Category: Content

Quickbooks Premier is the best software for a construction company’s accounting and financial management. It is the easiest software to use on the market for construction companies. The software will enhance company management and lead to long-term financial improvement.

This article is going to cover every aspect of Quickbooks Premier to provide you with the knowledge of why it is perfect for your company.

Let’s start with the application of the software. It would be best if you had a basic understanding of construction and construction accounting. With these basics in construction, you can separate the parts that are performing well and that need improvement. Construction accounting allows you to break the project into nine cost groups that are affiliated with a phase.

QuickBooks Premier: The Perfect Features to Enhance Your Bookkeeping

A number of simultaneous users

A single user can use one copy of Quickbooks, but it allows up to 5 users to insert data in the same Quickbooks premier file at the same time.

Data file size

Quickbooks Premier is great for SMEs as it works fast and accurately with 150-200 MB reports. This can serve you for at least ten years, so it is a good investment as it can store numerous amounts of invoices and estimates data.

Creating Email Quotes, Sales Orders, Invoices, and Purchase Orders

You are given three options for creating the above documents:

1. Microsoft Outlook, the outbound emails are tracked through them
2. Web-based emails (Microsoft, Gmail, Yahoo)
3. Via the QuickBooks email servers provided by QuickBooks (extra fees apply)

 

Printing Checks, Paying Bills, and Managing Expenses

With the Quickbooks checks stock, you can print them out. A voucher style and a wallet style are also available.

Manage Payroll, Payroll Taxes, and Direct Deposits

Payroll and their deductions are recorded in the payroll tables. If you need to use an automated service for payroll, you can subscribe to the QuickBooks services for extra charges.

One-Click Business Reports

After entering the complete business data and estimated data of the competitors, QuickBooks Premier enables you to get a complete business report with a single click. Something that is not possible with manual bookkeeping.

Import Data from Previous QuickBooks Premier Version

You can easily import data from a previous version of QuickBooks. With newer upgrades, this step becomes a snap of data.

Import Data from Excel

Quickbooks Premier has a feature called wizard import. This can help import all the data from your Excel sheets (customer list, vendor list, item, or accounts chart) into Quickbooks. This is an easy accounting solution software for companies.

Download Bank and Credit Card Transactions

If your bank account allows information to be downloaded into QuickBooks Premier, then the option exists in the software without any extra cost. You can easily download and save information in the spots fixed in the software. Remember to read the functionality for the efficient use of this feature.

Creating a Budget

You can create a budget on QuickBooks Premier with the budget tool. You can create a single budget for each year of business. This tool also creates a small spreadsheet and permits the copy of prior year numbers and posts them. You can compare actual reports vs. several budgets to observe business performance. For the advanced feature, an add-on program is available for purchase.

Inventory Tracking and Setting Reorder Points/Creating Assemblies/Bills

QuickBooks also provides an awesome bookkeeping feature for tracking inventory using reports like “Stock Status by Item” and “Stock Status by Vendor” reports.

Conclusion

Efficient business reports and the creation of a feedback loop for companies with Quickbooks Premier allow you to identify improvement zones. This results in creating an infinite loop of successes for your 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.

Guided help in accounting software assists users through:

• Highlighting controls
• Step-by-step instructions
• Additional help boxes
• Grasping errors

There are tour guides and help boxes built into accounting software. When accounting software is designed for small business owners, it is built with the aim of simplicity. New users can also operate accounting software with ease. The software is made simpler by incorporating built-in help boxes. Small business owners can use the accounting and bookkeeping software themselves.

Accounting and bookkeeping software must have the following controls built-in:

• Income and Expense
• Financial statements
• Cash flow statements
• Balance sheets
• Fixed assets
• Budgeting
• Payroll
• Taxation matters
• Inventory management
• Sales management
• Customer management

 

Special Guided Help Boxes in Accounting Software

Guided help boxes in small business accounting make the work more accessible and less time-consuming. The guidance the help boxes provide is straightforward and user-friendly.

Guided Help Box to Avoid Errors in Entries

There are special features to eliminate typing errors when accounting and bookkeeping in small businesses.

Now, the essential accounting software also comes with some unique built-in features. If there is any difference in financial statements, the software will highlight the error. Small dialogue boxes are opened to guide where the error can exist. If one is not able to understand, then they can access help boxes built into the software. You can get instructions using that ‘help’ feature. If the balance sheet does not match with cash flow statements or financial statements, a guide box opens to recheck entries. Such features reduce the chance of typographic errors.

Inventory Management

If the business product is going out of stock, a special help box will keep giving you reminders until you get a fresh stock and enter the data into the software.

In some software, the near-ending stock will be highlighted to inform users to plan for their next purchase.

Expiry Management

When you are doing a business of finished products or raw materials, everything has an expiration date. A standard rule is to follow the principle of ‘first in, first out.’

But accounting software also collects expiration dates and gives an intimation of soon-to-be-expired batches.

Help in Budget-Making

When making a budget using small business accounting software, the built-in features will help throughout the budgeting process. If expected expenses exceed the percentage reserved for special operations, it will be highlighted. A help box can guide you to manage expenses and income according to the budget percentage. If the income is low and expenses are high, the guided help will lead you to make expenses accordingly. 

Taxation Matters

Guided help boxes in small business accounting and bookkeeping also aid in tax matters. Income tax statements can be prepared. Value-added tax can be deducted. A final picture of your taxation matter is made transparent using helpful accounting software features.

Last Date Intimations

Using software aids you in remembering the last dates to pay taxes and make other payments. Small window boxes act as reminders, or highlighted controls will be present in accounting software to aid in making payments and paying other liabilities.

Expense Management

If the current expenses are going higher than expected in any business operation, the guided help boxes will lead you to the point where you can check the exceeding expense record.

Web-Based Accounting

The above features are provided in software for small business accounting and bookkeeping. The same features and guided help boxes are also available in cloud-based accounting systems. Accounting can be done online, and the cloud-based accounting systems provide the same help and guided boxes. You can access your accounting data from anywhere in the world.

Conclusion

Guided help boxes act as a valuable guide for performing basic accounting functions by the users. In small business accounting software, these help boxes assist new users in performing accounting and bookkeeping tasks themselves. Accounting and bookkeeping are made easy and less time-consuming. 

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.

Starting a business is often exciting and scary at the same time! It is like moving through an immense fog where you can only see a few feet before the windshield. Hence, you do not know what is awaiting you until it is actually upon you. The more experienced you are in entrepreneurship, the better you can navigate that fog. From bookkeeping to business management, your knowledge and expertise will enable you to make the right decisions. Here are nine critical choices at the start-up that can go a long way toward success.

A Good Sense of Timing

You need to understand this in two ways:

1. Picking the best moment to begin your start-up: The ideal moment to start your company is typically a balancing act that is determined by several significant factors, including the availability of necessary start-up funds, the success or failure of competitors, the ebb and flow of your industry, and your personal and family circumstances. For instance, you may delay the plan as you expect a baby in the next few months.
2. Immediate action to grab the opportunity: Since entrepreneurship is about taking calculated risks, you must leverage an opportunity as soon as it appears. You can achieve this by completing your business plan and making decisive moves to get your company off the ground promptly. But, always avoid a rush attitude. You must show diligence in the plan development. However, many start-ups fail simply because they are too sluggish and wallow to complete any task timely.

Avoid Giving Heed to Statistics

Many people use statistics like ‘95% of businesses fail’ only as an excuse to make themselves comfortable about giving up. Even if that number is correct, it is because most of them do not commit to their goals, follow through to the end, or have money management skills. Statistics can be a detriment regarding having the drive to see your business succeed.

Do Something You Love

Do not begin something you will not want to do in the next five years. Making your passion your business means you will still enjoy and earn in the next five years. It could be anything like painting, singing, engineering, teaching, marketing, auditing, or bookkeeping. 

DoYou Have to Raise Funds to Launch Your Start-up

It is often rare for an entrepreneur to have enough savings and funds in his bank account to begin their business seamlessly. On the other hand, most start-up enthusiasts have to raise finances to turn their ideas into reality. Therefore, you might need to use bank loans, leverage assistance from family and friends, or put properties on a mortgage to arrange money to invest in your start-up. Hence, assess your business goals to know how much you need to begin.

Know Your Team Members Before Bringing Them on Board

The people behind your business are the most critical factor, particularly for start-ups. Recordkeeping is essential for bookkeeping, and products or services have to be iterated many times until they find their marketplace; similarly, it is all about having the right people doing the right job. Their direction is more important than the pace of their performance. Here, it would be best to focus on their background story, such as precious experience, companies and qualifications, and the value they bring to the table.

Invest Wisely

Warren Buffet says, “Instead of putting all your eggs in the same basket, make multiple investments.” Following this inspiration, you should diversify your investments to help increase your chances of success and reduce the risk involved. Since these investments are for the long run, always show patience.

Avoid Over, or Under, Investment

Starting a business can significantly affect you and your family financially. You must learn where and when to spend what amount. You should neither waste your precious dollars nor fail or delay to invest adequately, where necessary, simultaneously. You often need to spend funds to earn money in any business. Hence, never skimp out or underestimate things your company needs.

Set Up Your Cash Flow Tracking

Since you must submit a self-employed tax return, you must have a good track record of all business transactions. Though opening up a separate business account is not necessary when setting up as a sole trader, it could be helpful to keep track. Several online tools help not only small businesses to manage bookkeeping and maintain other accounts but also enable large organizations to prepare audit reports and complex financial reports. 

Start Selling

You must know how to promote your product or service and who to target. Though you have already mentioned it in your business plan, it is time to put the matter into execution. Much of your early budget will be on advertisement and marketing, whether that is SEO, networking, telemarketing, or targeting retailers. Your first few sales will boost your confidence to show more commitment and dedication towards the business goals. 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.

Constantly evolving trends, the bookkeeping industry predicts that there will be no slowing down in the coming years. Bookkeeping is an old profession that has evolved over decades. Therefore, it has to embrace technology and tools to stay current. Here are the six major bookkeeping trends to be looking out for in the coming year.

Clients are Going to Be More Fluid

The development of technology, along with convenience, brings along its threats. The rising trends of less paperwork and cloud-based bookkeeping mean that clients can transfer all their data to a bookkeeping service of their choice in a few clicks. The main reason the majority of the small businesses changed their bookkeeping service provider was the lack of proactive client service. Therefore, the bookkeeping service should be provided in a way that nails quality client service.

Most SMEs Will Shift to the Cloud

If the ongoing bookkeeping trends continue further in the coming years, maximum SMEs will adopt cloud-based bookkeeping services because they cost less, are convenient, and are user-friendly. While accounting software like QuickBooks and Xero are the international market leaders in providing bookkeeping services, it does not mean that these are the only options clients have, as every client has their particular requirements.

The Future is App-Driven, Flexible Organizations

The actual strength of cloud-based bookkeeping services is their flexible nature. For instance, Xero provides more than 500 add-ons in its system. Such add-ons provide bookkeepers with the opportunity to offer custom-made services according to the preference of the client. The services that could be offered under bookkeeping are not restricted by the number of members in the team. Additionally, apps are low investment choices that allow the bookkeeper to demand a great price that could be transformed into monthly packages over time.

Initial Salaries Are Increasing

There has been up to a 4% increase in the salaries for bookkeepers and accountants during the current year. Businesses demand to build a relationship with their consumers and need to employ and retain the staff at a certain level. This is meant to provide a determined workforce with actual training and growth opportunities and pose as being flexible with working trends. After all, as of today, cloud-based services offer support to their clients, even from remote locations.

“Trustworthy Consultant” Is Not an Objective Any Longer

A computerized, real-time stream of financial statistics from clients moves toward a completely new era of service. The further profitable and dynamic path is consultation. Technological advancement has provided us with the ability to offer consultation in real time based on recent financial numbers. The shift to consultation is the opportunity to become an indispensable part of the success of a business rather than remaining just a financial record keeper.

DIY Bookkeeping Is Getting Easier

Software for bookkeeping and accounting is available at low prices and is becoming easy to operate. Along with that, online video tutorials are available on almost every topic, which also includes bookkeeping. For new entrepreneurs, doing bookkeeping and accounting by themselves may appear to be somewhat interesting. SMEs are inclining towards internal bookkeeping operations. There is a need to offer an excellent reason to work with bookkeeping solutions and their value added to the business.

Final Note

With each coming year, there will be new trends in bookkeeping to create a stir in the ongoing practices, and this year is no exception. Among the major competitors, there has been a 41% increase for QuickBooks, whereas Xero observed a 51% growth in subscribers for bookkeeping and accounting services based on the cloud. It is beneficial to know the correct way to direct your efforts with the upcoming trends explained above.

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

A successful business is a combination of departments harmoniously working under its flagship. The most important of all is the finance department, which is the backbone of all other departments. The finance department is responsible for providing fiscal value to other divisions to make their management possible.

When considering a business budget, many factors go into planning and executing it. One of the first things a business owner or financial manager needs to understand is that the budget must be accurate and complete.

Effective budgeting is required to ensure that a business’s operations correspond with its strategic plan. When planning a budget, efficient practices are adopted to make it effective. Since companies differ, each one should adopt budgeting strategies that make its operations practical and feasible. The following are effective budgeting techniques that can be used to promote efficiency within the company.  

Start from Scratch

Budgeting plays a vital role in operating an organization’s system. To make the task feasible, it is advised to start from scratch. Starting from scratch means familiarizing yourself with all the terms and equipment required to prepare an intelligent budget. Entrepreneurs are advised to take training courses and obtain certifications to acquire knowledge regarding budgeting.

The purpose of starting from scratch is to overcome any mistakes or gaps that may have been in the previous budgeting plan. In some cases, businesses may have never established a business budget. Therefore, the budget would be created from scratch. However, you need to ensure that you understand every aspect of the budget and what is required in order to tailor the budget to your business.

Preview Your Already Existing Budgeting Plans

To make a business efficient, review your existing budgeting plans to avoid errors and insufficiency. After being trained for appropriate budgeting, all business owners are advised to review their already designed business plans to generate error-free results. Bookkeeping is the most trusted method used to test the reliability of a budgeting plan, as it provides a picture of all activities performed on a single platform. 

Many planners do not consider existing plans when creating a budget. However, if you have an existing plan, it will be beneficial to study it and keep what is working while discarding the aspects that don’t. Using an existing budget to plan a new one helps cut down on time and remove some guesswork.

• Go for long-term planning

Every business starts with specific fundamental properties that are different from the others. Therefore, budgeting techniques are planned according to the requirements and nature of a business. Bookkeeping is the only concept that applies to every business. It is considered responsible for providing a clear notion of every task performed in a company.

It supports designing an adequate budget for a company, making long-term planning of its operations possible. Entrepreneurs are advised to pursue long-term planning to avoid chaotic situations in the future; for instance, a specific budget section must be allotted for the time of recession, if and when it comes.

• Look to the future

Financial management is a broad cloud; it involves various genres such as revenues, expenses, cash models, cash inflows, etc. Therefore, effective budgeting caters to all of these concepts under a single flagship to run a business successfully. Financial experts are advised to plan a budget (with the help of bookkeeping), looking at the upcoming planned events of an organization so that the efficiency of a business establishment can be increased.

Conclusion

Efficiency in a business is achieved when it produces maximum goods and services at the minimum possible cost. Effective budgeting is the best strategy to improve efficiency in a business. It responsibly allocates the optimal number of shares and monetary worth to every department to accomplish its operations.

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 budget is a critical part of any business, whether small or large. In a budget, one plans how much to spend on each business operation and when to save. For new small business owners, creating a budget is a challenge, and it must be prepared correctly.  Here are some common mistakes committed in budgets and tips to avoid them for the speedy growth of a business.

Mistake 1: Lack of a Business Plan

New small business owners often don’t have experience in budgeting and running a business. They make the budget without a strategy and business plan. Small and long-term financial plans are a crucial part of a budget, but new small business owners are eager to jump into their startup without a detailed business plan and goals.

How to avoid it?

Take advice from an experienced entrepreneur or a seasoned businessperson. Detailed homework should be done on budgeting. Goals and long and short-term financial plans should be defined. Insert all of these plans into the budget. Once started, this business plan should be reviewed periodically. By a review, you can analyze the validity of the strategy and make necessary adjustments if needed.

Mistake 2: Underpricing

Once a new small business owner enters the market, they find it suitable to sell their product or service at a price less than that of the competitors. This strategy is adopted to attract customers. But in fact, you are losing your money. Less is the profit margin; more is the loss. To compensate for this loss, sometimes, they lower the operating expenses by producing a low-quality product. The customer is not likely to purchase it. Again, you are at a loss.

How to avoid it?

To compete in the market,  don’t reduce the sale price because your revenue will be less than the expenses. Neither lower the quality. Just sell the quality product at a suitable price and let the customer know the value of your product. The customer makes a comparison of the products and decides where to buy from.

Mistake 3: Overspending

The initial few years of startups are very crucial for business success. The mistake often seen is that new small business owners start overspending as soon as revenues start receiving. The most common budgeting mistake is that they overspend on advertising. A common assumption about advertising is that it will immediately enhance sales. At least a quarter is needed to see the impact of advertising on sales. The overestimation of revenue leads to a budget deficit.

How to avoid it?

In the initial stage of small business, each penny should be saved and spent with great care. Advertising costs should be logically budgeted without considering an immediate return on the revenue.  Overspending affects budgeting a lot. Keep the operating costs low, and capital should be increased.

Mistake 4: Underestimating Uncle Sam

Every business has to pay a heavy amount to the Government in the form of taxes. If you underestimate the amount of taxes you are liable to pay; it will affect the budget.

How to avoid it?

To avoid underestimation of taxes, don’t consider the end-of-the-day balance. This balance does not show the exact value of employees’ withholdings and revenues. Make a proper estimation of taxes.

Mistake 5: Lack of Management

A small business owner has a busy schedule. They have to do many tasks alone. They may fail to manage and organize their business cycle at an optimum level. This disorganization can lead to extra expenses and less profit margin.

How to avoid it?

Use software for managing the business properly. This software is used for bookkeeping, accounting, and generating payroll. Your time is saved, which can be used to grow the business.

Conclusion

Budgeting mistakes can be avoided by following the plans mentioned above. A proper budget is key to business success. 

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

Every company, large or small, has its ups and downs. The capacity of the staff working in a company is judged by its ability to cope during tough times. Every company should develop innovative strategies to deal with difficult times when they come. Recessionary thinking is reserved for periods when a company is going through a severe downturn. Here are 12 tips for dealing with a recession:

React Quickly

It is advised that entrepreneurs and business owners react to a situation immediately on favorable terms. They should decide on essential strategies to be taken as soon as possible to help the company recover.

Act Based on Facts

Every businessperson or entrepreneur should take steps based on facts and figures. Actions based on facts and figures result in better and more concrete results. Be careful not to react to emotions.

Nurture Client Relationships

Usually, in times of recession, business owners become overwhelmed and anxious, resulting in not serving their present clients well. This should be avoided,d and plans to keep their client base should be made.

Make New Plans

Business owners are advised to look at their business plans again and then move ahead to work against the downfall. The creation of a new business plan is announced during times of recession. This will help owners and employees formulate a plan of action.

Carefully Choose Partners

Business owners are advised to avoid those who can harm their business. This is common sense, but when a company is vulnerable, it can often attract those who will take advantage of it. Be wary of partnerships during these times and look to those business relationships that are already established.

Be Dedicated

Business owners and their staff should give more time to deal with chaotic conditions in the office. These times may demand more dedication to the business. This dedication will pay off and can bring a company to full strength quickly.

Prepare for Change

Staff and business owners should prepare themselves for the worst in terms of making themselves ready for a new venture if the current endeavor fails or declines. An owner and staff must be willing to change, if necessary, to survive.

Invest in the Business

If business owners can afford to do so or take loans, they should invest more to take themselves out of the recession. This needs to be carefully considered and implemented to not create more of a problem through debt.

Invest in Yourself

Business owners should find an outlet to relieve themselves of stress and anxiety. Whether exercising or going to a therapeutic yoga class, ways to find positive energy and release negativity should be sought.

Hire Professionals

Entrepreneurs should seek advice from experts who can handle such situations in challenging and terrible times. Guidance and advice should be sought out through professionals who are experts at dealing with the recession.

Use Past Experience

Try to learn from your experience and past journey, which can help you with the present condition. Often, history will repeat itself in both positive and negative ways. You must use your past experiences to guide you through difficult times.

Go Back to the Beginning

To wipe out the problem, it is essential to understand the problem correctly. Going from the beginning of the business plan will help you find where you can make changes. Often, there is an indication of where a wrong turn is taken by going back to the beginning and tracing the steps that brought about the recession.

Final Note

Preparation and quick responses can often head off problems that might take out a business. Use these 12 simple but effective tips to guide you if you are experiencing difficult times.

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

The term “uberization” is derived from the company Uber, the rideshare company which introduced this business model. Uber is a transport service that you avail by booking a ride from your smartphone whenever and wherever you need it. Uberization is a business model where suppliers and customers communicate directly via mobile technology, website, or software. These parties then agree upon the services offered by a supplier, customer requirements, and payment terms and conditions.

Technology has changed the labor world, and you no longer need to go to a storefront or market in search of a service or a product. Services and products are now accessible on your laptops and mobile phones. This idea means that the small business economy can drive significant growth by uberizing.

Uberization is based on the following characteristics:

• Use of digital platforms for peer-to-peer transactions
• Decrease the distance between the customer and the service provider
• Assessment of the quality of the product or service by using a rating system

Examples

eBay, TaskRabbit, Uber, and Airbnb are a few examples of growing uberizing. 

Here are a few examples of how “Uberizing” can be beneficial for small businesses.

Targeting Potential Customers

Online navigation tracking is utilized to find out potential customers searching for a specific product. Online retailers monitor these customers and provide them with complementary products or services along with cost comparisons. The websites have a detailed description of the product, its availability, customer satisfaction, expected delivery date, and tracking details of the order. A survey shows that during Christmas, 50% of the customers buy a different product than the one they intended to purchase. The reason behind this was online searching for that product by 50% of customers. Online retailers attracted and diverted those customers to buy their products by providing them with details within minutes.

The Customer can Use the Best Choice

Buying a product online has a number of advantages. Customers have more choices and the freedom to compare various brands at a time, with no pressure from a retailer to buy their product. Customers compare products and hold off on ordering until satisfied. Online purchasing or uberization is now one of the preferred services availed by customers. The ease of purchase and time saved are the critical benefits of uberization, which are driving small businesses toward growth.

Flexible, Fast, and Smooth Service

Uberization is a growing business because it listens to the heart of the customer. The customer expects that all information regarding products or services should be available. All questions should be answered, such as the expected delivery time, location, and refunding charges. Satisfied reviews are the most forceful attention-driving services provided to customers.

Control of Purchases

Customers can control the time, date, and location that the product is to be delivered, so they find it more convenient to utilize online services.

Saves Time

For small business growth, uberization is time-saving. Building a concrete office, hiring a workforce, and marketing the product is quite a long process. If you develop a virtual online store or service room, all three are done in one go. Time is also saved, and ultimate growth is ensured.

Growing Technologies

With time, technology has replaced many things in our daily routines. PC desktops, watches, cameras, calculators, and stopwatches are all things of the past. Due to the evolution of technology during the last few years, all of this information is available on your smartphone. Excessive use of smartphones has forced small business owners to uberize their products and services. According to a survey, an individual checks their smartphone forty-six times a day. Providing ways to purchase products on a smartphone is a significant step towards the rapid growth of businesses.

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

It’s good for business when employees work together towards a common mission of business success and profitability. Business owners also come to appreciate when marketable bookkeeping alliances foster transparency, compliance, and accountability in the financial statements of their company.

Accounting Statements

A company must print four financial data summaries at the end of a given period, such as a month, quarter, or economic year. These comprise a statement of finances, a declaration of profit and loss, a report of cash flows, and a statement of changes in equity. If you review a company’s financial statements year after year, you can see whether the business has compensated for its operating mistakes and moved forward from a profitability standpoint. A quick way to gauge that is going through its P&L and noting profit trends over the years.

Consolidation

Consolidating accounting statements means adding up performance report data for two or more productions, depending on equity stakes and applicable guidelines. Think of it as totaling each financial item and ensuring the final bookkeeping result corresponds to the underlying percentage. When a company owns less than 20 percent of another entity’s equity, it uses the cost method under which the investment value doesn’t fluctuate unless the affiliate files for bankruptcy or copes with insolvency. If the investment business has a stake ranging from 20 to 50 percent, it uses the equity method.

Consolidated Accounting Statements

These declarations are useful for appraising the financial position and results of an entire group of commonly owned businesses. Otherwise, reviewing the results of individual businesses in the group does not indicate the financial bookkeeping health of the group as a whole.

The key entities used in the construction of consolidated statements are:

• A  parent entity and all of its divisions
• A subsidiary entity that is controlled by a parent company

Therefore, consolidated financial statements are the collective financial for a parent company and its subsidiaries. It is also possible to have consolidated financial statements for a portion of a group of companies, such as for a subsidiary and those other entities owned by the subsidiary.

These statements require substantial effort to construct since they must exclude the impact of any transactions between the entities being reported on. So, if there is a sale of goods between the subsidiaries of a parent company, this inter-company sale must be eliminated from the consolidated financial statements. Another common inter-company elimination is when the parent company pays interest income to the subsidiaries whose cash it is using to make investments; this interest income must be eliminated from the consolidated financial statements.

Consolidated Accounting Statements with QuickBooks

If your business has numerous divisions or wholly-owned subsidiaries, consolidating accounting statements from all of them gives you a complete picture of the parent company’s financial health. You can use QuickBooks to merge statements, but it involves careful bookkeeping. Under some conditions, you’ll need the use of third-party software to import the financial data into QuickBooks.

QuickBooks lets you categorize transactions by class, giving the user great flexibility in how to define the class. If your business has several divisions but is still a single legal entity, elect a class to report profit and loss by division. Be certain to identify each operation by its class, however, to keep the reports accurate. Beginning with QuickBooks, you can produce a new balance sheet report by class, displaying assets, equity, and liability, and a consolidated balance sheet for the company.

Final Note

With QuickBooks, small businesses can reduce monthly costs while optimizing productivity. The key benefits are to eliminate many expenses and connect to financial institutions for free instead of paying a monthly fee. It can also provide access to more users, store data for free, and include many more benefits.

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 do a construction project manager, a creative design director, and a pastry chef have in common? Evidently, as small-business owners, each one of them opened up an outlet to serve clients and do what they love rather than spend hours on bookkeeping or accounting.

Being a small business owner, you might have an inborn entrepreneurial attitude, but you are less adept at accounting. Often, owners will find bookkeeping a tedious activity even more so when your focus lies on building your brand and boosting your business.

Modern-day artistic entrepreneurs can leverage an ever-growing suite of business tools and bookkeeping technology. They can help lower the stress of managing invoices, receipts, and bills while spending more time on grabbing new business opportunities. How businesses record their expenses and revenues has radically changed over recent years. More and more businesses are switching to cloud computing to enjoy online accounting and bookkeeping tools and to help streamline their core functional processes. Thus, it would help if you also considered migrating your present accounting data and workflows to the cloud. The tools securely host all the relevant and necessary databases and servers, helping you access your data anytime and anywhere via an internet connection.

Here are the top five logical reasons to incorporate cloud accounting into your business to ensure improved efficiency and increased profits:

1. Have easy access to your data anywhere, at any time

The main reason that cloud-based invoicing and accounting tools are so popular is that they allow easy access to your financial data from anywhere, at any time. Since they host remotely, you do not have to worry about any time-consuming downloads and updates. Busy professionals like you can keep up with their business information on the go and even access their invoices by using the mobile app of the online accounting software. This renders added flexibility and peace of mind as you do not have to be sitting in your shop or office to access your accounts or check your cash flow. Also, you will be making important financial decisions quickly instead of having to go through endless piles of paper containing old and outdated information.

2. Enable smart business for a distributed workforce

As accounting information and financial data stored in the cloud can be accessed or added anywhere, your team members can easily and quickly finish their work, irrespective of their physical location. Whether a project manager has to verify an invoice for a supplier or a sales representative has to add expense receipts, having cloud-based invoicing and accounting tools in place makes accessing any organizational information as simple as taking a picture of a document or searching by date, vendor, or amount.

3. Verify discrepancies

The vendor-customer relationship is a top priority for almost every business. However, we have all seen situations where accounting discrepancies put vital relationships at stake. Cloud-based accounting and bookkeeping tools make it easier to verify and locate precisely where error or omission took place through advanced yet easy-to-use searching capabilities. Hence, small-business owners no longer need to spend hours and hours searching through old invoices as smart tools are waiting to benefit them.

4. Maintain vendor relationships

When an accounting omission or invoice discrepancy is located through online accounting software, it can promptly be brought to the vendor’s attention. This easy and smart process ensures that it is easier for you to maintain relationships with suppliers because, instead of being frustrated with how long it took to identify the discrepancy, they will appreciate you for quickly finding it and thereby resolving it.

5. Reduce overhead

It can cost you a lot to maintain your business server, local storage devices, and networks for your small business. However, you will no longer be required to bear the costs of maintaining a server system, upgrading to new software versions, or hiring an IT professional to keep up with your system when you migrate from traditional ways of record-keeping to smart tools of cloud-based accounting technology.

6. Leverage a broader suite of secure apps

Cloud-based accounting and bookkeeping applications such as QuickBooks Online and XERO not only provide easy and secure access to information and data from any remote device with an internet connection. They also integrate with many other cloud-based tools. Hence, as soon as you begin using cloud-based record-keeping technology, it is fast and easy to extract and leverage accounting data across a number of different online platforms and save time spent on manual data entry.

Final Note

One thing is certain: the evolution of accounting technology has taken place. The desktop-based system software is dead, while cloud-based applications are ruling everywhere. If you want to spend more time doing what you love and be smart and more efficient with your record-keeping, then cloud accounting is an unbeatable choice for staying on top of your business finances.

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