Posts

Promote Time Management - Complete Controller

Every organization seeks to improve its employee productivity by incorporating different training and development strategies. Time management is an essential skill that is rarely found in most employees. It is a skill that isn’t necessarily innate but instead develops over time with proper guidance, procedures, and training. With so many distractions occurring in an average workplace environment, focusing on essential tasks can become quite tricky. This article looks at tips that management can incorporate to elevate employee time management skills that would effectively lead to better efficiency and increased productivity. Check out America's Best Bookkeepers

Maintaining timesheets

Keeping a record of how and where time is spent on a regular day can provide great insight into how time is being utilized at the office. Maintaining a timesheet will clearly show periods of productive work and areas where time was spent doing work that wasn’t entirely necessary and didn’t bring any value to the business. Even maintaining a timesheet for a few weeks can provide all the information one needs to figure out where time can be better utilized and what activities are consuming too much time that doesn’t benefit the business or its overall goals.  

Working on a fixed schedule

By incorporating, a fixed schedule of tasks and activities to be carried out within the day is another method of increasing productivity. Fixed schedules can be a useful tool for time management, but only if the organization is well versed in knowing how long each task should take on average per employee. Fixed schedules can be used in the manufacturing sector, but it is a difficult thing to implement in businesses that are continually changing as such businesses require flexibility in their workforce that a fixed schedule does not allow. Fixed schedules, however, are beneficial to many businesses, it must be determined on a case-by-case basis. Check out America's Best Bookkeepers

Set milestones and objectives

Another way one can improve employees’ time management skills is by setting fixed deadlines, milestones, and objectives. This helps ensure that employees know the most critical tasks and how to best divide time to accomplish each task individually in the desired period. This is a relatively autocratic form of management where employees feel empowered to make their schedules as long as targets are being met. However, this method can be both a plus point and a drawback depending on employee etiquette and work ethic. If you are in a business that adheres to strict deadlines, this may be an effective way of managing employees as it ensures that no matter what work is being concluded on time.

Coaching, training & organization

The best to consolidate time management skills within the employee pool is by training and coaching. Training sessions that outline the importance of effective organization and time-saving techniques can improve and enhance employee time management skills. Personal coaching for employees who may be struggling to hit desired targets can also be extremely beneficial. Keeping an eye on employee activities within a workplace environment can provide clues as to where and how their time can be better utilized. Teaching employees how to maintain a proper calendar, to-do list, and even a time journal can positively connotate their productivity and output. Check out America's Best Bookkeepers

Conclusion

Time is the world’s most precious commodity, and it is one of the few things in life that can only be spent, not saved. Effective use of time, both from a professional and a personal standpoint, is of utmost importance to get to a person’s fullest potential. Encouraging employees to practice time management and mandating specific time management procedures like keeping a time log can lead to a more productive and efficient workforce. Employees must be aware of how valuable and useful time management skills can be from a personal and professional standpoint.

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
Direct Messaging - Complete Controller

Each month, more than 2 billion messages are exchanged between Facebook Messenger users and businesses. According to a  Facebook study  conducted on a sample of 12,500 people, it turns out that consumers particularly appreciate this type of communication with businesses:

  • 56% of respondents  prefer to send a message to a company rather than call it for customer service
  • 61% of respondents  prefer to receive personalized messages from companies
  • More than 50%  prefer to buy from a company to which they can send a message Check out America's Best Bookkeepers

However, it is far from easy to be reactive on Messenger and offer excellent customer service. Fortunately, there are a series of tools and features that you can activate to improve or automate the quality of your customer service and communications on Messenger.

As a business, it is in your best interest to treat your customers well and communicate with them regularly,  whether in person, through mailings, or online. It is estimated that 60% of the world’s population is on the internet. Therefore, to successfully communicate with your customers, you must have a strong online presence. Whether the approach is indirect, such as posts and other general outreach hoping to hit your target customer or directly through one on one communication, utilizing your online connections is vital. Here are five creative ways you can communicate with your customers online through direct messaging.

Answering FAQs with automatic direct messaging replies

You can use settings on your social media platforms to give automatic replies to frequently asked questions. It only takes a few moments, but the payoff is significant when an automated system can often answer asked questions. This leaves time to answer other questions and to focus on other operations.

If you can’t find the setting to implement automatic replies, consult the social media platform’s help desk. Check out America's Best Bookkeepers

Communicate important news on Messenger thanks to ManyChat

If you’re email marketing, ManyChat allows you to build your contact list on Messenger and send them all the same message. The ManyChat tool allows you to create a Messenger bot, an assistant who creates messages for you per a scenario more or less defined in advance.

Be sure that using the ManyChat tool meets with the platform’s policies. You do risk being reported when using a messenger bot, leading to a temporary or permanent block from the platform.

Encourage conversations with click ads to direct messaging

Click ads to direct messaging is an advertising tool that some social media platforms make available to businesses to encourage them to communicate through direct messages with potential customers. The real appeal of click to direct messaging ads is the conversational aspect. This gives you the ability to chat with a prospect interested in what you’re offering and answer any question they might have. Check out America's Best Bookkeepers

Embed a direct messaging chat on your website

Having a Live Chat on your website is a fantastic tool for chatting directly with your visitors and customers. Many studies show that sites that use live chat have higher conversion rates and a higher percentage of their visitors who return after their first visit.

Send reminders through direct messaging

Some social media platforms offer ways to set appointments for your business through the platform or offer a link to your website to do so. There can be a way to set up an appointment reminder through direct messaging and email on these platforms. This direct messaging reminder is another way to connect with customers that gives a personal touch.

Conclusion

There are many ways to communicate with customers that are both traditional and up with the times. In today’s business world, having a strong online presence and utilizing the communication tools offered is a great way to communicate with your cherished customers.

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 Tax Preparation - Complete Controller

No matter how big or small a company is, it is essential to file taxes. However, tax preparation costs for your company can turn out to be much more than your expectations.

For small business owners, monitoring receipts is essential. The revenues help keep the business owners’ stay organized and help them remain in their budget. Business owners can see their importance when they file for tax deductions and save vast amounts of money. Check out America's Best Bookkeepers

Not only are business owners advised to keep track of receipts. This practice is also recommended on an individual level. Saving and tracking receipts can save you from a lot of problems. Whether you need to make sure of a strange entry in the account, or if the IRS visits, you are at ease knowing you’re covered.

Now the problem for managing the bulk quantity of receipts arises. In running and managing a business, mountains of receipts get collected. It becomes difficult to manage and oversee them. If business owners cannot do so, they can feel the vast amounts of pressure weighing them down.

This is why the concept of bookkeeping is given so much importance. Bookkeeping is a great way to manage and oversee your accounting and financial records.  

Here are some ways on how they can keep track of receipts without letting the receipts get cluttered. Check out America's Best Bookkeepers

  1. Arrange and Systemize Old Paper Receipts

In this time and age, where technology and apps rule the world, use your smartphone to assist you in handling your receipts. There are many apps available for free that allow you to scan the receipts and select the required information to organize information better. Not just that, the app can store and save the data for further use.  Many platforms have qualified professionals who can take a look at your receipts.

Suppose you use Excel, QuickBooks, or any other budgeting tool for that matter. In that case, you can quickly transfer your information to that format.

  1. Simpler Expense Statements

Are you tired of safekeeping your receipts because of preparing business expense statements? You need to make your life simpler and use accounting apps that automatically form reports just by the receipt photo.

These accounting apps automatically link to the credit card or bank account. So if you don’t have a receipt, you don’t have to worry about it. The apps will directly pull out the transactions from your credit card or bank account.

Managerial costs Check out America's Best Bookkeepers

Of these administrative costs, accounting services is the most common one of all.

A small business tax preparation and recordkeeping methods conclude how costly the administrative costs can be. A business might decide on outsourcing their tax preparation obligations. The other option they have is to prepare small or daily information recording beforehand to reduce the expenditures.

 

The majority of the small business owners cater to the administrative tasks either by the help of accounting software or by employing an accountant.

  1. Accounting Software

As we have discussed earlier, accounting software and applications can be a blessing in helping businesses record their transactions. This accounting software calculates the total amount that is needed to enter in the tax forms. There are many accounting software programs available online that can be used through monthly subscriptions, which will save costs.

  1. Employing an Accountant

To manage and prepare your tax return documents and streamline your other accounting operations. Some small business owners tend to employ full-time services of their accountant. The majority of the businesses farm out their tax preparations required for the income tax returns.

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
Effective Recruitment Process - Complete Controller

Even though the recruitment process is essential, there are certain instances when companies may face some difficulties in structuring a recruitment process that guarantees the efficient intake of new employees. Thus, to overcome these difficulties, the following are the seven tips that can enable organizations to structure an effective recruitment process: 

Carefully Identify Job Specifications Check out America's Best Bookkeepers

Every job position holds a specific set of responsibilities and skills.  Therefore, only an individual with the knowledge of required responsibilities and skills can comply efficiently with the job demands. To recruit the most suitable applicant, it is essential for the organization to first carefully identify the job specifications required for an effective recruitment process. A spreadsheet may be structured to help develop a well-thought idea of requirements that the job specification demands.

Pay Attention to Job Advertisement

The advertisement is one of the most resourceful media in transferring a message and attracting more and more publicity towards the message. After carefully determining the job specifications, it is critical to developing a suitable job advertisement so that the message of the organization’s need for a job applicant may spread far and wide. Moreover, these job advertisements should be posted on targeted platforms to attract suitable job applicants. This posting may help boost an effective recruitment process, enabling the organization to intake most suitable employees. Check out America's Best Bookkeepers

Enhance the Interview Session

The most crucial step of recruitment, during which an organization decides about the suitability of a job applicant for the job, is the interview session. The session may begin with general questions regarding the specific position and the knowledge that the applicant holds towards the job responsibilities. However, the meeting may proceed towards a more subjective direction, dealing with the individual’s skills.

Allocate a Significant Amount of Time for Reviewing Resumes and Interview Performance

Generally, organizations tend to integrate a higher number of applicants for the interview session, and then make the final decision of recruiting the most suitable applicant for the job. For this purpose, it is critical to allocate time to review the resumes and interviews of applicants, so that the hiring decision is of a higher quality level. Thus, carefully go through the resume of every applicant and note its score along with the applicant’s interview.

Make Use of Bookkeeping Process

After assessing every job applicant’s capabilities and suitability, it isn’t easy to keep track of every applicants’ performance. Thus, for an effective recruitment process, it is feasible to utilize the bookkeeping process and maintain a written record of applicants’ suitability. This would help ensure an authentic recruiting process while eliminating risks of mistakes since it is common in organizations to confuse an applicant with the suitability of another applicant. Check out America's Best Bookkeepers

Maintain Contact with the Applicants

In most recruitment cases, there are instances when a job applicant has practical skills and inherent capabilities to be a resourceful employee. However, he/she does not possess the specific skills or knowledge required for a particular job. In this situation, it is a recommended practice for organizations to keep a record of such applicants and maintain contact with them. This would help the organization to re-contact these applicants for any other job position for which the individual may be suitable.

Review the Recruitment Process Regularly

With the progression of time, the structure, condition, and requirements of an organization change to meet the business market’s dynamic nature. Given this changing nature of organizations, the organizations need to regularly review its recruitment process to maximize the recruitment process and comply with the changing job needs.  

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
preventing fraud - Complete Controller

Each year, thousands of organizations worldwide face employee fraud. These frauds result in billions of dollars’ worth of loss of goods and tangible assets. Generally, frauds are perpetrated or orchestrated by highly-trusted individuals holding key positions in the organization. The increased reliance and trust on entrusted employees often leads businesses to lose a significant portion of the money, which ultimately makes companies lose their competitive advantage. So, organizations need to prevent fraud no matter what it takes. Why? Because if they won’t, then soon they will be kicked out from the competitive race. Moreover, organizations don’t always have to acquire expensive technology and highly empowered tools and gear to prevent theft. Check out America's Best Bookkeepers

Some Auditors Are Biased, Some Help Business Grow!

Most organizations depend on their auditors or accountants to protect them against employee theft or fraud. You may be surprised to know that sometimes the auditors are also biased and inclined towards acquiring auditing contracts and hence money. Under this scenario, the auditors try to trick or deceive organizations with auditing results and keep the company in the dark. Since entrusted employees watch each other’s backs, people working in the organization hire their preferred auditors and cover their colleagues. This cover reveals that favoritism exists everywhere. Organizations need to audit their bookkeeping records and business books on their own. If not, then they need to hire a credible auditor themselves. Check out America's Best Bookkeepers

Implementing Internal Control!

To prevent fraud, organizations have to be proficient and hire individuals who can identify discrepancies in business books and statements. When it comes to auditor’s role, s/he needs to make certain spot checks and review the organization’s internal controls and accounting procedures. An auditor gets a clear picture of the company’s finances by systematically confirming the existence and value of the organization’s assets and extent of its liabilities. This way, organizations identify where their employees are stealing from them and what they need to do to prevent fraud.

Undoubtedly, employee fraud exists in almost every organization, making it clear that prevention is ‘must.’ Although in some organizations, the frequency of employee fraud is more significant than a typical organization. Such organizations are mostly related to the retail sector, where stealing from shelves is easy. So, by implementing the right policies and procedures, you can expect to prevent fraud and maintain a healthy growth cycle. The point is that internal growth defines your success, and whosoever learns that leveraging the right internal control never falls behind. Check out America's Best Bookkeepers

Set Up A Reporting System!

Moreover, organizations need to develop or set up the reporting system that would make employees aware of how things are going to be tracked and monitored by the superior management. When employees know that their performance is going to be tracked daily, they would be fair in their dealings and business roles and duties. When hiring employees, it is crucial to do a reference check for evaluating an applicant’s past performance and credibility. In today’s era, organizations cannot afford to hire individuals right away. They need to cross their reputation for judging their character and drive to work.

Understand business vulnerabilities!

On the contrary, organizations need to understand their vulnerabilities and continuously improve their business processes. If organizations desire to prevent fraud, they need to create a strategy and review the company’s fraud exposure risk. If there are loopholes, then organizations should act right away!

Review Business Books—Closely!

Even if organizations have little or no bookkeeping or accounting knowledge, a close watch on books will make bookkeepers aware that they cannot commit fraud. To prevent fraud, you don’t always have to use expensive technology to monitor your employees.

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
professional accountant - Complete Controller

Accounting is one of the world’s fastest-growing occupations. It has been opening doors to a vast range of exciting career opportunities. It had known to offer promising yet lucrative career paths to those individuals who are good at playing with numbers. Let’s face it, accounting is the most basic need of every business, and that’s where the actual difference gets created. From your neighborhood roadside cafés to giant conglomerates, the need for accounting is imperative, making it clear that companies rely heavily on professional accountants. This reliance is not just to ensure the right financial decisions are made but also to ensure compliance with the law and regulatory authorities.

How Does A Professional Accountant with A Qualification in Accounting Help a Business? Check out America's Best Bookkeepers

There is no denying that academic qualification plays a role in determining the capacity of a professional accountant’s worth. There is nothing more exciting than having a professional degree or certification like ACCA, CA, etc. for pursuing your career goals and ambitions. Once you have an accounting degree or certification in your hand, then there would be no stopping. You will feel in control when making important accounting decisions by reviewing bookkeeping records for the firm that hired you for assisting business with creating a corporate strategy for the firm. Moreover, a professional accountant with a degree or an academic qualification can help you in many ways. For instance, s/he can provide advice, help businesses reduce costs errors and costs, mitigate risks, and improve their bottom line.

According to a study, accounting can make or break a business’s game. Those startups that are just starting need to acquire professional accountants’ services to remain competitive in today’s business environment. The people with an academic qualification have the edge over the rest of their peers when it comes to getting hired to resolve complex accounting matters. Also, it helps them climb the corporate ladder with ease with more number of businesses hiring them for accounting expertise. Moreover, professional accountants with degrees or certification can expect to have higher salaries and compensation packages, which is remarkable in every step.

Here’s why a professional degree or academic qualification may be worth pursuing. Check out America's Best Bookkeepers

High-Demand for Professional Accountants

You can find traces of accounting back to an ancient civilization, making it clear that it has been existent for centuries, in one form or another. A professional accountant is an invaluable asset to the company that can change the fate of the entire company and brings back the original reputation it once had.  The increased demand for professional accountants is due to thousands and thousands of startups that are spring up all across the globe. Undeniably, the accountants who have a professional degree or have an academic qualification have the edge over non-degree holders. Since companies expect accountants to ensure economic growth and handle complex financial decisions, companies must hire professional accountants to get the job done.

Companies Prefer Hiring Those Who Have Academic Qualifications

According to a survey, 70% of employers revealed that the main criteria for hiring a professional accountant lie in professional certification or academic qualification and relevant market experience. This requirement clarifies that businesses desire to hire those individuals with accounting knowledge or agencies who know the art of handling complex matters of the company. Employer seeks those individuals, and accounting agencies can uphold and maintain accounting standards and quality. Check out America's Best Bookkeepers

Professional and Global Recognition

Although professional degrees and qualifications are indeed no measure of intelligence, it is a tool to filter out professionals from experience-based accountants. As per the study, 58% of parents believe that having an academic qualification is necessary for their children to achieve their life and career goals. A degree for a professional accountant means a lot more than just adding a prestigious acronym to his/her name. It will allow an accountant to earn more leads and win more contracts. 

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

Securing your servers and networks and protecting your privacy from online criminals has become an onerous task these days. Hackers and scammers have been inventing new ways to break into the company’s accounts and system, for the money. The thing is hacking has turned into a profitable business, and people from all across the globe have been trying their luck in this ‘profession’. From SMEs to big tech conglomerates, privacy has more or less become an increasingly rare commodity, and hackers are exploiting personal and business information.

According to a study, online criminals will exploit any opportunity at hand and hurt people by manipulating their identities. Typically, most cybercriminals steal sensitive data for money that would be acquired either through taking ransom or selling the information on the dark web for money, which accounts for 77% of total online security breaches. You may be surprised to know that 15% of cases were reported in 2016 against cybercriminals who went on stealing others’ information for personal reasons. Check out America's Best Bookkeepers

The Growing Use of Social Media Apps and Cybersecurity

The growing popularity of social media and tempting social apps such as Facebook, Snapchat, Instagram, Twitter, etc. where have brought people together and provided a playground to interact with each other seamlessly have also created a lot of troubles from them. The internet and social media, where are a blessing, are also a curse! How?  They have a dark side that can hurt people’s image and reputation and damage them both emotionally and physically, which is why there should not be any compromises on one’s online security. Also, people have to realize that they need to prevent shady individuals, online con artists, and cybercriminals from entering their system and networks.

The fact is the bad guys want to steal from you no matter how they are going to make that possible. Once, they had to hold on to your personal data only when they are going to be in a position to manipulate you for ransom or anything else. Giving you the reality check, never fill out your social media profile with legit or accurate information as it can lead you to real trouble. It’s better to restrict your social media activity and limit your online presence as much as possible. Or else, it can pose a threat to your online security. Check out America's Best Bookkeepers

One thing is clear; the more information you share online–it will become easier for someone to get their hands dirty and damage your reputation. So, never provide essential pieces of personal information such as contact number, email address, complete bios, D/O/B on social media platforms. Well, that’s precisely the point of providing accurate details on your profile and share everything you and your family in your Facebook profile? Come one—you need to understand the bitter realities of the internet, and if you care about your privacy, you need to change yourself!

What Else Can You Do?

Besides restricting your online presence on social media apps, you need to keep your system and networks safe from cyber-attacks. For that, you need to come up with a well-thought-out plan and clear-cut prevention strategy for protecting your data. This includes bookkeeping records and personal and business details. What you can do is create your security policy or hire an IT professional to get this right for you. By setting up strong passwords, it would be troublesome for cybercriminals to break into your computer or network. Check out America's Best Bookkeepers

Moreover, you need to be careful with software installation and keep your software, browsers, and operating systems updated. Robust anti-virus software can help prevent cyber-attacks and keep cybercriminals from infiltrating your system. A layer or layers of firewall can be a stepping stone for a greater and more robust online security.

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

During the first stages of any business, it faces specific challenges that need attention. Keeping control over your business is fundamental to its success as it will allow you to maneuver the business in your desired direction.  Financial control inefficiencies found in small businesses can cause the loss or damage of assets, resources, and a drop in revenue. These deficiencies can be fixed by slightly changing existing processes and introducing basic control procedures. Below are some key areas where a business might struggle for control.

Inadequate documentation and records Check out America's Best Bookkeepers

Your receipts, invoices, and other documents are evidence of all the transactions that your business does. These documents are then further used for bookkeeping and the maintenance of business records. All your financial documents should be assigned numbers so that they can be identified. Also, if something is missing in the series, you’ll know as the serial numbers would not be in order, and this further ensures documents are not duplicated.

The financial control for your documents should be developed to help with the review sales, customer, or vendor queries. Proper sequencing of your records will ensure that all the questions are answered satisfactorily, which means that you develop good relationships with all your partners and customers. This will also help you at the time of filing tax returns.

Undefined key business cycles

Check out America's Best Bookkeepers Small businesses often overlook the need to define key business processes. Written policies should be followed, but small businesses often overlook implementing basic flowcharts of the procedure. This might be one of the most underused financial control tools that can add the most value to your business without much effort.

Every business has unique needs, and based on those needs, certain cycles during the year may be important to them. Sales, accounts receivable, accounts payable, banking procedures, and cash management are some key areas that every business has to deal with effectively. Businesses that are involved in selling products should develop clear inventory control procedures. Documenting key controls in each of the business cycles will offer specific roles and responsibilities that can be assigned to individuals. 

Lack of financial control with authorization of transactions

Before you commit for any resources, authorization of purchases must be completed. Based on the scale and kind of business, a level of authority can be introduced to effectively carry forward with the business transactions and reduce the risk of incongruous spending. For example, you could set a certain amount under which your managers or other designated person can approve all the transactions, and anything above that must go through proper channels before getting approved. Also, when you allow the transactions before the actual order has been processed, it serves you with an opportunity to evaluate your decisions better and align it with your business objectives. Financial control in business transactions is one of the key areas that businesses must focus on as they often miss it amidst other tasks. Check out America's Best Bookkeepers

Lack of oversight and review

Small businesses often get themselves so involved in the day to day work that they overlook specific basic requirements of running a business such as review procedures. As a business owner, you must review your financial records after a defined period. You can save yourself from fraud as well as unfavorable circumstances by implementing a procedure that forces you to review your financial information regularly. Not much time is needed to assess revenues, expenditures, inventory reports, budget vs. actual amounts, and variance reports. It is also a part of the financial control that you take review procedures and take a more hands-on approach. More often than not, this will prove to be the most vital exercise. You will be able to highlight the problem areas in your business as well as will be well acquainted with the financial information to make better decisions regarding your business’s future.

Small business owners often fail to understand the criticality of having control procedures in the business. It is, therefore, advised for all the business owners to implement strict financial controls and ensure that they are followed throughout.

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

When you have tended to your obligations as a business with diligence, you certainly expect your clients to honor their payments in due time. It’s costly for businesses when customers do not meet expectations and end up defaulting the payment. As much as this is bad for their reputation and credit ratings, businesses suffer more as they do not meet their expected cash flows, which can hinder planned business operations.

Here are some ways to persuade clients to honor their payments: Check out America's Best Bookkeepers

Positive Reinforcement

When businesses are in a situation where their customers are not paying in time or at all, offering a reward in return for paying might persuade them otherwise. By offering those rewards in the form of discounts or some extra items, you will have a better chance of collecting payment on time or even earlier. Make sure that the discounted amount does not exceed what you can’t bear. It must be at a manageable level, which coaxes the client to hit the payment button without causing you encumbrance at the same time.

And Sometimes Negative Reinforcement

Check out America's Best Bookkeepers While some of your clients would make their payments when you offer them discounts, others may not respond to positive reinforcement. These customers may respond to a negative reinforcement policy in the form of a late fee or penalty. The message should be loud and clear that you are unwilling to accept late disbursements as some customers make it a habit of paying late. Setting a reasonable amount of penalty is necessary as you may start losing customers if the fee is too high.

Make it Convenient

Convenience is an important factor when it comes to ensuring that your clients are honoring their payments. We realize that certain payment types are suited to your business, but it would be better if you can adjust to payment types that customers find convenient. By doing this, you are increasing the probability of getting paid on time.

Automated Invoicing and Clients Payments

Check out America's Best Bookkeepers Paper invoices are becoming things of the past for businesses, and now most of the payments are taking place online in response to automated invoicing. The invoices can be issued to clients without any delays and followed with scheduled invoicing intervals until paid. Paper invoices can get lost, and people even forget about them, among other bills. The automated system will ensure that you are regularly updated about the status of your invoices anytime, and it will also take care of your bookkeeping needs.

Clearly State your Terms and Conditions

Your clients should be aware of the terms and conditions of the payments at the time of the deal. State the agreed due date, amount, penalties for late payments, discounts on earlier payments, and any other detail that is significant in the contract and get it signed. This will ensure no confusion regarding the terms of payment. If both parties are happy with the terms, the likelihood of getting paid on time rises.

Clients will honor their payments if you can implement these discussed tips in your business. You can also innovate and come up with something different. However, these are tried and tested methods for improving the probability of getting paid.

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

Few people can buy a car paying with cash. That is why most people finance their vehicles. There are different options to do it; your duty is to analyze them and your finances to see which one is better for you compared to your needs. Here are five ways to finance the purchase of your car.

1. Get a personal loan from a financial institution. This is the most common option. The interest and total cost vary depending on the entity with which you make the contract and your credit history. Be careful when using this option, often assets and property are used as collateral to guarantee payback of these loans, which places your possessions at risk. Check out America's Best Bookkeepers

 2. Family or friendship loan. This is a more secure option than using a financial institution. It is important to discuss the loan amount in detail and put everything in writing to avoid problems in the future. This turns out to be a good option if it is someone you trust, since you will have more time to return the money, and the interests may be lower, or even nonexistent. The only negative thing about this option is that you can put the relationship at risk. Check out America's Best Bookkeepers

3. Purchase in installments. When buying in installments, you sign a contract with the seller where you agree to buy a vehicle within a specific timeframe. You have the option of using the vehicle while paying fixed monthly installments until you pay the full price. You will be registered as the driver and person responsible for the vehicle, but you will not be the owner until after you finish the payments. Compared with flexible financing, you will end up paying more in the long term since the interest rate will be higher. 

 4. Flexible financing. Car agencies offer a flexible payment plan. It is similar to the purchase in installments, but with some differences. Contrary to the previous option, once you finish the payments, you decide to keep the car, return it without obligation or exchange it for another model that is of the same brand, and pay the difference. Occasionally, you could negotiate a discount for the other model. This option, most of the time, offers some models chosen by the brand, and not all cars available in the agency. Check out America's Best Bookkeepers

5. Savings. It is not necessary to get involved in any debt or financial agreement if you have some money saved. Savings can stem from an inheritance, selling an old vehicle, or other means of savings.  Saving up for the purchase, you will not depend on anyone else, nor will you have to pay interest. This is the most economical and stress-free option and is ideal if you can accomplish it.

Whichever option you choose, buying a car is an important life decision. To avoid paying too much and accruing debt, make wise financing choices.

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