It is crucial to choose the exemplary billing service for your office as it can directly affect the reputation of your business. When selecting a medical billing service, it is crucial to consider every aspect of the chosen software. There are a wide range of options that you can avail yourself. Medical billing software helps you retain control because it builds trust by executing medical codes and RCM duties. You can have hands-on control of financial operations through this in-house billing system.
Bookkeeping is fundamental when installing medical billing software as it can maintain complete records of patient transactions. An in-house billing system allows you to generate a return on investment (ROI) through a good infrastructure. Doctors or physicians can use Several software options for medical billing services. They include Kareo, MedClarity, and NextGen Healthcare. A comparison of these three software programs is discussed below.
Kareo
Founded in 2004, Kareo is one of the best software choices for supporting your in-house billing process. Web and mobile applications easily manage patients and any complications with billing insurance. Kareo is a proven platform, as there are more than 40,000 potential providers. It can automate the entire process, so patients can pay even faster than they can from an outsourced billing process. It also allows patients to pay their bills online. The starting price of this medical billing software is $74.50/month/user.
This software offers various features, such as claim management, patient payment history, payment processing, remittance advice, statements, collections, and practice management. The product can be deployed through the Cloud, SaaS, and the Web and installed on Windows and mobile devices with an iOS Native. Kareo’s physician practice has 1 to 10 providers, and medical billing companies have 1 to 100 providers.
MedClarity
MedClarity is a powerful and easy-to-use billing software designed to increase an organization’s profitability and productivity. The popular medical billing software was founded in 2002. It provides complete transparency and control over the cycle operations of practice revenue through insightful reports. This medical billing software ensures that the payment process is faster as it comprises the leading engine rules of the industry and denial management tools. It is a cloud-based software perfect for any specialty or practice size.
It can also be deployed through SaaS and the Web. It is an online service and can be used for medical billing 24/7. It comprises several medical billing features, including billing estimates, claims to scrub, claims management, code/charge entry, and patient eligibility checks. In addition to these features, MedClarity can provide the patient payment history, payment processing, practice management, remittance advice, statements, and collections. This medical billing software is an accurate service for all medical practice sizes and specialties looking to reduce denials, optimize scheduling, and generate actionable reports to have greater control over their revenue.
NextGen Healthcare
Founded in 1994, NextGen Healthcare is considered among the top medical billing software options. It provides medical billing solutions that support a patient-centric revenue cycle and enables practices of all sizes to succeed in today’s complex healthcare climate. NextGen Healthcare’s real-time clinical and administrative workflow reduces physician burnout and achieves value-based reimbursement goals.
This medical billing software can benefit you as it can help automate patient registration, appointment scheduling, medical billing, claiming processes, and reporting. The software can be deployed through the cloud, SaaS, and the web by installing it through Windows or mobile devices with Android Native and iOS Native. The offered features include billing estimates, patient eligibility checks, claims management, claim scrubbing, codes/charge entry, statements, collections, practice management, payment processing, payment history of patients, and remittance advice.
Conclusion
In conclusion, selecting the right medical billing software is vital for your practice’s success and reputation. Factors like features, ease of use, and cost can help you make an informed decision. Kareo, MedClarity, and NextGen Healthcare offer robust solutions tailored to different practice needs, ensuring efficiency, transparency, and profitability in your billing processes.
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.
As a small business owner, I am excited to share with you the significant impact customer retention can have on your business’s continued growth and success. Customers are everything to business! However, retaining loyal customers generates more revenue and creates brand advocates who actively attract new customers. Did you know research shows that it costs five times as much to acquire a new customer compared to retaining an existing one? That’s why I am eager to provide helpful tips on maximizing your ROI with customer retention. Moreover, by prioritizing customer satisfaction, implementing loyalty programs, and maintaining regular communication, you can foster long-lasting relationships with your customers and ensure the continued success of your business!
Here are some critical steps to take:
Step 1: Build Strong Relationships with Your Customers
The first step to maximizing your ROI with customer retention is building strong customer relationships. Moreover, it means going beyond just providing great products or services. It’s about creating a positive customer experience at every touchpoint with your brand. However, this includes providing exceptional customer service, engaging with them on social media, and sending personalized messages and offers.
Step 2: Offer Loyalty Programs and Incentives
One of the best ways to retain customers is by offering loyalty programs and incentives. Moreover, these programs reward customers for loyalty and encourage them to continue doing business with you. These can include discounts, free products, and exclusive offers. Furthermore, not only do these programs help retain customers, but they also increase the average order value and encourage repeat purchases.
Step 3: Collect and Analyze Customer Feedback
You must collect and analyze customer feedback to truly understand what your customers want and need. This can be done through surveys, feedback forms, or social media. However, by understanding what your customers like and dislike about your products or services, you can make the necessary changes to improve their experience and increase retention.
Step 4: Personalize Your Marketing Efforts
Personalization is critical to retaining customers. Personalizing your marketing efforts can create a more meaningful connection with your customers and make them feel valued. It includes personalized emails, targeted ads, and even product recommendations. However, by providing a customized experience, you can increase customer loyalty and retention.
Step 5: Focus on Customer Service
Providing exceptional customer service is crucial to retaining customers. It’s essential to ensure your customers feel heard and valued, even when they have complaints or issues. However, responding promptly to customer inquiries and complaints can help prevent negative reviews and improve customer satisfaction.
Step 6: Use Data to Make Informed Decisions
Data is critical to making informed decisions about your customer retention efforts. By tracking metrics like customer lifetime value, churn rate, and customer satisfaction, you can identify areas for improvement and make data-driven decisions to increase retention.
Step 7: Continuously Improve Your Customer Experience
Finally, it’s important to continuously improve your customer experience to keep your customers coming back. It can include improving your website’s user experience, offering new products or services, and providing better customer service. Furthermore, continuously improving your customer experience can increase retention and drive growth for your business.
Summary
To maximize your return on investment (ROI) by retaining customers, you must adopt a comprehensive approach. Moreover, this approach should involve building strong customer relationships, offering loyalty programs and incentives, collecting and analyzing customer feedback, personalizing your marketing efforts, focusing on customer service, using data to make informed decisions, and continuously improving your overall customer experience. Overall, following these steps can increase customer retention and drive growth for your small business.
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.
This blog illustrates how the virtualization journey is undeniably the pragmatic recipe needed to achieve cloud computing in business. From the moment an IT organization virtualizes its first server, it lays the groundwork for cloud technology. Virtualization is required to move from server to server, cluster to cluster, or sometimes even across the data centers to separate the operating systems and applications from all of the underlying hardware platforms.
Virtualization of Cloud Computing
Virtualization abstraction is also one of the major ingredients for resourceful pooling, which is the ability to link computing, memory, storage, and resources across data centers into one big virtual computer. By updating and provisioning the systems and software, you can realize the tremendous advantages of using consolidation to save capital expenditures and drastic time savings.
Although both transformational characteristics may deliver a lot of value early on, they are the core foundation of greater business values later in the journey. The ratio between the serveradministrator and the servers in one of the leading cloud providers is one to a thousand, on average more than the typical enterprise.
In phase two of the entire virtualization journey, commonly known as Business Production, clients begin to drive operational savings by automating the provisioning of the new servers, distribution, and balancing the computing resources, all based entirely on the application load. Apart from this, if something goes wrong, the servers will be restarted and fall over, along with the recovery of the entire data center in case of any disaster.
The Virtualization Journey
Due to the flexibility of the fundamental virtualization layer, numerous tasks can be completely automated in a completely virtualized data center. Once these applications are free from fundamental hardware and begin to run on the virtualization platform, it is possible to enrich them using new cloud technologies, even if the legacy applications were designed and built a few years ago. This evolutionary approach is perhaps one of the most enthralling advantages of the entire virtualization journey.
When we think about cloud technology, we expect these technologies always to be available and responsive. One of the most outstanding examples of the journey is the virtualization of numerous business applications, which generally happens during the business production phase.
Enterprise-class virtualization stages comprise features such as fault tolerance and high availability, designed to be readily available. Moreover, the virtualization-based recovery from disaster solutions expanded the business continuity competence to a new datacenter. This is why clients who are way past the early stages of adoption and have been steadily updating all of their mission-critical applications and databases to the virtual environment show us why both the new and old applications run better when they have been virtualized.
Clients are changing their IT infrastructure throughout the first two phases of the entire virtualization journey. When they finally reach the final phase three, known as IT as a service, this all comes together, and they are ready to change their relationship with the corporate world.
Conclusion
In conclusion, the virtualization journey is the essential gateway to achieving cloud computing in business. From initial server virtualization, which forms the basis of cloud technology, to the later stages, driving operational efficiency and resilience, this journey reshapes IT infrastructure profoundly. By embracing virtualization, organizations unlock the potential for resourceful pooling and automation, paving the way for seamless integration of cloud technologies. As enterprises progress through the phases, from foundational setup to operational optimization, they transition towards a future where IT becomes a service, fundamentally transforming their relationship with the corporate world.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
Like it or not, accounting is the central contemplation for companies of any magnitude. Thanks to the wide variety of bookkeeping applications for today’s small and medium-sized businesses, keeping a precise record of your company’s money is easier than ever. Though accounting software has made bookkeeping easier for small businesses, it has also made errors and accounting mistakes—from inaccurately classifying a transaction to doing all accounting yourself, which is much more common.
Some accounting mistakes are slight and inconsequential, and—when someone within your business unsurprisingly detects them, they are easy to correct. But others are more severe and could substantially affect your company’s financial health. Over time, poor accounting practices can falsify the genuineness of your business’s economic health. In severe circumstances, recurrent bookkeeping mistakes and bad accounting practices can lead your business to bankruptcy or company failure.
Here, we will discuss the most typical small business accounting errors that can produce small and necessary problems for your business.
Data Entry Errors
Some accounting methods are more trustworthy than others – you could use:
An elaborate automated database
An Excel worksheet
A handwritten record books
No matter what method you use, attention to detail is vital. The most typical data entry error is caused by transposition: keying in 85 instead of 58. Less common are transcription errors or simply striking the wrong key by fault. These mistakes often go unobserved because the individual entering the numbers is in haste. Consecrating adequate, distraction-free time on the job will lower the prospect of costly blunders.
I Am Not Taking Accounting Seriously Enough
The key to operational accounting is recording everything. Ensuring that everything is logged and classified adequately in your accounts is essential, from small transactions to significant expenses for customers and clients.
No matter how small your business might be, bookkeeping gives you a precise, consistent picture of your corporation’s health, allowing you to regulate precisely how well (or poorly) you have achieved your goals in each period.
Managing All Your Accounting In-House
When you run a small industry with limited income, handling your bookkeeping alone can be alluring to lower expenses. While taking care of accounting yourself might seem like a great way to save cash, it could cost your company money. An accountant will have more outstanding charges than managing your accounts and saving money.
I Am Failing to Reconcile Books with Bank Accounts
Your company must merge its accounts regularly. Reconciling is inspecting that an account balance listed on your books is exact and accurate, confirming that it equals the actual proportion of your bank account.
You Forget to Record Small Transactions
By keeping a record of small transactions, you will easily manage your books as your company grows and its number of transactions increases.
Poor Communication with Your Accountant
Communicating with your bookkeeper is essential. Keeping a paper record of all transactions, whether digitized or not digitized, makes monitoring your income and spending more manageable.
You Are Not Allocating Transparent Budgets to Each Development
Going into a venture without knowing how much it could cost your business is an easy way to outlay far more than you planned. Failing to budget effectively also makes it problematic for you to rein in a venture that has cost you more than it should have. This can cause your business to expand its limited funds on developments that will not produce a return on investment.
Final Note
The best way to prevent these errors is to create an organizational system that keeps everything in order. Avoiding accounting errors is nowhere near as difficult as it may seem. It simply takes a skilled hand and a careful approach. Double and even triple-checking your work is always a good idea before committing it to your archives.
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.
Enhancing Strong Liquidity for SME Success and Growth
Strong liquidity for SMEs represents the financial foundation that enables small and medium enterprises to meet short-term obligations while maintaining operational flexibility and growth capacity. This critical business metric determines whether your company can survive cash flow disruptions, seize growth opportunities, and build long-term financial resilience in an increasingly competitive marketplace.
After two decades of helping SMEs navigate financial challenges at Complete Controller, I’ve witnessed countless businesses with strong revenue streams fail simply due to poor liquidity management—82% of small business failures stem from cash flow problems rather than profitability issues. The difference between thriving enterprises and those that struggle isn’t always revenue—it’s maintaining accessible cash resources when opportunities arise or challenges emerge. In this comprehensive guide, you’ll discover proven strategies for building liquidity reserves, optimizing working capital, and implementing systems that protect your business from the cash flow crises affecting 45% of small business owners who currently sacrifice their own paychecks just to keep operations running.
What is strong liquidity for SMEs and why does your business need it?
Strong liquidity for SMEs means maintaining sufficient liquid assets to cover 3-6 months of operating expenses while preserving growth investment capacity
It provides financial flexibility to handle unexpected costs, seasonal fluctuations, and market downturns without disrupting operations
Enables strategic decision-making by ensuring cash availability for time-sensitive opportunities like bulk purchasing discounts or equipment investments
Builds creditor confidence and improves lending terms, creating additional financial leverage for expansion
Serves as insurance against supply chain disruptions, economic volatility, and other business risks that could otherwise threaten survival
Understanding the Financial Foundation of Strong Liquidity Management
Strong liquidity management begins with understanding the relationship between current assets and short-term obligations, forming the bedrock of financial stability for small and medium enterprises. Unlike large corporations with diverse funding sources, SMEs must carefully balance immediate cash needs with growth investments, making liquidity planning a critical survival skill.
The foundation rests on three core components: accessible cash reserves, predictable cash flow cycles, and strategic working capital optimization. Each element works together to create a financial buffer that protects against disruptions while enabling strategic flexibility.
Liquidity ratios for SMEs: Measuring your financial health
The current ratio, calculated as current assets divided by current liabilities, provides the primary snapshot of your business’s short-term financial position. A healthy current ratio for most SMEs falls between 1.5 and 2.0, indicating sufficient assets to cover immediate obligations while avoiding excessive idle cash that could be deployed for growth.
The quick ratio offers a more conservative measure by excluding inventory from current assets, revealing your ability to meet obligations using only the most liquid resources. This “acid test” particularly matters for businesses with slow-moving inventory or seasonal sales patterns.
Working capital optimization as your liquidity engine
Working capital represents the operational fuel that powers daily business activities, calculated as current assets minus current liabilities. UK SMEs face particular challenges here, with businesses owed an average of £23,360 in late payments at any given time—capital that remains trapped and unavailable for operational needs.
Effective working capital management involves synchronizing the timing of cash inflows and outflows to maintain consistent liquidity without tying up excessive resources in unproductive assets. This optimization process requires careful attention to:
Inventory turnover acceleration through demand forecasting
Accounts receivable collection period reduction
Strategic payment timing to suppliers
Cash conversion cycle monitoring and improvement
Cash Flow Solutions: Building Predictable Revenue Streams
Developing predictable cash flow patterns forms the cornerstone of sustainable liquidity management, enabling SMEs to anticipate financial needs and prevent cash crunches before they occur. Modern cash flow solutions extend beyond basic forecasting to include automated invoicing systems, diversified payment methods, and strategic customer payment term negotiations.
The most successful SMEs implement rolling 13-week cash flow forecasts that account for seasonal variations, customer payment patterns, and operational expense timing. These forecasts provide early warning systems for potential shortfalls while highlighting opportunities for optimization.
Effective cash flow management for SMEs: Real-time monitoring systems
Contemporary cash flow management relies on real-time financial monitoring tools that provide instant visibility into cash positions and upcoming obligations. These systems enable SMEs to identify potential shortfalls weeks in advance, allowing proactive management through:
Invoice acceleration strategies
Payment term adjustments
Short-term financing arrangements
Expense timing modifications
Advanced cash flow management incorporates scenario planning that models best-case, worst-case, and most-likely outcomes. This approach prepares businesses for various conditions while maintaining optimal liquidity levels.
Funding options for small businesses: Strategic capital access
Modern SMEs benefit from diverse funding mechanisms that provide liquidity support without compromising equity or operational control. Lines of credit offer flexible access to working capital for temporary cash flow gaps, while invoice factoring can immediately convert outstanding receivables into cash.
Alternative financing options including revenue-based financing and embedded lending solutions provide additional liquidity sources tailored to SME cash flow patterns. The key lies in selecting funding options that align with your business cycle and growth trajectory.
Strong Liquidity Strategies for SMEs: Implementation Roadmap
Implementing robust liquidity strategies requires a systematic approach that addresses immediate needs while building long-term financial resilience. Tech Innovators Inc. exemplifies this approach—they reduced accounts receivable days by 30% and inventory holding costs by 25% through enhanced credit policies and just-in-time inventory management.
Successful implementation follows a phased approach: assessment and baseline establishment, system implementation, ongoing optimization, and crisis preparedness development. Each phase builds upon the previous, creating cumulative improvements in liquidity position.
Improving liquidity in small enterprises: The 90-day action plan
Days 1-14: Establish accurate financial baselines through comprehensive cash flow analysis and liquidity ratio calculations. Gather historical financial data, calculate current metrics, and identify immediate optimization opportunities.
Days 15-30: Implement quick wins:
Adjust invoice terms with early payment discounts
Accelerate collection processes
Optimize expense timing
Negotiate improved supplier terms
Days 31-60: Deploy systematic improvements including automated invoicing, real-time monitoring tools, and formalized accounts receivable processes. Establish cash reserve targets and implement rolling forecast procedures.
Days 61-90: Focus on optimization through scenario planning development, contingency funding arrangements, and performance tracking systems. Fine-tune processes based on initial results.
Financial resilience for small businesses: Crisis-proofing your cash position
Building financial resilience requires creating multiple layers of liquidity protection. During the 2007-08 Global Financial Crisis, SME lending flows plummeted from 25.6% to 19.7% of total business lending, while bankruptcy rates spiked 22.14%—demonstrating why crisis preparation matters.
The foundation involves maintaining emergency cash reserves equivalent to 3-6 months of fixed operating expenses in easily accessible accounts. Secondary protection includes:
Pre-approved credit facilities
Diversified customer bases
Alternative revenue streams
Business interruption insurance
Technology Integration and Modern Liquidity Management Tools
Digital transformation has revolutionized liquidity management for SMEs, providing sophisticated tools previously available only to large corporations. Cloud-based platforms offer real-time monitoring, automated reconciliation, and predictive analytics that enhance decision-making accuracy.
These technological solutions integrate with banking systems, accounting software, and customer platforms to create comprehensive financial visibility. Automated invoicing systems alone can reduce collection times by 15-25% through electronic delivery and integrated payment processing.
Industry-specific liquidity challenges and solutions
Different industries present unique liquidity challenges requiring tailored approaches. Retail businesses must balance inventory investment with cash flow requirements, often committing capital months before revenue generation. Manufacturing enterprises face complex challenges related to raw material purchases and production cycle financing.
Service-based enterprises encounter project-based revenue recognition issues and variable expense timing. Each sector requires customized strategies that address specific cash flow patterns and operational requirements.
Conclusion
Strong liquidity management represents the difference between SMEs that merely survive and those that thrive in competitive markets. Throughout my experience guiding hundreds of enterprises, I’ve consistently observed that businesses with robust liquidity systems demonstrate greater resilience, capture more growth opportunities, and build sustainable competitive advantages.
The investment in comprehensive liquidity management pays dividends through improved vendor relationships, enhanced lending terms, reduced financial stress, and increased strategic flexibility. As markets evolve and uncertainty persists, SMEs prioritizing liquidity position themselves for sustained growth and market leadership.
Ready to transform your business’s financial foundation? Visit Complete Controller to discover how our expert team can help you implement these liquidity management strategies and build lasting financial strength.
Frequently Asked Questions About Strong Liquidity for SMEs
What is the ideal cash reserve amount for small businesses?
Most financial experts recommend maintaining 3-6 months of operating expenses in readily accessible cash reserves, though the exact amount depends on your industry’s volatility and revenue predictability.
How can I improve my business’s liquidity ratios quickly?
Focus on accelerating accounts receivable collection through electronic invoicing and payment incentives, while strategically timing accounts payable to optimize cash flow without damaging supplier relationships.
What’s the difference between profitability and liquidity for SMEs?
Profitability measures your ability to generate earnings, while liquidity measures your ability to access cash for immediate obligations—profitable businesses can still fail due to poor liquidity management.
Should I use business credit lines to improve liquidity?
Lines of credit can provide valuable liquidity backstops for temporary cash flow gaps, but they should complement rather than replace proper cash flow management and reserve building.
How often should I review my business’s liquidity position?
SMEs should monitor liquidity weekly through cash flow reports and conduct comprehensive liquidity assessments monthly, with quarterly strategic reviews for long-term planning adjustments.
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.
Jennifer BrazerFounder/CEO
Jennifer is the author of From Cubicle to Cloud and Founder/CEO of Complete Controller, a pioneering financial services firm that helps entrepreneurs break free of traditional constraints and scale their businesses to new heights.
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.
Marketing, a vital aspect of any business, holds equal significance in the legal profession. While some attorneys may initially have reservations about marketing, it’s crucial to recognize its role in fostering the growth and expansion of law practice. It’s natural to be concerned about appearing too assertive or compromising on ethics. However, these apprehensions can be effectively addressed with well-considered and positive marketing strategies. Let’s collaborate to develop marketing plans that will alleviate these concerns and pave the way for your legal practice to flourish!
This article aims to delve into why attorneys may feel hesitant about marketing. More importantly, to provide a range of marketing options tailored explicitly for attorneys who may not be fond of traditional marketing approaches.
Why Do Attorneys Dislike Marketing?
There are several reasons why attorneys may have a distaste for marketing. One of the main reasons is that they believe advertising their services is unprofessional or unethical. This belief is based on the idea that advertising is a form of solicitation, which is prohibited by the American Bar Association (ABA) Model Rules of Professional Conduct.
However, the reality is that the ABA rules allow for advertising as long as it is not false or misleading. Furthermore, the ABA has recognized the importance of marketing and has even established guidelines for attorney advertising.
Another reason why attorneys may dislike marketing is because they see it as a waste of time and resources. They may believe their reputation and referral network are enough to sustain their practice. However, in today’s digital age, having an online presence is crucial to attracting new clients.
Options for Marketing for Attorneys Who Don’t Like Marketing
If you are an attorney who dislikes marketing, don’t worry. There are several options available to you that can help you promote your practice without feeling like you are “selling” yourself.
Content marketing
Content marketing is a strategy that involves creating valuable and relevant content that attracts and engages your target audience. As an attorney, you can create blog posts, articles, videos, and social media posts that provide information and insights on legal topics your potential clients may be interested in.
By creating helpful content, you can establish yourself as an expert in your field and build trust with your audience. Moreover, it can increase website traffic, social media engagement, and new clients.
Referral marketing
Referral marketing is a strategy that involves leveraging your existing network of clients, colleagues, and other professionals to generate new business. You can ask satisfied clients for referrals or partner with professionals in complementary fields, such as financial advisors or accountants, to cross-promote each other’s services.
Overall, by building strong relationships and providing excellent service, you can tap into your network to generate new business without engaging in traditional marketing tactics.
Speaking engagements
Speaking engagements are a great way to showcase your expertise and establish yourself as a thought leader. You can participate in panels, seminars, and conferences to share your insights on legal topics and connect with potential clients.
By speaking in front of a captive audience, you can build credibility and trust with your audience, leading to new business opportunities.
Online directories
Online directories like Avvo and Martindale-Hubbell can help you increase your online visibility and attract new clients. These directories allow you to create a profile that showcases your experience, education, and credentials, making it easier for potential clients to find you.
Overall, by optimizing your profile and including relevant keywords, you can increase your chances of appearing at the top of search results and attracting new clients.
In Conclusion
Marketing may not be your favorite part of being an attorney, but it is necessary to grow your practice. By leveraging strategies like content marketing, referral marketing, speaking engagements, and online directories, you can promote your services without feeling like you are “selling” yourself.
Furthermore, the key to successful marketing is to provide value to your audience and build trust and credibility with your potential clients. Overall, doing this can attract new clients and grow your practice without compromising your ethical standards or professional reputation.
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.
You can note and record your business performance in several ways using available data. Using financial ratios, you can quickly assess all areas where your business performance is excelling or underachieving. This way, you can judge where you need to improve in the areas you lack and where you need to retain and maintain the areas you have had success.
The other motive for using financial ratios in your business is that you can see and decide just how beneficial or disadvantageous it will be in one area if any such modifications are made. You can easily measure the effects of the changes elsewhere in another location.
Monitoring figures closely in your business will help you minimize waste and maximize efficiency, which will, in turn, grow and flourish your business over time.
Where do you get the information to calculate your financial ratios? Bookkeeping helps you provide all of the necessary and relevant information from which your accounts are formulated. The process of bookkeeping is recognized and well-defined in the fields of business and accounting.
Every transaction must be recorded, regardless of its nature (purchase or sale). The process of bookkeeping helps ensure accurate and timely records. Here are four ways to asses your business performance using financial ratios.
Current Ratio
The most regular and familiar ratio used is called the current ratio. This ratio calculates the ratio of currentassets to the ratio of currentliabilities. The current ratio is used to help specify a company’s potential and capacity to pay off its short-term invoices and bills.
If the business has more liabilities than assets, the current ratio will be less than one. If the business has more assets than liabilities, the current ratio calculated will be more than one.
If a business’s current ratio is high, it indicates it has a safety cushion. If the business has more assets than liabilities, its flexibility will be increased. If the business has more liabilities than assets, it might have to convert its receivable balances and some inventory items into cash, which may not be quickly done.
Businesses can enhance their financial health by strategically managing various aspects of their operations. This includes prioritizing debt repayment, promptly collecting receivables, purchasing inventory only as needed, and considering converting short-term debts into long-term obligations to bolster their current ratio.
Liquidity Ratio
Liquidity ratios can be found in three types:
Current ratio: Calculated when the sum of the company’s current assets is divided by their total current liabilities. This ratio measures if you have sufficient assets to pay for your liabilities. If your current ratio is calculated to be two, you have twice as many current assets as your current liabilities.
Quick or acid-test ratio: This ratio is calculated by dividing current assets (not including stock) by the total current liabilities. If your quick or acid-test ratio shows the result of one, it means your business’s liquidity levels are sufficiently high. This is an indication that your company has solid financial health.
Defensive interval: This ratio is calculated by dividing the total liquid assets by daily operating expenses. The ratio will estimate how long you can survive your business without any cash flowing in. Normally, it is found to be somewhere between 30 to 90 days.
Solvency Ratio
Solvency ratios measure a business’s financial stability by calculating its debt relative to its equity and assets. A business with too much debt might not have enough flexibility to manage its cash flows if interest rates rise or business conditions deteriorate.
The common solvency ratios calculated are debt-to-asset and debt-to-equity. The debt-to-asset ratio is found by dividing total debt by the total assets. The debt-to-equity ratio is calculated by dividing total debt by shareholders’ equity. Shareholders’ equity is found by calculating the difference between all total assets and liabilities.
Profitability Ratio
Profitability ratios calculate the management’s ability to change the amount of sales dollars earned to cash flow and profits. The net profit ratio can be used to evaluate your business’s profitability. Divide the total profit before tax by the net sales amount to determine your net profit.
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.
Raising a child comes with many responsibilities and a considerable cost. The latest report from the US Department of Agriculture states that the average price of raising only one child in American society, from birth to seventeen years of age, has been estimated to be nearly $233,610. However, when considering the impacts of inflation, this figure may easily exceed the $260,000 mark to raise a child born today.
Although you have heard that buying a house is one of the most significant expenses an average household makes, raising a couple of children is far more critical than most Americans. For instance, if you add the expense of raising two or more kids and their educational costs, there are countries where you can buy two homes for that amount.
However, like preparing to buy a house, it might be a good idea to get your financial situation well-maintained before you bring an infant into this world. You need to improve your money matters and do necessary bookkeeping when you already have kids and face financial hurdles. Here are five money milestones you should strive to cross before having children.
Ensure Career Stability
Establishing a solid and secure work situation is crucial before having children. While it can imply entrepreneurship, freelancing, traditional employment, or some blend thereof, you must have a firm foundation that supports your growing family and helps you achieve your financial goals.
Thus, work on a career path to continue after your kids are born. This money milestone of career stability should come with a salary covering the childcare expenses that typically amount to nearly 16% of the cost of a child’s upbringing.
You must consider more than just salary. For instance, a career that affords you advantages like healthcare and dental care, maternity or paternity leave, and a decent person or illness leave policy so that you may take a day off easily to care for your ill child instead of being out of a payday.
Have Adequate Disposable Income
Indeed, $233,610 sounds a lot to just about anyone. But it makes excellent sense when broken down to $1,082 monthly. Calculate the estimated annual expenses of raising a child and consider that when preparing your budget so that when the costs come rolling in, you are ready. The following money milestone helps you adjust your earnings and other variables affecting your situation. This will also give you the disposable income required to raise your children. In addition, it ensures you have sufficient savings to compensate for estimated variable costs.
Pay Off Your Debt as Soon as Possible
Debt can be a substantial financial burden in your life. If you fail to control it, eventually, it prevents you in many ways. Therefore, getting rid of debt should be the crucial money milestone you strive to hit before having children. Aim to pay off the debts first on credit cards and others with a high interest rate. It is an excellent idea to do a part-time job to earn more income and eradicate your debt. It will improve not only your financial situation but also your credit score.
Make an Emergency Fund Available
Indeed, life is full of many uncertain events, including an unexpected loss of employment, a chronic health issue with one of your family members, or some other financial or natural disaster. These can miserably affect your living when you are unprepared for such events. That is why financial experts suggest having an emergency fund amounting to about three to six months of your living expenses, which you should also hit as your money milestone before having kids. Such a fund will protect and help you and your family in many ways during life’s inevitable messes.
Make Saving a Habit
One of the famous quotes by Warren Buffet says, “Don’t save what is left after spending, but spend what is left after saving.” Your fifth money milestone should be making saving money a habit before having children. Start immediately, keeping a sufficient portion of your income so it does not affect your life. Aim to live within your means, considering your financial goals.
Contribute Towards Your Retirement
The cost of raising your children will increase as they grow. Therefore, your next money milestone should be to save for retirement to make your future secure and independent before having kids. Once you have children, you will have a more challenging time contributing towards your retirement fund, as other expenses will inevitably appear.
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.
Business owners often face fraud and theft each year due to their employees. The risk of fraud has increased due to the advancement of technology and the progressive development of the world market. According to research reports, organizations face a 5% loss due to fraud each year, in which internal employees commit 85% of severe fraud cases. Organizations should develop multi-layered fraud prevention strategies while keeping these statistics in view. Practice the following plans and policies to prevent fraud and employee theft in your business.
Practice Corporate Culture
Corporate culture defines procedures and policies that govern employees. The organizational structure of reporting systems, the accountable person, their segregation of duties, job responsibilities, and limitations should be clearly defined. Hire the right employees by investigating their past employment history and educational background.
Establish an anti-fraud policy
A documented policy that defines fraud, its prevention, and detection policies should be implemented after proper training of all employees. A zero-tolerance policy for all kinds of fraud should be communicated to employees. They should also be aware of actions to be taken in case of fraud.
Prevent Theft of Physical Assets
Random and Surprise Audit System
Along with an annual and quarterly audit of assets, a system for uninformed audits should also be developed. Under the pressure of unexpected audits, employees avoid stealing and fraud.
Segregation of Duties
The duties of inventory management staff should be segregated to prevent fraud. Two different individuals should do purchase order issuance and receiving of stocks.
Security Cameras
CCTV cameras should be installed in inventory storage areas to prevent employee theft.
Limited Access to Inventory Storage Areas
Only authorized personnel should be allowed to enter areas where inventory is kept, which should be kept locked in off-hours. Keys should be issued to specified individuals only.
Prevent Check Tampering
Security of Blank Checks
Blank checks should not be accessible to anyone and should be locked until required for bookkeeping.
Check Bank Statements of the Business
A review of monthly bank statements helps in detecting fraud in the form of tampered checks.
Prevent Expense Reimbursement Schemes
Receipts of Expenses
For reimbursing expenses, demand a receipt of the amounts the employee claims.
Policy for Expense Reimbursement
A company must have a documented expense reimbursement policy. Clear segregation of reimbursable expenses should be defined in that policy, and every employee must receive a copy of the reimbursement policy.
Comparison of Expense Reports
A comparison of expense reports submitted by different employees should be made to evaluate the legality of expenses.
Prevent a Billing Scheme
List of Approved Vendors
To prevent fraud at this level, maintain a list of approved vendors and do research to ensure the legality of the vendors. You may be paying fake companies if you don’t practice this simple plan.
List of Approved Prices
An approved price list should also be maintained to avoid payment at higher rates.
Signed Receipts
Sign a check only if a signed receipt of the product is attached.
Prevent Theft of Cash
Manager’s Approval
Sensitive transactions should always be accomplished only after the approval of a manager.
Monthly Account Statements
Regular updates of customer accounts prevent fraud at this level.
Rotation of Duties
Rotating duties and sending employees on annual leaves and vacations prevent employee theft because the employee is terrified of easy detection by others.
Bank Lockers
Cash and payment handling by employees should be minimized to prevent cash theft. Payments should be received directly in a company bank account.
Surprise Audit of Cash
Discrepancies in cash can be detected easily by counting the cash and comparing it with receipts.
Video Cameras
Install video cameras in sensitive areas where cash is handled to prevent stealing.
Conclusion
Fraud prevention is critical to secure your business. Following the above plans and policies in an organized manner will prevent employee theft.
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.
Companies manufacturing and selling physical goods must record them as assets in their books and expenses at their sale. Manufacturing companies usually deal with three inventories: materials, work in process, and finished goods. Retailers must deal with only one list, which is merchandise. In all cases, a company must sell inventories to make profits. Before trading, it serves as an asset for the company; however, after merchandise is sold, the cost covers an expense called Cost of Goods Sold (COGS). The price is then transferred from a balance sheet to an income statement via journal entry in bookkeeping terms.
Companies maintain a significant amount of inventory to manage their day-to-day operations. However, it is an important asset that you should monitor closely. Storing too much inventory can cause issues related to decreasing cash flows, storage costs, and losses if the item turns archaic. Similarly, too little of it can result in lost sales and customers.
Indirect costs or overhead costs that cover depreciation, factory maintenance, cost of factory management, electricity, etc., are allocated to inventory, depending on the production levels. Overheads are frequently assigned based on direct labor hours or the number of machine hours.
Cost of Goods Sold
Cost of Goods Sold represents the cost of goods or merchandise sold to customers. Unlike inventory on the balance sheet, the cost of goods is reported on the income statement. All the costs occur to get the merchandise into the inventory and are included in the cost of goods. The cost of acquiring it from the supplier, shipping costs, and all other costs are included. Direct materials, labor, and overhead costs are also included in the goods sold.
The cost of goods would account for labor, payrolls, and service benefits. All the direct costs associated with the production of the product are the cost of goods. It is essential to highlight that goods not sold during the year and still in inventory are not included in calculating the COGS. Only the goods that were sold are included.
Cost Flow Assumptions
There are three methods that the IRS accepts to move the cost from the balance sheet to the income statement. The accepted methods are FIFO (First Out), LIFO (Last in First Out), and Average Cost. They are what the names suggest. First in, first out means that goods that arrive first should be removed first at an original cost. It does not matter if the cost of goods sold has increased for the new batch; you would have to record at an actual price.
Each cash flow assumption can be used in both systems mentioned below.
Periodic Inventory System
Under the periodic system, the amount in the inventory account is not updated at the time of purchase. The charge is only updated at the end of the year. This means that the report would show the cost of last year’s stock for the whole year.
All the purchases related to merchandise are recorded in either one or more purchase accounts. At the time of year-end, the purchase accounts are closed, and the stock account is matched with the cost of merchandise at hand. Under the periodic system, the cost of goods sold does not exist in the budget to record the sale of merchandise. It is calculated as beginning stock + new purchases – ending supply. You could not figure it out while looking at a general ledger account.
Perpetual Inventory System
Under a perpetual system, the stock account is continuously updated. The cost of merchandise purchased is added to the statement, while what is sold to the customers is reduced from the account. There is no room for purchase accounts under this system.
The cost of goods sold account is debited at the time of the sale, precisely for the cost associated with the merchandise. There must be two recorded journal entries for the sale of any merchandise. Sales and accounts receivable are recorded as one entry, while the other caters to the reduction of inventory and the cost of goods sold.
FIFO, LIFO, and Average cash flow assumptions are combined with either perpetual or periodic systems to account for the cost of the stock at hand. It is up to you to choose any one of them at your convenience.
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.
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.
