Freelancing, as a full-time business, is becoming more and more popular. Generally, freelancers take a skill or multiple skills they used in the business world and converted into their own freelance business. For many reasons becoming a freelancer is appealing.

• Being your own boss
• Flexibility in your schedule
• No limit to income
• Only taking work you want to

The most popular freelance jobs are writing, graphic design, and consulting. While all three are very different from one is another, there are some common aspects of freelancing that will be the same no matter what kind of freelance business you operate. Here are eight tools that every freelancer should have.

Wunderlist

Staying organized is essential for every freelancer’s success. Wunderlist is a simple and intuitive task list application that can be viewed on the desktop or mobile device app. Tasks can be organized by project and client and then broken down into smaller tasks required to complete each item. Other features include the ability to add notes and files to each task, set deadlines, and create reminders with automatic data synchronization on all your devices.

Trello

Trello is a project management tool that allows you to keep track of ideas, to-do lists, events, and completed tasks using a virtual whiteboard. Each element is configured as a map that can be dragged and dropped into categories making it easier to organize projects and your entire business. To make an account is free, and you can start using it immediately upon creating your account.

My Minutes

My Minutes is a productivity app that is only available for Apple users. This helps you set and reach productivity goals by using the “at least” and “at most” system. For example, you could set it to “spend at least two hours on client A’s project” or if you could set it to “spend no more than one hour on answering emails.” This application is meant to keep you on task and productive.

RescueTime

RescueTime is an app running in the background and recording all of your usage and time spent online and other apps. The point of this app is to help you see where your time is being spent on time management. It is also a great way to track how many hours you work if you bill clients by the hour. This application can be a real eye-opener as far as where and how you are spending your time.

Self-control (App)

Self-Control was designed for those who are easily distracted. This open-sourced distraction app lets people block their access to specific sites even if they remove the act or restart the computer. It will only block during a certain timeframe set by you. You create a blacklist of distracting websites such as Facebook or Twitter, or even your email. Once you click start until the time is up, you will be restricted from access to whatever sites are on the blacklist. The point of Self-Control is to keep you from distraction by restricting your access during certain times.

FreshBooks

FreshBooks is cloud-based accounting software for non-accountants. Not only does it track billable hours, but it also integrates them with an easy online billing system that automatically calculates totals and taxes to generate invoices quickly. FreshBooks also offers hassle-free spending tracking that automatically imports and classifies bank account and credit card expenses and records expenses simply by taking a snapshot of revenue. Its financial reporting tools include expense reports, quarterly analyzes, profit and loss, payments collected, tax summaries, and more.

QuickBooks

Quickbooks is an accounting and bookkeeping software that is perhaps the most used accounting and bookkeeping software on the market. This highly-rated software integrates more than 150 third-party applications and features time tracking and payroll services. Quickbooks has dozens of other features and now offers an online cloud-based version.

Conclusion

Whether you use one or all of these applications, you must use every tool available to you as a freelancer. These tools help you manage time, business organization, and accounting and bookkeeping. These areas are critical, especially to the freelancer who must operate their business on their own. 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 food industry is thriving and flourishing. People have started investing in food businesses because they are less likely to fail in the current market. Everybody likes to eat, but not everybody loves to cook. This is where the food industry comes into play. Homemade food or restaurants, people like eating delicious food. Here are eleven tips to follow to help you start a food business.

1. Research: The food business is more competitive than any other business, so it is imperative and smart to do some research before starting a food business. Before starting a food business, try to find out what is trending, what new trends can be worked upon, and what you can do differently than others. Do some online market research to measure market needs and what people look for in terms of food quality, taste, and affordability. Try taking notes from a food business that failed; try to find out what went wrong in it and refrain from making a similar mistake.
2. Marketing: Marketing begins as soon as the business starts or sometimes before even that. Marketing attracts a large number of clients and makes a product talk of the town. Marketing has many ways. It is done online as well as offline. Marketing through social media platform requires less investment and targets a maximum number of people.
3. Menu & Pricing: Strategize the menu. Offer the best of food that can be made. Pricing the menu perfectly is an art in itself. When the menu is balanced, it helps to gain more profit. Price should be decided according to the cost of the ingredients. Prices should not fluctuate. It is not only unethical but also results in losing existing customers.
4. Law: Every industry is run under some laws and regulations. The food business is not an exception. The basic concept that follows the law and regulations of the food business is transparency and food safety. To avoid any problem in the future, follow and achieve compliance with the law and the requirement it states. 
5. Edible Logistics: Research and work out about food delivery and packaging. Food delivery is more complex than any other logistics. The packaging should be decided smartly. The food should be packed in spill-free containers.
6. Organize: Food business needs planning. Every detail should be planned and put into a checklist. Multiple things should be organized before starting a business, storage, inventory, ingredients, packaging, orders management, etc.
7. Nature of business: The food business can be dual in nature. Orders can be taken offline as well as online. Decide if the business will just run offline or online or on both platforms. There is a lot of scope for running the business online. Social media, blogs, and websites can acquire more orders as the reach is maximum through an online platform.
8. Follow SOP: If the food tastes nice, the business gets permanent customers. People do not like to switch from one kind of taste to another. For making sure people stick to one specific brand and food business, follow the same recipe, the same raw materials and ingredients, and the same technique. Write down everything and then keep the following everything to ensure consistency.
9. Staff: Hire staff intelligently. From the chef to the waiter, everyone should be trained. Invest time to train each staff personnel. Remember changing staff frequently in the food business is risky and can lead to losing permanent customers.
10. Bestsellers: No matter how long the menu is and how many items it has. There are always some key selling items and dishes. Every food business has a specialty that people love. Identify the best seller and use it as the focus of the menu.
11. Feedback: Always trust your customer’s feedback. Be open to feedback and customize the food according to the ratings. 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.

Tax Professional vs Tax Software:
What’s Best for You?

Tax professional vs tax software choices depend on your specific tax situation—use software like TurboTax for straightforward returns with W-2 income and standard deductions to save money, but hire a CPA or enrolled agent when dealing with business income, rental properties, or multiple income sources to maximize deductions and minimize audit risks.

I’ve spent over 20 years as CEO of Complete Controller helping thousands of small businesses navigate tax season, and I’ve witnessed firsthand the costly mistakes that happen when business owners choose the wrong tax preparation method. From watching clients switch from software to professionals after missing $15,000 in deductions to seeing others waste money on CPAs for simple returns, I’ve learned that making the right choice between tax software and professional help can save you thousands of dollars and countless hours of stress. This article breaks down the real costs, hidden benefits, and practical decision framework you need to choose the tax preparation method that fits your unique situation.

Tax professional vs tax software: What’s best for you?

• Tax software costs $0-$179 and works best for simple returns with W-2 income, standard deductions, and no complex investments
• Tax professionals charge $200-$1,500+ but excel at finding hidden deductions, handling multi-state filings, and providing audit protection
• Software saves time with automated calculations but can’t answer nuanced questions or provide year-round tax planning
• Professionals offer personalized strategies and IRS representation but require scheduling appointments and higher upfront costs
• The hybrid approach—using software for data entry and professionals for review—cuts costs by 30-50% while maintaining accuracy

Pros and Cons of Tax Software for Everyday Filers

Tax software dominates the market for individual filers, with 41% of all returns now self-prepared electronically compared to just 30% a decade ago. This shift reflects both improved technology and growing taxpayer confidence in digital solutions.

Modern tax software guides users through a step-by-step interview process, automatically calculating deductions and checking for errors. Programs like TurboTax and H&R Block software import W-2s directly from employers, reducing manual entry mistakes. Most platforms include audit support features and secure document storage for seven years.

TurboTax and similar tools: Ease and speed

The biggest advantages of tax software include:

• Immediate filing – Complete your return in 1-2 hours versus waiting weeks for appointments
• Real-time calculations – See your refund update as you enter information
• Error checking – Built-in reviews catch common mistakes before filing
• Multi-device access – Start on your phone, finish on your computer
• Automatic updates – Tax law changes integrate seamlessly

Hidden limitations of tax software

Software struggles with several critical areas that cost taxpayers money:

• Complex scenarios – International income, cryptocurrency, or multiple businesses often exceed software capabilities
• Missed deductions – Studies show self-employed filers miss an average 21% in potential deductions
• No personalized advice – Software can’t recommend tax strategies for your specific situation
• Peak season glitches – Server crashes and slow performance plague filing deadlines
• Limited audit support – Most include basic defense but won’t represent you at IRS meetings

Advantages of Hiring a Tax Professional for Complex Returns

Professional tax preparers bring expertise that software simply cannot match, particularly for business owners and investors. CPAs and enrolled agents complete extensive training and maintain licenses through continuing education.

The value shows in the numbers—professionals identify an average 20-30% more in deductions compared to self-prepared returns for clients earning over $50,000. They also provide year-round support, not just during tax season.

Maximizing deductions and audit protection

Tax professionals excel at:

• Finding overlooked deductions – Home office, vehicle expenses, retirement contributions often missed by software
• Audit representation – CPAs and EAs can speak directly with the IRS on your behalf
• Multi-state expertise – Navigating reciprocity agreements and credit calculations
• Business structure optimization – Recommending S-corp elections or LLC formations for tax savings
• Depreciation strategies – Maximizing Section 179 and bonus depreciation benefits

Year-round tax planning missing from software

Unlike software that focuses on filing past returns, professionals provide:

• Quarterly estimated tax calculations – Avoiding underpayment penalties
• Investment timing strategies – Harvesting losses and managing capital gains
• Retirement planning – Maximizing contributions across multiple account types
• Estate tax minimization – Structuring gifts and trusts effectively
• Business succession planning – Preparing for ownership transitions tax-efficiently

Clarity first. File smarter with Complete Controller.

Cost Breakdown: Tax Professional vs Tax Software

Understanding the true cost requires looking beyond sticker prices to consider potential savings and risks.

Factor	Tax Software	Tax Professional
Basic Return	$0–$60	$200–$300
Complex/Business	$100–$179	$300–$1,500+
Hidden Costs	Upgrades, state filing fees	Consultation fees, amendments
Potential Savings	Quick filing, no appointments	Average 20-30% more deductions found
Audit Support	Basic coverage included	Full representation and defense

Small business owners particularly benefit from professional help—one client saved $22,000 last year by restructuring from sole proprietor to S-corporation based on their CPA’s recommendation.

Real-World Case Study: When Software Failed a Growing Business

A concrete example illustrates the software limitation problem. An e-commerce owner used TurboTax for three years, reporting increasing sales across multiple states. The software handled basic Schedule C filing but missed crucial multi-state nexus requirements and inventory accounting methods.

The IRS eventually sent notices for underpaid taxes across three states, plus penalties totaling $8,000. After hiring a CPA, they discovered $15,000 in missed deductions including:

• Cost of goods sold adjustments using proper inventory methods
• Multi-state apportionment reducing taxable income in high-tax states
• Research and development credits for website development costs
• Section 179 deductions for equipment purchases

The CPA amended three years of returns, eliminating all penalties and securing a $12,000 refund. The business now saves approximately 25% annually on taxes through proper planning and quarterly reviews.

Hybrid Approach: Combining Tax Software and Professionals

Smart taxpayers increasingly adopt a balanced strategy—using software for routine tasks while engaging professionals for optimization and review.

Best tools for hybrid use

The most effective combinations include:

• QuickBooks + CPA review – Software handles bookkeeping, professional ensures accuracy
• TurboTax draft + professional filing – Self-prepare to understand your return, expert files officially
• Year-round software tracking + quarterly professional meetings – Continuous recordkeeping with periodic optimization
• DIY personal return + professional business filing – Split approach for mixed income sources

This hybrid model typically reduces professional fees by 30-50% while maintaining expert oversight.

Transition tips for your business

Start implementing a hybrid approach with these steps:

• Organize digitally year-round using accounting software or apps
• Schedule quarterly check-ins with a tax professional for planning
• Prepare draft returns yourself to understand your tax situation
• Engage professionals for final review and strategic advice
• Document everything to maximize efficiency during professional consultations

The Human Expertise Gap in Tax Software

Beyond calculations and forms, professional relationships provide intangible benefits software cannot replicate.

Building trust with year-round guidance

Tax professionals offer:

• Personalized explanations of how tax laws affect your specific situation
• Proactive communications about deadlines and opportunities
• Business advisory services beyond just tax compliance
• Referral networks to attorneys, financial advisors, and lenders
• Peace of mind knowing an expert reviews your filings

Software may calculate accurately, but it can’t calm your nerves during an audit or explain why converting to an S-corp saves money long-term.

Conclusion

Choosing between a tax professional vs tax software ultimately depends on your return complexity, available time, and comfort with tax laws. Simple filers with only W-2 income save money using software, while business owners, investors, and anyone with multiple income sources benefit significantly from professional expertise. The hybrid approach offers the best value for many—leveraging software efficiency while maintaining professional oversight for optimization and compliance.

I’ve seen businesses transform their financial futures by making the right choice here. One Complete Controller client reduced their tax burden by $22,000 annually simply by switching from DIY software to professional guidance. You don’t have to navigate these decisions alone. Visit Complete Controller for a free consultation with our tax experts who can assess your situation and recommend the optimal approach for your business.

Frequently Asked Questions About Tax Professional vs Tax Software

Is tax software or a tax professional cheaper?

Tax software costs $0-$179 for most returns, while professionals charge $273+ on average. However, professionals often find enough additional deductions to more than offset their higher fees, especially for business owners or those with investment income.

Can tax software handle business taxes?

Software works adequately for simple sole proprietorships with straightforward expenses. However, it struggles with multi-state operations, inventory accounting, depreciation strategies, and entity selection—areas where professionals excel.

What if I get audited using tax software?

Most software includes basic audit defense services, but these typically provide only guidance and document preparation. Professional preparers offer full representation, attending meetings and negotiating directly with the IRS on your behalf.

Do I need a CPA or just any tax preparer?

CPAs and enrolled agents provide the highest expertise level and can represent you before the IRS. For complex returns involving businesses, investments, or multi-state issues, choose credentialed professionals over uncertified preparers.

When should I switch from software to a professional?

Consider switching when you acquire rental property, start a business, receive stock options, have multi-state income, face an audit, or when your income exceeds $75,000 with multiple deduction opportunities.

Sources

• Cogneesol. “Pros and Cons of Tax Preparation Software TurboTax vs CPA.” Cogneesol Blog, 2023, www.cogneesol.com/blog/tax-preparation-software-turbotax-vs-cpa.
• Bench Accounting. “The Pros and Cons of Hiring a Tax Professional.” Bench Blog, n.d., www.bench.co/blog/tax-tips/hiring-tax-professional-pros-cons.
• McManamon Co. “Tax Software vs. Tax Preparer: What’s Right for Your Business?” McManamon Co., n.d., www.mcmanamonco.com/tax-software-vs-tax-preparer/.
• Sunset Finance. “Pros and Cons of Hiring a Tax Professional vs. Doing It Yourself.” Sunset Finance Blog, n.d., blog.sunsetfinance.net/advantages-tax-professional.
• Taxfyle. “Comparing DIY Tax Software vs. Professional Accountants.” Taxfyle Blog, n.d., www.taxfyle.com/blog/comparing-diy-tax-software-vs-professional-accountants.

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. Reviewed By: Brittany McMillen

Brittany McMillen

Brittany McMillen is a seasoned Marketing Manager with a sharp eye for strategy and storytelling. With a background in digital marketing, brand development, and customer engagement, she brings a results-driven mindset to every project. Brittany specializes in crafting compelling content and optimizing user experiences that convert. When she’s not reviewing content, she’s exploring the latest marketing trends or championing small business success.

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No matter the business’s size, recruiting is one of the most crucial aspects of running your business. While it is true, you can put your job opening online and receive applications and possible candidates, recruiting is the best way to ensure that you get top candidates for the position. The recruiting process used to be more challenging before the Internet opened up the candidate pool. The challenge now is to get through numerous applications to find the most qualified candidates to receive an interview. Recruiters are becoming more creative to help find the best employees for the businesses they represent. Here are five ways recruiters are effectively recruiting candidates that you can emulate for your small business.

Recruitment Marketing

Recruitment marketing has become something new in the respect that the online environment has changed the face of recruiting. When looking for an excellent candidate, recruiters use every resource they have to find them. But as a small business owner, you can cut out the commission and recruit like a pro yourself. Because we live in a world where social media is so heavily used daily by anyone with a device, using social media as a recruitment tool is vital.

So, where do you start? First, if you don’t already have one, you need to make a business page for your business on Facebook and LinkedIn platforms. Once you have these pages in place, you can begin to target recruiting efforts using your pages. Having these pages will give you a base and a place where possible candidates can see your business and how they might fit into it.

Target Audience Recruiting

Just like when selling a product or service, you need to figure out your target audience when it comes to recruiting the right candidates. Demographics are just as important in recruiting as they are in sales. When you have an open position, you need to imagine what the perfect recruit looks like to fill that position. Once you’ve determined the perfect candidate’s demographics for the job, all your efforts need to go towards putting your job posting in front of those who may be the right fit.

Social media is the perfect arena to help you target your key candidate demographic. Search for groups that are geared towards your demographic. Though the position you are offering may be better suited for someone of a certain age or gender, you still have to be careful not to alienate or eliminate any possibilities. However, suppose you heavily advertise the position in areas that are geared towards your key candidate demographic. In that case, you are more likely to get candidates that fit what you’re looking for in an employee.

Content Focus

When you identify where to target your ideal candidate demographic, it is time to focus on content that will attract the right candidate to your business. Creating content may require trial and error, especially if your target demographic is not your own demographic. However, since almost everyone with a device or the Internet is on social media no matter their age, gender, location, or beliefs, your net will already be widely cast. To narrow down the possibilities to viable candidates for the position, using a variety of good content to attract candidates could make all the difference.

Exciting Branding

Just like advertisements are meant to excite people to use products or services, you should use exciting branding to attract qualified candidates to your business. This is the time for you to be flashy and attract people through wonderful graphics, video content, written content, and overall business branding. When your business gets in front of the candidates you’re trying to target; you want them to look at your business and desire to work there.

When it comes to branding focused on recruiting, there is absolutely no difference between that type of branding and sales branding. The only difference may be that you show more of what goes on in the background to entice a possible employee candidate.

Go International

Though there may be plenty of qualified candidates in the US, don’t be afraid to go international with your reach. Many highly qualified and eager candidates will work very hard who want the opportunities working in the United States. Expanding your recruiting pool will never be a bad thing other than giving you too many great options.

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.

Financial risks are taken on by every business, no matter the size. For the large business owner or shareholders, the risks are minimized by the amount of revenue coming in that covers it. For the small business owner, every decision carries a risk. Most small businesses fail within the first five years. The highest percentage of those are within the first year. However, this does not have to be the case. The failures don’t stem from poor decision making alone. They stem from not understanding the risks and safeguarding your business from these risks to eliminate them or minimize them.

Preparation for your small business should include making a business plan. Within that plan, there should be market and financial analysis. This analysis is where you can discover and assess the risks of starting your small business and how to handle them so your business will succeed. Here are four financial risks small business owners face and how to minimize or eliminate them.

Failure to Plan

Every aspect of starting and running a small business is a financial risk. This risk comes from issues with financing and working to turn a profit during your first year in business. Depending on the type of business, you usually don’t start in the black as far as finances. This means that you have to acquire financial backing, whether from your savings, investors, or lenders. If you obtain financing from alternative sources, the financial risks increase as they are either looking for a return of investment or repayment of the loan. Both carry risks against your business if you are unable to produce.

To minimize or eliminate this risk, you should have a strong financial projection in your business plan, and beyond startup, you need to continue implementing financial forecasting. If it is your first year in business, you can use market and competitor trends to forecast month to month what your business finances may look like. If you have been in business for more than a year, you can use your previous year’s financial statements to help you forecast. Financial forecasting will help you prepare for downturns or business slowdowns if they are expected. It will also help you plan how to utilize the money best in those times when business is booming.

Product or Service Failure

Though you may believe you have the best service or product idea or business plan, customers may disagree. Every business is dependent on some level of sales to survive, but if what you are selling isn’t any good or if it is good but not something people need or want, your business will not survive, and that could potentially no only hurt you as the business owner. Still, it could hurt any other investors in your business.

To avoid this, you should do a market analysis. The market analysis is as it sounds. You research and analyze the market to which your product or service belongs. You don’t want to just focus on current trends because those can come and go, and if you are only offering something that is currently on-trend, you will go out of business when it is no longer the hot thing. Your focus should be on a product or service that has a long life ahead of it.

Don’t count trends out totally. If you have a central and timeless product or service, you can then add some products and services on trend to give your business boosts. If you are creative, you can even be the one setting the trends.

Risky Financing

Most small businesses can’t operate at startup or the first few years without outside financial sources. Therefore, you will need to seek out financing. While there are many reputable lenders and investors, there are equally those that are not. Before entering into any contract for financing, make sure you go through the contract thoroughly. It would even be suggested that you consult a lawyer to ensure nothing in the financial contract could later come back to hurt you or your business. Both investors and lenders can add things into the contract that could give them your business should you fail to return on their investment or repay the loan.

Though all financing carries some level of risk, some are riskier than others. When seeking financing, you must do a lot of research and choose wisely.

Not Knowing Your Target Market

Many business owners make the mistake of believing that their product or service is perfect for everyone. While this kind of confidence is encouraged, it is not realistic. Even products or services that everyone uses varies from person to person. Also, when considering your target market, it is not always the person who will use the product that you target but rather the one going to do the purchasing. For example, grocery shopping is generally done by one household member. Each person in the household may need things from the grocery store, but the person making the purchase and selection may not use the product. So in some cases, those who sell grocery items may only want to target the person doing the purchasing, not necessarily the person who will be consuming the product.

Market and target audience analysis are crucial if you want to get your share in the market. Once you identify your target market, then you should put all your marketing efforts towards them. This targeting will increase sales and minimize financial risks.

Conclusion

For the small business owner, part of owning a business is facing financial risks. However, as long as the small business owner recognizes the risks and understands how to overcome them, they will not affect the business. Owning and operating a business can be fulfilling and challenging all at the same time, but if you’re prepared, you can overcome those challenges, and your business will succeed.

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.

No matter if a person is running a small or medium business or SME, it is important to hire a professional to perform tax services. Tax accountants are responsible for preparing and filing your business’s taxes. Furthermore, the tax accountant’s job is to do a detailed assessment to ensure that the business’s financial activities are running smoothly. The tax accountant also plays a major role in keeping the business operations in a prosperous and healthy state. A business person who is thinking of initiating a startup needs to make a proper plan. This plan includes including different strategies on how to engage professionals, tax compliance, and cash flow.

Instead of using accounting software or doing the business taxes yourself by hand or using handwritten books, hiring a tax accountant for the business makes good sense. Here are six reasons you should hire a tax accountant for your SME.

Helps the Business Save Time

As a business owner, there are several important responsibilities to conduct properly to run business activities more smoothly. Responsibilities of an entrepreneur include marketing, selling of products and services, and budget planning. A tax accountant is responsible for ensuring that the business’s financial side gets taken care of accurately. Hiring a tax accountant will allow the business owner to run operations to accomplish business goals within a short period.

Helps the Business Avoid Costly Mistakes

Due to the number of responsibilities that a business owner has, it becomes challenging to ensure that every business operation is accurate. There is a high risk that entrepreneurs will make some serious mistakes when dealing with the tax filing process in such cases. These mistakes can either cost the business a lot of money or worse; they can cause the business to be shut down.

To remedy these issues, there is a need for a tax accountant to help the organization navigate the business processes in the easiest way possible. This approach will help the organization to save the business amounts to prevent errors.

Helps Businesses Deal with Complicated Tax Filing Processes

The process of paying taxes is considered a ‘cumbersome affair’ because, to file taxes, it is important to fill out the appropriate form accurately by providing facts, including details of accounts, income, expenses, and payroll. All of these factors are necessary to keep the businesses on the right track. Hiring a tax accountant will help a business owner take care of all these issues efficiently.   

Helps the Business Identify Deductions

Hiring a tax accountant will help the business owner identify the potential deductions and provide the best possible advice. This advice will help an entrepreneur to make strategic decisions concerning year-end deductions. It has been observed that business owners often forget to keep track of the items like home office space, out-of-pocket expenses, and depreciation.

Helps Reduce Tax Liability

The job of a tax accountant is to know and understand tax laws and regulations. They also understand the current deductions available to the business. Understanding the laws, regulations, and deductions and finding other ways to cut taxes by reviewing the books will ensure that the business owes as few taxes as possible.

The tax accountant can also look at ways to save on your taxes throughout the year instead of just during tax season.

Helps the Business Grow

Hiring a tax accountant can help a business grow by keeping all the financial aspects of the business well recorded. These records can produce financial statements that will help the business owner understand what kind of capital the business has for growth. With a tax accountant taking care of the business’s financial side, the business owner can concentrate on other business areas, such as operations, and focus on growth.

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.

Creating wealth management is something every financially responsible adult should do. This doubles whenever you become a couple. Regardless of your plans for marriage, owning a home, and having kids, planning for your financial future should be a priority for you as a couple. To plan wealth management requires you as a couple to sit down and have a financial discussion.

Some couples don’t combine their finances or manage them together, let alone invest together. Whether you have joint accounts or keep your finances separate, you can still invest as a couple. It is a matter of communication. You need to come together and discuss what your investment goals are, clarify your expectations, and discuss your risk tolerance.

Once you have established what you desire and expect, you can find common ground and work your way from there. If you invest as a couple, it is essential that you are on the same page, or the investment process could be overly challenging and even contentious.

After you have firmly established where you want to invest and how much you want to dedicate to investing, you have to choose where to invest as a couple. Here are six ways you can invest as a couple.

401(k) or Workplace Savings Plan

Like you might do as an individual, you can both invest in your company’s 401(k) or other workplace savings plans. If both of you have company 401(k) or other savings plans, both of you should be investing money into them. However, this investment needs to be strategic. If your company (many do) offers to match up to a certain percentage of your income, you should choose the one that carries a higher percentage.

You should be investing as much as you can afford this investment. The most important thing is to leave the money in the 401(k) because withdrawals have penalties, and they also get taxed after they come out since they go into the 401(k) before taxes.

Traditional and Roth IRAs

Traditional IRAs or Roth IRAs are individual retirement accounts opened by the investor at the banking institution of their choice. A traditional IRA has tax-deductible contributions and is tax-free until withdrawal. A Roth IRA is tax-free going in and coming out as long as you withdraw after retirement.

IRAs could be invested jointly, or you could have separate IRA accounts. It would probably be more profitable to put it all in a joint IRA so that more could be invested to get you a higher rate of return.

Health Savings Accounts

Though the Health Savings Account can only be used for qualifying medical expenses, the contributions and withdrawals are tax-free; therefore, it can reduce healthcare costs. These accounts can also gain extra revenue if your company does matching contributions.

Taxable Brokerage Accounts

Taxable brokerage accounts are accounts opened at a brokerage firm after the application approval. These accounts allow the firm to trade and buy or sell stocks on your behalf. There are no limits to the number of these taxable accounts you can have. Some investors may choose to have accounts at multiple brokerage firms. Diversifying your brokerage account investments can protect you in case of a downturn in the market in which you are invested.

Individual stocks

As a couple, you can buy individuals docs and companies, which means you are buying ownership. This can be done after a company goes public and offer shares in ownership to those who can afford to buy them. These stocks can later be bought and sold on an exchange between sellers and buyers through a stockbroker. Money can be made when the stock appreciates, and you sell it, or it can be made when profits are made on the company, and you receive a portion of those profits for being a shareholder.

These investments have no limit as far as what you can make; however, that means there is no limit regarding the losses either.

Mutual Funds

Mutual funds are an investment in which you pull your money and other investors to buy more shares in a collection of bonds, stocks, and securities. The price of a mutual fund is called the net asset value. It is the total value of the securities in the portfolio then divided by outstanding shares. The price varies based on the value held by the portfolio at the end of each day. One of the differences between mutual funds and individual funds is that be investors do not own the individual stocks or investments they are investing in the fund itself.

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.

Having a business budget is as important as having a household budget. The purpose of the two budgets is similar in some ways and diverse in other ways. A business budget is an outline of monthly operational income and expenses. Still, your business should have a yearly budget so you can work to cover it with or without financing. You should have at least a six-month business budget before you start your business and should adjust as you work through the year.

The business budget is essential for making financial decisions but can also be important when trying to obtain financing from investors or lenders. Here are five essential steps to creating a business budget.

Add Up Your Income Sources

When writing your business budget, you need to figure out all your income sources. This will be cash flow and any other positive income that you use to operate your business. This can be from financing, sales, outstanding accounts receivable, and refunds.

Once you have all your income sources, you will enter them into your budget, broken out by source, and finally calculating your total income.

Determine Your Fixed Costs

Fixed costs are those expenses that will always be the same month to month. It is best to always have your fixed costs at the top of your expenses since they will not change. Generally, fixed costs are your lease, fixed utilities, internet and phone services, and payroll. If you have any other expenses that are the same every month, you should add it to your budget’s fixed costs.

If you cannot determine your fixed costs, you can use a bank statement to see what costs were consistently the same. Once you figure out your fixed costs, you will total them on your budget.

Determine Variable Costs

Variable costs are all the expenses that don’t fall in the fixed costs category. These are any expenses that change from month to month in an amount or due date. These expenses are usage-based utilities, travel costs, commissions, or any other fluctuating expenses.

Since variable expenses can change from month to month, they can be difficult to budget. However, you can budget for the average or general cost each month. When looking at variable costs, if you are not making enough to cover the budget, this is where you will look for expenses to cut. This is similar to a household budget in that if you aren’t making your business ends meet, you will use your budget to help you determine where to cut.

One-Time Spending

While most of your expenses, whether variable or fixed, will be the same each month, there are also costs that only happen on occasion that need to be added to the budget. These costs can be easily forgotten when they are not a regular expense. Make a list of these expenses, so when you are making your yearly budget, you can add them and also add to the monthly budget when the time is appropriate.

These one-time expenses will fall into two categories, planned and unplanned. While you may wonder how you can add unplanned expenses, you should have a miscellaneous yearly expense that will be used to cover those unplanned expenses that inevitably come up.

The most important thing to remember when figuring out your expenses is that you are striving for your business always to be prepared for all possibilities so that nothing will leave you devastated and possibly out of business.

Putting it All Together

Once you have gathered every source or possible source of income and your variable, fixed, and one-time spending costs, it is time to put your budget together. Make sure you have every category covered and the most accurate amounts possible.

Once you have your budget put together and have totaled everything, you will use your budget to compare cash flow out and cash flow in to see your profitability and see whether you are in the black or need to seek financing.

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.

Banking is something that everyone who earns a paycheck has to consider. While there may be some that don’t use a bank, it is uncommon. With so many people keeping their money in banks, new banking institutions, especially online, have increased. This leaves people who need a bank account or are unhappy with their current banking institution with a wide variety of choices.

Sometimes, like at a restaurant that has far too many choices on the menu, having such a wide variety of choices in banking institutions makes it difficult to choose one that’s right for you. There are several things to consider when choosing your bank. Here are six tips to help you choose a bank that fits your banking needs.

Account Type

The first thing you need to consider before choosing a bank is what type of account you need. First, you need to decide whether you need one account or multiple accounts. Many people will have both a checking and savings account in the same banking institution, often linking them together. However, today, people are more concerned with bank accounts that help them earn money or invest in their future savings.

Savings accounts at most banking institutions do not have a very high yielding interest rate. However, online banks have generally been offering higher-yielding interest rates on savings accounts or checking accounts. They can do this because they have less or nonexistent fees. Many banks also offer cashback bank accounts to earn money every time you use your debit card or checking account. Also, many checking accounts offer the ability to put away spare change. The idea is that it is rounded to the nearest dollar, and that difference will be put into savings.

Fees and Balances

An important thing to consider when choosing a banking institution is what kinds of fees and balances they have or require. Many banks will charge exorbitant fees for overdrafts and some banking transactions. Some banks require minimum deposits or balances, or they will charge additional fees. It is important when you are choosing a banking institution that you look into what their fees and policies are on balances. These fees could end up costing you a lot of money. So look for a banking institution that has minimal fees and balance requirements.

Accessibility

When opening a bank account and choosing a banking institution, a crucial thing to consider is accessibility to the accounts. You want to consider whether your banking institution has multiple ATM locations and multiple branches for cash withdrawal and in-person banking needs. While many will do most of their banking online in recent surveys, many people still prefer to do some of their banking in person.

Online banking has taken the financial industry by storm. It has even established banks that are 100% online. Many of these banks appeal to customers because they have lower fees due to low overhead and offer higher-yielding savings accounts. Some still prefer brick-and-mortar traditional banking more prefer to complete all banking transactions through mobile devices and online. When considering what bank to put your money into, accessibility needs to be a high priority consideration.

Credit Unions

Many people who are considering opening a new bank account or switching banks disregard credit unions. While credit unions usually have some membership requirement, they are much easier today to qualify for in the used to be. If you can get a bank account at a credit union, it is highly recommended.

There are many advantages to banking with a credit union. They often have lower fees and higher interest rates on savings accounts. They also have membership benefits not offered at other banking institutions. Because they value their members, they will often work with members who may have faulty credit. The only disadvantage is that most credit unions are local and don’t have ATMs. But to make up for this, many credit unions reimburse and waive all ATM fees.

Online Banking

While almost every banking institution offers online versions of banking and banking through your devices, there is also a surge of banks that are contained 100% online. When speaking of banks that are centralized only to the online environment, there are many advantages to using these for your bank account. Online banking institutions generally have lower fees and, in some cases, no fees. They also offer higher-yielding interest rates on savings accounts. They can do this because they have no overhead and can pass those savings to their customers.

It should be noted that there is no possible way to deposit cash since there is no brick-and-mortar location or branch. To combat this single disadvantage, you can use your cash to purchase gift cards through major credit card companies that will work like a debit or credit card for purchases.

Terms and Conditions

The final thing you want to consider when choosing your banking institution is the terms and conditions of the bank your considering. It is imperative that you need every line of the bank’s terms and conditions before depositing money into it. Many banking institutions have hidden fees and requirements that could end up costing you money. Though we live in a society where we often skip the terms and conditions, it is important when choosing a bank that you read them. You may find there are some deal breakers hidden within the words.

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.

Psychology plays a big role in every aspect of life. Every person possesses a different kind of personality and has unique traits. Behavioral economics plays a major part in defining a person’s financial personality. According to your characteristics, pick from this financial personality list and know more about yourself and your personality traits.

Virtuoso: You belong to the virtuoso personality if; you are full of spiritual wealth, generosity, honesty, and love spending the money to benefit family and friends. But while doing so, make sure you don’t lose all your income and spend smartly—plan about savings in any responsible mutual funds, insurance plans, or legal currency accounts.

Persistent: You belong to a persistent group of personality if you have these traits; Persistent financial persons are consistent and stick to their routine of spending. You never spend on new things and stick to your plan of expenses. As a persistent financial person, you never like a surprise expense. You have a financial plan that you follow religiously, and you are superglued to it no matter if your favorite dress in sales this month. If it is not on your list this month, you will not spend on it.

Perilous: You are not afraid of taking risks. You are prone to have fun even at the expense of losing all your salary at once before the month ends, and you love that others have fun with you. Taking a risk with money makes you ecstatic. You believe in YOLO and live the moment.

Architect: You are a planner. You draw your financial map and follow it. You know where you have spent each of your pennies, which is a commendable task. You love detailing and can pen down your financial break down precisely. You work on your financial matter your way because nobody knows them better than you. You plan about emergency expenses beforehand and have a saving plan for yourself.

The child: You don’t think about the future; you follow your heart. You seem to be contented with whatever you have, and that’s why you have not saved the amount you must have saved by now. Your savings are low returns. You need the motivation to start saving and realize why saving is important.

The scared one: For you, money is a very serious matter. You keep checking your account balance and spend time thinking about where that $1 was spent. You are afraid of making a financial mistake and losing even a small amount of investment. You tire yourself up by analyzing every single detail of your expenditure. You are unable to make important decisions about the money. But the matter of fact is, it is better not to do anything in which there is money to risk.  

The multiplier: If you have a multiplier financial personality, you are prone to risk and invest in every opportunity that you think will multiply and increase your wealth. This might sometimes lend you in trouble as not every risk is worth taking. Investment is a gamble that does not guarantee profit every time. Sometimes you gain, and sometimes you lose. The negative trait of having a multiplier personality is that you are not afraid of losing, so you invest without thinking twice and losing your investment. It is not bad to invest in multiple projects, but you should discuss it with a financial adviser to minimize the risk.  The ostrich: An ostrich buries its head when it senses danger rather than running away or saving himself. The same is with you if you have an ostrich personality. Rather than going through your financial plans and organizing them, you keep spending until you know that your account balance is zero. As soon as someone starts earning, they must spend some time reviewing the expenses and plan it out for the future. It is true that in different aspects of our lives, we all have different customs and characteristics. Psychology impacts financial aspects, as well. If you have found out about your financial personality by now, then work on improving 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.