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Reevaluate Your Business – Even in the start-up

It is not mandatory to have a large, innovative organization to reinvent your business. Truth be told, the smaller and leaner the business is, the quicker it is to change gears and adapt to the rapidly changing environment. There is greater flexibility in the start-up for a business to respond to paradigm changes in consumer demands.

Entrepreneurs need to consider the following areas: Do clients still need and purchase a similar sort of items or services you offer? Have industries and practices changed since the start-up of business? Does the entrepreneur have sufficient awareness of changes in business practices? If not, what changes should be done to make the business competitive?

Is there a need to launch new products and services? Try not to speculate what clients need and will pay for it. Break down your current sales and interact with real clients and prospects. What do they require? What would you be able to give? What’s an ideal approach to convey answers for them? What will acquire the most profit? Is there a specific specialty that the business can specialize in?

Provided that this is true, entrepreneurs need to consider how customers can be targeted and what other products can be launched in the target market.

Sales over the Internet

Is the entrepreneur offering their products and services on the web? If not, then what are the reasons for not doing so? If the sales are declining and there are no offers available on the web or capturing leads online, it’s an ideal opportunity to capitalize on this opportunity. Notwithstanding when individuals purchase face to face or by individual connections, they are probably going to explore the items, organization or consultant online before settling on a choice on what to purchase and from whom to get it. If you have a business, a website is a must. The kind of website and what ought to be on it relies upon what the entrepreneur has to offer. However, an efficient bookkeeping method also needs to be in place to account for online sales. This aspect has to be evaluated as part of the many start-up tasks.

Get Involved in Social Media

Do you have an online networking presence? Online networking may not be everyone’s cup of tea, but the Pew Internet Social Media Update in 2016 found that 68% of all U.S. adults (i.e., Internet clients and non-Internet clients) are Facebook clients. While 28% of these clients utilize Instagram, 26% utilize Pinterest, 25% utilize LinkedIn, and 21% utilize Twitter.

Discover which of the web-based social networking locales pulls in the type of clients you need to reach and, after that, it is important to get active in those channels. Post remarks, answer questions, begin discourses identified with your products and industry. If you don’t have time for all of this, consider having a trusted staff to handle the web-based social networking assignments. Consider publicizing via web-based networking media destinations, as well. The social media activities need to be launched from day one of the businesses start-up.

Contact Former Customers

Try not to accept that a previous client who did not purchase from you in the business start-up will never purchase from you again. Clients’ needs and conditions change, just like that of an entrepreneur. The mega corporation that didn’t renew your agreement a few years back on account of changing business needs may have altered their course of action and could be a decent prospect now. The client who might have considered a lower-priced competitor might be disappointed with the quality of service and be responsive to a call from you today. Bookkeeping previous records of the former customer can reveal how greater gains can be made in the present.

Contact Competitors of Present or Former Customers

On the off chance that an organization needs what you offer, there’s a decent shot that their rivals do as well. Industry groups that you belong to such as trade shows, seminars and friends in the industry would all be able to assist you to distinguish likely prospects. On the off chance that the target market approached in the start-up doesn’t require your products or services, inquire as to what their specific expectations and requirements are. To account for this, non-financial bookkeeping is also important to be conducted.

Sell Additional Products and Services to Existing Customers

Regularly, the simplest approach to acquiring new business is to sell more to your current clients. You might have the capacity to sell additional products to a similar contract or sell a similar product to an alternate division of the organization. Or, there is also the possibility to sell related items and services to the client. Keep your eyes and ears open for new opportunities.  It needs to be ensured that clients know about the dynamism of the business right from its start-up.

Check out America's Best Bookkeepers


About Complete Controller® – America’s Bookkeeping Experts
 Complete Controller is the Nation’s Leader in virtual accounting, providing services 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 and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

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Partnering with outsourced services for the acquisition of the highest quality planning and strategy for a fraction of the cost is pivotal to success. Businesses–small or big–no longer prefer to hire in-house teams to manage certain tasks that can be outsourced to third-party service providers. The reason is obvious, they desire to seek specialized expertise from the gems of the industry. Moreover, start-ups and small businesses usually have scarce resources; time, labor, and money which restricts them to hire in-house accounting and bookkeeping professionals. It’s safe to say that time and cost-effectiveness are the major driving forces behind the motivation to hire business accounting and bookkeeping consultancy services for start-ups in today’s time.

The Evolving Needs of Start-ups and Small Businesses

From small business to a large company, every business establishment needs someone to promptly and effectively manage their financial accounts, pay bills, send out invoices, reconcile bank statements, and manage debtors. Maintaining separate finance departments to tackle financial matters is not only a hassle but also a huge expense. That is why most businesses outsource their financial matters. Looking at the bigger picture, most start-ups lack the wisdom to tackle difficult bookkeeping and accounting-related issues which means they cannot manage to look after their books and finances on their own. For them, hiring the professional expertise of an accountant and bookkeeper is more of a need than a desire.

Business Accounting Consultancy Services for Start-ups

Many success stories are the direct result of hard work, toiling, and commitment along with sincerity that guarantees a secure future.  An experienced and qualified accountant or bookkeeper can serve the right needs of a business with creative wisdom like no other, all the while making better financial decisions.  Beating your competitors with numbers is quite a different story which means you need to employ the right accounting tools and strategies to get ahead of others. Business accounting and bookkeeping consultancy services are the need of the hour as they provide you with valuable insights to help you improve your business’s financial health.

Whether you are starting a new business venture or acquiring an established business, the need for professional accountants and bookkeepers never dies. Many start-ups or established businesses used to feel reluctant to hire professional accounting or bookkeeping services with fear of the integrity of vital data that is highly prioritized by the business would be compromised, for example. Other concerns would be qualification or experience dilemmas that a client is not satisfied with.

What Business Accounting Consultancy Services Do On Your Behalf?

Most start-ups lack ideal cash management skills which is the biggest reason why they fail to make their mark and manage their business operations successfully. This kicks them out of the competitive race which creates room and gives a chance to others to capitalize on the vacant space. Therefore, businesses try to fill this vacuum and acquire the services of professional accounting consultants to help them understand various financial aspects for better decision making.

Accounting and bookkeeping professionals can help you in many of the following ways.

  • Financial forecasting and planning
  • Analyze financial statements on your behalf and recommend ways to overcome cash flow issues
  • Determine the profitability of your business
  • Monitor influx and outflow of cash and help you achieve the right strategic fit
  • Expand your business with critical financial insights and knowledge
  • Save a lot of time and money and help you focus on the core of the business
  • Tax reductions, debt repayments, and more

Putting the Right Business Accounting Consultancy Services and Practices in Place

Accounting and bookkeeping professionals certainly have better understanding and knowledge than most of us. They know the tricks of the trade and are masters of the game as they can solely change the entire fate of a company with better financial decision-making. When you task them with authority, they are expected to live up to expectations and carry out their duties in the best possible way to the best of their abilities.

Thus, if you are expecting to grow your business in a competitive business environment, you must have the best possible business accounting and bookkeeping consultancy services and practices in place to equip and enable your business for success.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services 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 and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

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Managing Business Finances

Business finance is a very crucial term in corporate finance and accounting that encompasses a wide range of disciplines and business activities regarding management of money and other valuable financial assets. It teaches us about effective management and utilization of financial resources, investing strategies, accounting methodologies, and effective debt management. In short, it defines the fate of the business and long-term growth and profitability of any company.

Significance

In order to survive in an extremely competitive environment, businesses need to maintain their financial resources effectively or else pack their bags and go home. In the demanding era we live in, business finances works just like oxygen for survival, stability, strength, consistency, and growth. In short, money keeps your business running and your employees working to attain business goals and objectives.

However, the influx of money needs to be assured at the hour of need or your business may face a financial crisis which may eventually lead to overall business failure. Some of the most common ways in which a business can be financed or money can be raised include business loans, private loans (family or friends), mortgage loans, crowdfunding, etc.

Critical To Business Success

Entrepreneurs or business adventurists around the globe face a lot of difficulties in generating business finances for their unique business ideas. But, even those who manage to generate desired finances often strive to maintain or manage their money—perhaps due to the lack of financial knowledge or management of money related skills. They may have scarce resources but hiring a professional accountant or bookkeeper seems to be a smart choice. This allows them to concentrate on core affairs of the business while their bookkeepers take care of the rest (money related matters). Looking at the sensitivity of the matter, it is indispensable in managing business finances effectively for maintaining a sustainable competitive advantage.

5 Crucial tips to Keep your Business Finances In Order

Get Yourself Ready For the Tough Job Ahead

In order to survive in a volatile economy, you need to come up with new and effective ways to get things right—the very first time. No one is a born genius, it’s your motivation, inspiration and result-oriented approach that encourages you to learn the art of the game before taking on challenges head-on. For managing the finances of a business, you need to educate yourself and get ready for the tough accounting job ahead, as financial recording is no easy feat. The entire fate of a company is dependent on financial recording and analysis—the better they are, the higher the results. This makes it clear that the management and bookkeeping of business finances requires accounting knowledge, skills and, hence, a complete accounting know-how for keeping finances in order and perfectly streamlined.

Keep Your Personal and Private Finances Separate

For developing more command and control over your personal and business finances, you need to deal with them separately in order to avoid confusion. The outflow of cash has to be managed well for keeping a proper track of your business transactions. This will not only help where your money is going but also helps when submitting tax returns at the end of the term. Small businesses often find themselves strangled in sorting between business and private finances as they lack awareness, accounting knowledge, experience, and expertise in dealing with money related issues. By sorting this out, you will have the exact status of your money.

Choose a Suitable Accounting Software

All salutations to superior accounting tools and techniques that have made things a lot easier than traditional and manual ways of recording business transactions. If you haven’t yet moved to cloud technology for maintaining a real-time track of your money and resources, we suggest you do it right away. Today, you have a myriad of options to choose from, however, integrating the right accounting software or technology is crucial.

Hire a Professional Bookkeeper

You may have a basic level of accounting knowledge and experience in keeping transaction records which may not actually be enough for your business. In order to effectively manage each and every thing related to your business finances, you must consider hiring a qualified and reputable bookkeeper. This will not only help you solve financial discrepancies but will also help you save a lot of money in the end.

Make a Budgeting Plan

By creating a budgeting plan, you will get things aligned and more organized than ever. Business budgeting is a necessary evil, which means that no matter how far you run away from it, you still have to create it. This allows you to know the business expenses and see whether they need to be cut if they are exceeding the limit or need to be financed with more money.

Conclusion

It is true that a lot of business owners do not keep records of their business finances or, even if they do, they are most often in a disorganized or cluttered form. In order to establish 100% command and control over your business, you need to manage your finances and cash flow carefully. It is better to hire a qualified bookkeeper for achieving intended outcomes and pave your way to business success.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services 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 and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

Dollar Sign with arrow illustrating growing equity

Equality and equity are the two terms which generally speak about the egalitarianism but have their own distinct features intrinsically; equality refers to the state of equality where all resources, status and funds are distributed equally among the total population present, whereas equity refers to the state where the available resources, status and funds are distributed per the requirements of each individual of the total population present. Running a corporation smoothly as well as efficiently is not an easy task.  It requires smart strategies inclusive of systematic planning to lead a business in the direction to produce maximum profits that ultimately result in the welfare of business.  Equity is one of the most important tools used by enterprises in order to generate fruitful results per their desires. Equity, in terms of business management, refers to the achievement of a status under the shadow of prescribed motto of the business organization which tends to provide its desired status. In order to achieve or generate equity, the following steps can be implemented by an enterprise effectively:

  • Appointment of an Accurate Management Team:

A management team provides you with the managing of all tasks which are to be accomplished in a way to generate greater profits and welfare of a company. Each company tends to work for its status and for high income.  To attain that and achieve equity, a highly qualified and experienced management team must be hired to competitively work hard in order to generate the desired results in turn forcing the board of directors to invest more and ultimately gain more. Equity is the state of getting what is desired per your needs.  This can only be possible if one already knows the requirements and goals of an organization that must be achieved on time. These goals are made possible by hiring a competitive team who can manage all tasks and challenges confidently.

  • Budgeting and Bookkeeping:

Budgeting is a design which portrays the optimal distribution of all resources and funds available in order to generate a business efficiently. Bookkeeping itself is the art of keeping records of all transactions held in an organization.  But, the question is, how can it promote equity?

And the answer is simple: by providing accurate results of the transactions held in a business corporation. As bookkeeping portrays all transactions of a company, it tends to promote a track record of revenue generated as well as expenditures.  This further illustrates the truth of whether a business is running successfully or not. Cash flows in the records are also a tool to determine the state of equity in a business. Therefore, in case of loss, one can come up with the strategies to overcome it and conclusively reach the state of equity.

Final Note

Equity in a business corporation is necessary for its smooth running as well as successful proceedings. It must be achieved in a way where your organization gets advantages or benefits at low costs. Equity is the state where you achieve what you require or desire and it can only be done through thorough planning and management of a business.  Only then does it generate fruitful results.

Check out America's Best Bookkeepers

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services 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 and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

Woman hanging open sign on door

Small business challenges can virtually lead to the end of the business if they are not confronted with correct strategies. These challenges need to be checked with all of the right alternatives available.  Below are some helpful tips to building your dream business.

Collaborate with Other Vendors for Joint Sales

Suggestions and referrals are the main sources of a new business for overcoming the small business challenges. A simple approach to get more referrals is to collaborate with different organizations who operate in a similar market but are not direct competitors of the business. Consenting to refer business to each other and conducting joint ventures can greatly diminish small business challenges. Joint sales should also be considered. Doing such may enable you to win greater projects that could not be achieved on a solo flight.

Build Up Multiple Revenue Streams

It is a typical corporate approach considered as old as the hills: discover more approaches to earn more profits. For example, is it possible to add landscaping services to your garden care business or include espresso rolls and biscuits as a choice at your bagel shop? Can a conveyance service or catering function be added to your restaurant business? On the off chance that you are an author who’s market is becoming scarce, sharpen your abilities to compose articles, blog entries and social media content for different organizations. Or, on the other hand, figure out how to do social media marketing for organizations and add this service to the support of the writing services you offer. Having a sole stream of revenue can prove to be a major small business challenge.

Approach Existing Vendors For Discounts

Should the business make a substantial purchase of a considerable number of products or services from any vendor, request them for a discount, if possible. based on your old and good relationships. The long-standing record and successive purchases from suppliers should be recounted. If their rivals charge less, inquire as to whether they can come up with the pricing of their competitor. Look for smart bargains and help your business with discount offers and save more!

Switch Vendors

If your present vendor won’t bring down their cost or offer discounts, then consider changing your suppliers. Give the new merchant small orders to start with which can then be increased afterward depending on their quality, timeliness, and if the service remains satisfactory. Accessibility to efficient suppliers is a key small business challenge.

Look For Lower Credit Card Transaction Rates

The fees charged to process credit cards can be huge. If the sales are higher now than when you initially got your vendor account, you might have the capacity to get your current merchant account supplier to bring down your charges. Should they refuse to do so, then their competitors can be approached and requested for their best rates given your business volume, kind of business and years of experience in the business. This is where efficient bookkeeping methods can play a pivotal role.

Be Alert For Employee Theft

No entrepreneur needs to think that their workers would steal from them, yet employee burglary and extortion is an undeniable small business challenge. Losses from internal theft can be sufficient to make an organization come up short. Frequently the culprit is a trusted employee or can even be a trusted partner.

Layoff Unproductive Workers

Unproductive workers can prove to be a major source of small business challenges. Should they not come up to the level required of them, it is in the best interest of the business to make them redundant. It may be uncomfortable to lay off employees, particularly if an entrepreneur is sensitive to their employment and family needs. If your business is beginning to dither, in any case, you have to weed out the employees who are not performing at par.

Reduce Employee Hours

If the business is not operating at par, you may not require your employees to fill in the same number of hours consistently. If there is a possibility, it is recommended to consider cutting the hours for a few days or the majority of your staff cut down on a few hours a little every week. Your employees won’t be content with the decreased hours (and salary), and some may leave, yet if you can diminish your finance costs, it could save your business. This is where the  bookkeeping specialists can provide a practical strategy.

Dispense With Advertising That Isn’t Working

Bookkeeping your promoting and marketing costs will reveal whether it is actually working or not. Is the entrepreneur accounting for the results? Do you know what campaigns provide greater returns and which don’t? What advertising and marketing methodologies bring customers with the most noteworthy lifetime value? Concentrate on the procedures that get the most business and consider wiping out, or at least suspending the rest of your marketing activities temporarily. Marketing costs are also one of the potent small business challenges.

Search For Low-Cost Marketing Techniques

There are many ways you can promote your business and reach an extremely targeted market without spending a fortune. Strategies ought to be reviewed that work for different organizations and they should be tailored for each business. Give careful consideration to email marketing. It is a standout practice among most marketing techniques for getting clients to remember and purchase from you.

Check out America's Best Bookkeepers

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services 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 and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

Start up Business Team Meeting Ideas Concept

One of the primary reasons behind why start-up businesses run into difficulties is that they keep running into the issue of not having any market for the product or service being provided. Here are some common issues that new businesses face:

  • There isn’t a sufficiently convincing incentive or occasion that compels the customer to focus on buying or purchasing the product or service. Experienced sales reps often reveal that to get a request in the present intense conditions, you need to discover buyers that have a dire need to purchase the particular product or are greatly enthusiastic about it. You additionally hear individuals discussing whether an item is a Vitamin (pleasant to have), or an Aspirin (must have). This is a key to startup success and survival.

  • The market timing isn’t right. You could be ahead of your market by a couple of years and the stakeholders will not be prepared for your specific arrangement at this stage. For instance, when EqualLogic first propelled their product iSCSI, it was still early. It required the landing of VMWare which required a capacity zone system to do VMotion to truly jump start their market. Luckily, they had the financing to last through the early years.

 

  • The market share of business being small and having finance which is essentially not too large. Strategizing to capture significant market share is also a key start-up task for an entrepreneur.

Business Model Failure

In the wake of numerous organizations just starting their business operations, it can be observed that the most significant and widely recognized reasons that obstruct startup success are the excessively idealistic approach about how simple it is to get to new clients. They accept that since they will assemble a fascinating site, product, or service, the clients will beat a way to their doors. That may be true with the initial set of clients, yet from that point onward, it quickly turns into a costly errand to draw in and win clients. When compared to the cost of acquiring the client (CAC), it was ultimately higher than the lifetime estimation of that client (LTV). Bookkeeping these two elements require careful financing and intense management strategies.

The perception that you must have regarding the capacity to get your clients for less cash than they will produce in the value of the lifetime of your business with them is stunningly self-evident. However, regardless of that, it can be observed that by far most of the entrepreneurs neglect to give careful consideration to making sense of a reasonable cost of acquiring customers. These assessments are primary start-up tasks which should be done by an entrepreneur.

The Essence of a Business Model

A straightforward approach for startup businesses is to concentrate more on what makes a difference in your business model.  It is about giving a thought to the following questions:

  • Can you find a versatile approach to secure clients?
  • Can you capitalize those clients at an altogether higher amount than your cost of acquisition?

Contemplating things in such straightforward terms can be extremely useful. There are two “standards” around the business model which are less rigid. These are laid out as follows:

  • The CAC/LTV

The principle is relatively straightforward: CAC must be not as much as LTV

  • CAC = Cost of Acquiring a Customer
  • LTV = Lifetime Value of a Customer

To calculate CAC, you should take the whole cost of your sales and marketing capacities (counting pay rates, marketing programs, lead generation, travel, and so on) and divide it by the number of clients that you may close during that time frame. So for instance, if your aggregate sales and marketing expenditure in Quarter 1 was $1m and you close 1000 clients, at that point your average cost to get a client (CAC) is $1,000.

To calculate LTV, you will need to take a look at the gross margin related to the client (net of all establishment, support, and operational costs) over their lifetime. For organizations with one time charges, this is quite straightforward. For organizations that have repeating membership income, it is calculated by taking the month to month repeating income and dividing that by the month to month churn rate. In bookkeeping for these numbers, accountants need to develop a system that focuses on CAC, and LTV returns.

Since most organizations have a progression of different capacities, for example, G&A and Product Development that are extra costs in addition to the sales and marketing, and conveying the item. This is where bookkeeping can play a strategic role for startup businesses.

Check out America's Best Bookkeepers

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services 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 and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

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Hiring a professional bookkeeper or accountant is an ideal way to manage the financial books of any business. They minimize mistakes and catch potential costly errors plus save a lot of time and money.

Intensified Scope of Accounting Services

Have you ever wondered why there are so many accounting firms providing services? The answer is that the vast majority of businesses, including small to medium sized start-ups and established businesses, acknowledge the wisdom of employing an experienced and qualified accountant or bookkeeper to help them with numbers and their financial books. These professionals know the trick in handling accounting-related matters and help your business to flourish and grow beyond predicted scales. In order to hire a bookkeeper or accountant, you must look at the level of expertise you require for your business.

Hiring a Professional is a Wise Choice

Small businesses and new business start-ups often lack financial knowledge and struggle to maintain, record, and organize business transactions as well as update financial books and accounts. For piece of mind, small-scale business owners usually prefer hiring a bookkeeper or professional accountant which is indeed a fair choice for managing accounting affairs of the business. This not only helps business owners focus on the core affairs of their business, but also helps them to have a clear financial picture of their business which ultimately improves and eases financial decision making.

Why is a Financial Controller an Ideal Choice?

Small business owners may feel reluctant in hiring a bookkeeper or professional accountant as they consider it too costly for their fragile financial equation. Little do they know, hiring professional accounting services always pays off in the long course of the business journey. Investing a small portion of money to get a clear snapshot of the financial standing of a business is ideal for growth and development. Moreover, a bookkeeper also assists you in meeting tight debt or loan deadlines and ensures better compliance with tax requirements. Ideal management of accounting and financial books is the first step towards business growth and expansion.

Keep Your Focus on Core Business Needs

A business needs the attention of its CEO, especially when it is a start-up. One thing is for sure, a business cannot make its mark or grow larger if it does not have the owner’s focus. Not everyone is equipped to handle everything that a business demands and, often, business entrepreneurs lack financial knowledge, which is the primary motivation behind why they hire a bookkeeper to manage their finance related matters.

Ensure Correct Tax Filling

The last thing you want is to get stuck in tax discrepancies because you forgot to add important financial transactions or quarterly and annual tax filings. As an entrepreneur, it is quite difficult to manage estimated tax payments, corporate tax payments, and other similar financial records and projections. This is another benefit of hiring a bookkeeper, as they have the expertise to handle taxes, payroll, and other financial issues.

Ensure that Everything is Paid on Time

As a start-up business starts to gain pace, you need to create the right balance in managing your finances. For that, you must ensure that everything, from billing to all other expenses, is paid on time. Obviously, when you focus is diverted, it is likely possible that you won’t be able to manage the disbursement of financial payments on time. If you for things to accelerate in the right direction, you must hire a bookkeeper or professional accountant to stay on top of your bookkeeping.

Reduce the Cost of Financial Obligations

The fact is, a professional bookkeeper actually saves you more money than anticipated. Since accountants have the expertise in handling tough financial obligations, there is a greatly reduced risk of potential errors. Superior accounting services help businesses cut costs of operations and manage finances in an ideal fashion. Therefore, hire a bookkeeper or professional accountant if you expect to save time and money for a smooth and effective transition to the next stage of your business.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services 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 and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

Young troubled businesswoman with hands on head
Fixing things has never been easy, especially when they are totally messed up. When things reach this point with a business’ bookkeeping records, they have two options to decide the fate of the business. 1. Close down the business and file for bankruptcy if it’s a corporation. or 2. Uplift the image of the company from scratch with several revitalization strategies.

Why do Most Businesses Fail to Manage their Business Books?

Being an entrepreneur, you may be more excited about establishing your business and less excited about managing its back-office operations. Every entrepreneur starts out with the best of intentions to make their business successful, which hopefully will bring significant gains in return eventually. Quite too often, front-office responsibilities and busy schedules cause back-office tasks, such as bookkeeping and accounting, to fall to the back-burner. This creates a lot of problems for the business. You certainly can’t expect to put your business on the right track and earn significant gains if you lack the financial wisdom to tackle important aspects of business such as filing tax returns, debt repayments, financial forecasting, projections and more…

Bookkeeping may be an intimidating task for entrepreneurs. However, now they have so many options to manage their business books with online accounting services, automated software, etc. Since most start-ups and entrepreneurs lack the expertise to handle back-office operations, business accounting consultancy services can employ the best practices, tools, and techniques to provide a clear snapshot of cash flow and finances for better decision making. Gone are the days when businesses tended to avoid acquiring such services as they lacked professional audits and accountability, along with concealment of sensitive information. Now businesses have not only developed a faith in these companies but consider them a pivotal tool for their start-up’s success.

First Thing First—Hire a Professional Accountant to Balance Out Business Books

Back-office tasks of every business are complicated as they involve tax requirements, debt repayments, financial reporting and forecasting, vendor invoicing, management and other similar things. So, the first thing that must be done when the business books become redundant is hiring a professional accounting professional who will fix things for you. Getting a business out of crises, especially when it is embroiled in financial distress, is extremely difficult. Therefore, only a person with relevant skills and profound accounting knowledge can lift the business out of turmoil. This further intensifies the need for hiring a qualified and seasoned accounting and bookkeeping expert.

Separate Your Personal and Business Account

Studies show that most start-ups fail because they don’t keep their personal and business accounts separate. This means that, prior to filing tax returns and debt repayments, you will have to go through messy business books in order to find the correct amounts. By keeping your personal and business accounts separate, you will get a clear picture of your finances and cash flow, which means you will be able to tally all the sources of income and expenses.

Track Every Expense Incurred

You need to label and categorize each and every expense incurred in the past and make a comprehensive plan to deal with tax and debt-related requirements. Therefore, you must record every single transaction if you expect to avoid unnecessary income taxes. Sole proprietors can afford to record financial transactions manually, but corporations can’t afford to conduct such practices. Hence, they must use accounting software with a suitable capacity to record and track all sources of income and expenditures for better decision making.

Reconcile Your Business Books

At the end of the day, it is all about achieving a right strategic fit and balancing out your finances. You need to reconcile your business books with actual spending and expenses incurred for getting your business on the right track. Getting out of crises is not easy at all, especially when your business is at stake. Although reconciliation will likely take a lot of time, hiring a seasoned accountant and employing the best accounting practices, software and techniques, you can face-lift the image of your company and perhaps give an all new positive image to your company. Reviewing your finances and business books at least once a quarter can help you determine the financial health of your business for making better financial and business decisions.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services 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 and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

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Bookkeepers help businesses with day-to-day accounting, recording important business transactions that are worthwhile. In short, they are influential people who are assigned the most important task: record, maintain, and update business transactions as they develop. But, is this evidence sufficient to hire a bookkeeper?

A Bookkeeper is an Invaluable Asset

There is no denying the fact that bookkeepers are an invaluable asset for a business. Large-scale businesses who have an enormous amount of daily transactions hire multiple bookkeepers who track and record every single business transaction happening throughout the day. The synergy between all bookkeepers working for a single firm needs to be present in order to achieve high business efficiency and productive outcomes. The point is, small entrepreneurial ventures may cater their daily bookkeeping needs from a software or spreadsheet, but, when the business grows, the bookkeeping needs also grow, which means it’s time to hire a bookkeeper.

When to Hire a Bookkeeper

When the right time to invest in hiring a professional bookkeeper is depends on multiple factors; when you find it hard to spare time for bookkeeping day to day business transactions, the size of the business grows, the frequency of business transactions increase, reconciliation of records becomes a mess, there are a lot of discrepancies in records, and certainly when the need for a professional bookkeeper becomes evident. Gone are the days when you had the option to delay your bookkeeping activities for a couple of days or even a week as the frequency of transactions was low. Now, you can never even think of delaying bookkeeping activities at all. Why? Because it will lead to disaster.

Choose Someone who will Deliver Optimal Results

In order to hire a bookkeeper, you need to search for viable options, those you see the potential in to deliver the best results. Since the entire business depends on accurate bookkeeping records, you need to make sure that you hire the best suitable person for your daily tasks. Although, it is true that DIY bookkeeping software is a cost-effective solution that can help deliver desired results, they are still not the ideal choice for most business owners. Investing in  a bookkeeper proves to be the right strategic choice since they can provide you with clear insight for wise decision making and future planning.

What Do Bookkeepers Do?

In short, when you should hire a bookkeeper can be answered with a well-acclaimed thought ‘the sooner, the better’. It’s a very wise idea to hire a bookkeeper to handle core business responsibilities such as recording of daily, weekly and monthly sales, invoices received from vendors, invoices sent to customers, expense receipts, and wages for payroll, etc. When a business grows, you are likely to require services of professional bookkeepers who, besides recording and categorizing every business transaction, will also reconcile the books at the end of each working day. The best thing about professional bookkeepers is that they know the art of creating and maintaining a healthy financial life cycle.

Investing in a Bookkeeper Pays Off

Future predictions and strategies will be based upon bookkeeping records—the more accurate they are, the healthier the results will be. To make the right decisions for your firm, you need to hire a bookkeeper who will ensure your company’s growth and success with their knowledge, skills, and experience.

Hiring a professional bookkeeper doesn’t have to come at a high price. Professional bookkeeping services are only believed to be pricey, but they are not. All that you need to do is make the right choice that fits your business needs and requirements and the results will prove to be significant. Whatever you invest in, hiring a bookkeeper will pay you off in the long run, time and time again.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services 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 and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

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Whether you are a bookkeeper or looking to become one, here are 7 traits that bookkeepers have that make them outstanding at what they do. Before you start a bookkeeping business or become a bookkeeper, ensure that you have these 7 character traits.

1.  A Positive Attitude

To boil it down, a bookkeeper is required to overcome a lot of challenges as they try to construct and develop their business. As a business owner, it can be lonely when there is no higher authority to turn to when things go south. You, alone, will be responsible for figuring out and resolving any problems. It is important that you don’t get down with a negative outlook and that you always address issues with optimism.  

2.  A Difference Maker

Being a difference maker simply means caring about your job. Make sure that you are satisfying your clients and do everything favorable for them. It won’t help you to be a bookkeeper who basically just does data entry. Make a difference by being someone who breaks everything down to look for the possibility of saving money within your client’s business. If you are able to do this, you will be considered extremely valuable.

3.  Hard Working

As with any job, this trait is essential. Whether it is bookkeeping or not, starting your own business requires tons and tons of hard work and patience. While having your own business has a lot of benefits, you should be ready to put in your hard work to kick it off effectively. You can never become a great bookkeeper if your bookkeeping skills are not up to the mark and you are not working hard to make sure that all of your clients are happy and satisfied with you as their bookkeeper.

4.  Organized

Any job probably requires you to be somewhat organized. However, when it comes to bookkeeping, it is essential for a variety of reasons. To begin, being a slob automatically means you are not going to be great with bookkeeping. Being organized is key to being more efficient and ensuring things run smoothly.

Another reason why being organized is important when it comes to bookkeeping is that, in many instances, you will be required to do “house cleaning” after signing on with new clients. This requires you to be capable of organizing and cleaning out the issues in their finances before you even start with the actual bookkeeping.  

5.  Able to Work Effectively on Multiple Projects

Not to be confused with the ability to multi-task, being able to work on multiple projects at one time means having the ability to determine the projects you are required to do first and the priority order you will be completing your tasks with. You are constantly going to have more than one client and they all will require your undivided attention. Moreover, each of these businesses of your clients are going to be at different stages and will require you to work on different levels as their bookkeeper.

6.  Detail Oriented

The importance of this trait in a bookkeeper is understandable. Ultimately, you are supposed to deal with the finances of your clients. Apart from that, if you are also capable of finding or suggesting ways your clients can improve their profits, there is a huge possibility that you will retain those clients for a long amount of time.

7.  Personable

Relationship are an essential part of the bookkeeping business. This is a major reason why clients choose you. If the people you work for are not able to connect with you, they will find it difficult to develop trust with you. Being personable is one of the most important character traits of any great bookkeeper.

As a bookkeeper, you are not just supposed to crunch numbers. You are required to crunch numbers while caring what those numbers mean and communicating with your clients as a human being, not just as an individual who just does the bookkeeping for their business.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services 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 and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.