Category: Content

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

Maximize Your Overhead Rate in Surveying Business Success

A surveying business achieves maximum profitability by strategically managing overhead rates through automation, smart outsourcing, and technology adoption that reduces indirect costs while increasing billable hours. Your overhead rate—the ratio of indirect costs like equipment maintenance, software licenses, and office expenses to your total billable hours—directly impacts your bottom line and determines whether you’re pricing services competitively while maintaining healthy profit margins.

Over my 20 years as CEO of Complete Controller, I’ve worked with surveying firms across the country who’ve transformed their financial health by mastering overhead management. The difference between firms struggling at 15% margins and those thriving at 30% often comes down to strategic overhead optimization. In this article, you’ll discover proven methods to calculate your true overhead rate, implement cost-saving technologies that boost efficiency by up to 80%, and learn from real surveying businesses that increased profits by 18% without sacrificing service quality.

What is overhead rate management for surveying businesses?

• Answer: Overhead rate management involves calculating indirect costs per billable hour, optimizing non-labor expenses, and strategically pricing services to maximize profitability
• Overhead Rate Calculation: Total indirect costs (rent, equipment, software, admin salaries) divided by total billable hours equals your overhead rate per hour
• Strategic Management: Implementing systems to reduce indirect costs through automation, outsourcing, and supplier negotiations while increasing billable hour capacity
• Profit Impact: Proper overhead management can increase profit margins from 15% to 30% or higher depending on service specialization
• Competitive Advantage: Firms with optimized overhead rates can offer competitive pricing while maintaining superior service quality and attracting premium clients

Understanding Your True Overhead Costs in Surveying

Every dollar spent on non-billable activities eats into your surveying firm’s profitability. The first step toward maximizing your overhead rate is identifying exactly where your money goes. Most surveying businesses underestimate their true overhead by 20-30% because they overlook hidden costs like equipment depreciation, professional liability insurance, and software subscription creep.

Your overhead encompasses all business expenses that don’t directly generate revenue. This includes office rent, utilities, administrative staff salaries, surveying equipment maintenance, technology subscriptions, marketing costs, and professional development. Many firms mistakenly categorize field equipment as direct costs when depreciation and maintenance should be allocated to overhead.

Breaking down overhead into categories reveals optimization opportunities:

• Fixed Overhead: Rent, insurance, base salaries, equipment leases
• Variable Overhead: Utilities, contractor fees, maintenance, supplies
• Hidden Overhead: Software bloat, underutilized subscriptions, inefficient processes
• Growth Overhead: Marketing, training, technology upgrades, business development

According to industry analysis, surveying firms typically carry overhead rates between 100-150% of direct labor costs, significantly higher than the 10-15% seen in general construction. This disparity stems from expensive equipment requirements, specialized software needs, and professional licensing costs unique to geospatial services integration.

Calculate and Optimize Your Surveying Overhead Rate

Accurate overhead calculation forms the foundation of profitable pricing strategies. The basic formula divides total annual overhead costs by total billable hours, but smart firms dig deeper. A residential land survey company with $150,000 in overhead and 3,000 billable hours operates at a $50/hour overhead rate—but that’s just the starting point.

The calculation becomes more nuanced when you segment by service type. Commercial land survey projects might carry different overhead allocations than boundary surveys due to equipment usage and complexity. Track overhead by service line to identify your most profitable offerings.

Here’s a practical calculation framework:

1. List all indirect costs for the past 12 months
2. Categorize expenses as fixed, variable, or growth-related
3. Calculate total billable hours across all surveyors
4. Divide total overhead by billable hours for base rate
5. Analyze rates by service type for pricing optimization

Technology dramatically reduces overhead friction in modern surveying operations. Cloud-based project management systems eliminate 10-15 hours of administrative work weekly. Automated scheduling software increases billable utilization from 60% to 75% by minimizing downtime between projects. Digital workflow tools cut invoice processing time by 70%, freeing staff for revenue-generating activities.

Consider this real-world impact: A five-person surveying firm implementing comprehensive automation saved $35,000 annually in administrative costs while increasing billable hours by 20%. Their overhead rate dropped from $65 to $48 per hour, enabling competitive pricing that won three major municipal contracts.

Strategic Cost Management Through Smart Outsourcing

Not every function in your surveying business requires in-house expertise. Strategic outsourcing for surveying services frees your team to focus on core competencies while reducing fixed overhead costs. The key lies in identifying which functions to outsource without compromising service quality or client relationships.

Administrative functions present the most immediate outsourcing opportunities. Bookkeeping, payroll processing, IT support, and marketing can be handled by specialized providers at 40-60% less than in-house costs. A mid-sized firm outsourcing these functions typically saves $40,000-60,000 annually while gaining access to expertise they couldn’t afford full-time.

Critical outsourcing considerations include:

• Bookkeeping and Accounting: Saves 15-20 hours weekly for office managers
• IT Support: Reduces technology overhead by 30% with predictable monthly costs
• Marketing: Access professional expertise without $75,000+ salary commitment
• CAD Drafting: Convert fixed salaries to variable costs during slow periods

Highland Surveying exemplifies smart outsourcing success. The Utah startup generated $60,200 in revenue within six months by outsourcing marketing to specialists who delivered targeted campaigns at a fraction of in-house costs. Their $1,500 average project value demonstrates how professional marketing attracts premium clients while managing overhead efficiently.

Quality control remains paramount when outsourcing. Establish clear service level agreements, maintain oversight protocols, and never outsource client-facing technical work that defines your reputation. The goal is reducing overhead while enhancing capabilities, not compromising core service delivery.

Equipment Management: Your Hidden Profit Center

Surveying equipment represents both your largest investment and biggest overhead optimization opportunity. The average firm spends 25-35% of gross revenue on equipment-related costs when combining purchases, maintenance, calibration, and downtime. Smart equipment management strategies can reduce these costs by 40% while improving field productivity.

Preventive maintenance schedules save thousands in emergency repairs and project delays. GPS units, total stations, and drones require regular calibration and servicing to maintain accuracy and reliability. Firms implementing rigorous maintenance programs report 40% fewer equipment failures and 25% longer equipment lifespans.

Leasing versus owning surveying equipment shifts capital expenditures to predictable operating expenses while providing technology refresh opportunities. Consider these factors:

• Technology Lifecycle: Survey equipment evolves rapidly; 3-year leases align with innovation cycles
• Cash Flow Management: Leasing preserves capital for growth investments
• Tax Advantages: Operating leases offer immediate expense deductions
• Maintenance Inclusion: Many leases include service agreements, reducing overhead variability

Modern surveying technology delivers exceptional ROI when properly deployed. Drone integration reduces field time by 80% while covering 400 acres per hour compared to traditional methods. Idaho Forest Group’s drone adoption saved 50 man-hours weekly and $50,000 annually—overhead reductions that flow directly to bottom-line profits.

Equipment tracking systems prevent loss and optimize utilization. RFID tags and GPS trackers on high-value items reduce replacement costs by 60% while improving job site efficiency. One commercial surveying firm recovered $45,000 in “lost” equipment within three months of implementing tracking systems.

Technology Integration for Overhead Reduction

The surveying industry’s digital transformation offers unprecedented opportunities for overhead optimization. Artificial intelligence for construction surveying and related technologies slash processing time, reduce errors, and multiply surveyor productivity. Forward-thinking firms leverage these tools to maintain competitive advantages while managing costs.

Geographic Information Systems (GIS) integration streamlines data collection, processing, and delivery workflows. What once required days of manual calculations now happens in hours with automated processing. Firms report 60-70% reductions in office time per project, translating to lower overhead costs and faster project turnaround.

Cloud-based collaboration platforms revolutionize project management efficiency:

• Real-time data sharing eliminates redundant site visits
• Automated report generation cuts documentation time by 75%
• Mobile field apps reduce data entry errors by 90%
• Client portals decrease administrative inquiries by 50%

Precision Property Surveying’s technology adoption illustrates transformative potential. By implementing drones and advanced GIS software, they reduced operational costs by 30% while improving profit margins to 25% on municipal contracts. Their strategic technology investments delivered ROI within 18 months through efficiency gains and expanded service capabilities.

Artificial intelligence applications in surveying extend beyond data processing. Predictive analytics forecast project timelines, optimize resource allocation, and identify cost overruns before they impact profitability. Machine learning algorithms analyze historical project data to improve estimation accuracy, reducing overhead allocated to fixing underpriced projects.

Maintaining Service Excellence While Managing Costs

Cost reduction without quality consideration leads to client attrition and reputation damage. Successful overhead management balances efficiency improvements with service excellence. Your clients choose professional land surveyors for accuracy, reliability, and expertise—compromising these core values destroys long-term profitability.

The key lies in identifying which costs directly impact service quality versus those representing inefficiency. Investing in continuing education, quality control processes, and precision equipment enhances service delivery. Conversely, manual data entry, paper-based workflows, and redundant administrative tasks add no client value while inflating overhead.

Service quality indicators to protect during optimization:

• Technical Accuracy: Never compromise on equipment calibration or verification processes
• Response Times: Maintain or improve project turnaround through efficiency, not shortcuts
• Communication Standards: Enhance client updates through automation, don’t reduce frequency
• Professional Development: Increase training investments to boost billable rates

Avoid these common overhead reduction pitfalls that damage service quality. Understaffing leads to rushed work and errors that destroy client confidence. Selecting lowest-bid suppliers often results in equipment failures and project delays. Excessive automation can eliminate the personal touch that differentiates professional services from commodity providers.

Price positioning requires careful consideration during overhead optimization. While lower overhead enables competitive pricing, racing to the bottom attracts price-sensitive clients who challenge profitability. Instead, use overhead savings to invest in service enhancements that justify premium pricing. Specialized services like environmental assessments command 35% profit margins compared to 15-20% for basic residential surveys.

Implementation Roadmap for Overhead Optimization

Transforming your surveying business’s overhead structure requires systematic implementation rather than dramatic upheaval. Start with quick wins that generate immediate savings, then progress to strategic initiatives that reshape your cost structure. This phased approach maintains operational stability while building momentum for change.

Phase 1: Immediate actions (Month 1)

1. Audit all software subscriptions and eliminate redundancies
2. Renegotiate supplier contracts for office supplies and services
3. Implement time tracking to establish baseline billable hour metrics
4. Review insurance policies for unnecessary coverage overlap

Phase 2: Process optimization (Months 2-3)

• Deploy project management software to streamline workflows
• Outsource bookkeeping and payroll to reduce administrative burden
• Establish preventive maintenance schedules for all equipment
• Create service-specific overhead allocation models

Phase 3: Strategic transformation (Months 4-6)

• Evaluate equipment lease versus purchase decisions
• Implement comprehensive automation for routine tasks
• Develop specialized service offerings with higher margins
• Integrate AI-powered tools for data processing and analysis

Track these key performance indicators throughout implementation:

• Overhead rate per billable hour (target 20% reduction)
• Billable hour utilization (target 75% minimum)
• Project profit margins by service type
• Client satisfaction scores (maintain or improve)
• Employee productivity metrics (hours saved through efficiency)

Regular review cycles keep optimization efforts on track. Conduct monthly overhead analyses during initial implementation, then shift to quarterly reviews once systems stabilize. Compare actual results against targets and adjust strategies based on real-world outcomes rather than theoretical projections.

Building Your Competitive Advantage

Overhead optimization creates sustainable competitive advantages beyond simple cost reduction. Firms with efficient operations can invest savings into growth initiatives that distance them from competitors. Whether expanding service offerings, entering new markets, or acquiring cutting-edge technology, lower overhead provides financial flexibility for strategic moves.

Market positioning opportunities emerge from overhead efficiency. With lower cost structures, you can strategically underbid competitors on select projects to gain market share while maintaining profitability. Alternatively, maintain premium pricing while investing savings into superior service delivery that justifies higher rates.

Consider how overhead efficiency enables strategic advantages:

• Technology Leadership: Invest savings in emerging surveying technologies
• Market Expansion: Fund geographic growth without compromising margins
• Talent Acquisition: Offer competitive salaries to attract top surveyors
• Service Innovation: Develop specialized offerings that command premium pricing

Your optimized overhead structure becomes a barrier to competitor entry. New firms struggle to match your pricing while maintaining quality, and established competitors resist painful cost-cutting measures. This sustainable advantage compounds over time as efficiency gains fund further improvements.

Strategic partnerships amplify overhead advantages. Collaborate with complementary firms to share expensive resources like specialized equipment or software licenses. Joint ventures on large projects spread overhead costs while expanding capability beyond individual firm limitations. These partnerships transform fixed costs into variable opportunities.

Future-Proofing Your Surveying Business

The surveying industry faces accelerating change through technological advancement, regulatory evolution, and client expectation shifts. Overhead optimization strategies must anticipate future requirements rather than simply addressing current inefficiencies. Building flexibility into your cost structure prepares your firm for whatever changes emerge.

Emerging technologies will reshape overhead requirements within five years. Artificial intelligence will automate routine data processing tasks currently requiring dedicated staff. Augmented reality will transform field operations and client presentations. Blockchain technology may revolutionize property record management. Firms investing in these technologies today position themselves for tomorrow’s efficiency gains.

Property surveying bookkeeping strategies must evolve alongside technological changes. Real-time financial visibility becomes critical as project velocity increases. Cloud-based accounting systems that integrate with project management tools provide instant overhead insights. This financial agility enables rapid response to market changes or opportunity emergence.

Workforce evolution impacts overhead planning significantly:

• Remote collaboration reduces office space requirements
• Gig economy integration converts fixed labor to variable costs
• Continuous learning requirements increase training investments
• Automation shifts human roles toward high-value activities

Environmental and regulatory factors will increasingly influence overhead structures. Sustainability requirements may mandate equipment upgrades or process changes. Data privacy regulations could necessitate cybersecurity investments. Professional licensing evolution might require additional certifications. Proactive firms build compliance costs into overhead projections rather than facing surprise expenses.

Conclusion

Maximizing your overhead rate transforms surveying businesses from survival mode to sustainable profitability. Through strategic cost management, technology adoption, and smart outsourcing, firms achieve the operational efficiency that enables growth and market leadership. The path from 15% to 30% profit margins lies not in cutting corners but in optimizing every dollar spent on indirect costs.

I’ve seen countless surveying firms unlock their potential through systematic overhead optimization. The strategies outlined here—from drone adoption saving $50,000 annually to outsourcing reducing administrative costs by 40%—represent proven methods that deliver measurable results. Your commitment to implementing these approaches determines whether your firm joins the ranks of highly profitable surveying businesses or continues struggling with thin margins.

The future belongs to surveying firms that embrace efficiency without sacrificing quality. Start your optimization journey today with simple steps like auditing software subscriptions and tracking billable hours. Build momentum through quick wins, then tackle transformative initiatives that reshape your cost structure. Most importantly, view overhead optimization as an ongoing process rather than a one-time project.

Ready to revolutionize your surveying firm’s financial performance? The experts at Complete Controller specialize in helping surveying businesses optimize overhead, implement strategic bookkeeping systems, and achieve sustainable profitability. Visit Complete Controller to discover how our comprehensive financial services can transform your overhead challenges into competitive advantages.

FAQ

What’s a good overhead rate for a surveying business?

Most profitable surveying firms maintain overhead rates between 100-150% of direct labor costs, though this varies by specialization. Residential surveying typically runs higher overhead (150%) due to equipment needs, while specialized services like environmental assessments can operate efficiently at 100% through premium pricing and focused equipment use.

How can small surveying firms reduce overhead without compromising quality?

Start with technology adoption—cloud-based project management saves 10-15 administrative hours weekly. Outsource non-core functions like bookkeeping and IT support to cut costs by 40% while accessing professional expertise. Implement preventive equipment maintenance to reduce repair costs by 40% and extend equipment life by 25%.

Should I lease or buy surveying equipment to manage overhead?

Leasing often provides better overhead management for firms under $2 million revenue. It converts large capital expenses to predictable monthly costs, includes maintenance agreements, and enables regular technology updates. Purchasing makes sense for established firms with strong cash flow and specialized equipment needs that don’t change frequently.

What technology investments provide the best ROI for overhead reduction?

Drone technology delivers immediate impact—reducing field time by 80% and saving $50,000+ annually for active firms. Cloud-based project management systems provide 20-30% efficiency gains across all operations. GIS automation cuts data processing time by 70%, while integrated accounting software improves financial visibility for better overhead control.

How do I price services after reducing overhead costs?

Avoid immediately dropping prices after overhead reduction. Instead, invest savings into service improvements that justify current or higher pricing. Use competitive advantages from lower overhead to selectively win strategic projects while maintaining margins. Focus on value-based pricing that reflects your expertise rather than pure cost-plus models.

Sources

• Businessplan-templates.com. “What Are the 9 Operating Costs in Quantity Surveying and Estimation?” (2025). https://businessplan-templates.com/blogs/profits/property-surveying-services
• COPTRZ. “Five Drone Surveying Case Studies.” (2024). https://coptrz.com/blog/five-drone-surveying-case-studies/
• Excedr.com. “Strategies for Managing Overhead Costs: A Guide for Biotech Startups.” (2025). https://excedr.com
• FinModelsLab. “What Income Can Property Survey Business Owners Expect?” (2025). https://finmodelslab.com/blogs/how-much-makes/property-survey
• Inspiredeconomist.com. “Overhead Rate: An In-Depth Look at Business Expenses Management.” (2023). https://inspiredeconomist.com
• Investopedia. “Overhead Definition.” https://www.investopedia.com/terms/o/overhead.asp
• Rebel Ape. “Highland Surveying Case Study.” (2025). https://therebelape.com/digital-marketing-case-studies/highland-surveying-case-study/
• Small Business Administration. “Lease Versus Buy.” https://www.sba.gov/blog/lease-versus-buy
• Wikipedia. “Artificial Intelligence.” https://en.wikipedia.org/wiki/Artificial_intelligence
• XYHT. “Leveraging the Land Surveying Role, Part 3.” (2016). https://www.xyht.com/surveying/leveraging-the-land-surveyors-roles-part-3/

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 conducting a few focused Google searches, you’ll discover a treasure trove of valuable insights on the exciting journey of launching a business. Countless success stories showcase how startups have blossomed into influential businesses. While finding specific case studies for your industry or business model may seem challenging, the wealth of information available will undoubtedly guide you toward achieving your entrepreneurial goals.

The most dependable way to elevate your business idea is to have confidence in proven methods that other successful entrepreneurs have used to achieve their goals.

Focus on Productivity and Not Only on Activity

Embrace the notion that it’s okay not to be constantly busy. Take a moment to reflect on what truly matters to you today and in the future, and strive to make your activities purposeful. Organize your tasks in a way that provides clarity on your next steps. As highlighted by leadership expert and coach Leah Wultschik, constant busyness among leaders may hinder creativity and strategic thinking. Instead of being busy just for the sake of it, aim to be proactive and intentional in your actions. This approach allows for the space and time needed to make thoughtful, innovative decisions. By focusing on tasks that truly contribute to your goals and objectives rather than simply keeping busy with unimportant activities, you can tap into your full potential and drive yourself toward even greater success.

Hire the Best Talent Possible

Here are some valuable insights from Aislinn Malszecki, who leads content strategy and community at MaRS, to help you in your quest to hire the best talent:

1. Strategic hiring: Take the time to find candidates who have the right skills and align with your company culture. Avoid rushing decisions and focus on making the best choice.
2. Showcase your company: Build a positive buzz around your company by leveraging your reputation and personal connections to attract the right individuals to join your team.
3. Utilize your network: Go beyond traditional job postings by tapping into your network and your employees’ connections to identify like-minded potential hires.

Assembling the right team is pivotal. Collaborating with the right individuals can be the catalyst for propelling your business forward. Surround yourself with inspiring people who share your vision.

Partner with an Agency

The opportunity cost of daily operations can add up fast and take its toll if you try to do everything yourself. Therefore, it’s better to work with an agency. The initial cost of outsourced work will eventually be lower than trying to do everything on your own.

Patrick Woods, who holds the director of customer success position at Keen IO, has articulated several challenges that arise when collaborating with an external agency. To overcome these obstacles, he suggests the following:

• Build a relationship with the agency: Take time to get to know the people you will be working with. Determine fit and expectations.
• Communicate: Staying in touch is key as startups move fast. Regular, clear communication with the agency ensures we’re all aligned and moving forward together positively.
• Understand what the agency can do for you: Clarify the core strengths and competencies of the agency’s staff. Establish which tasks you want them to take over and which ones you want to handle in-house.

Beware of the Negativity

I truly appreciate the incredible enthusiasm exhibited by you and your team. Your passion and energy play a significant role in driving the success of our company. Your positive attitude is contagious and has the power to uplift and inspire everyone around you. We can achieve great things together and create a thriving, productive work environment. On the other hand, a lack of enthusiasm can dampen morale and hinder progress. Therefore, fostering a culture of enthusiasm and passion within your company is crucial to drive success. When you’re confident and optimistic, it inspires your employees to feel the same way and motivates them to follow your lead eagerly. Renowned author and keynote speaker Jon Gordon has emphasized that negativity can significantly affect your team’s morale, presentation, and productivity, leading to decreased energy and increased stress. As a leader, it’s essential to foster a positive work environment. By setting a tone of positivity, you can inspire your team to do their best and contribute to a lively and productive workplace.

Avoid Burnout

James Schramko, the founder of SuperFastBusiness, is a strong proponent of prioritizing adequate rest and sleep. According to Schramko, ensuring sufficient rest can lead to a significant improvement in overall performance. The repercussions of sleep deprivation can be quite substantial, encompassing issues such as depression, a compromised immune system, cognitive difficulties, and an increased risk of obesity. Furthermore, the costs associated with experiencing burnout can be extremely high, particularly if it renders an individual unable to work for an extended period. It’s crucial to consider these potential consequences carefully before reaching such a point.

Prioritize

It’s impossible to do everything in just 24 hours. We all lead busy lives, and that’s why Derek Sivers, the founder of CD Baby, follows the “Hell, yeah!” or “no” philosophy. According to him, saying “no” to most things creates space in your life for the few things that genuinely excite you. When you’re torn between a “yes” and a “no,” he recommends leaning towards “no.” Embrace the opportunities you’re truly passionate about and simply can’t turn down. This approach allows you to focus on what truly matters and brings you joy.

Final Thoughts

Thinking about the journey from being a startup to an established business is exhilarating. It’s a process that takes time, and it’s important not to rush it. When everything falls into place, you can transition smoothly from one stage to the next. Trying to force growth could create unexpected challenges, so it’s best to let things unfold naturally. Stay patient and focused, and success will follow! About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Starting a business is undoubtedly a challenging endeavor. Drawing from my own experiences in establishing various organizations, I can attest that it requires determination and hard work. Securing business credit will be crucial if you’re embarking on this journey. While the road ahead may be long and filled with challenges, with a solid foundation, the rewards can be immense. A robust marketing strategy is paramount for those whose new businesses have already taken off. Setting up your strategy early on will ensure that you hit the ground running once your company is officially launched. Remember, time waits for no one, so there’s no need to be apprehensive. It’s never too late to develop a strong marketing plan and steer your business toward success.

Some of you may have made a showcasing system before your organization dispatched. That is extraordinary. In any case, when you’re ready to go, you rapidly understand your technique isn’t working how you figured it would. It’s an ideal opportunity to return to the planning phase. Notwithstanding your exceptional situation, I’m sure this guide can help steer you in the correct way. It will be utilized as a perspective for imminent startup authors in the fundamental phases of composing a marketable strategy for your new organization. Your advertising methodology can represent the deciding moment of your business. Significantly, you invest the energy to get it directly as quickly as time permits.

Before you do anything else, you must choose to sell your items or administrations. In my counseling work, I regularly see numerous new entrepreneurs who skirt this progression since they accept their brands are for everybody. While I appreciate their desire, that is not the situation.

Online marketing is probably an essential tool for every startup, but before you open your social media profiles, maybe you should read this article.

When it comes to online marketing, many companies start in the middle of the process by opening their social networks and uploading information without a good market or strategy behind it. Before considering implementing efforts online, make sure your product is ready to launch and then create a plan for communicating it. This process is essential, not only for marketing but for your entire startup.

Focus on Your Product First

If you are starting a startup, your product is the basis of everything. Focus on creating a great product that a significant number of people want to buy. Your efforts will be rewarded more than anything you can do in terms of marketing. Think of any brand you admire; there is an excellent product under your funny Twitter accounts or engaging newsletters.

Test Your Product in the Market

When creating your product, test and experiment, and let consumers tell you if you’re doing well. You can do this in your accounts online, even if your product is not complete or has a minimal budget. Let people know what you want to sell them and see how they respond to it. It may be a longer process, but it will be worthwhile.

Create a Strategy

Once your product is ready, consider which channels you should promote it and why. Considering that you need Twitter just because “everyone has Twitter” is not a reason that guarantees success. Once you have chosen the channels, experiment with them and define their use and success. Try using different platforms, advertising models, and creative ideas, and be sure to observe your return on investment to understand what is working and what is not. You will realize that this will lead you to a slightly slower but better-planned growth that will ultimately result in real, loyal customers and a community satisfied with your product.

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.

Reconciling your company bank accounts every month is essential, just like reconciling your personal bank account. This method matches your credit card transactions with your bookkeeping records. It is a crucial step to ensure that credit card statements are accurate, and if there are any discrepancies, it helps the business owner take necessary action.

Reconciling your credit card statement every month helps to guarantee that:

• We resolve any discrepancies between your credit card statement and bank account, such as a bank deposit with the wrong amount.
• You will promptly address fraudulent activities or theft from your card and account. For example, if you see a purchase list on your disapproved statement, you can inform your bank to investigate the case.

What is the Process of Credit Card Reconciliation?

When the credit card statements are received, accountants match every transaction on the statement with the company’s internal system. It includes both inbound credit card payments from customers and outbound transactions to suppliers and service providers.

If there are any discrepancies, take the proper steps to investigate the case. After performing all the research and gathering information, store this data for audit purposes.

How Credit Card Reconciliation Software Works

Credit card reconciliation software automates all the required steps in the process. It imports data from ERP or general ledger systems and credit card files or statements. Then, the software compares both files and looks for any discrepancies the accounting team needs to investigate.

It makes credit card reconciliation easier as you don’t have to match each transaction manually, and this whole process also speeds up.

How to do Credit Card Reconciliation?

Step 1: Get all the transactions of a credit card

The first step is to obtain all your company’s various credit card account transactions. You can do this by importing credit card transactions using software or manually uploading bank statements into your accounting software. We highly recommend importing these transactions using software instead of manually doing it for more accurate results and to save you time.

Step 2: Assign expenses to a specific employee or team

First, sort out all of your company’s costs and then decide which employee or group will be responsible for various aspects of your company.

Step 3: Gather and arrange data for various expenses

This step requires you to collect important documents, reports, receipts, and credit card statements. It can be a difficult and time-consuming process. After that, you must arrange data per your company’s requirements.

Step 4: Compare the transaction amounts on expense receipts with the outgoing quantity in the corresponding account 

Now is the time to validate your expenses. Thoroughly check all your company’s expenditures and ensure they comply with your spending policies to prevent fraudulent activities or mistakes that could lead to potential legal woes.

Step 5: Discuss any policy violations with the offending party

If you notice any policy violations in your company, it is crucial to address them immediately. Discuss them with the offending party to know whether it was a mistake or some fraud activity. It rarely happens, but it is essential to highlight the issue to prevent the company from engaging in such activities in the future. A simple conversation will help to clear up any misunderstanding and to help the future reconciliation processes.

Step 6: Process credit card transactions in the general ledger

Now that you have sorted out all the expenses and addressed any potential issues, it is time to add your transactions to your company’s public ledger.

Validating and addressing issues before adding expenses to your books is essential to ensuring that the general ledger remains a solid and accurate foundation for your company’s financial system.

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 swift evolution of information technology, coupled with its widespread availability, has led to a significant increase in the reliance of businesses on computerized programs and systems. This trend spans various industries and operational levels, fundamentally changing how organizations function. Among the many sectors impacted, banking stands out as one of the most critical areas undergoing transformation.

In recent years, banks have adopted sophisticated computerized accounting information systems that have revolutionized their financial and administrative operations. These systems allow for more accurate transaction tracking, streamlined data processing, and improved reporting capabilities. As a result, banks can enhance their overall financial performance, reduce operational costs, and increase efficiency while providing a higher level of service to their customers.

Moreover, these advanced systems play a crucial role in the decision-making processes within the banking sector. They provide a wealth of statistical methods and testing tools that aid in analyzing business performance and making informed decisions. By leveraging data analysis and predictive modeling, banks can assess risks, identify trends, and develop strategies that align with their business objectives. Consequently, the integration of technology in banking not only supports efficient operations but also empowers financial institutions to adapt to the ever-changing market landscape.

Research on the design and analysis of accounting systems highlights important risks that can affect computerized systems. By addressing these challenges proactively, organizations can enhance their security and efficiency. Key areas to focus on include ensuring the accuracy of submitted data, preventing accidental deletions, discouraging employee password sharing, and safeguarding against potential virus infections. By implementing robust measures in these areas, companies can create a more secure and reliable accounting environment.

However, this advancement in accounting systems in the business is coupled with multiple significant risks relating to the security and safety of computerized accounting information systems. This is mainly because a similar advancement does not attend to this advancement in the capabilities and efficiency of human resources by users of the technology, and it is also not accepted.

Software errors and equipment malfunctions, such as hardware failures, errors or software malfunctions, operating system failures, electrical interference and oscillations, and undiscovered data transfer faults, threaten the firm.

 

Unintentional activities, such as errors or deletions stemming from ignorance or accidents, can pose significant hazards to businesses. The most common causes of these issues include human error, failure to follow established procedures, and inadequate supervision or training of workers. Users often lose or misplace data and may accidentally delete or update files, data, and applications. Additionally, computer operators and users might enter incorrect or unreliable data, use the wrong software version, select the incorrect data file, or save files in inappropriate locations. Analysts and system programmers may make mistakes in the system’s logic, create systems that do not meet the company’s needs, or develop systems that are unable to fulfill those needs.

To maintain credibility and relevance in decision-making, it is essential to manage both internal and external risks associated with accounting information systems. The ease with which these systems can be accessed may lead to distortion in accounting data, which negatively impacts the quality of decisions made. The inputs to accounting information systems are foundational for designing any program—be it administrative, financial, or control-related—highlighting the importance of data accuracy and the prevention of unauthorized changes. This, in turn, reflects the credibility of accounting data and affects the overall effectiveness of internal controls.

Risks associated with electronic work environment applications include inadequate input controls, processing, and direction, as well as insufficient procedures to secure software related to the security of electronic work environment information.

Unauthorized access, multiple people using the same passwords, and messing with data entry through the server or computer networks are all things to watch out for when it comes to the IT systems used for accounting data processing.

The increased use of technological applications requires the development of internal control functions at the technical and technical level commensurate with the degree of technology used in the company, which you can accomplish through the ongoing development and qualification of employees in modern technology.

Accounting is a control that aims to achieve control over financial and accounting regulations and instructions to preserve the integrity of a particular establishment’s assets and prevent accounting errors in the financial statements. It means that accounting control achieves widespread application and broad control. This control is designed to ensure that management’s orders are carried out legally, that financial transactions are recorded historically and by accounting principles, that the establishment’s assets are appropriately used, and that the actual assets are by what is recorded.

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.

Exchanging emails has become a significant part of every step we take, whether applying for a job or sending a business proposal. Many of us are living under the ray of thought that email conversations are safe and secure, but this is not true. Emails are critical in marketing, as email marketing is the easiest and most effective way to reach potential customers. Being careful can save you from significant disasters and possible loss of your confidential personal, professional, and corporate information.

The data you share in an email is as unsafe as an unlocked treasure vault, whether it is sent as an attachment or written in a subject line. Ensure that you do not share any of your data through emails. The below-listed tactics will assist you in avoiding such blunders:

1. Do not open emails received from an unknown source

Multiple emails land in your inbox daily. Some are relevant replies to your sent emails, but most are from an unknown source. You must be careful when opening such emails. Cybercriminals are getting active daily, and they consider email scamming one of the most sophisticated ways to rob sensitive data and information. Next time you receive an email from an unidentified source, try your best not to open such emails.

2. Over-sharing

It does not sound weird, but excessive sharing through emails is not a sensible step to take. Even the slightest information about you or your life can be a weapon against you. Most of us are okay with sharing our basic information on different social platforms without even realizing that these pieces of information are a lump of spiced meat for hackers to predict our passwords and passcodes.

3. Always be cautious

The suspecting set emails require you to click on the link to verify your data, particularly when you have not downloaded an application or software that would ask you for email verification. Please do not open the link, as it can cause you a massive unseen virtual loss. If you find a company’s or person’s name attached to the mail, then dial a call to cross-check the matter and figure out the reason for sending the email.

4. Use encryption software

Technology is a great help in fighting these unseen days today, increasing virtual theft. Email encryption software is no longer a choice; it has gradually become necessary to secure the data and information shared in emails. The content attached or written in a sent email can be easily accessed by the third masked person between the sender and the receiver. When trying to avoid such situations, this software is crucial. According to a technical fact, such software protects the confidentiality shared in your emails.

5. Minimize sharing attachments in the email

Emailing is a multi-purpose task. We often share attachments like resumes, business proposals, applications, etc. Well, it doesn’t seem, but it is not safe to do so. There is a valid reason behind why I am telling you to do so. The data in the attached file cannot be scanned by encryption or antivirus software, but they can be seamlessly accessed by hackers roaming around in the cyber world.

Here is a list of information you must not share via email at any cost:

• Account details (number, etc.)
• Credit card or debit card number
• Passport number or image
• Driving license numbers
• Social Security numbers
• National-Identity numbers
• Passwords or authentication credentials
• Legal and confidential documents
• Business sensitive information

Conclusion

Getting through the above article will help you avoid making any blunders while opening and sending an email. To ensure more email security, install antivirus applications and software, and avoid clicking on unique/URLs without even a second thought. Analyze the mail carefully. If you find anything fishy, immediately send your mail to the trash without clicking any link attached to the mail. The more alert and careful you are, the more protected your data will be. 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.

Nowadays, people seek time-saving and easy-to-use accounting software with integration APIs, time and expense, and workflow capability. QuickBooks is one of the market’s most famous, easy-to-use, and entry-level accounting software. It is the most popular small business accounting software option today, with more than 3 million subscribers. It can handle a good chunk of your daily accounting tasks but has some limitations, which can pose problems for you.

If you want to find software other than QuickBooks, no matter the reason, we have got you covered in this article. This article has made a list of software that rivals QuickBooks in terms of features, interface, and value for money. We have provided all the reasons why you should choose each software, including QuickBooks. In this way, you will have all the information required for comparing the software. Hopefully, after reading this article, you will find the best software for your business.

In today’s digital age, accounting processes are getting increasingly more complex each day. Moreover, the customers’ expectations are also getting higher from their accountants.

Top alternatives to QuickBooks as accounting software and their key benefits:

FreshBooks

It is one of the best and award-winning software in the accounting sector. According to the experts, FreshBooks can turn complex financial management into a smooth and straightforward experience. They also offer a free trial, so if you want to check the features yourself, you can try them out. You can use this time to check if this software matches your business needs.

This software allows the business owner to manage invoices and track and collect payments from a single platform. It works and collects payments smoothly from payment gateways like PayPal, Google Checkout, major credit cards, and many business applications. It gives you complete financial control without maintaining a complex manual system.

It also makes paying bills easier as it becomes easier to track invoices and pay any due amount. Moreover, you can set automated overdue payment notices to remind the clients of their scheduled payments. It is best for freelancers and sole proprietors as they can set it up quickly. 

Wave Accounting

If you are on a tight budget but still want to use software, Wave Accounting is the best choice. It is free cloud-based accounting software. It is best suited for freelancers, sole proprietors, and small businesses that need all the accounting software features like double-entry accounting, purchases, banking, and decent reporting but don’t have the budget to pay for software. Wave is best for businesses that offer services rather than products, as it does not provide management capability and inventory tracking.

NetSuite ERP

It covers many business processes, such as vendor management and purchasing, fixed asset management, and warehouse management. It helps to streamline different business operations from a single platform. It is enterprise resource planning software that helps to grow mid-sized companies and large enterprises.

Sage 50Cloud Accounting

It is a hybrid application that offers the reliability of desktop applications with remote access options. It is best suited for small businesses and the more tech-savvy.

This software has many good features, including good customer management, sales tracking, a sound inventory management module, and purchase orders.

It offers two payroll options: Essential payroll for up to 15 employees and Full-Service payroll, which suits large businesses.

One of the best benefits it offers for small businesses is its scalability. It has three plans available. Sage 50cloud Pro accounting is a single system user that runs $340 per year. Sage 50cloud Premium accounting supports up to five users and ten companies and costs $510 per year. Sage 50cloud Quantum accounting supports up to 40 system users and costs $842 per year. It also includes vendor payment and bank feeds. They also offer customized reports in a variety of categories.  

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.

There are various methods to delete or remove your unapplied cash payments, income, and expenses in QuickBooks. You must go to the sales menu, and then you must select the customers. After that, you must choose the name of the customer you want to remove. It is present in the transaction on the list tab. Then, you can go to the transaction list tab and click the payment. Also, you must go further to the bottom, and there is a delete option. Two options are yes and no, and obviously, you must delete that cash payment by pressing yes to confirm it. Cash associated with unapplied amount is that income from the customers, or you can say that the customers paid that. So it is that payment received from the customer, which is still not applied to any of the sales but is recorded in the account. You can also say that it is the situation in which you took the money from the customer, but still, it declares the sales form.

 

Apply for Bill Payment

Sometimes, an incorrect amount is added to your account, and now you must remove that payment before it mentions your taxation or any other matter. So, there are several methods you can remove it. It is equal to cash payment income, known as the expense side on the other side. So, first, you must take note of the vendor and mention the amount entered in your bill payment. There is an option called to create an icon, and then the second option is to pay bills. These two options are present there; if you see that your accounts match the total payments that are present in the list, then there is an option known as checkboxes, and you must check that after that procedure is done. You must press your choice, which is called save. Suppose there is no matching bill for your payments. In that case, there is another option for you. That is, you can create an icon, and then another option calls for bills to fill out the form. There are certain vendors, amounts, and dates that have them. So, fill them in the state as the bill payment.

 

Invoice Report

You can see an unapplied cash payment income if you run a profit and loss report using the cash method. QuickBooks itself creates unapplied cash payment income for text reporting correctly. And sometimes, unapplied cash payment income appears on your report. There are several reasons for that. For example, if a customer paired you several times, you could say that a customer prepared you and recorded the payment without filling out the sales form. Then, it may appear as unapplied cash payment income on your profit and loss. Also, it may occur if you enter a customer’s payment without matching it with the sales form. There are a lot of methods through which you can solve this unapplied cash payment income problem on your profit and loss report. Running the open invoices report is perfect for resolving unapplied cash payment income on your profit and loss report.

Several steps are involved in running the open invoices report. First, you must go to the words, and there is a field known as an acceptable report by name, where you must enter open invoices. Then, you must set up the account. There is a box that is mentioned or named as the run report. You must select the run report option, and there is a column called the transaction type column. You must locate a transaction that mentions a payment there. If a transaction or payment matches an open invoice, open a satisfactory report by name field and enter open invoices. Still, you can set up the account if you do not see an available matching invoice. After that, you can select the run report option.

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.

Technological information practices are evolving in the public sector and making their operations more efficient. With new systems and skills embedded in these modernized systems, the public sector organizations’ operations have become more outcome-oriented and performance-driven.

Based on extensive innovative models for IT infrastructure management, government sectors are now implementing more technology advancements in their ranks.

In hindsight, ITaaS, or IT as a service, is a commodity-based method of delivering IT services to consumers and aligning these services with cloud computing. In other words, cloud platforms provide public sector organizations with the benefits of the on-demand pay-as-you-go model, which follows service-level agreements.

Putting things into perspective, implementing cloud platforms feels like buying service level agreements (SLAs), not a person. Considering that SLAs are essential for the model, let’s look at them in detail. SLAs consist of agreements between the customers and the service providers regarding the scope, quality, and responsibilities of the providers.

SLAs also include other factors such as the definition of terms, termination of terms, etc. However, the most important metric is response time, which measures the mean time to respond and resolve. For many cloud service providers, meeting SLAs means customers can call 24/7 to learn what is happening around them.

The public sector technicians can also manage the servers and ensure that everything is up and running according to the SLA standards.

Different implementation factors are required to transform the public sector’s infrastructure to ITaaS. One significant factor is cloud adoption, which requires extensive support operations after the transition. Moreover, you can save efficiently on infrastructure costs, which is an essential benefit of ensuring a cloud-based turnover.

Nonetheless, many organizations fail to understand the importance of baked-in support costs provided by default in the existing data centers. For instance, during the initial transition stage of the data center to the cloud, the agencies witnessed that the usual servers, which cost $1,000 a month, only cost about $43, excluding the maintenance cost.

There is also the lack of understanding that early adopters faced during their transition to the cloud, which is why those organizations may have paid a bit more than usual. Not to mention, the labor cost associated with the transition was further hidden during the legendary move.

Some companies, such as Aquilent, have been on the leadership board in cloud platforms ever since 2009. These companies have witnessed the evolution of disparity between the growing savings to the cloud with additional costs, such as labor. In other words, a federal agency may have to bear around $3,000 per month for running ten servers after the transition. However, they may have to spend $15,000 every month with the additional labor costs.

It does not work well since you expect cloud platforms to save a lot of money. Nonetheless, with the ITaaS model, federal agencies can better gauge their needs and reduce costs. For instance, the Aquilent model has a fixed rate per server, which is not a significant disparity considering that you must support and host the servers themselves.

Government officials do not need to be convinced about the importance of emerging technologies such as cloud-based systems. On the other hand, they are eliminating their data centers and drastically shifting to the cloud to save money. However, they must also address their labor costs with other cloud benefits.

However, the ITaaS model has three main benefits: scalability, predictability, and pay-as-you-go pricing structure. However, transitioning your agency to an ITaaS model doesn’t happen quickly. It requires an integration of people, processes, and governance; no matter how beneficial it may be, change always brings challenges.

In response, contractors are offering agencies new options. For example, they charge monthly rates to use servers of all sizes without requiring any further commitment. Agencies are buying a high-value service, not another pair of hands.

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.

All public, limited, and private businesses need to keep track of their accounting records. Maintaining company accounts helps businesses manage and monitor every aspect of their finances, from revenue to costs to taxes and more. Without proper fund management, it is difficult for an organization to know where it stands in real-time.

International accounting standards constantly change to simplify them, so organizations and businesses update themselves by implementing modern accounting techniques to ease the process flow of better financial management.

Cash-Based Accounting

Organizations follow a cash-based accounting system; this simplifies the process of preparing financial statements. Following this system, organizations only record their revenues when they are physically received and expenses when incurred. Rather than following an accrual-based accounting system that records income and expenses even if it is not received or incurred, the cash-based accounting system is considered the practice that provides accurate information on the company finances.

Standard Costing

Organizations prepare their financial budgets based on expected costs and then analyze the difference between expected and actual costs. With the latest accounting software and tools, business owners can quickly examine the variances between actual and anticipated costs in real-time. This information helps in better managing company finances. In the past, these techniques required trained accountants for manual calculations. Many accounting software packages include some of these functionalities for efficiency and accuracy.

Balanced Scorecards

Another modern accounting technique is the balanced scorecard, a performance management tool that combines financial and non-financial measures to give a holistic perception of the organization and individual’s performance. Despite some limitations, a balanced scorecard is still one of the latest accounting techniques used in many organizations. Business owners can measure the company’s financial performance, which helps in better decision-making.

Real-Time Inventory

With the change in technology and the advent of RIFDs, many company’s inventory management systems changed drastically, moving from manual counting of the stock with the chances of human error to the automation of inventory management. Accounting occurs with minimal mistakes. Based on the organization’s policies, business owners use periodic or perpetual inventory systems to increase profits. The invention of new technology has changed the inventory management process: periodic inventory systems record inventory purchases and payments at the month-end. In contrast, Perpetual Inventory systems account for and record every transaction in real-time. RFID technology has made this process much more manageable. Attaching RFID tags to the inventory allows business owners to track their inventory and its costs in real-time and with more accuracy. Just scan the merchandise at the time of sale, and the inventory management happens automatically. Using real-time inventory management with RFID technology reduces the chances of human error. Financial managers and business owners can now monitor their finances with accuracy.

Process Management

There have been profound changes in process management over the years. Previously, business owners’ focus was only that the process was working correctly, without any errors. For finished products, businesses in the manufacturing industry check every 100th finished product to track the quality. With modern technology and equipment, finished goods are passed through quality-checking machines and equipment to ensure that every product passes the quality control process. This quality control system improves the overall quality of products and limits the chances of product returns. Thus ensuring proper accounting management to improve financial management decisions.

Total Quality Management

With the traditional practices, there were no or lesser checks on the product quality. The improved systems and invention of the technology have eased the process flow with more significant quality checks. With increasing customer awareness about products and growing competition, businesses now focus on quality. A company without quality management practices will increase the number of product returns, meaning the company will suffer financial losses as these costs add up. By adding the total quality management system, companies focus on detecting and reducing or eliminating errors in the manufacturing process, streamlining the supply chain and logistics, enhancing the customer experience, and ensuring adequate employee training. This process improves inventory management and helps manage the company finances to invest in new opportunities.

The innovation brought in by improving accounting techniques and practices has immensely influenced organizational applications and procedures. The newly updated accounting standards have eased the accounting applications in organizations, ensuring accurate and appropriate delivery of relevant information within the same financial year. Modern accounting techniques cover the critical deficiencies in old accounting practices; this helps management accurately use company finances to make better financial decisions.

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.