to your workplace through a secure network. Do not use public networks at any cost. If you link from your Wi-Fi, secure the WLAN and ensure your neighbors cannot see it.

Use The CRM for Data Management

Do not share data analysis or lead reports in an Excel sheet. Use a professional CRM tool for all such data transfers. Professional CRM tools not only restrict unreported access to company data by your employees but also minimize the risk of losing potential leads. If you don’t have a proper CRM, now is the time to get one and automate your data protection.

Opt For Cloud-Based Solutions

It would be best if you opted for cloud-based solutions. Get your employees to download project management apps or use Google Docs or Google Sheets to share the data with your team members. Cloud-based solutions are very effective if you don’t want to hand over your data to any employee. They not only keep your data secure but also allow access to it at all times, are very flexible, and offer threat prevention and threat mitigation.

Set Strong & Unique Passwords

Strong and unique passwords are complicated and almost impossible to crack, so your employees must use them for Wi-Fi connections, remote connections, and user accounts. It is also vital that your employees frequently change their passwords to avoid data theft. You could use a single sign-up option for all your devices or one of the many password management tools to keep all your passwords in one place.

Develop a Bilaterally Encrypted Remote Work Solution

Buy one, or get your IT and software guys to develop an encrypted, remote work solution. Ensure that your employees can only access official documents through that system, and it doesn’t allow data transfer at all, thus keeping all your data safe.

Conclusion 

In conclusion, the COVID-19 pandemic has drastically changed our work, with remote work becoming the new norm for many industries. At the same time, this shift offers flexibility and convenience but raises significant cybersecurity concerns. To mitigate these risks, companies must invest in robust security measures such as VPNs, updated hardware, secure networks, CRM systems for data management, cloud-based solutions, strong passwords, and encrypted remote work solutions. By prioritizing cybersecurity, businesses can ensure the safety of their sensitive data and maintain operational efficiency in the remote work environment amidst evolving global challenges.

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

When we have a traffic accident, either as a driver or as a passenger, regardless of whether we were at fault for the accident, it is a tough time, and in most cases, we are confused about the steps we must follow.

No matter how many precautions you take, any person traveling in a vehicle can be involved in an accident. When an accident happens, knowing how to react and keeping calm as much as possible is essential.

Not all traffic accidents occur under the same conditions, so we must adapt to each specific situation. Next, we will explain the steps we must follow in each case.

Signaling of the Accident

In an accident, we first must signal the accident properly to avoid having more accidents.

When There are Injured

When someone is injured in a traffic accident, after signaling the accident, we must address the victims and call the health services. Although the injuries or pains are minor and a priori have no significance, it is essential to contact the health services to record the injuries or ailments of those involved and evaluate them.

Call the Police or the Civil Guard

If it is a minor accident, it is not necessary to call the Police or the civil guard. Still, on other occasions, it is essential for them to regularly manage traffic again, collect the data and statements of the persons involved and witnesses, and record the facts of the accident to facilitate future compensation (if any).

Fill in the Friendly Part

Whenever we participate in a traffic accident, we will try to complete the accident report in a friendly manner. We must ensure we have completed the fields correctly and signed where appropriate. The explanation of the accident is transparent so that the insurance does not have any confusion about who the culprit is.

Suppose the parties to the accident do not reach an agreement or there is a confrontation. In that case, they should call the authorities, either the Police or the civil guard, so that the agents can determine the causes of the incident and make a report. The certificate is considered evidence to determine who is to blame for the accident.

Give the Share to the Insurer

We will have to inform our insurer that the accident occurred within seven days of its occurrence. When giving the part to the insurance, we must contribute all the medical reports, the pacifist position, and our testimony of the facts.

If the insurance were contracted through an insurance brokerage, such as Walnut Insurance, we would have more support and better advice when claiming compensation or giving the party to the insurer. Since from the insurance brokerage they can advise us of the steps to follow and the deadlines.

If we do not cause the accident, we will have six months to establish a criminal complaint against the other vehicle’s driver. If the fact is not constitutive of a crime or offense and the complaint is dismissed, we will have one year (from the end of the criminal procedure) to file a civil claim.

How Do You Claim Injuries From a Traffic Accident?

If you have suffered injuries after a traffic accident, you are entitled to compensation. To claim this compensation, we can do it in two ways:

Extrajudicial route: in this case, the injured party negotiates directly with the insurer until they reach an agreement.

Judicial route: we will go to court if an agreement is not reached or if the act constitutes a crime or offense. In this case, the judge sets the amount as compensation the insurer will pay the injured.

How Do You Claim the Material Damages of a Vehicle?

When the vehicle itself has suffered damage in a traffic accident, we must give the part to our insured within seven days after the accident. Once the region has been delivered, the insurer will send an expert to assess the vehicle’s damage.

As we have said before, if we had contracted the insurance through an insurance brokerage, we could ask the brokerage for help to process the part and the necessary documents after a traffic accident.

Conclusion

In the aftermath of a traffic accident, whether as a driver or passenger, navigating the ensuing confusion and steps can be daunting. Accidents can happen to anyone despite precautions, emphasizing the importance of remaining calm and knowing how to react. As each accident is unique, adapting to the specific circumstances is crucial. From promptly signaling the accident to addressing injuries and involving authorities when necessary, a systematic approach is essential. Completing accident reports aids insurers in determining liability.

Seeking support from insurance brokerages like Walnut Insurance streamlines the claims process, offering valuable guidance and assistance. Whether pursuing compensation for injuries or material damages, understanding the avenues available, from extrajudicial negotiations to legal recourse, is vital. Ultimately, timely action and informed decisions mitigate the challenges of post-accident procedures, ensuring a smoother path to resolution.

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.

For many students, going into debt during their academic years is common. To continue their education, some do not have the choice but to get a loan to pay their current expenses or tuition. These tips, especially from a “Young Adult Finances” platform, will prevent students from falling into indebtedness.

Work While Being at University

Working full-time while studying can provide students with money for a dream vacation or start saving for retirement. Their notes might suffer a little, just like their social life.

Apply for a Scholarship and Student Loan

Students may be eligible for government financial assistance depending on their financial situation and their parent’s financial situation. They can calculate how much they can get online. They also do not have to repay their student loans during their studies.

Look for Great Deals

They should go around the flyers, run sales, and think twice before buying. No economy is futile, especially if it allows repaying debts more quickly. People invite students to consult this list of tips to save money during their studies to avoid as much debt as possible.

Claim the Tuition Tax Credit

Students are entitled to claim a 15% tax credit on tuition fees for each year in their school, which will help lower their tax bill.

Borrow What is Needed

Students should borrow what they expect to earn in the year after graduation. However, if they are still in university and have no idea what they will do next, they should start working full-time right away.

Increase the Monthly Payments

Reimbursing a little more monthly can significantly reduce interest since these accumulate over time. For the same reason, avoid paying only the minimum balance. Also, lump sum payments should be made since payments made during school or the six-month non-payment period will be used directly to repay the student loan principal.

After the Studies

Take advantage of a six-month grace period – If a student has a student loan, they have six months to repay it after graduation. However, the interest becomes their responsibility immediately unless they decide to pursue further studies.

Claim the Refundable Tax Credit

Every year, a student makes a refund, and they can claim this 15% non-refundable tax credit by just including the proof provided by their financial institution on their tax return. They can get a good credit rating by showing financial institutions that they can manage their student debt responsibly. One of the best ways to manage education debt is to repay the loan as quickly as possible. This is not done in a snap, but with these tips, one will avoid debt traps and make their graduation more quickly.

Carry Refund 

If, after graduation, a student has enormous debts and does not earn enough to make their payments, they should talk to their creditor to ask for a deferral. They can call the National Student Loans Service Center for assistance if they are in a difficult financial situation.

Payment Terms

Another option is to take advantage of the creditor’s different plans to facilitate repayment. 

Suspension of Payments

If they return to school full-time, their creditor will automatically be notified. It will allow them to acquire new skills that will help them get the job they need.

Apply for Fee Concession

One must never feel ashamed to ask for a fee concession. People usually do not apply for fee concessions because they feel ashamed of that, but you must never forget that settlements are there to help the students who need them. Since you are unable to meet the requirements of your university while you are giving satisfactory results and grades in return, no one can stop you from having the fee concession.

Conclusion

In conclusion, navigating the financial challenges of student life requires careful planning and resourcefulness. While it’s common for students to incur debt to fund their education, there are proactive steps they can take to minimize the burden and avoid falling into a cycle of indebtedness. From working part-time and applying for scholarships to being mindful of expenses and borrowing what’s necessary, students can make informed financial decisions that align with their long-term goals.

Additionally, leveraging tax credits, increasing monthly payments, and exploring repayment options post-graduation can help alleviate financial strain and expedite debt repayment. By taking advantage of available resources and seeking assistance, students can effectively manage their finances and pave the way for a brighter financial future.

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.

Tax preparers help millions of people prepare and file their taxes every year. With their experience and expertise, they ensure their clients pay the exact amount of tax to the government. A tax professional with an IRS Preparer Tax Identification Number (PTIN) has the authority to prepare a federal tax return. However, a tax preparer’s skills, education, and expertise vary from case to case.

What is the Role of a Tax Preparer? 

Tax preparers prepare and assist with general tax forms. They can also help defend taxpayers against the IRS, including audits and tax-paying-related issues. However, this depends on the tax preparer’s credentials and representative rights.

The tax preparer serves the clients and the IRS. While doing their clients, they must follow the rules of the IRS. And assist the client in minimizing the client’s tax burden and complying with the state and federal tax codes.

There are two categories of rights: unlimited representation and limited representation. Absolute representation rights allow tax practitioners to represent their clients in any matter, such as audits, payments, bookkeeping, and appeals.

Limited representation allows the professional to present those clients whose returns they prepared and signed and only before revenue agents, representatives of customer service, and similar IRS employees, including the Taxpayer Advocate Service.

Why Become a Tax Preparer?

Tax preparers enjoy many benefits throughout their careers, such as increased job security, salary, extensive client base, flexibility, and lifelong learning. But what do you need to become a tax preparer? What sort of qualifications do you need? 

What do You Need to Become a Tax Return Professional?

To become a tax return professional, you must follow these basic requirements:

Learn the Ins and Outs of the Business

Learning an entirely new professional language is essential for new tax return professionals. In some cases, you are required to have proper certification. In addition, you must find a platform that can assist you in gaining knowledge.

Access to the Right Technology

Access to the right technology helps you succeed in your business. Most tax return professionals use software to help grow their businesses.

Attracting Tax Clients

It might sound like an obvious step, but you must attract tax clients to succeed and profit from your business. You can start it from a small scale, like doing individual returns, before moving to more extensive and complicated matters.

Preparer Tax Identification Number

You must apply for a tax identification number (TIN) to get paid. 

Brief and Comprehensive Guide to Credentials and Qualifications

The requirements for becoming a tax preparer vary from state to state. The following guidelines can help you understand the process. 

Unlimited Representation Rights 

Enrolled agents, Certified Public Accountants (CPAs), and Tax Attorneys have unlimited representation rights before the IRS.

Enrolled Agents

Across the country, they have the most extensive licensing provided by the IRS. An enrolled agent is a registered tax return that must pass a three-part comprehensive enrollment exam covering individual and business taxes and representation issues. They also must undergo 72 hours of additional education every year.

Certified Public Accountants (CPAs)

They have studied for a bachelor’s degree with 150 hours of formal education. They must pass the Uniform CPA Examination.

To maintain their CPA license, they must follow their board’s ethical rules and requirements and continue their professional education. Many of them also specialize in tax planning or return preparation.

Tax Attorneys

After earning a law degree and passing the bar exam, attorneys get their state court or bar licenses. They can prepare a legal defense for a client in case of a tax-related course.

Limited Representation Rights Annual Filing Season Program Participants

This program is specially designed to recognize individuals preparing tax returns who are not enrolled agents, CPAs, or tax attorneys. It raises knowledge, professionalism, and education among the participants. These participants must earn eighteen continuing education credits from IRS providers and pass an exam. To maintain their AFSP credential, they must take fifteen continuing education credits each year. 

Preparer Tax Identification Number Holders (PTIN)

Tax return preparers with preparer tax identification numbers but no professional credentials are also allowed to prepare tax returns. They do not have the authority to represent their clients.

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.

Accounting is one of the significant aspects of running a business and making it operational. It is the process of recording financial transactions related to a business. The accounting process includes summarizing, analyzing, and reviewing these transactions to provide a company’s financial data to tax agencies, investors, and banks. A business creates financial statements and uses them in accounting to obtain a summary of the business’s financial transactions over an accounting period to summarize the business’s operations and its cash flows. 

Navigating Small Business Accounting

Managing a company’s accounts and other economic activities is the job of a bookkeeper, an accountant, an analyst, or a team of all these people. In small businesses, the accounts are managed by one or a few people, but in large firms, the reports require management by many employees (sometimes even more than one hundred!). The two primary essential types of accounting are managerial accounting and cost accounting.

Small business owners struggle to manage their accounting systems and get confused, so it is imperative to understand the basics and keys of accounting fully. An entrepreneur should know some key accounting terms:

• GAAP principles
• Cash basis accounting
• Accrual basis accounting
• The concepts of accounts payable and accounts receivable

As the world gets more modern, accounting needs also change. Here are how the changes are being made or will be made in the future of small business accounting.

Innovative Technologies Will Meet the Accounting Needs

Using software and storing data in clouds is becoming more frequent than old-school, on-paper accounting. This is because automated and electronic data is easier to access, store, and manage than keeping records on books and journals. Using technology is also time-saving and increases productivity. At this point, accounting tools and software are also readily available and affordable for small business owners, specially designed to meet the basic accounting needs of small businesses. The most common accounting software for small businesses are electronic invoicing and payment processing. 

The usage of software will also change the roles and duties of an accountant. The innovative technology has made managing accounts so easy that some small businesses may not even feel the need to hire an accountant and would do all the accounting jobs easily through the software as all the complicated calculations and processes will be performed by the software, and that too without any errors (unless the data has been entered incorrectly). Therefore, accountants are now changing their roles to financial advisors, who give guidance and suggestions to businesses over their analysis.

Embracing Automation and Data Analysis

Automation is also a terrific way to reduce many costs. The payroll cost is the most considerable expense that could be cut down through automation. Introducing an accounting tool or software in the business would also mean that you will no longer need manual help to manage your accounts, as you can enter the financial data in the software.

This will result in fewer employees in the business, hence lower payroll costs. While investing in accounting software can be costly in the short term, it is beneficial and valuable in the long run as it will decrease your payroll costs and reduce the chances of errors and fraud. Some business owners may still hire a bookkeeper to enter the data in the software, but the business would only need the bookkeeper for fewer hours, meaning they can work part-time.

Other than technology, another change small business accounting may face in the future is an analysis of data. Compared to the older times, businesses these days perform data analysis more frequently to keep up with the current trends and changes. The data is also used to compare their data with other data. After every examination, businesses also make unique and different decisions according to new trends to keep themselves up to date and compete in the new market.

Conclusion

In conclusion, accounting is the backbone of any business, enabling owners to track financial transactions, make informed decisions, and meet regulatory requirements. As technology advances, the landscape of small business accounting is evolving rapidly. With innovative software and automation tools, manual tasks are streamlined, reducing costs and increasing efficiency. Small business owners now have access to affordable accounting software tailored to their needs, empowering them to manage their finances effectively.

Furthermore, the role of accountants is shifting from data entry to strategic advisors, leveraging data analysis to drive business growth. By embracing automation and data analysis, businesses can optimize operations, minimize errors, and stay competitive in the dynamic market landscape. As we look to the future of small business accounting, it is clear that embracing technological advancements will be crucial for success, enabling businesses to adapt and thrive in an ever-changing business environment.

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

People or entrepreneurs who plan to start their new businesses always need a sense of direction and counseling for their new company to ensure they are on the right path. Some new entrepreneurs are also insecure because they continually fear failure and may think they are not operating the business correctly. Some people decide to be entrepreneurs instead of serving a firm because they will now have the freedom to make their own decisions and work at their own pace.

They will do and perform things their way without specific or strict instructions and without being judged. Some people also decide to start their own business because they want to learn new skills and they will be able to follow their passion. Having new companies is also particularly good for the economy as it creates employment and decreases the chances of inflation by introducing more competition in the market. Startup businesses also play a role in the economic growth of their country. 

Startups or new businesses depend on the owners’ capital and are always in dire need of more funds. It is why they struggled initially; they also had to manage their accounts, operations, and other legalities. They must have a proper business plan before launching their business and follow appropriate steps to operate their business successfully. The first steps to start a new business are as follows:

Identify if Your Product and Service Can Generate Revenues and Profits

The first step when an entrepreneur plans to start a business should be identifying the capability of the product or service you plan to sell or promote to the world. You should ask yourself if you will be attracted to what you are selling and be honest with yourself. Determine the uniqueness of what you are presenting and how it will draw your customers. At this point, you can also work out a USP of your product.

Research Your Market and Competitors

It would help if you searched for the companies already existing in the market industry you plan to join. It is better to change your plans if you are planning to enter a market with a well-known and prominent brand, which is the preference of most consumers, for example, Pepsi. If you plan to introduce a competition for a well-known and famous brand, you need to start your business on a large scale with high funds due to increased promotion and marketing to compete correctly. 

Give Your Business a Name

It is essential to find a unique name for your company representing the product or service you have decided to sell. The business name gives your business identity, and it is a label that helps you stand out from your competitors. Your business name should be good enough for people to remember your products with your brand’s name. Use a similar domain name for the internet and get it registered, too.

Form Out a Business Plan

Before starting your business, the most important thing is to create a proper and detailed business plan that should include enough information for banks and investors to give your business funds. A business plan helps point out a business’s essential tasks and aims and makes it easier to focus on them. You should also determine and mention your business structure and type in your business plan, such as if a sole proprietor or partners run your business.

Register with the Government and IRS 

After planning and deciding how to operate your business, get a legal license and register your business for tax filing and other legalities. You must register your business with federal, state, and local governments. You must also create proper financial documents with an appropriate accounting system in your company because those documents are required for tax filing.

Conclusion

In conclusion, embarking on a new business venture requires guidance, determination, and a clear purpose. Entrepreneurs often choose this path to pursue their passions, exercise autonomy, and contribute to economic growth. However, success hinges on thorough planning and execution. Conducting market research, defining a unique selling proposition, and crafting a solid business plan are crucial initial steps.

Additionally, registering the business, establishing financial systems, and complying with legal requirements are essential for long-term viability. By following these steps diligently, aspiring entrepreneurs can navigate the challenges of starting a new business and pave the way for sustainable success in the competitive market.

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.

To sign insurance with total satisfaction, whatever its format or formality, no magic recipes are worth it. But at least by importing a series of efficient guidelines, you will reach your final goal, and that is none other than having a policy with the best contracting conditions. Not only will you be able to optimize this insurance product, but it will even allow you to save some money on the operation. With a bit of discipline in your demands, something of interest, especially with the provision of excellent professionals, you will meet this demand in the correct way possible. Do you want to know the main actions you should take from these moments?

Go to an Insurance Brokerage

One of the fastest ways to hire insurance is to go to an insurance brokerage. They will detect your actual needs and give you an immediate response because they can access All offers generated by the sector. An insurance brokerage is an intermediary between the user and the insurance company, a free service for the client. Insurance brokers will assess all the conditions of your user profile.

In any case, they guarantee that they will make you a proposal that is much adjusted to your interests in a brief time and utterly oblivious to the interests of the insurance companies. You will not have to worry about managing and selecting the best insurance for you and your family because they will oversee the professional design.

Manage the Offers of the Sector  

Knowing the insurance company’s offers will undoubtedly speed up the hiring process. You will only need to go to the models that best fit your profile as a user, and you will be able to choose from a wide variety of policies because virtually all insurers have a promotional launch.

From this moment on, you will only have to verify what coverage you are looking for because insurance optimization is achieved with a lower price and looking for your best protection in each insurance model.

Establish the Needs for the Future  

If you think about your current situation, you may be making a mistake you may regret a few years later. An excellent strategy to not waste time choosing the best home, death, health, or car insurance is to detect your needs tomorrow. Not surprisingly, this is easy to foresee depending on your marital status, age, and even the income your domestic economy depends on.

In this sense, it is very convenient to spend a few minutes analyzing your most relevant subsequent demands. This will make your ideas a little clearer, and you will only require that the insurance company’s offers meet a good part of your expectations. Of course, if you channel this desire correctly, you will not regret it from that moment.

Have the Updated Policies 

This strategy will avoid delays in hiring or renewing your usual insurance. Among other reasons, you will not need to repair the coverages necessary to defend your interests. On the other hand, its application will even lead you to be in perfect condition to obtain significant discounts on the policy premium. In this sense, it is fascinating that from time to time, for example, every one or two years, review its content and try to adapt this product to your new needs beyond what type of insurance you have contracted.

Define Priorities 

Finally, what better way to take out insurance without wasting time than establishing a series of priorities before this management process arrives? Of course, you should not get to the last moment without thinking about how your insurance should be.

For this, you will have no choice but to analyze what are the outdated coverage and what you will need from now on to assess the content of the policy and, if necessary, to define who are the third parties to whom you want to ensure (your wife, children). It can even be the perfect excuse for you to hire your policies at the same insurer. From an insurance brokerage, they will have some solution to this demand that you raise.

Conclusion

In conclusion, securing insurance with optimal conditions requires diligence and strategic planning. Utilizing insurance brokerages streamlines the process while staying updated on industry offers and future needs and ensures comprehensive coverage. Regular policy reviews and setting priorities further enhance the effectiveness of insurance management. Following these steps, you can secure insurance that meets your needs efficiently and effectively.

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.