Category: Content

Owning and operating a business is a challenge. This challenge is especially true when it comes to owning and operating a restaurant. Though restaurants can gain a loyal customer base, you can’t bank on that loyalty for steady revenue with so many choices available. Some factors can affect the restaurant business like no other business. Strict regulations, competition, and location are more crucial when running a restaurant than any other industry. Here are five strategies to help your restaurant succeed.

Establish Solid Objectives

We all know that defining our objectives is essential to achieve long-term success. However, sometimes we do not get the results we expect because we do not clearly see the next steps. A recent study from the University of California revealed that those who regularly assess their goals achieve them at a much higher level than those who did not. It was discovered that they are 42% more likely to reach objectives in comparison.

Keep a Calendar

To be an organized entrepreneur, you must have a calendar in your tools. Using a calendar to help you set and maintain goals will allow you to keep daily, monthly, and yearly goals in your sights and keep anything from falling through the cracks. When it comes to daily goal setting, you can use the calendar to be a timer to help with, which every entrepreneur struggles against.

Control Your Priorities

As with any business, the restaurant business comes with a unique set of built-in tasks. While it should be your priority to hire a manager to help you with day to day operations and putting out the fires that inevitably come up each day, you may not be able to afford to hire a full-time manager and need to take on the tasks yourself.

In your calendar, we already established you should be setting out your daily, monthly, and yearly objectives, but what your calendar can’t hold is the things that come up that are unforeseen. As you work through your day, you have to prioritize issues such as calling in sick or low inventory on a crucial product. Instead of running from fire to fire, you should prioritize each issue and act accordingly.

Take Notes

As issues arise or you receive feedback and suggestions, you should take notes to use later to factor into what you need to do. No business is running all the time optimally, but you may receive ideas or suggestions from employees or customers or even from your epiphanies. Make sure you keep a notebook handy, so you can write them down to consider implementing at a later time.

Most innovative and creative people don’t get inspiration or ideas from one source; they gather them from multiple sources. They also don’t rely on their memory to retain the ideas that come to them and have a way to note the ideas to continue working through their day. If you don’t carry a notebook, you can use a notes app on your device. The most important thing to remember is that no idea or suggestion is a bad one until you have had the opportunity to assess it.

Proactive Approach

Whether it be a person that is running a business, or someone working for someone else in a  nine to five job, a proactive approach is necessary for all work fields. A person should be ready for any outcome but not wait for it to react to it. There are many moving parts in the restaurant business and many things that can come up in day-to-day operations. A good business manager will have a reaction ready for every feasible situation.

Conclusion

Managing a restaurant can be tricky, and you are always at the risk of failing, but failure should not be a forgone conclusion. You should always be implementing strategies geared towards success and have the attitude that failure is not an option. You should never listen to statistics about the failure rates and move forward, knowing you have solid strategies on your side.

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

The concept of social media management is spreading like wildfire among businesses. In today’s world of cut-throat competition and advanced technology, mastering this concept is key. What exactly does effective social media management look like for your brand, and how can you ensure that your business’s digital marketing strategy will succeed? Let’s take a look.  

With more than three billion people signed into social media accounts daily, it is clear that this marketing tool is powerful! With this great power comes great responsibility. To maximize the results of your social media campaigns and master this concept successfully, you will need to execute a marketing strategy that keeps up with today’s latest technological advances and be on top of the most recent marketing trends.  

Your business will need to select which social media platforms and features are best for reaching your target audience and increasing your brand awareness. You must create a unique digital experience that engages users and promotes your brand. Below we elaborate on four major concepts present in effective and efficient social media management.

Increase Brand Awareness

Almost half of the world’s population can be found posting, scrolling, tweeting, and communicating through one social media network or another. This makes it a virtual paradise for advertising and marketing to your current and potential customers. There are tools available on social media today called analytics that provide pages upon pages of precise data on users and their preferences.

A big component of effective social medial management is analyzing and interpreting these preferences to pinpoint the most effective times and content to post. This will increase traffic to your website and help move you up in Google search engine results.

A Digital Word of Mouth

Remember the traditional phrase “word of mouth?” It was an essential aspect of any marketing campaign prior to the introduction of the internet and social media. Social media is the modern-day “word of mouth” With the strategic placement of online communities across your different platforms, you can showcase the reputation of your brand, service, or product.  Customers typically search for product reviews before they consider purchasing the product, right? Incorporating good reviews or ratings into your social media campaign is an example of modern-day digital word of mouth.

Financial Feasibility

One would think that using social media platforms with such remarkable attributes would cost a hefty penny. However, these practices cost nothing in comparison to the results it provides. Most startups can create their initial social media campaigns for free, which helps them save a significant amount in advertising costs.  

User Engagement Galore

Today, businesses are forced to be customer-centric, making user engagement vital.  With new people joining various social media platforms daily, you must ensure that your brand is gaining enough attention.

One of the best features of social media is that you are not bound by location. You can reach your customers anywhere and anytime around the globe. Everything you need is at your fingertips.  In short, social media management is a key catalyst in the expansion of your business internationally.  

However, to make the best use out of these outstanding features, you need the right team! This is where Knowtio comes in! Our social media management experts are specifically trained to reach your target audience.  Our experienced professionals can manage and interpret the analytical data from both your website and your social media accounts to customize a successful model of a social media campaign that will significantly boost user engagement and ultimately help your business rise to the top!

LET US HELP YOU TAP INTO THE UNLIMITED POWER OF SOCIAL MEDIA MARKETING AND CONNECT WITH US NOW

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

Prioritizing saving money has been engrained into our minds since we were young. We may even recall the saying, “A penny saved is a penny earned!” However, earning and saving that penny has proven to be a much harder task than we once thought. Life is expensive! Speaking honestly, there are several places where the money we earn gets wasted, but that doesn’t mean you can’t develop money saving practices that really add up.  The following are some creative ways to save money; you won’t even realize you’re doing it!

1. Dump all loose coins every night

All that loose change weighing your pocket or purse down at the end of the day? Get into the habit of routinely emptying them out into a container or drawer by your bed. The key is to try to save this accumulation of change for as long as possible, then cash it in. Pro tip: if you go to the bank, you can get rolling paper and roll the coins yourself for an even bigger payout. It can even serve as a fun activity for the whole family and instill the principle of saving every penny in your young ones.

2. Pay your debts, but when you finish, keep paying the bill

Paying that car bill every month can be both daunting and satisfying at the same time. On the one hand, you may struggle to come up with the money and may wonder how you’ll ever pay the bill. But, once it is paid, you feel a sense of accomplishment and pride. Don’t stop there! Once your bill is paid, immediately start working on the next payment. Planning your bills out in advance should help relieve the check-to-check lifestyle that many of us are familiar with.

3. Save at least 70% of the unexpected money you receive

An extra pay, bonus, a return on the income statement, or any amount of money that you did not expect and that you received can be an extremely exciting reward. However, don’t immediately switch into “treat yourself mode.” Try getting into the habit of saving at least 70% of that money.  Make an emergency fund if you do not already have it or pass it to your savings or investment account directly.

4. Automate savings

It is not a creative way to save, but it has been proven to be useful in eliminating the need for willpower. Allocate a certain amount or percentage of your income to be passed over to a savings account and automate it. This takes away the temptation to spend your entire paycheck and encourages healthy spending/saving habits. You may even want to consider investing that money in a low-cost index fund.

5. Make saving a game

While this game can be fun and educational to teach you how to save a child, the truth is that for an adult, it can also be fun, tempting, and profitable.

Put today 1 cent in a jar (yes, that little coin that looks like a button on the shirt). Tomorrow put 5 cents. On the third day, put 10 cents, 20 cents the next day, and so on. If you continue doing this throughout the year,  you should be saving more than $20 in a single day. That comes out to more than $3,000 by the end of the year!  

6. If you like to play, save playing

Although we do not recommend wasting time playing video games, you might as well profit financially if you’re going to play. Long Game and other applications offer real rewards for playing short online games. Use it as an additional way to save for your expenses. You are doing something you fun while also earning!

Now that you have a list of fun ways to save money, make sure you make it a habit. Not only will you be living a more disciplined and healthy lifestyle, but you will also be surprised at how much you actually earn!

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

Owning and operating a small business can be very difficult and sometimes even draining. You can try to do everything right and still struggle against failure. Many small businesses fail within the first five years, most of those within the first year. However, it would help if you never got discouraged from trying to be an entrepreneur. It’s those with an entrepreneurial spirit that drives our nation’s economy. They often fight through adversity and sometimes defy the odds to succeed.

When you are running your business, it’s easy to lose sight of those areas that can ensure failure if they are not focused upon. Here are four reasons businesses fail and how to overcome them.

Lack of Investment

Many entrepreneurs aim to reduce costs and stop investing in areas where spending is needed the most. You need to invest financially in your business areas that need financial support to continue operating. These areas include technological tools and the modernization of processes by going digital. You also need to invest in equipment and supplies that help you and your staff function with high productivity. When it comes to investing in your business financially, you should always have everything running optimally and have your staff well-equipped.

You also have to invest in training and counseling your staff members, so they are always current on old and new procedures. It is also a must that you, as the owner, are up-to-date and in continuous training to stay on top of your business and top of the game. Investments in your business aren’t always financial.

Lack of Customer Focus

Without customers, your business is doomed to fail. That is the whole purpose of having a business, even if it’s nonprofit. Every business in existence was started to cater to customers and clients. That is why your main focus should be on your customers. As General Electric CEO Jack Welch once said, “Companies cannot offer job stability, only customers can!” Therefore, it is essential that your business practice a customer-oriented philosophy.

You can begin with customer service and follow through with making sure your loyal customers know they are appreciated. You also need to make sure you know your target customer and go after their hearts and well-earned dollars through relatable and grabbing marketing. Everything you do that is customer-related needs to scream that you care about those that pay your staff and put food on your table.

Lack of Motivation

You must bear in mind that entrepreneurship is not a simple task; it requires a desire and attitude to succeed and do what needs to be done even in the face of adversity. Therefore, you can never let yourself lose passion and motivation. Just like a marriage or long-term relationship requires rekindling, you have to treat your business the same way.

You can motivate yourself and your business by never becoming complacent and always striving for growth and stability. This kind of growth and stability can be through innovation or creative marketing. It can also be through making sure your staff knows they are cared about and appreciated and giving them incentives for production.

Lack of Consultation

By seeking consultation, you are opening doors for your company to grow in previously not working areas. Suppose there are areas of your business that are failing and you are unable to assess it or take the difficult steps to correct the problems. In that case, you have to use a consultant and preferably one that is outside the company and unbiased.

Using a consultant doesn’t mean you have to take their recommendations; however, they make recommendations based on data and other observations without having a stake in your business’s success or failure. They can also remove emotion because some of the decisions you may need to make will be difficult.  You only need to hire a consultant if you are unable to see without emotions.

The Bottom Line

When it comes to owning and operating a business, there are so many ways to succeed or fail. You are the only thing standing between the success or failure of the business you started. You have to keep going with the passion and idealism that prompted you to start the business and serve your customers when you started it.

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

Especially in the world today, having a restaurant or food-related business is difficult. Most people who open a restaurant or food-related business have a passion for it. Since it is one of the most difficult businesses to succeed in, any help or advice you can get to succeed will go a long way. Here are twelve tips for running and maintaining a food-related business.

Research

The food industry one of the most cutthroat industries in the world. This competitiveness is why it is essential to do heavy research before starting a restaurant or other food-related business. It is important to know what is trending in the industry while understanding that you can’t base the entire business on trends because they come and go. Successful restaurants and chains will have an unmovable base that sticks with a theme or specialty. They will also add trendy items on a limited basis and keep the trends if they are popular. Do some pointed market research to measure market needs in your area and what people look for in terms of food quality, taste, and affordability.

Marketing

Marketing begins before or as soon as the business starts. Creative and effective marketing attracts many clients and makes your restaurant or food-related business the talk of the town. If your campaign becomes popular enough, you can even be the talk of the world. Using the online environment to highlight your restaurant on major social media platforms can cause a buzz that is widespread if you do something shareable that goes viral. A lot of focus should be on your marketing plan, which should already be laid out in your business plan.

Menu and Pricing

Strategize the menu and offer the best of food that can be made and price it affordably so that your patrons can be of every walk of life. Pricing the menu perfectly is an art in itself. When the menu is balanced, it helps to gain you loyal customers and steady revenue.

Laws and Regulations

Every industry is run under some laws and regulations. The food business is not an exception. The basic concept of the laws and regulations of the food industry is transparency and food safety. To avoid any problems in the future, you must comply with laws and regulations at all times with no exception. 

Edible Logistics

People don’t realize that there is not just a focus on the décor and menu but also the food delivery and packaging. It also requires a focus on the presentation and consistency of the dishes’ presentation, especially if there is more than one restaurant in the chain.

Organize

The restaurant business takes a lot of planning. It would be best if you got all aspects of the business operations under your control. Every detail should be planned and put into a checklist. Multiple things should be organized before starting a business, such as inventory, supplies, ingredients, and so much more.

Nature of the Business

In today’s digital way of doing business, restaurants have to have an online presence and consider taking orders through their website. While a restaurant or food-related business can be successful without an online presence, it’s not recommended. The business should also stay up with the advancement of technology that directly benefits their business.

Branding

While you can follow trends on occasion, it is most important that a restaurant or food-related business stay on brand. Your brand is your image to the people that are customers or potential customers. Branding is the process of presenting your business so that customers and potential customers recognize it. This promotion of your brand should be positive and well-executed.

Staff

When hiring staff, you must make decisions that work for your business in every facet. You should hire cooks or chefs that have skills that fit the type of cuisine you carry. You want servers and hosts that are knowledgable, friendly, and well-spoken because they will be the only image of your business some customers will get. The staff is as important as the quality of the food.

Bestsellers

Bestsellers should be the central focus on all menus. The most successful restaurants have a section that highlights what they sell the most at the top of their menu. This placement serves a few purposes. It increases the sales of these items and decreases the time the customer takes to make food decisions. People often have difficulty making food choices because “everything looks good,” so highlighting bestsellers increases customer satisfaction.

Feedback

Feedback can be an overwhelmingly helpful tool when it comes to having a successful business. Ultimately, your customers will be your bread and butter, so you need to listen to their feedback with an open mind. Businesses that make changes according to feedback will often find that the feedback was shared with other customers who didn’t say anything.

Conclusion

The food industry is very competitive. It is essential to know what best can be offered to the customers and then launch the business. Food should be appealing, tasty, and different to get an edge over other competitors.

 

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

To get on track and start fresh, a yearly intense cleaning, also known as the spring-cleaning of your home, is the best way to get your house in order. Just like spring-cleaning your home, people also get a great opportunity to give their financial house or money related issues a new beginning. It is an opportunity to get your finances under control and set your expenses according to your needs. Moreover, with that opportunity, you can set yourself up for financial independence.

Tidying up your finances from the start helps you reach your financial objectives more rapidly. Whether your goal is to set aside some savings for emergencies, a big purchase, or retirement, or you want to cut spending, spring-cleaning your financial house will help you get your budget under control to make it work better for you. Here are five financial spring-cleaning steps to take to get your budget under control.

Clean Out Old Financial Documents

To start fresh, you need to dispose of those old financial documents. The money related records, slips, and reports that you have been collecting or putting aside for some time should be reviewed and disposed of safely. When you sort out and get rid of the old documents, you can then focus on the financial documents that are current and essential to your finances today. Important documents would include canceled checks, financial assessment forms, and documents with tax details. To dispose of these unneeded documents, you should invest in a shredder to protect your identity and steal financial records.

Organize Your Expenses

For a good spring-cleaning of your financial house, you need to keep up with your accounts to be aware of your spending. You should also have a budget and ensure that you are honestly accounting for every penny you spend. When you follow your spending or set a financial plan, you need to organize your expenses so you can live within your means and eventually go beyond and have a worry-free financial future.  There is budgeting software available as well as templates.

Audit Your Will and Beneficiaries

Making and auditing a will and beneficiary plan is how you can pass on your assets and resources to your loved ones. A will is something that most people don’t think about after they have it drawn up. However, because life and the events in it can change, you should include an audit of your will in the spring-cleaning of your financial house. This audit should also include a power of attorney and medical power of attorney to ensure these important decision-making responsibilities are in the right hands.

Audit Your Insurance Coverages

Financial spring-cleaning is the right time to evaluate and audit all your protection inclusions for your entire insurance coverage. This audit is the perfect opportunity for you to evaluate your insurance costs and ensure you are not overpaying on any of your premiums.

This audit is also the opportunity to evaluate what is covered and if you need to add coverage or take some off of your plans to save money. An audit of your insurance coverages is meant to let you know you are being covered correctly for you and your needs. Doing this audit once a year will allow you to look over the previous year and inform you of what you do or don’t need.

Audit Your Retirement Plan

The auditing of your retirement plan is similar to the other audits suggested. This retirement plan audit helps you determine if you can contribute more to your retirement plan or if you need to contribute less for some financial relief now. It will also allow you to research and ensure you receive every available benefit your company offers, including contribution matching.

Conclusion

It is very important that you keep your accounts, expenses, and budget as your top priority throughout the entire year when it comes to your finances. Then, once a year, you should go through a financial spring-cleaning so you can assess everything and make adjustments that are in your best interest, as needed.

Though personal and business finances are important to understand and control, not everyone can afford to hire a professional financial advisor. Fortunately, because of the Internet, this is not an issue. In this digitized era, information and guidance are at our fingertips. Thus, the best finance sites are available for you to use. because of the Internet and endless access to information

Thus, there are numerous sites about both business and personal finances, and while it is great to have several choices, it can be overwhelming to know which ones will be most valuable. Having sound financial planning is a must to ensure you have a good grip on money, but how do you know where to get the best information on finances and financial planning? Here are the top nine finance websites that can help you with financial planning.

CNNMoney

One of the most well-known names in the news on the planet is CNN. And for information about the business world and finances, CNNMoney is the most popular website to date. Its finance-centered Money page is the best spot to peruse the most recent features and news in business and financial planning. Through the CNNMoney website, you can discover almost endless information about current economics and how it affects you. This website also allows you to view a slider indicating day-by-day financial changes in the market and other economic highlights.

Kiplinger

Kiplinger is an awesome website and a good asset for any subjective financial guidance or patterns. On this website, you will be able to discover some noteworthy money related information. It can also help you sort out money associated goals for the years to come and specifically how to handle them. It has amazing insight into handling the best budgets, investments, and a multitude of other financial concerns that go into having a solid financial plan.

Reuters

Reuters is considered the largest multimedia news agency, and they cover all things you ever need to know about finances, both personal and business. They give you information on the business, the stock market, investments, technology, personal finances, and small business. This website is a proverbial one-stop shopping for help with financial planning.

TheStreet

The website that emphasizes news, particularly the news relevant to investments, is The Street website. This popular website helps you analyze current occasions, contributing proposals, and the fundamentals of getting into the business market. The Street offers actionable concepts from the world of finance, business, and investing. This site is dedicated to helping individuals and businesses with financial planning specifically meant to grow wealth.

MarketWatch (previously known as SmartMoney)

MarketWatch is a foremost visionary in business and personal finance information. They give real-time commentary and investment tools through dedicated journalists that generate hundreds of stories and market briefs a day from ten international bureaus in the U.S., Asia, and Europe.

Seeking Alpha

Seeking Alpha doesn’t produce its own content but instead shows data from other business-related sites. Still, for knowledge purposes, you can see some major finance articles from everywhere on the landing page. This website offers the latest articles and information on the best-performing stocks in the market and other business-related financial information.

Bloomberg

Bloomberg is considered a leading and the most popular finance website.  For general money-related news, Bloomberg is a groundbreaking asset. It offers so much financial information in a way that everyone understands. You can easily read about the current market patterns, as well as the top features and stories in a written way that is easy to apply for everyone who reads what they offer. 

Forbes

In the world of business and finance, Forbes is a commonly recognized name. You will always find something to peruse on this website. Whether you work as an independent contractor or freelancer, you are starting a new business, or even if you are interested in investing in a firm, Forbes can provide you with some key information.

The Motley Fool

The Motley Fool is a great resource for investors to stay informed. It will provide you with the leading insight and analysis of the stock market. While The Motley Fool is primarily focused on investing and the stock market, it also has some great articles on personal finances and other great financial information.

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

A bookkeeper is responsible for recording the transactions of a business. A business undergoes different financial activities that need to be recorded to know its expenses, revenues, and spending patterns. Different activities occur in a company every day, such as buying raw materials for production, sending finished goods to suppliers, maintaining the warehouse, and more. All this work requires money and must become part of the financial data. If left unrecorded, the company will not have accurate financial data. The expenses, profits, and other information cannot be obtained with accuracy, which hinders efficient decision-making and problem-solving. Here are four reasons you should hire a professional bookkeeper to take care of your bookkeeping needs.

When Experiencing Difficulty in Recording

Although bookkeeping is a basic recording of financial data, it still requires accounting, such as categorizing expenses. If the data is not categorized properly, the business cannot know how many expenses were incurred or how many profits were made. This means that the business will not be able to project future sales and profits efficiently. Also, inaccurate categorization may lead to higher tax payments, which lay undue pressure on the company. Since the data is utilized in making financial statements, the need for its accuracy is high. Therefore, if the entrepreneur realizes that he struggles with data recording, he should consider giving the bookkeeper the responsibility.

When Unable to Manage the Responsibility

When someone starts a new business or a company, he keeps a short team to avoid paying salaries and wages. Therefore, every member has to look after different jobs at one time. For example, one person may be responsible for marketing, bookkeeping, and customer relationship, which means that he has a lot on his plate every time. With a lot of responsibilities, it is common for one of them to get neglected. However, bookkeeping must be taken seriously as it depicts the potential and profitability of the business. If it is realized that the team is unable to record the financial transactions regularly, then a bookkeeper should be hired.

When Regular Problems in Bookkeeping are Noticed

It is not necessary to hire a bookkeeper if someone in the team can handle the work. However, a bookkeeper must be hired if the job is not being done properly. Regular problems in bookkeeping is a major problem as it means that the data is not recorded accurately. If more expenses are entered, then the profitability calculated in the financial will be lower. Therefore, the company may fail to attract investors.

Similarly, if all the receipts are not recorded, the chances of reporting fewer revenues and expenses are high. If the business realizes that accuracy is missing in bookkeeping, then it must hire a bookkeeper. The problems are evident during bank reconciliation at the end of a period.

When the Business is Growing

As the business grows, it becomes difficult for people to handle more than one responsibility. With many responsibilities on one person, the quality of work delivered by the individual is negatively affected. Therefore, it becomes important to delegate tasks to different competent and well-versed people in doing the assigned job. Growing businesses also demand efficiency to continue delivering high-quality products and services. Thus, the business must do all it can to manage its operations. A growing business must hire a bookkeeper as recording transactions will increase and become difficult for the company to manage otherwise.

A bookkeeper will efficiently record financial transactions, providing accurate data for financial statements and decision-making. Realizing the importance of accurate bookkeeping, it is concluded that entrepreneurs and small businesses should not be reluctant to hire a bookkeeper if required. The problems arising because of inaccurate recording can cause a lot of damage to the company’s strategies and reputation; therefore, help should be taken from professional bookkeepers.

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

When you talk about enhancing your financial health and building wealth, saving money for a better future can be your best option. However, to save money, you have to set a budget and identify your financial goals. You also have to recognize where you can cut spending as needed to help you reach your savings objectives.

Though saving money is important many financially responsible people either don’t have one, or if they do have money saved, it is underfunded. While it is understandable that the financial needs and goals are different from person to person, it is universal that all need a healthy savings account. If you still aren’t convinced, here are six reasons you should save money.

Saving Money Creates Financial Independence

Financial independence is something that every person wants. Being dependent on assistance, whether it be from other people, loans, or government assistance, can make a person feel like they can’t get ahead. This dependence can stifle personal financial growth because true growth only comes when you are financially stable and have a plan.

Saving money is the most direct way to gain financial freedom and independence from others, including employers. If you have money saved, you won’t have to be worried if something happens to your job or your income isn’t quite what you need to make ends meet for one reason or another.

Saving Money Means Less Stress

Saving money leading to less stress may sound like an oxymoron because building a savings account takes focus and hard work, but in reality, it less stressful for many reasons. It can reduce stress by giving you padding for unexpected emergencies. Emergencies that cost money aren’t generally built into your budget; therefore, if you have money saved, you won’t have any stress because you will have the funds to cover what you need.

It can also mean less stress if you lose your job or need to take an extended amount of time off. Though there is coverage through unemployment or the Federal Medical Leave Act if you need to take time off for medical reasons, those are case by case situations and not a guarantee. If you have money saved to cover your income for a few months, you will not feel stress if you lose your job or need to take unpaid time off.

Saving Money for Big Purchases

Many people want to buy a home or car or both. While you can get a loan and make payments when purchasing a car, if you can pay cash for the car, it will be ideal and save you hundreds in interest payments. When purchasing a home, even if you can’t save to buy it outright, the more you can put as a down payment, the lower the mortgage payments will be. It can also help you get a lower interest rate, which is where the most cost comes from when it comes to making major purchases through loans. You can also save for a family vacation and other major purchases that come up if you have a healthy savings account.

Saving Money for Retirement

When you are young or even middle-aged, it isn’t easy to think about reaching retirement age as it seems so far away. The truth is, when it comes to the amount of money you need to save to live out your golden years, the more you can add to that, the better. It has been estimated that social security support will be unable to cover seniors within the not too distant future. If you have healthy savings for your retirement, you won’t be dependent on any government income. In some cases, you can even retire earlier if you can build a large enough retirement savings account.

Saving Money for a Good Opportunity

Good opportunities often come once in a lifetime. By accumulating a savings account, you will have the capacity to invest in opportunities. For example, if someone comes to you with a business proposal and offers you a chance to invest, you will have the money readily available if you find it to be something you want to invest in. You can also create your opportunities where others who have no savings cannot.

Save Money for Higher Education

While you may have already gotten a higher education, your children may have high hopes to go to college. Though they can get scholarships, student loans, or work their way through college, ideally, you would help them financially by having money saved. This way, if they don’t get a scholarship, you can pay for their education and allow them to have a stress-free college experience.

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

Unless you are a millionaire or have a steady flow of income that is well over what you need to live, you have concerned yourself with how to make ends meet. Even those with the ability to make ends meet may have needs that exceed those means. Whether it is the need to make your ends meet, save for your future, or save up for something you desire, you may be looking to boost your income. Here are five tips to help you boost your income.

Focus on Your Bills

Many people accept their bills at face value and don’t realize that they can lower their bills. You can call many of the companies you have bills with and renegotiate your bills. If you hold a mortgage, you can often restructure your financing if you’ve been making payments on time and improving your credit score. Cable and Internet companies will often negotiate with loyal customers and extend the offers they do to new customers. You also might be able to negotiate your utilities to be a fixed monthly rate, which is generally an average of what you paid overall last year. You can also look into refinancing your car and other loans. Often if you’ve made payments on time, companies are willing to negotiate better rates. So start making some calls!

Consolidate Your Debts

Some companies specialize in debt consolidation. However, they charge you a fee to do this consolidation when you can do it yourself. You can add together all of your debt, and if you have decent credit, you can obtain a low-interest loan to your bank to pay off all of the debt, thus giving you one payment. Using this loan to get one with a fairly low-interest rate can save you hundreds if not thousands of dollars. Depending on how much debt you have, you can also use one of your lower interest credit cards to pay off your debt and again bundled them into one payment per month.

Resell Items

Many times we have items in her home that have value. If you need to boost your income, you may want to take an inventory of everything in your home and consider selling some of it. You can also refurbish old furniture or other items fairly inexpensively and sell them for profit. While you should start first by decluttering your home to give you inventory to resell, you can also hit up yard sales and estate sales. Many times you can find treasures that people let go of very little that you can resell online.

Turn a Hobby into Income

Most people don’t realize that they have skills they can use to earn and boost extra income. First, you need to evaluate things that you love to do in your spare time and figure out if you can parlay that into extra income. There are many creative hobbies we have that can earn us income. If you love photography, you can often earn extra income by using those skills. You can photograph weddings, events, portraits, or artistic photographs that people use as artwork in their homes. You can also sell your photographs as stock photos on many sites.

Another hobby that can make you money and boost your income is writing. If you’re an excellent writer, you can contract out your skills and earn money writing various items. You can do articles, blogs, and resumes, and much more. Other creative hobbies can turn into income, such as painting or drawing. Look into what you love to do as a hobby and see if you can boost your income.

Create Passive Income

Passive income is investments that require little to no involvement once you invest in making money. Once you take some initial action to invest, you sit back and wait for the money to roll in. You can invest in real estate and use that real estate like rental properties. If you don’t have the income to make a real estate purchase, there is real estate crowdfunding. This allows you to consolidate the purchase of real estate with other investors. You can also create e-books fairly quickly, and self publishes them on various sites, and make royalties. And another form of passive income is to invest in businesses that will pay you dividends on your investment.

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