Category: Content

Systematically cataloging small businesses’ problems and growth patterns may seem hopeless at first glance since many small businesses differ in size and capacity for growth. They are often characterized by independence of action, differing organizational structures, and varying management styles. However, upon closer inspection, it becomes apparent that they experience common difficulties at similar stages in their development.
These points of comparison can be organized into a framework that increases our understanding of the nature, characteristics, and problems of businesses ranging from a corner dry cleaning establishment with two or three minimum-wage employees to a $20-million-a-year computer software company experiencing a 40% annual growth rate. 

For owners and managers of small businesses, understanding these commonalities can aid in assessing current difficulties, like the need to upgrade an existing computer system or hire and train managers to address unplanned growth and appropriately plan for future challenges to those growth benchmarks.

Developing a Small Business Framework

Numerous researchers have developed models for examining businesses, and each one uses business size as one factor and company maturity or the stage of growth as a second factor. While helpful in many respects, these frameworks are inappropriate for small businesses. As beneficial as start-ups can be for macroeconomic development, they can also be chaotic for a couple of reasons:

• The risk for start-ups is extreme, and the total cost can be exorbitant. Founders put in more time, energy, emotion, and capital than they anticipated would be required. Since most start-ups fail, the total cumulative cost to launch and maintain them is enormously underestimated.
• Start-ups disturb the price structure. While trying to get a position in the economy and before they know what it takes to capitalize on business growth, a classic start-up exercise is to enter the market with low prices. This sounds like honest opposition; however, established corporations know what they must charge to sustain their business. Even after a start-up runs out of investment and leaves the marketplace, damage to the price structure remains.

Small businesses that survived the financial crisis did so by establishing what it takes to run their business in the leanest terms. One of the consequences of their trial-by-fire is that these firms have emerged in better shape than after previous significant economic downturns. Here are six reasons for their success:

1. Fewer start-ups. There have been lower price structure disruptions since 2008.
2. The banking industry has confirmed an unparalleled lack of business loan demand, which is ironic since interest rates have never been lower.
3. Stronger balance sheets. Reduced debt plus methodical retailing, inventory, and supply chain practices that prevent inventory creep all improve critical financial ratios.
4. More gross profit. Rigorous expense control relieves pressure on gross profit from flat sales and pricing pressure.
5. Enhanced capital and cash. All the above practices contribute to profitability, which is more likely to be retained in the current environment. Retained income pushes capital and cash toward sustained operations and long-term success.
6. More creditworthiness. Firms that grow beyond organic funding will be more worthy of credit and preferred terms and rates.

Signs that your Start-Up is Maturing into a Small Business:

1. Customer needs do not appear to be evolving rapidly.
2. Consolidation by leading competitors is reducing economic intensity.
3. Disruptive innovations and new applicants gradually gain share and top out at relatively low levels.
4. Marketplace shares of leading contenders have hardened and are changing gradually, if at all.
5. The price, brand, and channel stratagem have replaced product innovation as key value drivers.
6. Cash flows progressively turn positive and return to investors rather than market investments.

Final Note

Small businesses play an essential role in any civilization. When first recognized, they represent how corporate owners test their business ideas in a market. Small businesses that create jobs for labor, in addition to the owner, offer even more economic stability, providing a steady source of income for business owners and employees alike. 

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.

QuickBooks is accounting software that allows you to manage and organize various accounting activities, such as bookkeeping, creating financial statements, and much more.

In QuickBooks, accounts can be sorted into different categories according to their nature, i.e., assets, liabilities, income, and expenses. If you want to see the information for a line item in QuickBooks, you must set up a separate account for that particular line item. Similarly, when you need to report financial information on a tax return, you must create an account to collect and report the required data.

Account Creation

In QuickBooks, you must create a new account if you want an expense account assigned to a tax line. To do so, open the “Chart of Accounts” menu and then click on the “Account.” After that, click on the “New” button. This will now open a menu to choose between multiple account types. Choose the “Expense” account option and click “Continue.”

You will be prompted to enter the name used to identify your new account. You will then be given the option to make this account either a sub-account or the main account. After checking the appropriate box, you can click on the button labeled “Patent Account.” With this, you will create the expense account you will later assign to the tax line.

Adding Information

Once you are done creating the expense account, you can record information relevant to that account. For example, suppose you just created an expense account that relates to a particular utility. In that case, you can mention the name of the utility or the service provider, your unique customer number, and any relevant dates, such as the billing dates. Different drop-down menus allow you to enter and sort the information pertinent to the expense account you just created.

Assigning the Expense Account

Select QuickBooks’s “Tax Line Mapping” menu to assign the expense account. Here, you will see a drop-down menu that includes multiple tax lines, allowing you to select the one that is relevant to the expense account you created. Once you have chosen the tax line, you will be given a list of expense accounts. You can choose the account you want to assign to the tax line here.

Alternatively, you might want to assign a preexisting account to a tax line. In QuickBooks, if you want to assign an expense account that exists beforehand, you first need to go to the “Chart of Accounts” menu. Once there, you can right-click the specific expense account you want to assign to a tax line. Once you see the right-click menu, choose the “Edit Account” option. Next, choose to change the “Tax Line Mapping” data. In the drop-down menus, you will see. Next, you can select the relevant tax line and tax form.

Accountant Assistance

Suppose you have given your accountant or bookkeeper access to the data you enter in QuickBooks. In that case, the best possible decision is to let them handle the assignment of any expense account to the respective tax liens. This helps ensure the accuracy and consistency of bookkeeping and account maintenance. 

If you think you need to adjust any expense accounts and their relevant tax line, you recommend that you consult your accountant before making any changes to the mapping in QuickBooks. This prevents future issues where you might need to review and recategorize incorrectly entered or calculated data.

Conclusion

In conclusion, QuickBooks offers comprehensive accounting solutions, from organizing activities to creating financial statements. Efficiently managing accounts, adding relevant information, and assigning expense accounts to tax lines ensures accurate reporting. Whether creating new accounts or assigning existing ones, attention to detail is key.

Consulting with an accountant or bookkeeper enhances accuracy and consistency, safeguarding against future issues. With QuickBooks, meticulous accounting practices pave the way for streamlined financial management.

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 increasing need to abandon manual systems to automate business processes has led businesses to opt for software that streamlines their accounting and bookkeeping processes. One prevalent software system has been POS systems (Point of Sale). The conventional days of using cash and solid-binding registers are long gone. 

Advanced technological innovations have replaced these traditional practices, including POS software. Below are a few ways that a POS system is helping businesses increase efficiency in their accounting processes.

Real-Time Reporting

With the help of a POS system, businesses can get real-time, detailed sales reports, cutting down the time and manual processes required to generate each report. These reports are an essential part of the accounting process since sources and segregation of revenue must be identified to calculate profit or loss for a particular accounting period.

In addition, these sales reports can help identify possible lags, which can then be addressed. Improved strategies may also be established to boost sales and increase efficiency, as the latest sales reports can be accessed on demand and in real time.

Inventory Management

POS systems can also help with the efficient management of business inventory requirements. This inventory management comprises inventory management, reordering quantities, and reordering timelines. Keeping track of inventory has become crucial for all businesses, especially in retail, since low or no stock can negatively impact a business’s reputation. Moreover, product selling patterns may be drafted and reviewed using the POS system, allowing inventory restocking to be done accordingly. Products with higher demands will have a higher. 

Economic Order Quantity (EOQ) relative to those with low demand and sales. This results in increased efficiency as the accounting process will become less complicated, and no paperwork will be involved. Moreover, time savings are another benefit for business accounting that may be actualized from POS implementation.

Better Customer Service

POS systems have positively impacted business accounting because customer satisfaction has improved following their implementation. Accounting procedures have become agile and hassle-free, with lower sales-related discrepancies and accurate pricing details within and among systems. This led to satisfied customers that are a positive source of advertisement by word-of-mouth. In addition to precise pricing and lower sales discrepancies, customers are now provided with various payment options such as debit and credit cards, gift cards, cash, etc. 

Traditional registers could not accommodate paperless payment methods, which relied heavily on manual processes. POS systems and paperless transactions have enabled increased efficiency in processes, which are now automated and streamlined for enhanced performance.

Information Tracking

In addition to the benefits above, POS systems have allowed seamless information tracking for customers and vendors. This includes payroll information, customer billing and shipping details and statuses, vendor listings, quotations, receipts and invoicing, and basic profiling. This valuable information source allows businesses to market to customers and manage vendor contacts effectively and is required for business accounting processes. This ultimately allows for increased efficiency as well as improved resource management.

User-Friendly

POS systems help with business accounting, provided they are easy to learn and use within the organization. Most existing employees resist software implementation within an organization since innovation can take them out of their comfort zones. However, their user-friendly interface makes POS systems easy to install and maintain. 

Likewise, you may train staff on using POS without facing much resistance since some process improvements can make their duties more manageable. Integration may also be achieved slowly through various other applications used within the business. This feature of the POS allows for increased efficiency, not through its use but its acceptance within the organization.

Conclusion

In conclusion, the transition from manual systems to automated business processes, mainly through the adoption of POS systems, has revolutionized accounting and bookkeeping practices for businesses. The advantages range from real-time reporting to streamlined inventory management and enhanced customer service. The ability to access detailed sales reports in real time not only expedites accounting processes but also facilitates the identification of potential inefficiencies, leading to the formulation of targeted strategies for sales improvement. Efficient inventory management, facilitated by POS systems, ensures optimal stock levels and minimizes the risk of stockouts, thereby bolstering business reputation and profitability. Moreover, implementing POS systems has significantly enhanced customer service by reducing sales-related discrepancies and offering diverse payment options, increasing customer satisfaction and loyalty.

Furthermore, the seamless tracking of information related to customers and vendors has facilitated effective marketing strategies and resource management. The user-friendly nature of POS systems has also contributed to their widespread acceptance within organizations, minimizing resistance to change and maximizing efficiency gains. Adopting POS systems is pivotal in optimizing business accounting processes, driving efficiency, and enhancing competitiveness in the dynamic marketplace.

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.

Creditor days calculate the days a company must pay all its creditors. Debtor days measure the average amount of days it will take for a business to obtain all payments for the products or services it has sold, which can also be termed accounts receivable days. Accurate bookkeeping includes sending and receiving payments within these timeframes and is the best way to obtain all the necessary and relevant information from which all your accounting is calculated. 

Creditor Days

Creditor days are a way for a company to show its creditworthiness to its creditors and suppliers and to know how long they will wait for their payments.

Within reason, a higher number of days is better for the company since almost all companies wish to conserve their capital as much as possible. However, a business that is especially slow in paying all its bills (for example, taking 100 days or more) could have trouble generating and retaining cash. Even if the company is having trouble financing its operations with its supplier’s funds, a business whose creditor days are in excess will eventually have trouble obtaining and retaining its supplies. Creditor days must be balanced, allowing a company to maintain capital and preserve creditor and supplier relationships through timely payments.

Debtor Days

Debtor days are a way of indicating a business’s efficiency in collecting all their money owed. In these cases, it is beneficial for the company if their debtor days are lower. When the number of debtor days is high, it reflects the company’s inefficiency in collecting what is owed. This may also indicate the company’s bad debts or doubtful sales figures. If suppliers are not confident in the company, they are less likely to pay due invoices.

Ways to Reduce Creditor and Debtor Days

Negotiate Terms

Do not hesitate to negotiate and discuss payment terms and conditions with suppliers. You pick your suppliers based on your specific needs and requirements, whether based on price, product quality, or delivery speed. In most cases, the payment terms and conditions are the last things considered when selecting suppliers.

If you have built a good relationship and rapport with your suppliers, negotiating better payment terms should not be a problem. Similarly, this can help build a rapport with your suppliers, showing them you intend and want to pay them promptly for their supplies.

Offer Discounts

Consider offering discounts or concessions for prompt or early invoice prepayment. For example, if you use invoice finance in your business, you will often pay 3% for the first 40 days of the invoice, with 4.5% for 80 days. You could offer this discount to your clients for upfront payment instead of delivery. 

Change Payment Conditions

Starting a business is exciting, but many risks and challenges accompany a new venture. The sustainability of the business is one of those challenges since a company depends on accounting and bookkeeping for its success. Good marketing strategies are essential to the sustainability of a business in large and small markets. A business can be long-lasting if it provides quality products and services and uses specific marketing tactics.

Competitors will overtake the market and take customers if unique and effective marketing plans are not developed. Today’s world is challenging, and competition is high, so marketing is an essential and continuous factor in business sustainability.

Sustainable Marketing Tactics for a Start-Up

Energy and investment are consumed when launching products and attracting new customers. However, the focus tends to be on the sales of the products and services instead of marketing.

Sustainable marketing tactics must be used from the beginning of any start-up to ensure a long-lasting and successful business.

Identify and Focus on Your Target Audience

Use various platforms to identify your target audience. You can search for business strategies for other similar projects using social media. You probably know your potential customers, but try to identify them through social media. Also, read the customers’ responses to your product and know about their social belonging.

To get feedback, ask which age group customers fall into, what their financial status is, what their gender is, whether they are a student or working adult, and other brief questions. This allows you to identify your potential customers and their demographics.

After identifying your target audience:

1. Focus on them.
2. Keep in touch with them.
3. Always listen to your target audience’s views and reviews.
4. Develop your product or organize the services according to their expectations.
5. Broaden your audience once the business is established and grows so you have a larger audience to get responses from.
6. Focus on all of them.

Your business starts with your customers and ends with them, too.

Use Unique, Creative, and Innovative Marketing Ideas

Promote your offer creatively—no need to bombard messages to consumers to keep reminding them of your products. A creative message or video to advertise your product on social media will be viewed and even liked by many. It will be the word-of-mouth endorsements of friends and family of consumers who like your creative message/video on social media. Keep using innovative ideas for your product’s marketing. For example, a creative video may spread from a small bunch to millions of users on Facebook.

Approach your Customers Whenever Possible

Know when you can connect with your customers. First, understand who your customers are. Where do they hang out on social media, in superstores, or elsewhere? Know how to approach them and make them feel they are your primary focus.

Aim for Repeat Business

 If you give discounts to your customers during holiday seasons or different times of the year, they will return to you again. Think of creative ways to encourage your customers to keep coming back. These ideas should be enticing and beneficial for your customers and not detrimental to business. 

Focus on Existing Customers

When seeking new customers, never forget your existing customers. They are the reason behind your business, and their loyalty will help drive new business.

Stay Up to Date on Start-Up Marketing Trends

Research as much as possible. Find out what is and is not working for other similar companies in your industry.

Listen to Feedback

Always pay attention to potential customers’ social media feedback. Respond to queries from people on social media who want to know about your product. Develop your product to expand and meet customers’ needs.

The Market for the Right Reasons

Never try to promote a product for the wrong reasons or for the benefits it does not provide. You will lose your credibility forever with current customers and hinder expanding your target audience. 

Convert your Visitors into Customers

How responsive you are to your visitors will impact your business. Similarly, your ability to satisfy them with your answers to their questions will leave a good and lasting impression.

You should have a transparent business bookkeeping portfolio. Your company must abide by the laws. Provide your visitors with your achievements that benefit society. For example, your company is child-labor-free, you participate in social services, etc.

Conclusion

Sustainable marketing techniques are essential for a long-lasting business. If marketing is done solely for quick sales and customers’ demands are unmet, the product will eventually lose its market share, and your business will fail. 

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.

What Is A Cloud-Based CRM System?

Cloud-based CRM is a term used to describe a Customer Relationship Management (CRM) application hosted on a cloud-based system. A cloud-based CRM system is easily accessible via the Internet, making it easier for employees and companies to access the database anytime. As the information is securely located in a cloud, employees and other team members can retrieve customer information anywhere on any registered device.

Decision-makers running major companies are apprehensive about moving their Customer Relationship Management (CRM) from an on-site location to a secure cloud-based CRM. Management sees red flags when they consider storing customer data in the cloud. They often become anxious when they hear “hacking into the database” or “cyber-attack.” With frequent cyber-attacks and data breaches, company owners doubt the security of their CRM cloud. As such, security is a primary concern for companies willing to transfer their CRM from on-site to a cloud-based system.

Cloud CRM Must Be Secure

A conventional CRM system requires hefty and pricey software that depends on an entire Information Technology (IT) to install and maintain.

Transferring from an on-site CRM to a cloud-based service is challenging, but the benefits of the secure cloud-based CRM exceed its disadvantages. Many companies offer specialized cloud services, but the essential aspect of a CRM cloud is high security. The company must provide a secure cloud to protect the CRM against data theft when selecting a cloud hosting service.

Cloud or On-site CRM

Having an on-site data center for a CRM is risky compared to a secure cloud-based CRM. Maintaining a high-end IT department can be costly, and small businesses often lack the necessary resources to maintain security measures.

A cloud-based CRM would cost significantly less due to economies of scale. This is because cloud hosting providers operate on a massive scale and cater to multiple businesses simultaneously, meaning they specialize in a particular segment. As a result, they can lower their costs, making them a cost-effective solution.

Cloud hosting services provide a secure platform for a secure cloud-based CRM. These companies not only assist businesses in securing their customer data but also help provide access to your database from any location. A CRM on a cloud is better equipped to handle large amounts of data than an on-site CRM.

Cloud Security

The most prominent benefit of having a CRM on a cloud is that different encryption methods secure the data. Cloud hosting companies have dedicated security experts who use modern encryption systems to keep the CRM secure.

Company data at an on-site data center is prone to cyber threats, including theft. A virus is another risk to a business’s valuable data housing confidential customer information. Cybercriminals often use practices that steal essential company data to sell on the black market. This information can be valuable for competitors for sabotaging another company’s image and redirecting customers to their business. In an on-site RCM, you might be unable to disperse resources for around-the-clock vigilance.

However, in a cloud-based CRM, experts are deployed to keep data secure and take immediate action if any threats are detected. These experts use backups to restore the data if the system crashes due to a virus. Therefore, a secure cloud-based CRM is better than storing your data on-site.

Companies that offer cloud services are professional IT experts. Their job is to provide a secure cloud for all your CRM needs. These companies know the latest cloud threats and will always have a solution ready.

How to Have A Secure Cloud-Based CRM

All Software as a Service (SaaS) enterprises offering secure cloud-based CRM services hire the highest caliber IT security experts and maintenance staff. They provide data security for your cloud-based CRM and avoid data breaches.

There are several protocols concerning data and access to ensure that the cloud is secure. The human factor involved in a data breach cannot be ignored to secure your CRM on a cloud. The following factors must be considered when keeping the CRM secure:

• Have a secure password
• Keep changing the password every week
• Limit and record the number of people with access to the cloud

CRM is a crucial element of their business, from small to large multinational companies. Hiring a company that offers maximum security for your CRM is vital. IT companies providing CRM cloud systems are aware of the risks and security breaches associated with having a database on the cloud, and experts take these security breaches seriously.

Backup Policies and Data Recovery Plans for CRM Security

Companies providing cloud CRM security have extensive backup plans and follow strict procedures to retrieve lost data if a breach occurs. These advanced and automatized backup policies help keep your cloud secure and safe from cyber threats. You can improve your cloud services using different measures, such as a two-step authentication service and stronger passwords.

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.

A Virtual Private Network, or VPN, is a secure way to keep networks free from cyber-attacks. It plays a vital role in maintaining an individual’s privacy online. The VPN system establishes a private network with maximum security over an insecure network.

Today, every home and corporate organization relies on the Internet and its many benefits. However, with so many people connected to a single network, vulnerabilities are bound to occur. These vulnerabilities could be a simple inconvenience, a significant corporation breach, or anywhere in between. To prevent yourself from cyber-attacks, protect all your data by using a VPN. Similarly, you will need a VPN network if you want access to Netflix but live outside the U.S. Below are some of the most popular VPN phone apps for users seeking a secure network.

The NordVPN

After trying different VPN services, NordVPN was a pleasant surprise. It offers decent speed and affordable prices. NordVPN is user-friendly, with an easy-to-use interface and an automatic connection option.

With different networks worldwide, it connects to any available network within seconds. The United States-based networks are usually busy and take longer to find a server, but the lag times are minimal. NordVPN offers reliable speeds and easy access to different servers. It supports High Definition (HD) Streaming and works well with Android and iOS (Apple Operating System). It works with MacOS (Mac Operating System) and Windows for more connectivity.

Vyper VPN Services

Developed by Golden Frog, the Vyper VPN is a reliable and fast VPN service with an impressive track record. It is one of the best VPN services, offering security and ensuring privacy across multiple devices. The Vyper VPN has its services independent of third parties. Vyper VPN provides integrated security and does not share your data with any third-party applications or companies.

Vyper VPN logs every IP (Internet Protocol) address and connection times, along with the bytes of data used in 30 days. It has more than 70 servers across different locations. Globally, Vyper VPN offers different choices with an impressive 256-bit encryption. The service uses a propriety software called the Chameleon to mask the fact that someone is using a VPN service.

The Vyper VPN’s Android app is easy to use. A single tap connects the user to a high-speed, secure server, and the user can select a server of their choice.

ExpressVPN

Express VPN gives you a choice of over 100 different locations globally. The service is easy to use, reliable, and user-friendly. The ExpressVPN app comes with a 24/7 emergency service if users face issues and difficulties when utilizing the service. 

Express VPN can provide split tunneling, a technology that serves as a router for different device traffic through VPN. The ExpressVPN service is free for seven days, and the paid services range between $13 per month, $60 for six months, or $100 for a year. Each option comes with a money-back guarantee.

TunnelBear VPN

The Unique Selling Proposition (USP) of TunnelBear offers a simple, friendly, and bear-themed VPN service that is easy to use. TunnelBear uses high-end 256-bit encryption to ensure safety for every device connected to the network. The Android app is user-friendly; the animation is cute and engaging, making the app easy to use.

Just tap on the tiny bear and watch a cute little bear connect you to a server in more than 20 countries. TunnelBear offers 500MB of free data each month on a single device, but you can purchase a subscription for $10 per month and $60 for a year.

Conclusion

In conclusion, Virtual Private Networks (VPNs) serve as indispensable guardians of online security, offering a crucial defense against cyber threats in our interconnected digital landscape. Addressing the escalating concerns surrounding data privacy, VPNs establish secure, encrypted networks over potentially insecure connections, safeguarding personal information and mitigating cyber-attack risks. Whether it’s the user-friendly interface and affordability of NordVPN, the proprietary and secure services of Vyper VPN, the global coverage and reliability of ExpressVPN, or the simplicity and engaging approach of TunnelBear VPN, these services underscore the pivotal role of VPNs in fortifying network integrity and preserving the confidentiality of sensitive data for individuals and organizations alike in the modern digital era.

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.

Accounting and bookkeeping are essential jobs in any business. Accounting is the systemic and complete recording of a company’s financial operations, and business bookkeeping records financial dealings as part of the accounting process.

Small business accounting errors range from minor to significant accounting and bookkeeping errors that negatively impact the business. Accounting problems start with irregular bookkeeping and accounting. This will not give a true picture of the business decisions that cannot be appropriately made. Entrepreneurs and owners often do not realize that common small business accounting errors are a major threat to the growth of their business in the long run.

Here are some common accounting errors that damage businesses.

Not Using Accounting Software

Manual work is always at risk for error. A small accounting error can cause significant damage to businesses. Small and medium-sized companies should use appropriate accounting software for their business type. Cloud accounting is an emerging technique in accounting software and has its benefits for small to medium-sized businesses. 

Manual accounting is time-consuming, and the chances of errors are much higher. Using accounting software not only diminishes the opportunity for error but also takes much less time to complete accounting operations.

Choosing appropriate software is an important and challenging step in business, and it must be done according to your needs. When selecting a suitable program for your small business, consider the software’s cost, usability, and extra features.

Features of accounting software must include:

1. Inventory management
2. Sales tracking
3. Contact management and contact history following
4. Account to accept credit card payments
5. Producing invoices
6. Financial statements, cash flow statements, and balance sheet
7. Budget planning
8. Payroll
9. Taxation matters

Infrequent Bookkeeping

Bookkeeping and accounting statements must always be updated in any business. Running behind in bookkeeping and submitting expense or sales entries will not produce an up-to-date business picture and allow you to make timely decisions. This can lead to a negative balance if expenses are made but an income statement is not updated. Invoices that the company has not yet paid may go unnoticed and damage the company’s reputation, end terms with your suppliers, and reduce or halt business growth. Not producing monthly financial statements is common in small business accounting problems.

Mixing Personal Finances with Business Accounts

Business owners will sometimes combine their cash with business expenses. It is of utmost importance to keep personal and business finances separate. If these two finances are not isolated, then what was planned for business and what was consumed personally cannot be known. Likewise, the profit produced out of the invested capital cannot be adequately assessed. Suppose a business credit card is used for personal expenditures during a holiday trip or other payments. In that case, this sum will be funded from the company’s income and can be problematic.

Similarly, procurements can be made for private use during purchase orders for inventory, impacting inventory and damaging the company’s reputation.

Covering Small Business Expenses Out of Pocket

Business owners often take it upon themselves to pay minor expenses for the business out of pocket as it saves time. However, these expenses are not listed in the business bookkeeping. The business looks financially stronger when this accounting error is made.

Debt Interest for Managing Payroll

Small- to medium-sized businesses obtain loans at the time of monthly payroll. The business’s income pays back the loans with interest. Sometimes, the debts and interest on those debts increase. Instead, businesses can get payroll companies’ services to avoid heavy, long-term loans.

Conclusion

Small business accounting errors range from minor to considerable accounting and bookkeeping errors, which can put the business at risk of failure. Accounting problems often start with irregular bookkeeping and when accounting software is not use

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.

When you start a business, your to-do list may appear never-ending. Not only do you want to shape a solid team, find a location, generate your merchandise, and start advertising to your target spectators, but you will also need to make less visible choices that will be vital to the long-term well-being of your processes. No matter how big or small your company is, you can shave some time and energy off your financial management tasks by integrating a few cool accounting tools. Whether you cannot stand handling payroll and incoming employee expenses or need help handling your business’s basic finances, these accounting tools can help. 

For instance, most entrepreneurs do not start their companies, so they can also moonlight as accountants. However, money management is essential to the survival of your business. If your current bookkeeping system comprises a shoebox full of receipts and invoices, moving to a software-based accounting tool will help your business in several instantaneous ways.

Know Where You Stand Financially

Poorly managed cash flow can shatter a business, and as your company grows, you cannot rely exclusively on your brain to keep track of your finances to give you an accurate snapshot of your business’s health. Most accounting software choices can easily give you this snapshot grounded in the data you enter. This will help you better understand what money is coming in versus what is going out and, just as important, how fast and when that money is moving.

Fewer Time Crunches

As a small business proprietor, you wear many caps, and your time is valuable. Bookkeeping software, specifically when it runs in the cloud and can be accessed on any Internet-connect device, helps rationalize financial tasks and computerize many processes. 

For instance, you can produce and send invoices automatically without wasting time creating an individual invoice in Word. Whenever you need to bill a client, you can do so easily. Invoicing without bookkeeping software can be time-consuming, so using software frees you up to be ultimately productive, growth-oriented tasks such as marketing or employee retention.

No More Guesswork

You do not have to be a bookkeeper to manage elementary accounting tasks in your business. Managing your records and filing taxes can be done easily with the right tools. Many accounting software options will walk corporate owners through these tasks step-by-step to help streamline them. This can be particularly helpful when tax season rolls around, as taxes have been long regarded as one of the primary causes of alarm among business owners.

Shared Workload

When you do not have an official accounting system, delegating accounting-related tasks to your team can be challenging. Accounting software packages often have multi-user options, so you can allow other team members to log in. They can also take care of daily bookkeeping tasks and free up your time to focus on your business operations and growth.

 Handle Your Company like a Business

While handling accounting procedures on your own may be sufficient in the early days of your business, you will eventually need a formal accounting system. If you want your business to grow, you must treat this aspect of business ownership with the utmost importance.

Once you have analyzed your needs and decided on an accounting software option to help you manage your business’ finances, you may wonder how you managed without it. The good news is that various accounting tools can be customized, accessed, and used to meet the growing needs of a business. Small business owners will be happy to know they can grab accounting software tools directly from the Web, purchase what is needed, and synchronize data with their independent accounting staff.

Conclusion

Each day is a new opportunity to develop and grow your small business. Use these bookkeeping tools intelligently to take advantage of your time.

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.

We are currently living and working in the digital era. Technology has surpassed our expectations to give us wonderful innovations like software for office automation or Information Technology (IT) systems like cloud hosting for increased productivity. The paperless filing cabinet is one aspect of cloud IT systems that makes life easier, not only because of its impact on resources but also for staff. 

Because data is not on paper but located on a cloud where you have less control, it is necessary to question whether cloud hosting benefits your business. There is always a threat of data being compromised or service providers terminating vital services that would negatively impact your business and create a disastrous situation.

No amount of technology can render something foolproof. However, industry practices such as changing passwords periodically for paperless filing cabinet purposes, virus scanning, spam filters, and encrypted connections help with cloud hosting security. 

Structuring your Paperless Filing Cabinet in a Cloud

Following a set of standards as a protocol is always a smart idea when maintaining any system. A paperless cabinet works depending on business requirements. A few factors are considered: First, the business needs to obtain and set up all the tools required to structure the paperless filing cabinet. This includes software like Evernote and a scanner. Second, realize that even though you are going to a paperless filing system, no one else will be. Cloud hosting or not, you still need to use paper on occasion. 

Once all equipment is set up, ensure all files are in a limited modification format like PDF (Portable Document Format). Next, scan all documents for your business procedures, including raw material purchase orders or delivery memos. After scanning all this data, place the files on a cloud hosting it for users. 

The cloud can be beneficial for many reasons. One of the most significant advantages is accessing it anywhere, anytime, and on almost any device. At the same time, security for a paperless filing cabinet should be balanced so that data residing on cloud hosting that is out of your control is kept secure from cyber threats.

Navigating Encryption in Cloud Hosting

The risk of cyber threats is the focus of cloud hosting and is lowered by traditional data storage. The software involved in your digital cabinet helps encrypt your data. Even if your account has been compromised, its data would be deemed unusable and useless. Due to the encrypted nature of the data, the software would not be able to search it or find it. Depending on the nature of your business, it is a matter of preference and an understandable trade-off. For a paperless filing cabinet on a remote cloud hosting service, sensitive data needs to be protected, and with this form of encryption, high levels of security are achieved. 

Carrying a briefcase is a hassle, so with this technology, a virtual briefcase is created in your device that helps you access anything, anytime. A higher level of security is needed on mobile devices, so always use passwords and two-factor authentication. You can even program your device to run an erasing program that would wipe the device clean if a certain number of login failures or attempts occur. Data in a paperless filing cabinet located in cloud hosting services is an asset and, thus, holds a place of esteem for businesses. 

With operating systems and servers crashing, consider if this level of unpredictability is a trade-off for your business. Always ensure that sensitive data is backed up before sending it to cloud services. This would render any future needs to be fulfilled locally, which is faster than the cloud. However, when traveling, cloud hosting makes life and business operations easier.

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.