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Accounting and Bookkeeping - Complete Controller

Making a living through entrepreneurship is the main reason most people start a business. A business cannot survive on capital investments or loans for long, which that your business needs to turn a profit as soon as possible. As a business owner, you must ensure the smooth flow of administrative processes and business-related tasks, no matter how complicated they may be. There is certainly no denying that entrepreneurs are amazing at conceiving unique business ideas, but they lack admin-related tasks such as bookkeeping and accounting. Accounting can make or break a startup business. Those who know its significance can change their business’s fate by incorporating superior accounting software and practices. Check out America's Best Bookkeepers

The secret to becoming a profitable startup lies in how well you manage your accounting and bookkeeping tasks. Most successful retail businesses enjoying huge returns today have hired a professional accountant or bookkeeper for their accounting and bookkeeping expertise. These professionals are the most important people in the company who make your startup profitable. Whether you consider yourself a professional in accounting or have a good track record of handling complex accounting-related issues, it is always a good idea to get outside help because it can be intimidating to manage finances yourself.

Do Not Skimp on Accounting and Bookkeeping

You need to look at cash flow statements, bank statements, account receivable and payable, and make income projections when determining the business’s profitability. You also need to handle other financial aspects of the business through accounting and bookkeeping. This indicates that accounting and bookkeeping require time, energy, and accounting knowledge. Accountants and bookkeepers also need to adjust to changing aspects of the market and find new approaches to streamlining the business. Check out America's Best Bookkeepers

Also, handling complex accounting and bookkeeping aspects of the business like payroll decisions and the potential of new overhead costs is never simple. It is crucial to hire a person with years of accounting or bookkeeping experience when you are a startup in the hiring process. When your business is running smoothly and has a great accounting and bookkeeping system, you can hire someone with less experience to maintain the company’s financial aspects, thus saving costs.

Set Outcome-Driven Goals

Market and cost-benefit analysis combined with valuable financial forecasts and can put your business on track financially. By evaluating progress, it becomes a lot easier to pinpoint problem areas in the business. It becomes easy to monitor the company’s performance, allowing you to rectify problems with appropriate and effective solutions before they become more serious threats. Check out America's Best Bookkeepers

Getting your startup lucrative is not that challenging. All you need to do is sustain high morale within the business and keep focused on company financial goals. The right strategy can save a large amount of money every year, allowing you to grow and expand your business effectively. You should hire an accounting or bookkeeping professional who understands your long-term business goals and knows the value of your hard-earned money. For example, if a business expects to reduce its annual sales or income taxes, it must hire an accounting professional with expertise in that specific domain. If a business owner desires to save time and money and wants debt repayments to be scheduled properly, they could hire a professional accountant or bookkeeper to develop an effective plan.

How Do You Make a Retail Startup Profitable?

Retailers across the globe desire to maintain a healthy financial cash flow and maximize their profitability. Gone are those days when startups used to retain a large inventory, which means the cash and revenues used to get stuck in inventory. Now, they do not maintain large inventories. Instead, they maintain the level of inventory, which they can sell easily.

Check out America's Best Bookkeepers 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. Check out America's Best Bookkeepers
Modern Management Accounting - Complete Controller

There are several differences between modern and traditional management accounting. The most significant difference between modern and traditional accounting is its reporting speed and accuracy. In traditional management accounting, the main aim is to analyze, summarize, and record expenses and companies were not seeking expense behavior, drivers, and fluctuations.

In modern management accounting, the aim is to record, summarize, and analyze expenses and analyze the expense behavior, drivers, and fluctuations. In the past, companies were not competing so closely. Therefore, they did not have to do such an in-depth analysis of their expenses. Companies are competing closely, and companies must know about expense drivers to control them according to the results. Check out America's Best Bookkeepers

Modern management accounting allows companies to record their expenses, break them down into different categories, and analyze them at every business or production stage. By achieving milestones, companies can easily stay on track with their expense drivers, align their expenses with the external environment, and create a win-win situation by aligning the expense structure with their overall business strategy.

Under traditional management accounting, there are numerous opportunities to manipulate because the expense was directly recorded to the account when the product was sold. Therefore, managers were able to manipulate the production process in pursuit of bonuses. In contrast, under modern management accounting, manipulations are almost impossible because expenses are debited directly to their relevant accounts at the time of occurrence, resulting in less opportunity for misrepresentation. 

Moreover, under modern management accounting, companies can gain a sustainable competitive advantage. When companies can get more information about their expense drivers and analyze the external environment, they can know their expense-related strengths and weaknesses and overcome their weaknesses, to gain a competitive advantage.

Modern management accounting can break down expenses into different categories, promptly record expenses, and estimate upcoming expenses. Here are some modern management accounting techniques that a company can use to keep up with expenses. Check out America's Best Bookkeepers

Standard Expensing System

The system allows the company to estimate the expense of material, labor, and FOH before starting the nay project. Afterward, the company completes the project and analyzes the variances among prices of material labor and FOH. Furthermore, standard expensing allows the company to easily estimate production expense and record it on an estimation basis. Afterward, the company analyses the variance and records them accordingly. Higher estimation and lower actual expense result in favorable variances or vice versa, while favorable variances are preferable.

Activity-Based Expensing (ABC)

It is one of the most effective and efficient expense accounting systems that break down all the expense items into small categories. Because it breaks down a broad category of expenses into the in-depth structure of that, the expense that allows the company to analyze that expense is crucial and a waste. Moreover, due to the expense breakdown, the company can also analyze the expense of useful expense drivers and control them. ABC also allows the company to eliminate less value addition activities or wastes from the expense structure. Check out America's Best Bookkeepers

Process Expensing System

Process expensing refers to the estimation and analysis of expense at different levels of production. Process expensing is useful for those companies that produce and manufactures products in different departments. Process expensing allows the company to easily record and analyze the expense of production from multiple departments. Also, using a process expensing system, there is almost no chance of manipulations even if the company is producing a single product in 100 different departments because the expense is being recorded side-by-side, reducing the chances of error fraud.

Finally, from the above section, there are numerous differences between modern and old managerial accounting. Those using modern expense and management accounting have a higher competitive advantage because they have better insights into their expense structure. They can also align their business strategy and the expense structure, and the external business environment.

Check out America's Best Bookkeepers 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. Check out America's Best Bookkeepers
Management Accounting Methods - Complete Controller

Modern management accounting techniques are more technologically efficient as opposed to the conventional budgeting approach. In addition, experts also argue that the traditional approach lacked efficiency and did not have the capability to factor in technological advancement and other resources. The traditional budgeting approach does not have the capacity to create a contingency budget or plan-B if there be a worst-case scenario.

Another aspect of management accounting techniques ensures the availability of real-time information in an organization, thereby helping management take proactive action to overhaul their strategic route. Check out America's Best Bookkeepers

Therefore, a firm needs to invest in technology so that the accuracy of a detailed Management Information System is available for decision-making related to budget and strategy. Companies that are adamant in continuing with conventional budgeting techniques tend to fall behind due to the non-availability of a precise Management Information System. Hence, it is nearly impossible for management to take appropriate strategic and financial action.  It is important to compare the traditional budgeting approach and modern budgeting techniques, but adopting the modern budgeting approach is preferred since it provides extensive and intensive availability of information.  This availability of information ensures that core management can make educated decisions to improve the organization’s performance proactively. Check out America's Best Bookkeepers

The notion of limiting the organization to single production has now become outdated because of fierce and cutthroat competition. This means organizations should add diversification to the product line and market development if they want to keep pace with the competition. Multinational organizations involved in Fast Moving Consumer Goods (FMCG) like Unilever, Colgate & Palmolive are manufacturing assorted and varied goods to increase their business operations. Therefore, it is has become crucial for FMCGs to adopt prevalent modern budgeting techniques if they have a diversified product line and market segmentation. In doing so, an organization will then break down the budget product-wise, and instead of having a top-to-down approach, the assimilation of the budget will follow a bottom-to-top approach. This makes it easier for management to divide the budget product-wise and proactively readjust their budget per market customization.

Technological advancement is clear for an organization that employs modern budgeting techniques as it enhances efficiency and performance. Below are mentioned some of the budgeting approaches frequently adopted by the modern organization:

  • Incremental Budgeting
  • Flexed Budgeting
  • Zero-based Budgeting

These modern management accounting techniques approaches are developed and implemented to maintain the customer satisfaction level of experience. Check out America's Best Bookkeepers

Modern organizations, which vary from one another in terms of their products and customers, altogether conclude that there is a strong affinity with the efficiency and performance of modern organizations. A few modern management accounting techniques for the modern organization are listed below:

Planning

In the strategic planning process, the task of budgeting is crucial. It is important for modern organizations to have flexibility in their budget to stay aggressive with competitors. Since the economy goes through the process of evolution, planning should be done accordingly. To sustain and expand their market share, it is vital for a modern organization to be well-informed of any economic changes and tune their budget planning accordingly.

Performance Appraisal

Currently, performance appraisal is an indicator of how deep the thought process was during the budgeting process. The entire process of evaluating the performance of the company can be ascertained through the process of modern budgeting. It informs the company of the capacity and utilization of resources to enhance and improvise performance evaluation mechanisms.

Flexibility

An organization that is adaptable and flexible can endure the upheavals on a long-term basis. Flexibility does not only include pricing strategy but also involves product development, market development, segmentation, distribution, and diversification.

Check out America's Best Bookkeepers 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. Check out America's Best Bookkeepers
Business’ Finances - Complete Controller

Getting your business’ finances in order and managing them effectively is vital for running a successful company. Many people wait until it is absolutely necessary to begin analyzing their financial status. They are driven by an event such as a marriage, a natural disaster, chronic illness, or other life-changing events. Luckily, through careful analysis and planning, gaining control over your finances is possible. Check out America's Best Bookkeepers

If you are a business owner, read the following steps to secure your finances better:

Be serious

If you are not serious about getting your business’ finances together, it will be impossible to do so. Evaluate your financial health, devise a plan, and commit to it 100%.

Credit card report

It is important to review your credit card history and transactions at least once a month. This will help you avoid maxing out your cards, rendering them unavailable to make important purchases.

Financial paperwork

Keep an organized record of financial papers that includes phone and utility bills, credit card and bank statements, insurance and mortgage expenses, and any further debts or expenses that are compulsory to pay on a monthly or yearly basis.  Payment requirements should be noted so that necessary planning can be implemented to pay off debt. Check out America's Best Bookkeepers

Budgeting

Budgeting is not only essential for your home but your business organization, as well. This may seem daunting at first, but it is a relatively painless process once you get started. Lack of a working budget can create serious problems for the cash flow of a company. A realistic budget is the framework for you to make disciplined decisions regarding your business’s finances, either by maximizing the marketing expenses or minimizing expansion to keep profits on course.

Hire a professional

Most business owners try to manage everything themselves; however, this is not an easy task. A smarter method may be to hire an experienced accountant or bookkeeper. Either of these professionals will assist the company by handling the tedious work of numbers and statistics. This may save the company money and free the entrepreneur to focus on other important duties and responsibilities that only they can complete.

Separate personal finances from business

One of the most common mistakes that business owners make is mixing their personal and business expenses and accounts, which results in disorder and misunderstanding. When you are making a purchase, it may seem easy to use one credit card, but eventually, it will be hard to keep track of your expenses. By opening separate accounts for personal and business use, it will be easier to track and assess your finances and file your taxes more efficiently. Check out America's Best Bookkeepers

Tax duties

Tax duties and responsibilities vary from business to business. Depending upon the business, these taxes may include federal, state, and regional payroll, sales tax, corporate tax, or many others. If other employees are working for your business, taxes may also include laborers’ compensation or other insurance terms. This may become awfully expensive for entrepreneurs who do not know about these duties. The easiest way to deal with your taxes is to ask an accountant or bookkeeper their tax rate for business owners. With this knowledge, you can now allocate a percentage from every single payment that you receive and put it into a separate account that should only be used for tax savings. Therefore, when tax season rolls around, you will have enough money reserved to cover the annual cost.

Take care of invoices

Many business administrations are slow to send out invoices, leaving clients to wait for their payments for several months. Entrepreneurs are required to send their invoices as soon as possible in order not to wreak havoc on their finances. After all, invoices are how the entrepreneurs are paid. Most business owners make their invoices look professional and customize them to match their business with the logo and company information. To make it easier for the clients and customers, some business owners also add more relevant company details in the invoice.

Check out America's Best Bookkeepers 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. Check out America's Best Bookkeepers
Modern Management Accounting - Complete Controller

Modern management accounting and budgeting practices are considered essential tools to ensure the company’s efficiency.  However, certain limitations can be addressed while using traditional practices, which can negatively affect a company’s ability to achieve growth and enhance productivity. Therefore, certain amendments should be employed in the following practices to keep the business in pace with the modern environment and achieve effective results. In today’s business world, decentralization was preferred on a large business scale, which is not considered an effective technique to use in the management of small businesses and is the result of the complex operational activities of large-scale organizations. Consequently, in modern techniques, the concept of decentralization is focused on counterpart management’s decisions. Check out America's Best Bookkeepers

The Beyond Budgeting concept was introduced to address the limitations of traditional budgeting techniques. Beyond Budgeting is a concept that alternative techniques can be utilized to address and enhance the company’s efficiency. The technique can play an essential role in enhancing the small business’s profitability, thereby reducing the operational cost. The main reason behind this aspect is that organizational goals and targets can be achieved by using modern techniques and considering the external factors essential for growth. This aspect plays an important role in enhancing the efficiency of employees. Check out America's Best Bookkeepers

Decentralization can also play an essential role in increasing the efficiency of different stakeholders that are important to generate the long-run company’s success. This aspect can increment the stakeholder’s efficiency to bring a significant rise in the company’s earnings, which can be essential to introduce certain extensive changes. This fact is one of the significant factors for the company’s financial growth.

The Beyond Budgeting concept aims to analyze the company’s existing situation and determine the company’s potential to achieve growth. On the basis of it, management devises the company’s strategies and determines the goals in accordance with these strategies. By using the decentralization approach, management can identify the associated strengths of different employees in the workforce so as to minimize the company’s costs associated with various projects of the company. Financial and non-financial aspects should be focused on while formulating the budget forecasts to gain and maintain a company’s competitive advantage, which is helpful in maintaining efficiency. Therefore, it is important to analyze the associated merits of old and modern budgeting practices that are discussed, along with their limitations and benefits. Furthermore, Beyond Budgeting can be used in place of traditional budgeting practices to organize and supersede organizational growth. Check out America's Best Bookkeepers

Along with the method of Beyond Budgeting activity, zero-based budgeting can also be used. Management formulates a budget after keeping different operational activities in mind in the process. The method is used to calculate the cost associated with each operational activity. However, it is important to identify all the activities that need to be included in the budget formulation and then identify their associated costs. The process can play an essential role in the assessment of the operational cost of different organizational functions. This aspect can enable management to determine the costs of different divisions and enhance their performance by using various methods to reduce the operational costs, thereby increasing organizational productivity. Furthermore, this can enable the management to design the organizational workflow and enhance productivity.

Traditional budgeting practices are analyzed to evaluate its feasibility critically, and it has been assessed that Beyond Budgeting application can play a pivotal role in the management of the company. The key reason behind this is that it will play an effective role in focusing on the company’s strengths while overcoming the company’s weaknesses to operate changing business environment.

Check out America's Best Bookkeepers 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. Check out America's Best Bookkeepers
Hiring a Bookkeeper - Complete Controller

Accounting in a small business can be a challenge. Most of the time, small business owners wear many hats in the company, and when it comes to keeping the books, mistakes can be made, and data can fall through the cracks. Though there is lots of excellent bookkeeping software out there, at some point, most small business owners will realize they need to hire a bookkeeper. Before you hire a bookkeeper, there are a few things you need to consider. Here are three questions you need to ask yourself before hiring a bookkeeper. Check out America's Best Bookkeepers

Do I Need a Full-Time Bookkeeper?

Most small businesses will not need to employ a full-time bookkeeper, but some will be the exception if the daily inputs are extensive. If you need a full-time bookkeeper, you will need to go through the recruiting and hiring process. You will want to find a certified bookkeeper with experience in small business and preferably with experience specific to your business type.

If you don’t need a full-time bookkeeper, you may want to consider hiring a freelancer or a firm that will send a bookkeeper; however, you often agree you need one. You must determine your needs to understand what you need when it comes to a bookkeeper. Check out America's Best Bookkeepers

What is My Budget for a Bookkeeper?

Because most small businesses are low on capital, especially in the first few years, it is essential to determine how much you can afford a bookkeeper. This determination will help you figure out if you can afford a full-time bookkeeper or other bookkeeping options.

If you are on a lower budget, most freelancers tend to be a little less expensive, but you are on their schedule more or less. The flexibility can make it easier for you both when it comes to availability. If you can afford a full-time bookkeeper, while it will be the most expensive option, having the books handled daily will ensure no errors or discrepancies and make a difference when filing taxes or getting financing.

If you can afford something, a little more middle-of-the-road hiring a firm that would do your books regularly might be right for you. They are more on the expensive side from hiring a freelance bookkeeper, but they have a staff of bookkeepers, so you would have them when you needed them without hiring a full-time employee. Check out America's Best Bookkeepers

Have I Fully Considered Bookkeeping Software?

Accounting and bookkeeping software has come a long way, and multiple tremendous and affordable choices have all the features you need and have been made user-friendly. You don’t have to be a certified bookkeeper to learn how to use the software, and as long as you are right about inputting data, it will be accurate and reliable.

When choosing software, however, you need to consider what your needs are. If you need basic bookkeeping, there is free software that can do the job. However, if you need to cover inventory and payroll in your software, you will need to choose more robust features.

The other thing to consider is whether you want to use cloud-based bookkeeping software, which gives you the flexibility to access your company’s books from anywhere. It also will give you the ability to share it more quickly should you do a combination of using software and hiring a professional.

Conclusion

Every business needs a bookkeeping system. As the business owner, it is up to you to determine how to fulfill bookkeeping needs. You have to determine a budget, time, convenience, and other bookkeeping needs before you proceed with hiring a bookkeeper or implementing bookkeeping software.

Check out America's Best Bookkeepers 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. Check out America's Best Bookkeepers
Accounting and Bookkeeping - Complete Controller

Auditing is the best way to keep track of the budgetary exchanges of your business and recording them. Auditing is also widely regarded as the primary and most fundamental step in the accounting procedure. The standard bookkeeping procedure includes grouping, revealing, and breaking down information, and none of it can happen if there is no sorted out and precise accounting.

The significance of accounting cannot be sufficiently stressed, yet here are top reasons why this is crucial to your business’s well-being and success. Here are many reasons you cannot afford to be bad at bookkeeping if you choose this field. Many factors depend on your performance, the first being the success and growth of your company. Check out America's Best Bookkeepers

Why is proper bookkeeping important as an entrepreneur?

Preparing invoices, cash-out payments, draft bids, and archive contracts are some of the tasks a bookkeeper will have to accomplish to keep the business’s accounting in order. The accounting of a company covers a large set of operations. Financial administration is sometimes a challenge for entrepreneurs. This challenge is because you will encounter problems sooner or later if the work is not done correctly. To avoid these problems, you must keep your accounting up to date in a structured way. Here are four reasons accounting and bookkeeping are important in a business. Check out America's Best Bookkeepers

You get to make the right decisions for your business.

Most entrepreneurs indeed know the value of proper accounting. They want to be sure they have a good report in case the taxman comes forward. Another more important source of motivation, to keep a consistent accounting update: yourself. You are indeed the one who makes big or small decisions every day. Decisive choices for the growth of your business. Know that these decisions are all the more reliable when you have a clear vision of your figures. This is what should allow you to take your business in the right direction. If you are well aware of the do’s and don’ts when it comes to bookkeeping, then there’s no doubt that you’ll get to make the right decisions for your business.

You can distinguish between your private and professional accounts.

What expenses did you have for your business? Can you prove that restaurant ratings can be considered business expenses? Separating your private and professional transactions is essential. If there is one thing you want to avoid in your administrative work, it’s chaos. Well-kept accounting lets you know which operations are private and what payments are made to your business. And do not forget: the tax authorities have the right to check your individual and professional accounts.

Our advice? Never use your corporate account for your private expenses. There are a lot of tools available in the market which can help you out in this regard. Check out America's Best Bookkeepers

You can manage your debtors properly.

It can be incredibly frustrating when a customer pays too late or does not pay at all. The money you do not collect may be money you cannot spend. Under the motto “know your customer,” tracking his or her payment is a significant element.

Designate in your customer file which ones do not pay much attention to open invoices. Keeping a record can be a huge help. Depending on the result, you may decide to ask some of them for a deposit systematically.

You can complete your tax return more easily.

Reliable accounting is a must to achieve your tax return for individuals or companies. It is convenient to draw up an overview yourself, even when you have an accountant. He is then only required to carry out verification work and slight adjustments as needed. Your accountant takes fewer hours and costs you less. Not only is it a lot quicker than the other option, but it’s also so convenient and efficient in so many ways.

 

Check out America's Best Bookkeepers 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. Check out America's Best Bookkeepers
Tax Accountant - Complete Controller

No matter if an owner is running a small business or a large business, it is important to hire an expert to perform tax services. Tax accountants are accountable for preparing and filing your business’s taxes. Moreover, the tax accountant’s job is to do a detailed evaluation to ensure that its economic activities are running smoothly. The tax accountant also plays a major role in keeping the business operations in a prosperous and healthy state. A business person who is thinking of introducing a startup needs to make a proper plan. This strategy includes including various approaches on how to connect experts, tax compliance, and cash flow.

Instead of preparing taxes yourself using accounting software or by hand, or using handwritten books, hiring a tax accountant for the business is common sense. Here are six things hiring a tax accountant can do for your business. Check out America's Best Bookkeepers

Helps Save Time

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

Helps Avoid Costly Errors

Due to the number of obligations that a business owner has, it becomes challenging to ensure that every business operation is accurate. There is a high risk that entrepreneurs will make some serious errors when dealing with the tax filing process in such cases. These errors can either cost the business a lot of money or, worse, cause the business to be shut down. Check out America's Best Bookkeepers

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

Helps with Complex Tax Filing Processes

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

Helps Identify Deductions

Hiring a tax accountant will help the business owner recognize the possible deductions and provide the best possible advice. This advice will help an entrepreneur to take strategic determinations concerning year-end tax deduction. It has been noted that business owners often forget to keep track of the items like home office space, out-of-pocket expenses, and depreciation. Check out America's Best Bookkeepers

Helps Reduce Liability

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

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

Helps Grow the Business

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

Check out America's Best Bookkeepers 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. Check out America's Best Bookkeepers
Company Finances - Complete Controller

When starting or running a small company, your company finances are essential to ensure smooth economic operations. To do this, your company’s bookkeeping and accounting methods must be reliable and correct. A company owner should take steps when considering the company’s economic needs alongside personal economic needs.

Accounting and bookkeeping are important tools for keeping company finances in order. However, there are other issues you need to address as a company owner. The most important first step to your company’s economic stability is to separate your finances from your company’s. It is a common and reasonable misstep for the company owner to co-mingle their personal and company finances. While when you are first starting your company, combining the finances may not be significant. Once a company starts growing, separating company and personal finances should be a priority. Check out America's Best Bookkeepers

Once your company and personal finances are separated, there are other steps to keep your company finances in order. Here are five tips to get and keep your company finances in order through accounting processes.

Accounting and Bookkeeping

Whether your company is large or small, accounting and bookkeeping is an essential focus for your company. Larger companies may need an entire accounting and bookkeeping department, while a small company may use accounting software to keep up with the company finances. All companies of any size have in common that they need to focus on their accounting and bookkeeping. This focus will ensure that your company finances are organized and easily kept in control. Check out America's Best Bookkeepers

Fixed and Variable Expenses

Fixed and variable expenses exist in any company. Fixed expenses are those company expenses that are expected to be the same each month. These expenses are housing, loan payments, or utilities. Variable expenses are those costs that vary monthly. They can be recurrent but vary in the amount or due date. Variable expenses include production supplies or materials, commissions, salary payouts, or various fees. To keep your company finances to know what these expenses are and the differences will help your company accounting.

Billing

A frequent issue in companies of all sizes is billing challenges. While large companies can cover the deficits they may suffer because of billing issues, invoices not being paid can deeply impact small companies. No matter the billing issue’s size, a company must have a billing plan. There are some ways you can configure billing to maximize your accounts receivable and company bottom line.

  • Shorter Payment Window
  • Early Payment Incentives
  • Discounts for Full Payments Upfront
  • Automated Payments Check out America's Best Bookkeepers

Financial Planning

Whether using bookkeeping software or a professional bookkeeper, you must keep on top of your books. If you only concern yourself with your company finances sporadically, you may not be prepared to handle them properly if there are economic issues. If you are keeping up with the books regularly, there should be no surprises in company finances or accounting issues. If you handle your company’s bookkeeping yourself, make all entries in real-time to ensure nothing gets overlooked. It is important that your bookkeeping be a priority.

Economic Habits

As with personal finances, company finances require you to have good economic habits. Awareness of your books and bookkeeping practices is just one aspect of your company finances. You need to create a budget and stick to it just as you do your household budget. Every expense should be accounted for to be aware of areas where you need to improve your economic habits.

Conclusion

Keeping your company finances sorted is easy if you follow a few steps. Separating your personal and company finances, having billing and bookkeeping strategies, understanding essential aspects of accounting and bookkeeping, and practicing good economic habits will ensure your company finances will stay organized and in order and never out of hand.

Check out America's Best Bookkeepers 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. Check out America's Best Bookkeepers
Accounting Practices - Complete Controller

In the nineteenth century, many publications began to identify the constraints of traditional management accounting practices. The primary drawback of conventional practices was that it was unable to meet the competitive environment’s requirement. Secondly, conventional product costing systems provided false information leading to poor business decisions. Thirdly, the conventional methods followed the financial accounting requirement rather than addressing every business perspective. Lastly, the major emphasis in traditional management accounting practices was given to the internal environment, and the external environment was not taken into consideration. To cater to these criticisms, management accounting was updated, and new management accounting practices emerged. Check out America's Best Bookkeepers

The new management accounting techniques have increased the extent of casual variability factors, the descriptive objects, and the period analysis. The innovation brought by contemporary management accounting practices has influenced organizational applications. It delivers accurate, appropriate, and highly relevant information within a suitable period that tackles traditional management accounting practices’ key deficiencies. Major contemporary management accounting methods include:

  • Total quality management
  • Value-based management
  • Activity-Based Management
  • Balance scorecard
  • Non-financial performance measures
  • Strategic management Accounting

The innovation brought by implementing modern management accounting practices has driven away from the old concepts of internal and formal financial information and replaced it with informal and external non-financial information. These management accounting practices are used around the world. The contemporary management accounting practices have also changed the role of accountants; they do not have a narrow role but are more actively participating in the formulation and implementation of business strategies. Moreover, the change brought by modern techniques in the analysis, reporting, and collection has transformed the role of accountants into non-financial line managers.

The implementation of modern management accounting practices has brought huge modifications in business practices. New management accounting techniques are also developed; moreover, some traditional management accounting techniques are updated and modified in modern management accounting to cater to modern business activities requirements. Contemporary management accounting techniques can be implemented in various segments of the company as they deal with all the domains of management accounting, including strategic management, performance management, asset management, and financial management. Check out America's Best Bookkeepers

Evolving Business Environment

Modern organizations are continuously growing and modifying their business practices. To cater to customer satisfaction and fulfill customer needs, companies produce more than one product with distinguishing qualities. Each product is unique from others and fulfills a unique customer base. To compete, companies are rigorously working towards innovative products to increase their customer base. As a result, they deliver several products at one time and use innovative technologies to reduce cost and increase their performance.

Emphasis on Modern Technology

Modern organizations in this rising business environment are more focused on using technology rather than increasing manpower. The increase in modern machinery and technology has led to the automation of most business activities, which require less labor.

Cost of Implementation

Many modern management accounting techniques, such as beyond budgeting, balanced scorecard target costing, etc., are extremely expensive to implement. Consequently, it makes most organizations reluctant to change their management practices. Check out America's Best Bookkeepers

Organizational Culture

The organizational culture of any business plays an imperative role in its operations and activities. Risk-averse managers often become a hindrance in the application of new management accounting practices. They are less motivated to switch from traditional practices to modern practices that may negatively affect the project’s beginning.

Lack of Technological Expertise

Organizations in developing and under-developed countries usually have low-income workers and laborers. Implementing modern management accounting techniques in those companies is challenging because the labor force lacks awareness and expertise in technology.

Learning Curve

Whenever a new policy or practice is employed in an organization, it takes time to utilize or implement that system fully. It requires training of employees and workers associated with that project, and there is a constant risk of mistakes in the beginning. Management considering implementing any modern management accounting technique often shows concerns regarding its employees’ learning curve and the associated costs of waste, time, and training.

Check out America's Best Bookkeepers 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. Check out America's Best Bookkeepers