The essential elements in fraud are risk and materiality. The assessment of the importance of these factors will, to some degree, determine how seriously the corporation treats fraud prevention and detection. It will also affect the means dedicated to fraud-related tasks, so all assessors need to consider the risk and materiality of fraud in their organization. Not everyone can afford the high-tech resources necessary for fraud prevention, but anyone can practice some definite preventive measures.

Types of Fraudulent Acts

You can commit fraud through many media types, including mail, wire, phone, and the Internet (Computer Crimes and Internet fraud). The international magnitudes of the web, the comfort with which users can hide their location, the trouble of checking identity, and legality online. The simplicity with which hackers can distract browsers to fraudulent sites and steal credit card details has subsidized the rapid growth of internet fraud. In some countries, tax fraud is under false billing or tax forgery.

Fraud as a Civil Wrong

The court structure observes fraud as a civil wrong, known as a “tort.” Each jurisdiction has a definite description of fraud, but it is the intentional misrepresentation of essential facts. For a civil wrong, certain features must be in place, including:

1. Demonstrating the state of mind of both the committer and victim at the time of the crime
2. Substantiating the fraud occurred with clear and conclusive evidence

Fraud is a Criminal Offense

Certain varieties of fraud are categorized as criminal offenses, mainly if the offender is involved in theft under false simulations. Like civil wrongs, certain features must be in place for fraud to fall under the category of a criminal offense.

1. Deliberate sham by pretense with the intent to persuade the victim to part with money or property
2. The belief in the dishonesty by the victim, who parts with the money or property under the pretenses
3. The perpetrator keeping, or aiming to keep, the money or property in inquiry

Fraud Prevention

It is vital for an association, large or small, to have a fraud prevention plan in place. Fortunately, there are ways you can minimize fraud incidences by executing different measures and controls.

1. Know your employees: Fraud committers often display behavioral mannerisms that can indicate the intent to commit fraud. Observing and listening to employees can help you identify a potential fraud risk. It is essential for management to be involved with their employees and take the time to get to know them.
2. Make employees aware/set up a reporting system: Awareness affects all personnel. Everyone within the association should be conscious of the fraud risk policy containing fraud and its consequences. Those who plan to commit fraud will know that management is watching and will hopefully be dissuaded by this.
3. Implement internal controls: Internal controls are the plans and programs applied to safeguard your company’s possessions, ensure the reliability of its accounting records, and prevent and detect fraud and theft.
4. Monitor vacation balances: You might be curious about the employees who haven’t missed a day of work in years. While these may sound like loyal employees, it could be a sign that they have something to hide and are worried that someone will detect their fraud if they are out of the office for some time. It is also a good idea to rotate workers to various jobs within a firm.
5. Hire experts: Certified Fraud Examiners (CFE), Certified Public Accountants (CPA), and CPAs who are certified in Financial Forensics (CFF) can help you establish anti-fraud policies and procedures. These specialists can provide a wide range of facilities, from complete internal control audits and forensic analysis in general to essential consultations. 
6. Live the corporate culture: A positive work environment can prevent employee fraud and theft. There should be a clear organizational structure, written policies and procedures, and fair employment practices. An open-door policy can also provide a great fraud prevention system as it gives employees open lines of communication with the administration.

Final Note

Those who are willing to commit fraud do not differentiate. It can happen in large or small companies across various industries and geographic locations. Professional fraud can result in enormous financial loss, legal costs, and a ruined reputation that can eventually lead to a business’s downfall. Ensure you have the proper plans in place that can suggestively reduce fraudulent activities from occurring or cut losses if fraud has already happened. Following through with the policy, enforcing the noted steps, and enforcing the consequences are crucial to preventing fraud.

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

The use of shared drives is becoming more common among small businesses. Thus, many users are required to browse through internal filling systems. Such shared drives are like a modern-day version of physical filing cabinets. Back in the day, secretaries were experts at setting up systems for proper internal filing, using well-established nomenclature. Any filing system in the modern-day needs to allow its users to navigate with ease and intuition.

Common nomenclature pitfalls

The naming conventions developed naturally depend on what kind of industry you are in, along with the type of data you categorize. The following outlines a few essential tips you can adapt to organize your filing system.

Avoid the use of symbols

In file names, steer clear of using characters such as @ or &, limiting their use to folder names. Only use symbols if the service is employed officially in your company. As an example, take a department called Accounts & Finance. Using the character ‘&’ would be appropriate in their designated folder. Meanwhile, another department called social media and Marketing (note the use of ‘and’ instead of ‘&’), abbreviating ‘and’ to ‘&’ should be avoided.

If having such characters in the names of specific folders causes any trouble, it will be easy to change because only a few folders would contain them. The use of symbols in file names, however, is something that should never be practiced. It makes searching for specific files a hassle. In addition, new software that might not support the use of symbols could result in a nightmare of having to rename hundreds or even thousands of files.

Avoid abbreviations

Abbreviations are a big no-no. Your nomenclature system should not include them unless and until a particular abbreviation is commonly used. Specific departments in many organizations have their jargon abbreviations. If such abbreviations are used in file naming, it might create problems for other departments wishing to retrieve any data. Another thing that should be kept in mind while naming files is the convenience of future users who may want to retrieve the data. Doing this will avoid using abbreviations, which might be commonly used today, but may not be widely known among company members after some time.

The use of spaces

Standardize your company policy for spaces. Consistency is critical, and you need to make sure that everyone in your company uses the same format for areas. There are three different options when it comes to standardizing the policy on sites:

1. Using spaces in filenames
2. Complete omission of spaces
3. The traditional method of replacing areas with the ‘_’ symbol

Whatever you choose, make sure that all users know the policy and that the naming of files is as consistent as possible.

Establishing a standardized and comprehensive structure for hierarchy

Standardization helps users in navigating through the filing system. It also lets users know the proper method of filing things. Standardization can be different for every organization, but here is a basic structure with which you can begin thinking of your strategy for standardization.

Tier 1:

To develop the first tier, you should investigate your company’s organizational structure. Most businesses with a centralized system organize files and folders by the department. Companies that operate at different locations might have their files sorted into areas and then into departments.

Tier 2:

The second tier of your hierarchy can consist of project categories that each department handles. For example, your marketing department might have three dimensions for their projects: Online Marketing, Offline Marketing, Customer Retention, etc. An accounting department might have separate folders for payroll, bookkeeping, taxes, etc.

Tier 3:

The third tier is usually based on time. The period varies from department to department and company to company. This could be in days, weeks, months, quarters, years, etc.

It is essential to discuss the requirement with relevant heads of departments to better optimize the third tier for each department. For example, accounting and finance may need folders for fiscal years and quarters, while the operations department may need daily and monthly folders.

Tier 4:

This is the final tier and would include files. The naming of files in tier 4 should be consistent, and every employee who uses the filing system should be aware of the set standards for file naming, i.e., the Nomenclature System.

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

Expert Financial Advice for Married Couples to Achieve Goals

Financial advice for married couples centers on creating unified money management strategies that leverage the unique advantages of partnership while respecting individual financial personalities and goals. The most successful couples combine open communication about money with structured approaches to budgeting, saving, and investing that allow them to achieve their dreams faster than they could alone.

As someone who has guided hundreds of business owners and their spouses through complex financial decisions over two decades, I’ve seen how the right financial strategies can transform not just bank accounts, but relationships themselves. The couples who thrive financially aren’t necessarily the ones who start with the most money—they’re the ones who learn to work as a true financial team. In this comprehensive guide, I’ll share the expert strategies that have helped my clients build wealth, eliminate debt, and achieve goals they once thought impossible.

What is the best financial advice for married couples to achieve their goals?

• The best financial advice for married couples combines regular communication, shared goal-setting, strategic account management, and coordinated investment strategies
• Successful couples establish clear financial roles while maintaining transparency about all money decisions and account balances
• They create both joint accounts for shared expenses and individual accounts for personal spending to balance unity with autonomy
• Smart couples prioritize building emergency funds, maximizing tax advantages, and investing for long-term wealth building as a team
• The most effective approach includes regular “money dates” to review progress and adjust strategies as life circumstances change

Foundation Building: Communication About Money in Marriage

Effective financial partnerships begin with establishing open, judgment-free communication about money that addresses both practical matters and emotional money relationships. Many couples struggle with financial discussions because they haven’t created a safe framework for sharing their money histories, fears, and dreams without triggering conflict or shame.

The most successful couples I work with schedule monthly “money meetings” that go far beyond reviewing bank statements. These sessions include discussing upcoming expenses, celebrating financial wins, and addressing any concerns before they become major issues. Research from the American Institute of CPAs shows that 73% of married or cohabitating Americans say making financial decisions creates ongoing tension, but regular communication significantly reduces both the frequency and intensity of these conflicts.

Understanding each partner’s money mindset

Every person brings their own money story into marriage, shaped by childhood experiences, past financial successes or failures, and deeply held beliefs about money’s role in security and happiness. One partner might have a scarcity mindset from growing up in financial uncertainty, while the other operates from an abundance mindset. Neither approach is wrong, but understanding these differences allows couples to create strategies that honor both perspectives while moving toward shared goals.

Strategic Account Management: Joint Finances Tips That Actually Work

The question of whether to combine finances completely, keep everything separate, or use a hybrid approach goes beyond convenience—it creates a system that supports your relationship dynamics while maximizing your financial efficiency. Research shows that couples who combine all their money into joint bank accounts report significantly higher marriage satisfaction, with 39% saying they’re “extremely happy” compared to just 28% of couples who keep all money separate.

The three-account strategy for financial harmony

The most effective account structure I recommend to clients involves three components:

• A joint account for shared expenses (housing, utilities, groceries, insurance)
• Individual accounts for personal spending freedom
• Shared savings accounts for major goals like home purchases or vacations

Each partner contributes to the joint account based on their income percentage rather than a flat 50-50 split. This approach provides both financial unity and personal autonomy.

Beyond the basic three-account framework, successful couples often benefit from additional specialized accounts. Consider separate accounts for irregular expenses like car maintenance, medical costs, or holiday gifts. Many couples also maintain a “fun money” account that gets a fixed monthly contribution for spontaneous date nights or small splurges.

Advanced Budgeting for Married Couples: Beyond Basic Expense Tracking

Traditional budgeting advice often focuses on the mechanics of tracking income and expenses, but married couples need sophisticated approaches that account for two distinct money personalities, varying income levels, and complex shared goals. The most effective budgeting systems for couples go beyond simple expense categories to create comprehensive financial roadmaps.

Rather than starting with expense categories, begin by identifying your shared values and priorities as a couple. If travel matters to both partners, allocate significant discretionary income to a travel fund. If one partner values career development while the other prioritizes home improvement, create dedicated savings categories for both. This values-based approach makes your budget reflect what matters most to you as a team.

Managing irregular income and expenses

Many couples struggle with budgeting because they try to force irregular income or expenses into monthly categories. Business owners, freelancers, and commissioned salespeople need more flexible approaches:

1. Create baseline budgets using the lower-earning partner’s income plus the minimum expected variable income
2. Direct extra income from high-earning months into savings for lean months
3. Build buffers for irregular expenses like quarterly insurance payments
4. Use technology like YNAB or EveryDollar for real-time budget tracking

Long-Term Financial Goals for Married Couples: Building Wealth Together

Goal-setting for couples requires balancing individual dreams with shared aspirations while creating concrete timelines and strategies for achievement. The most successful couples think in terms of goal categories rather than single objectives.

Short-term goals (1-2 years) might include:

• Paying off credit card debt
• Building a complete emergency fund
• Saving for major home renovations

Medium-term goals (3-7 years) often involve:

• Saving for home down payments
• Starting families
• Funding major career transitions

Long-term goals (8+ years) typically focus on:

• Retirement planning
• Children’s education funding
• Achieving complete financial independence

Creating accountability systems for goal achievement

Successful goal achievement requires systematic accountability and regular progress measurement. Schedule quarterly goal review sessions where you celebrate achievements, adjust timelines based on changing circumstances, and recommit to priorities. Many couples benefit from visual progress tracking through charts, apps, or simple spreadsheets that show advancement toward each major goal.

Managing Debt as a Couple: Strategic Elimination Approaches

Debt management for couples requires coordinated strategies that account for different debt types, interest rates, and emotional relationships with debt repayment. The most effective approaches combine mathematical optimization with psychological factors that keep both partners motivated throughout the elimination process.

Real couples have achieved remarkable debt elimination results through teamwork. Heron Abegaze and Elijah Bankole from the Twin Cities paid off nearly $162,000 in debt in just 3 years by throwing thousands of dollars monthly at debt and making significant lifestyle sacrifices together. Their success came from working as a unified team with shared goals and discipline.

Leveraging marriage benefits for debt reduction

Married couples often have access to debt consolidation and refinancing options unavailable to individuals:

• Consolidate high-interest credit cards into lower-rate personal loans
• Use home equity lines of credit strategically
• Transfer balances to cards with better rates using a partner with higher credit
• Coordinate debt payments to maximize tax deductions

Business Ownership Considerations: Financial Strategies for Entrepreneurial Couples

When one or both spouses own businesses, traditional financial advice fails to address unique challenges and opportunities. Business ownership affects everything from tax planning to risk management, requiring specialized strategies.

Business-owning couples must coordinate personal and business financial goals to optimize overall wealth building. This includes timing business reinvestment decisions with personal savings goals, managing irregular business income, and understanding how business assets fit into estate planning. Consider strategies like employing your spouse to maximize retirement plan contributions or splitting ownership to optimize tax brackets.

Risk management for entrepreneurial families

Business ownership introduces risks that employee families don’t face:

• Income volatility requires larger emergency funds
• Business liability exposure needs adequate insurance coverage
• Concentration of wealth in a single business requires diversification
• Key person insurance and disability coverage for business continuity

Final Thoughts

After two decades of helping couples navigate complex financial decisions, I’ve learned that the most successful partnerships aren’t those with the highest incomes or the most sophisticated investment strategies—they’re the couples who commit to working as a true financial team. The strategies outlined in this guide have helped hundreds of couples transform their financial lives, but the real magic happens when you implement these systems consistently over time.

The couples who achieve their biggest goals understand that financial planning isn’t a one-time event but an ongoing partnership that deepens their relationship while building wealth. Whether you’re newlyweds just starting your financial journey or seasoned couples looking to optimize your strategies, every small step toward better financial coordination pays compound dividends in both your bank account and your relationship.

If you’re ready to take your financial partnership to the next level, I invite you to explore how Complete Controller can support your journey. Visit Complete Controller to discover how our comprehensive financial services can help you implement these strategies and achieve your most ambitious goals together.

Frequently Asked Questions About Financial Advice for Married Couples

What is the best way for married couples to manage money together?

The most effective approach combines joint accounts for shared expenses with individual accounts for personal spending, regular communication about financial goals, and coordinated strategies for saving and investment that leverage the unique advantages of marriage.

Should married couples keep their finances separate or combined?

Most successful couples use a hybrid approach with joint accounts for shared expenses and goals, individual accounts for personal spending, and transparent communication about all financial decisions regardless of account structure.

How can married couples save money more effectively?

Couples can save more effectively by eliminating duplicate expenses, buying in bulk for shared household items, taking advantage of married tax benefits, and creating accountability systems that keep both partners motivated toward shared savings goals.

What are the biggest financial mistakes married couples make?

The most common mistakes include lack of regular financial communication, failing to coordinate investment strategies, not maximizing tax advantages available to married couples, and avoiding difficult conversations about debt and spending differences.

How much should married couples save for retirement together?

Financial experts typically recommend married couples save 10-15% of their combined gross income for retirement, taking advantage of employer matches, maximizing tax-advantaged account contributions, and coordinating Social Security strategies for optimal lifetime benefits.

Sources

• American Institute of CPAs. “Financial matters are top cause of couples’ spats.” May 3, 2012. https://www.journalofaccountancy.com/news/2012/may/20125567.html
• American Express Credit Intel. “Top Tips to Save Money as a Young Couple.” July 5, 2023. https://www.americanexpress.com/en-us/credit-cards/credit-intel/save-money-as-a-young-couple/
• CPA Practice Advisor. “Financial Stress Can Hurt Intimacy in Relationships.” February 9, 2021.
• Department of Financial Protection and Innovation. “Personal Finance for Couples: Managing Joint Finances.” June 16, 2025. https://dfpi.ca.gov
• Fidelity Investments. “5 Financial Tips for Newlyweds.” Fidelity Viewpoints. August 3, 2024. https://www.fidelity.com/viewpoints/personal-finance/five-financial-tips-for-newlyweds
• First Security Credit Bank Blog. “3 Common Money Issues in Marriage (and How to Resolve Them!).” February 9, 2023.
• Guardian Life Insurance Company. “Financial Strategies for Couples: A Guide.” February 5, 2024. https://www.guardianlife.com/financial-strategies/couples
• Investopedia. “How to Handle Money in Marriage.” https://www.investopedia.com/articles/personal-finance/030315/how-handle-money-marriage.asp
• Ohikuare, Judith. “How This Couple Paid Off Nearly $162,000 Of Debt In 3 Years.” Refinery29. March 23, 2018.
• Social Security Administration. “Retirement Benefits.” https://www.ssa.gov
• SoFi Learn. “Guide to Budgeting as Couples.” July 14, 2025. https://www.sofi.com/learn/content/importance-of-couples-budgeting/
• YouGov Surveys. “Joint bank accounts correlate with higher marital happiness among Americans.” February 23, 2024.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. 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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Despite the economy’s growth, hundreds of retail stores and shopping centers are closing. The last two years have been disastrous for the retail industry, and it touched everyone – from small shops to large shopping centers. Moreover, more than twice as many boutiques retail shops have closed this year compared to last year.

Total retail spending continues to grow steadily despite a slight slowdown. However, several trends, including the growth of e-commerce, the excess of shopping centers, and the unexpected consequences of the revival of other businesses, have led to the fact that boutique retail shops are not doing well. Fashion and boutique retail shops face several challenges. We will discuss five of them below.

More Interest in Online Shopping

The most common reason for the demise of retail stores is that online shopping eats retail. Between 2010 and 2016, the sales of online e-commerce companies rose from $16 billion to $80 billion. The total revenue last year was about $22 billion. So, you could say that e-commerce companies have grown double in these past six years.

However, the problem of retail is much more profound. Simple return policies made online shopping cheap, light, and risk-free when selling clothes, which is currently the most prominent e-commerce category. The success of start-up e-commerce businesses forced retailers in physical stores to offer similar conditions and aims for the same convenience as found online.

Previously, people made several shopping trips before buying an expensive dress. On each trip, they probably made many other small purchases while they wandered around. But, today, many consumers can ask for and look at all the options, meaning there are fewer walks into shopping centers and fewer random shopping trips in neighboring stores.

The growth of e-commerce transfers some purchases to the online network and creates new behavioral habits. As a result, consumers gradually see the online network as a good substitute for their local shopping center.

A Shift in Spending: Retail Shops to Food

E-commerce and an overabundance of retail space are the main reasons for closing thousands of boutique retail stores. The number of clothing stores decreased as consumers spent more on travel and restaurants. Before the Great Recession, people bought many things, such as houses, furniture, cars, and clothes, and retail trade grew dramatically in the 1990s. But much has changed. Clothing costs are declining – You reduced its share of total consumer spending in this century by 20%. Secondly, while wage growth is significant for workers and the economy, it does not affect companies with low margins that rely on cheap retail stores. Cashiers and sellers are the country’s two most significant categories of jobs, employing more than 8 million people, and the average income for both professions is less than $25,000 per year. But, recently, new minimum wage laws and a tight labor market have pushed up the wages of the poorest, creating problems for retailers who are already under pressure from the e-commerce industry.

Consumerism

In the modern world, consumers hold great power. Fashion and boutique retailers are forced to be updated on the needs and wants of the customer. Boutique retailers are pressured to offer similar e-commerce services, and fulfilling these services with profit isn’t easy. The most common problem with fashion and boutique retail shops is that customers demand new products with a wide range of variety, which is not always possible. 

The Brand Name is Impacted

If the supply chain department fails to deliver or fulfill its services, the brand’s name will be affected. Most retailers and fashion brands have a very long and sensitive supply chain. Many factors can impact the brand’s reputation and quality. For example, if the items are out of stock, people will go to another store.

Sustainability

Famous fashion brands display their sustainability and responsibility. These well-known brands need to be seen implementing a sustainability strategy to improve the quality of their products. If a brand’s name is related to any negativity, it will impact customers. Customers are aware of how fashion and boutique retail shops operate, and the brand should never compromise on these, which is a challenge.

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.

No one considers filing for bankruptcy a great idea, and even top attorneys suggest you consider it a last resort. For most, the disgrace, guilt, and fear of default are enough to find alternate solutions, and, to top that, it puts your credit score in tatters. Avoiding bankruptcy is the priority of many people, even if they must take extreme measures.

It might be easier to overlook the repercussions of bankruptcy as a bystander; ask anyone who has faced this situation. Therefore, you should seek all possible solutions before taking such an extreme step. Here is a list of specific possible alternatives that you can explore before taking that route.

Avoiding bankruptcy

Sell your assets

Selling off assets is one of the most utilized options to save oneself from bankruptcy. You can try to pay your debt by selling whatever support you can quickly dispose of, as you must make debt payments in time. If you take too long to make your payments, it might already be too late.

All your assets, including land, furniture, jewelry, electronics, etc., could help you pay the debt. Some people are very attached to their things. However, they must realize that these things are temporary and, if you live to fight another day, they will eventually come back. Right now, the priority is avoiding bankruptcy at all costs because that may leave you with nowhere to go.

Settle your debt

One way to avoid bankruptcy is settling your debt with an IRS payment plan. You may have to live hand to mouth for a certain period, cut out most of your excessive expenses, and even some essential ones. You can live without a cell phone, satellite TV, and expensive meals for a while if it helps to avoid the ignominy of going bankrupt.

You will have to sit down with the IRS and devise a payment plan or hire an expert for the same purpose. You may have to endure the pain of working an extra job or two to make ends meet and pay your debt. However, this may be the only way forward for you.

Request your creditors

It would be best if you let your creditors know that you are in a distressful situation financially and hope that they are willing to help you in any way possible. It would be best if you told them about your plan for paying off the debt. If they are convinced, they might reduce your interest rate or monthly payments significantly.

You could enroll in a hardship program designed by banks and credit card companies to deal with similar situations. Before enrolling in a hardship program, ensure that the interest rates will go down, or you could end up with an even higher minimum payment.

Seek professional help and consumer credit counseling

Some people are not so good at convincing others. Seeking professional help is the only way forward for some, as experts in the field can guide you in the right direction. Even the new bankruptcy laws require you to seek credit counseling before filing for bankruptcy. The professional will meet with you and work on a possible payment plan within your budget. Avoiding bankruptcy means taking extreme measures as there are always holes in your budget that can be found and utilized.

As a last resort, you may turn to your family or friends to borrow money but be wary. Depending on the situation, you may choose this option, however, proceed with extreme caution. You may even find someone who is willing to pay off the debt. In most cases, you will have to pay back the money.

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.

BQE Core’s Usage of Overhead Multiplier

Companies may calculate and change their overhead multiplier quarterly or yearly, and they may also handle billing and time entry differently. Generally, the calculation of Bill Rate is done using the following formula.

Bill Rate = (profit + overhead multiplier) x direct personnel expense

While Overhead Multiplier is calculated using:

Overhead Multiplier = (Expenses in Total + Allowance for Doubtful Accounts) / (Direct Labor + Direct Expenses)

Specific government departments limit profit by not allowing the creation of any allowance for doubtful accounts. Direct Labor costs are either incurred through salaries or direct personnel expenses considering your contracts and practice.

You can also do these calculations through General Ledger, special accounts for Direct and Indirect Labor, and other data from bookkeeping. This uses a simple formula:

Overhead Multiplier = Sum of Indirect Expenses/Sum of Direct Labor

Things BQE Core and QuickBooks users should know

If you are using QuickBooks as your business’s accounting software while integrating with BQE Core, you need to ensure that you send the cost (in terms of time) to the correct accounts. Your activity codes should be mapped, so that direct and indirect time is easily distinguishable. Also, ensure that you separate Direct Expenses from Overhead. Again, Proper Mapping is highly recommended.

Activity Codes for overhead activities can be very different from the ones for direct project expenses. Furthermore, other Activity Codes are also needed for Indirect and Direct time.

In some cases, your firm may have employees who don’t enter their work times in BQE Core. These people have categories of activity, which are known as outdoor projects. These categories are later summed up and included in the Indirect Labor account in the General Ledger. If you want to see information for each class, you can check it in the project reports you get.

The activity codes you set are essential as the mapping that connects QuickBooks and BQE Core depends on them. After the regulations have been set up correctly, the staff needs to enter their details in the activity that relates the most to their tasks. There is no need for them to have in-depth knowledge regarding mapping or accounting. Firms with smaller projects usually find the functions related to activity codes tedious.

Sometimes, companies need to distinguish between billable/non-billable and chargeable/non-chargeable expenses and time. For example, a payment might be non-billable. However, it can still be charged as an expense to a project since it would cost to do that project. The client might not be billed for it, but the identification of expenditure is necessary.

In BQE Core, you can select an option to assign a project to a particular ‘Overhead’ Contract Type. This option is utilized for some internal work, for example, office renovation or marketing. The expense is treated as a regular project. Similarly, several small projects can use the same activity codes. You can exclude and delete the regulations that aren’t relevant. 

You are all done to allow you to break down the project into smaller, more manageable tasks, making it easier to put together and track your budget. It can be made even easier if everyone in your firm who collects a salary can enter time in BQE Core. This will give you a more accurate look at the hours and the related costs required to run your project. It might be unusual for non-project employees to enter their hours in BQE Core, as it is project-centric software. You can also ask them to mark their off days on the next workday to process their payroll and track Paid Time Off. After all of that is done, to calculate Overhead Multiplier, do the following:

1. Run Profit/Loss Report for the previous year (12 months) – Take the values of Total Expenses and Total Payroll Expenses
2. Apply The Formula

Overhead Multiplier = Total Expenses / Payroll Expenses

This will give you a value that will denote the total expenses incurred per every dollar you pay in wages. BQE Core then calculates the default Cost Rate by multiplying the Pay Rate for each employee by the Overhead Multiplier. The Cost Rate is used to derive the Cost Amount by being applied to the work hours. When you update the Overhead Multiplier (either quarterly or yearly), new time entries are subject to a recalculated cost rate.

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.

SMEs must consider various elements; however, bookkeeping strategies are crucial to resolving all business challenges. Over time, technology has allowed new ways to conduct effective operations, including bookkeeping methods.

Video-Conferencing Enables SME Bookkeeping to Remain Connected

About bookkeeping and technology, you can say that incorporating technology into the bookkeeping process can significantly enhance efficiency for SMEs. Videoconferencing can allow interactive collaboration between a business and its partners, such as suppliers.
Once limited to bigger businesses, videoconferencing is currently accessible as a moderate and hassle-free asset for SMEs. From Skype to more advanced membership services, up close and personal gatherings are now prevalent for all intents and purposes, particularly for supply chain bookkeeping. Videoconferencing fundamentally diminishes the physical time associated with going to different businesses, including distance to a particular premise. Virtual gatherings found broadly or all-inclusive are held without the necessary expenses related to travel. You can significantly cut down on costs associated with bookkeeping.
Whereas individual and personal exchanges are essential in framing connections, overseeing continuous associations with partners, providers, and clients can be encouraged through innovation.

Technology to Reach Out to Customers

Video-conferencing and Live Streaming conveys occasions and meetings to an altogether more significant group of customers. Meetings with different stakeholders related to bookkeeping and audit purposes can quickly occur with video conferencing, regardless of whether they are situated within the same city, town, or country. So much so that, now, even SMEs can conduct offshoring activities with this technological breakthrough. Even though You can incur high costs for maintaining such a centralized digital setup and the innovation required to live stream or record, the time boundary and restrictive expenses related to travel and settlement can be compensated if SMEs can invest in technologies that eliminate time and distance barriers.
Without question, one of the benefits of going to meetings is the chance to organize and take an interest in exchange, which can be hard to reproduce on the web. However, the extravagance of the speakers’ introductions – the learning, knowledge, and thoughts they bring to the table – is now accessible on a mass level with all stakeholders through the simple use of technology, empowering private ventures to exploit open doors for self-awareness and incitement that would not have been accessible to them already.

Responsible Bookkeeping Frameworks

A decent bookkeeping framework is a great approach to consider everyone responsible in your SME business. The bookkeeping system in a company should be reasonably systematic in that it assumes the responsibilities of key stakeholders, including employees, clients, and suppliers. It is only with an effective collaboration that you can establish a responsible bookkeeping framework.
It is considered that entrepreneurs ought to concentrate on considering workers responsible mainly. If you have a robust budgetary spending plan and a gauge set up, you ought to have the capacity to do a financial statement examination on your SME company. Likewise, you should audit your money-related reports with your business group and other vital workers to consider them responsible for your set objectives.
Utilizing your bookkeeping framework for responsibility is an excellent approach to keeping your business on track to achieve its objectives.

Versatility

Let’s be honest; scaling an SME company is troublesome. Be as it may, attempting to scale without an appropriate accounting framework setup makes it considerably harder.

As a private venture scales, they turn out to be unfathomably centered on deals. The entrepreneur mindset of needing to offer is commendable, however it comes at a price. Notwithstanding, you have to ensure your bookkeeping frameworks are prepared for unstable development.

A legitimate bookkeeping framework set up in the very beginning will enable you to scale your business. You’ll have the capacity to distinguish patterns (both good and bad) and ensure you’re meeting or surpassing your objectives.

It’s simpler to set up the correct bookkeeping framework from the earliest starting point and make changes as you go. As you scale your business up, your accounting needs will change and you’ll have to modify your framework to address those issues.

Investor-Oriented Approach

A decent bookkeeping framework is a great approach to consider everyone responsible in your SME business. The bookkeeping system in a company should be reasonably systematic in that it assumes the responsibilities of key stakeholders, including employees, clients, and suppliers. It is only with an effective collaboration that you can establish a responsible bookkeeping framework.
It is considered that entrepreneurs ought to concentrate on considering workers responsible mainly. If you have a robust budgetary spending plan and a gauge set up, you ought to have the capacity to do a financial statement examination on your SME company. Likewise, you should audit your money-related reports with your business group and other vital workers to consider them responsible for your set objectives.
Utilizing your bookkeeping framework for responsibility is an excellent approach to keeping your business on track to achieve its objectives.

Is it?

Didn’t you know they would need that? Would you put resources into an organization without looking at the budgetary strength of the business? Most wouldn’t. On the off chance that you anticipate fundraising for your business, it’s imperative to prepare your accounting functions. You ought to accommodate your accounting framework and get your accountant to approve your books frequently. About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

The structural and economic strength of a business is directly related to its financial efficiency. Finance is the fundamental base of any business corporation, which tends to establish robust infrastructure, enabling intelligent operations of a company. Without proper financial management, no business can survive long term. Financial management owns intrinsic significance in providing a solid system to a company that is achieved through effective budgeting. The equitable allocation of all resources available to promote the smooth working of all departments harmoniously is known as budgeting.  To ensure the survival of your business, budgeting your finances is a necessity so you know you are spending money in all the right places. 

Budgeting is the most substantial part of financial management. It plays a vital role in a company’s strategic planning, which ensures appropriate financial and operational activities to be performed efficiently to increase profits. Financial management has substantial significance. Business owners are advised to hire financial experts who can deal with numerous contemporary techniques used for budgeting efficiently. Among modern budgeting techniques, bookkeeping is the most trusted, allowing tracking of all transactions a company has made or plans to make. It makes the decision-making and future planning of an organization more accessible and more credible.

Moreover, bookkeeping allows an evaluation of all activities and tasks performed in a company. It identifies loopholes to be covered in the future to avoid any severe concerns that could damage the establishment. The following postulates shed light on how budgeting plays a significant role in strategic planning.

Formulation of activities

To run a business corporation smoothly and maintain its symmetry, it is necessary to capture the bigger picture of all activities and tasks performed under its flagship. Effective and efficient measures are required to administer all these undertakings. Budgeting helps formulate all actions that have taken place in a company on a single platform and standards how effective and efficient these tasks are performed. Identifying the loopholes present allows entrepreneurs to be careful and vigilant in the future.

Drawing of the goal map

For a company to achieve its aims, it is necessary to plan them during the initial steps. Here again, budgeting plays an essential role in providing monetary stance to the strategic plan drawn by a company, enlisting all its goals to be accomplished in a particular period. Appropriate budgeting enables business owners to pull a goal map that provides all company targets and guidelines to hit them. In the case of inappropriate budgeting, a company might face significant losses.

Makes decision-making credible

To gain maximum profits at minimum cost, the opportunity cost of a company is to be reduced. Reduction of opportunity cost demands an eagle’s eye view, which can apprehend through intelligent budgeting. A close view of all undertakings or tasks held in a company allows financial experts to identify apertures present, ultimately making future decision-making credible. Entrepreneurs or business owners, after keen observations, will tend to make better decisions when encountering previous mistakes, conclusively achieving their strategic plan in a lively manner.

Final note

Moreover, bookkeeping allows an evaluation of all activities and tasks performed in a company. It identifies loopholes to be covered in the future to avoid any severe concerns that could damage the establishment. The following postulates shed light on how budgeting plays a significant role in strategic planning. Strategic planning is the critical component of a business’s success. All targets to be achieved and guidelines to attain them are planned under the flagship of strategic planning. Hence, it is to be designed intellectually. Budgeting plays a vital role in achieving this strategic plan as it acts as solid support in formulating and processing this plan to a successful end.

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.