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Open Cash Register Drawer Close up with Money.
Cash registers are in almost every store around the world. Today’s modern POS systems are fairly powerful and do just about everything. But, still, you need a process to handle and account for all of the store’s cash. To prevent mishandling and implement other safeguards, these internal controls are vital. This crucial process must be reliable and create an environment of operational efficiency along with bring assurance of reliable accounting records. Not only does mishandling of cash cost the business, it is one of the main contributors of shrinkage and loss in the store. Theft is the second common cause and it is made possible through an improper procedure of controls.

Cash registers play an important role in the process of counting money, reconciling receipts, and balancing the drawer which accounts for all of the day’s transactions. Modern POS systems even offer step by step instructions that will balance the cash drawer for employee guidance. Many store policies are created to further facilitate a cash management system that would ally in many areas. Cashiers have to make sure that everything adds up, otherwise things can go downhill quickly.

How to Balance a Cash Register

At the start of each shift, individuals are given the responsibility of counting the contents of a register to make sure of the exact amount of cash that is present, as the cashier will be held accountable at the end of their shift. At the end of their shift, the contents must be counted again and given a comparative glance to make sure everything is balanced. The register is balanced at the end of each shift to ensure that money has amounted correctly, none has been stolen, and no mistakes have occurred. In some stores, another employee must be present when the cash register is balanced. When all of the proper checks and processes have been accomplished, the cash will then go to the person who will deposit it into the bank.

Why is it Important to Balance a Cash Register?

Not only does balancing the cash register bring equilibrium to the cashier, it also gives further insight into how the money flows in or out. The cash register acts as a monitoring system of money movement and. if any is missing unexpectedly, it may indicate theft or carelessness. The key to success is being precise and providing accurate data regarding the cash flow. Regarding safety, a huge amount of money is never kept in the register. A minimum amount is kept to ensure safety in case of burglary or theft. Avoid keeping too much cash on the floor as it can be dangerous and prone to larceny. 

In addition, an entire sales report can be pulled up in an instant during any part of the shift. Documentation makes the cash drawer safe from mistakes and maladministration, so it always works in favor of the 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.

Business team meeting and discussing project plan. Businessmen discussing together in meeting room. Professional investor working with business project together. Finance managers task.
An accounting professional is the secret weapon for faster growth of any company. Sketching a clear picture of finances and cash flow is an intimidating task for most business owners as it requires vast accounting knowledge, skills, perseverance, and wisdom to manage your finances seamlessly. Moreover, a qualified individual will help you nurture your start-up with better decision making, minimizing your tax bills, and saving you a ton of time on administrative work. A professional accountant or bookkeeper has the capacity to change the entire dynamic of a business with better financial rulings and projections for the future.

Why Hire an Accountant or Bookkeeper for a Start-Up?

Hiring the right person for the job is always a challenging task for most organizations. In the beginning, entrepreneurs may feel reluctant in hiring professional accounting services as they consider them costly. However, hiring a top-notch accountant or bookkeeper can change the entire fate of a company in a very positive way. Time and time again, it always pays off in the course of a business’ journey. Since most entrepreneurs lack in depth financial knowledge and skills, it is ideal to hire professional services so that they can focus more on running their business and less on the accounting side of it.

Accounting Professional—The Need of the Hour!

According to studies, most start-ups fail to make their mark in their first year of business. When you examine the core of failure, you find accounting and financial inefficiencies along with poor financial management, planning, and forecasting cash flow and resources. Certain inabilities restrict organizations in managing their internal and external managerial affairs which further confines them in making an impact in the market. This indicates that cash, borrowing, and resource management have their own unique significance and must be managed professionally.

Entrepreneurs may lack the financial wisdom to tackle complicated issues such as debt and tax requirements, debt repayment, filing income tax returns, managing financial books, credit accounts, etc. However, that doesn’t mean that they cannot understand and comprehend the financial standing of their company with help from a professional.

Here are few of the reasons why all entrepreneurs and business adventurists should work with an accounting professional.

They Help You Find Work-Life Balance

Whether it’s a new business start-up or an established business, the need for finding the perfect work-life balance never dies. It is the job of a professional accountant to provide you with peace by taking on certain finance-related tasks that you are less than passionate about handling. Delegating some of the responsibilities to experienced and qualified accountants is ideal for ensuring faster growth and success.

They Help You Focus on Achieving Your Strategic Goals

Hiring a seasoned accounting professional is absolutely necessary for managing your business’s finances effectively. Entrepreneurs usually have a certain state of mind that keeps them passionate about their business, which means they will be more than excited to see their business grow at a significant rate at any cost. Businesses can only expect to grow at a massive speed if they share some of the responsibilities with specialized third-party service providers.

A Professional Reputation

Start-ups can only expect to grow if they keep all of their stakeholders, clients, employees, accountants, promoters, distributors, financiers,etc. happy. This indicates that building and retaining a strong relationship with your stakeholders can help you achieve success within no time. By maintaining integrity and upholding standards, an accounting professional will not only earn a name and positive rapport for themselves, but also represent your company in the best possible way.

They Understand Accounting Matters More

From developing a new financial perspective to providing you a safe method for saving more time and money, an accounting expert has become the need of the hour for handling core financial matter. Plus, they know the legal tricks to minimize your tax bills, which is huge in each and every sense. They help you make better financial decisions for your business which is vital to business success. An accounting professional is an ultimate game changer as they can put a business on the right track to succeed and grow.

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.

working investor with hand ordering trade stick market with laptop and paper chart on table
As an owner of a small business, there undoubtedly a lot on your plate…maybe even more than you can handle. From generating ideas to executing them and from following up and organizing meetings, there are a lot of things that you have to take care of. There are professional accountants and bookkeepers that you can find to take control of your business finances. However, it is very important that, as a business owner, you too understand the accounts of your company. Following are 5 business accounting tips for business owners to run a successful business that is financially secure.

1. Review the Accounts on a Regular Basis

When you leave your finances to be handled by your employees, you will start trusting the account handler blindly. That being said, it is not advised to leave your accounts solely on any one person. As the business owner, you should have a clear picture of what is going on in your accounts department to make sure you know everything and can pull strings, when needed.

2. Cash Flow

In today’s fast-paced business world, as a business owner, you must be aware of your cash flow. This should be taken care of both annually and seasonally. In-depth knowledge regarding the highs and lows of your cash flow cycle is going to help in providing you with a clear understanding on whether or not you need to expand and when to do it.

3. Tax Details

The tax details are something that you should definitely keep a check on. When it comes to small businesses, the business tax is sometimes also your personal tax. This is why you should be well aware of the details and amounts you have to pay in taxes. This helps you understand the expenses which you can and should deduct along with all of the various different types of taxes you are paying. When you have a clear knowledge of your annual taxes, you will have a better understanding regarding how you can file advance taxes and the number of resources that need to be set aside in order to cover the government taxes.

4. Frequency of Bookkeeping

Oftentimes, if you are the one who is undertaking the accounting for your business, bookkeeping might be the lowest on your priority list. However, it is very important that you maintain your books on a day to day basis. By doing this, you ensure that the accounting of your business does not pile up and that the important data is not lost or forgotten.

5. Accounting Checklist

The business books along with the accounting details can sometimes seem very difficult to understand and maintain. This is why it is very important that you keep in mind the numerous things which need to be included. For this, you can always design an accounting checklist for yourself.

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.

Male arm in suit offer insurance form clipped to pad and silver pen to sign closeup. Strike a bargain, driver money loss prevention, secure road trip, harmless drive idea, owner protective concept
In order for small businesses to manage and run their business expenses smoothly, it is essential to keep tabs on your cash inflows and outflows. No question about it, the significance of proper expense administration for any magnitude of business is huge. The execution of the best businesses practices is a giant factor towards the revenue, growth, and, eventually, success and achievement of the business.

Bookkeeping is an excellent way for small and medium-sized businesses to manage their business expenses. The concept of bookkeeping cannot be stressed enough, be it in any kind of occupation or any kind of management. By efficiently handling and keeping tabs on business expenses, owners can gain a multitude of advantages:

Block Unseen Sinkholes

At times, your money is lost in places it should not be. By managing your business expenses well, you will easily be able to find those unseen sinkholes.

Maximize Income

By getting rid of wasteful expenditures and making the best use of items that are considered tax deductible, business owners have a chance to achieve a noteworthy aggregate of revenue.

Generate Prospects For Growth 

For businesses owners, it can be a huge deal if they are aware of where their money is being spent. Not just that, it also makes a big difference in finding out how effectively that money is being spent. These two aspects are a big factor in the preparation and accomplishment of future growth of the business.

In order to improve your business expense tracking technique, business owners should implement the below practices in their business:

Be Certain That Business Expense Policy Is Firm, Clear, And Fair

The business expense policy of your company needs to be well-founded, fair, and unambiguous. If there are any exceptions, they should be set aside for exceptional situations. The organization should make sure their managers, employees, and clients are familiar and well-aware of the policies set in place.

When formulating a business expense policy, the one thing that should remain a priority is ease of communication. After all, you don’t want your employees to go through the company textbook every time they have a question just to understand the business expense policy. The key here is simplicity.

Keep Your Business Expense Reporting Procedures Clear And Simple

Keeping the importance of simplicity in mind, we will further elaborate with the next point. When we talk of simplicity, it has its benefits and advantages. The first point is, the simpler you keep your business process and procedures, the more your employees will be able to comply. The more simplified the procedure is, the more your employees will stick to it.

Secondly, if the procedures are complex in nature, it will increase the chances of inaccuracy in managing the business expenses. The more administrative boxes and excel spreadsheets you have that need to be entered, the more chances there will be a blunder made somewhere. These are blunders that could possibly end in forfeiture of an expense entitlement.

Finally, and most significant of all, simplicity means speed and swiftness. If the system is simpler, your clients and employees will spend less time on the business operations.

Gather Relevant And Required Information For All Business Expenses

When it is time to file tax returns, the one factor that can immediately kill the likelihood of you getting your hands on any money is non-compliant invoices.

Whenever a reclaimable expenditure is incurred, the associated invoices and receipts will guarantee you of getting your money back. This is why it is extremely important to save those invoices and receipts so that they can be accepted for a tax refund by the appropriate taxation office.

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.

Closeup view of male hands holding laptop computer.Blurred background, horizontal. Selective focus on hands
We live in a time where technology changes faster than fashion trends. Every other day, we hear about the demise of a certain technology and the birth of another. From email to QuickBooks, people are quick to say that a certain tool or platform doesn’t work or isn’t relevant anymore.

The question is – does technology ever die? Not if it evolves.

QuickBooks is one of those rare tools that has survived the test of time by staying up to date and even ahead of the times. There may be some firms that are now switching to fancy accounting software, but that doesn’t mean QuickBooks is obsolete or in any way less advanced.

The fact of the matter is that QuickBooks is still used by more than 500,000 small businesses across the world. The main reason behind its success is its simplicity and ease of use, two things that have only improved over time. Accountants and bookkeepers, who aren’t up for making their clients pay an excessive fee, actually swear by QuickBooks. They only recommend an upgrade to a more complex system when the businesses have grown beyond a certain size.

5 Good Reasons you Should Stay with QuickBooks

QuickBooks is Scalable Enough for Your Business

QuickBooks is good enough for an enterprise with up to 30 users. Some upgrades allow businesses to keep their accounting expense within their budget while scaling their accounting software per their needs. If your accountant or bookkeeper is telling you to pay for a fancy tool while your business is still in its infancy, the only thing you should consider changing is your accounting service provider. QuickBooks delivers scalability without compromising data integrity.

QuickBooks Can Be Industry Specific

Don’t let anyone fool you into investing in a tool that claims to be more industry specific. You will end up paying for nothing but a generic product with a fancy mask. QuickBooks has come a long way and there is a huge community that supports this tool. There are numerous modules and add ons that can help you enhance the capabilities of QuickBooks without breaking your bank. Some of the most popular modules include retail, manufacturing, contractor, and non-profit.

QuickBooks Can Be Seamlessly Integrated

Integration is crucial to the efficiency and performance of any tool or software. QuickBooks Enterprise can now be integrated with a number of enterprise systems including CRM and inventory management systems. This seamless integration promises better workflow, but a bit of custom development is required. A reputable accounting service provider or bookkeeping service will help you make the most out of QuickBooks.

QuickBooks Helps with Tracking and Reporting

Essentially no tool can be of any real benefit unless it can provide insightful reports. When it comes to accounting, tracking and reporting are extremely important. QuickBooks allows you to generate charts and reports per your firm’s need. The enterprise version even allows creating of consolidated reports from multiple files. There is a complete customization option to meet the reporting requirements of your company.

Last, but not the least, QuickBooks simplifies the whole process of tracking inventory and managing accounts over various locations. There is a whole range of third-party software and systems that are designed to work with QuickBooks in order to enhance it’s capabilities according to your needs.

The Bottom Line

Advanced accounting tools are not only complex, but they are also costly. QuickBooks is a trusted option, however, it all depends on your accounting service provider or bookkeeper. For any business owner who thinks their company has outgrown QuickBooks, the safest bet is to contact professionals who are well aware of the proper utilization of the tool. You will be surprised to know how much more it can offer.

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.

Office clerk searching for files into a filing cabinet drawer close up, business administration and data storage concept
It’s a common practice among accounting and bookkeeping departments to have multiple filing cabinets, including locked ones, to protect payroll and other private information. Access to financial files and data should be limited to certain key people in the company. To protect the information, it is critical to implement a file system in your accounting department; however, it can turn out to be a tricky task if not done correctly.

What causes a file system to collapse? It is highly likely that it was not much of a system to begin with. Chances are that you had assorted the files randomly without giving it much consideration at the beginning. Simply placing a label on your files will not turn it into an effective system. To implement a file system that can billet any type of paper, whether its at home or in the office, all you need are various colors of 2/5 cut tab colored folders and box bottom hanging folders.

Categorize the Files

The first thing that you need to do is sort the files into categories. Sort through your current pile of paperwork and arrange everything related to finances in one category, fixed assets into another, and so on. The focus at the moment is not on the detail, rather on assorting documents of similar nature together. Later, we will worry about sub-categorizing them. Credit card bills and bank statements all fall under finances in this step and will be separated in the next step.

Create Subcategories

Once you have arranged the documents according to their respective categories, it’s now time to subdivide them so that you exactly know where to search when looking for the respective information. Finances for an accounting department can be sub categorized into checking accounts, saving accounts, and credit card accounts. Be specific about your subcategories and don’t just use random words for labeling them. This kind of arrangement will help you clearly identify what you want to look into.

Color Coding

The major categories for all of the documents should be assigned different colors that will differentiate them from the rest. Put the files in hanging file folders together with their respective categories. If you have selected a green color for your accounting documents, the subcategories can be in other shades of green. While filing your retrieving papers, this will save you a huge amount of time. Your brain is better able to sort stuff out when things are highlighted by different colors. Implement the file system in your office which allows you to work effectively through each category without wasting time with mixed up information.

Make Labels

After coloring is done for each file, it is now time to label them. Advance from general to specific categories. For your accounting office, the general label can be credit cards while specific labels can be Visa, Master Card, etc. After labeling the files, try to arrange them alphabetically so that you can quickly move to your desired paperwork. The point is to arrange similar files together in close proximity.

Expenses should be filed distinctly from payroll and other accounting aspects. If certain transactions belong to more than one area, such as expenses and fixed assets, make copies of the paperwork and put the documentation in both files after labeling them. Implement a file system that categories expenses by vendors’ names and in alphabetical order. Fixed assets can be categorized by purchase dates.

Filling your Drawers

This will be the last step of your filing process. By now, you have almost sorted most of your accounting documents. All you need to do is put them in a place where you can easily access and identify them. Put everything in a drawer in alphabetical order and place the colored files in hanging box bottom folders to ensure that they stay upright within the drawer. The 2/5 cut tabs are places above the hanging files so that it is easy to decipher each category.

If you successfully implement the file system mentioned above, your accounting business will receive a major boost.

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.

 

 

 

 

 

 

 

 

 

 

 

 

Subject: A friendly bank teller working in a retail bank.
It is the aim of every business owner to open a bank account with a business-friendly branch that is in their area and fits the individual’s and company’s banking needs and requirements.

Choosing the right bank for your banking needs is certainly an overwhelming process that requires you to look at various banking applications. Normally, the banks that are near your office should be shortlisted for a detailed banking review. A banking review generally revolves around the type of services you require and how much they cost. Every business -regardless of size, type and location – has different banking needs and priorities. Certain banks specialize in different types of services and financial transactions, which ultimately becomes their USP (Unique Selling Proposition). Depending on your banking needs, most prefer to choose banks that can offer incentives and privileges, which will help maintain a smooth financial control.

Know Your Banking Needs

No matter what, your bank has to be business-friendly if you expect to witness continuous growth and prosperity in your business. Banks largely differ in the financial tools, products, and services they offer to businesses. When there are so many banking options and choices, you need to evaluate all of your shortlisted banks sensibly, in terms of their performance, consistency, and provision of unique banking services. Businesses often have greater banking needs, which encourage business owners to make a strategic partnership (open a business account) with the bank that fits their evolving business needs. Once you have a clear picture of what your banking needs are, only then can you shop around for a financial institution.

Compare and Contrast Features

There are various banking services that business-friendly banks usually offer… Basic services such as checking account, credit card, online banking, deposit-only card, business savings account, discounted employee checking account… Lending services such as SBA loans, lines of credit, term loans, equipment leasing, and commercial real estate. Moreover, business-friendly banks offer cash management services such as merchant services, wholesale lockbox, wire transfers, import/export licensing and financing, financial bookkeeping reporting, insurance, payroll, retirement, 401k or IRA accounts, discounts on hotels, shipping, office supplies, and more. If you have specific business needs and requirements, you can compare and contrast banking features prior to selecting your bank. In addition, compare and contrast banking fee structures as they play a predominant role in selecting the right type of business-friendly bank.

Size Matters, Especially For Lending

It is no easy task to borrow money from a bank, especially if you are a first-timer. At some point in your entrepreneurial career, you are going to need money, perhaps for sustaining the growth of your business. This is a point where you need to be very careful and pay close attention to details. Entrepreneurs usually lack wisdom and creative techniques used to borrow money from banks. They need to play sensibly in order to win the right amount from the bank under favorable conditions. Only a business-friendly bank can be transparent about their rules and policies and will have little or no unforeseen fees and charges. This is what sets a business-friendly bank apart from other banks. Bigger banks have a higher reputation and trust which is the reason why most entrepreneurs and business owners prefer to open a business account in a reputed bank as size and worth of the bank matters!

Remember To Reevaluate

Don’t forget to review your bank periodically as you may not get the quality of services you’re getting today in the future. It is also often seen that banks change their policies on certain borrowing or lending options and services regularly, which leave customers confused. At any point, if you get a negative vibe about your bank and feel like your bank is tricking you with unforeseen fees, consider taking your business elsewhere. Why? Because it may no longer be business-friendly!

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.

Rear view at two businessmen analyzing stats financial data on pc laptop, pointing at screen with rising graph and charts, discussing company growth, using easy accounting software for small business
Small business owners face the job of making sure that all of their accounting procedures are conducted as efficiently and accurately as possible. On the whole, company owners have to make a choice between a manual accounting method or accounting software programs. An accounting software system has many major advantages towards achieving faster growth in a company. More and more companies are choosing to use this method for the following reasons.

  1. Time Saving

One of the most important advantages provided by computerized accounting software is that it can save huge amounts of time for small business owners. They can easily make calculations for operations such as billing and payroll performed efficiently and quickly just by using accounting software programs intended for small businesses. They can also have access to their accounting records swiftly without having to go through huge files of paper. Businesses can give more time to their customers and focus more on their marketing functions which will help their business grow further.

  1. Reduced Errors

Manually “number crunching” presents opportunity for human error. This error can be costly for any small company owner who happens to be in a rush to finish an accounting task. Calculation errors can occur due to inaccurate inventory counts, incorrect total sales receipts, along with many other reasons.

With the help of computerized accounting programs and software, there is a drastic reduction in calculation errors. If you have accurate accounting information, it will also help you escape any tax blunders that could possibly lead to complications and difficulties with the Internal Revenue Service.

  1. Centralization

Using an accounting software in a business helps centralize and unify many aspects of the business’s financial management. A small business owner will easily be able to undertake tasks such as payroll, invoicing, inventory management, and some sides of customer relationship management, all from an accounting software program. A business owner will save money and time because of centralization as long as the owner does not need to buy separate software programs in order to perform operations such as invoicing customers.

  1. Makes Tax Compliance Straightforward and Easier

Besides presenting the amount of tax that is to be paid on particular invoices, accounting software also aids the business owner in preparing reports. An example of this scenario can be the amount of a particular tax the business owner has been paying during the course of a certain period. Also, accounting software makes it a lot easier to collect the information needed to complete and apply for essential government tax forms.

  1. Provides Tools for Analysis

If a business owner uses an accounting software, it will be just like having their own in-house financial consultant. The customizable reports will allow the owner to analyze and examine various aspects of the business as well as provide the information and statistics needed to make better and more informed financial judgments. Reports, such as a balance sheet, help summarize exactly just how well the business is doing.

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.

 

Person using a futuristic head up display (HUD) interface screen with data and key performance indicators (KPI) for business intelligence (BI) analytics, concept about financial dashboard, technology and virtual reality (VR)
Financial dashboards for businesses are essential for evaluating daily business operations on a regular basis. Financial dashboards guarantee to keep the business on the right track. It is one of the most vital elements of any business. Businesses may use various techniques to invest in a proficient financial management program to ensure that the best practices for proper inventory management are followed.

Financial management is a major part of any business’s supply chain management, manufacturing, customer relations and every business activity. The stock inventory management aims to have the correct products available for sale. Tracking inventory in real time is effective in streamlining the entire operations process.

The dashboards help the business to have the correct products available at the right time. It prevents out of stock products and funds from being tied up in surplus stock. Moreover, stock inventory management helps your business ensure that all products are sold in time to prevent spoilage. It also saves millions.

Benefits of a Financial Dashboard

Financial dashboards provide a complete and detailed overview of an income statement with net profit, revenue, and other relevant performance ratios. Each dashboard represents four crucial financial indicators such as the operating profit, net profit margin, OPEX ratio, and gross profit margin.

The revenue is found in determining the selling price by calculating the total cost of goods sold without including details considering any other taxes and expenditures. The dashboards allow businesses to consider certain costs associated with their operations on a daily basis for bookkeeping.

One of the main metrics for these dashboards is the inclusion of income before interest and taxes or EBIT. The dashboards consider calculating all expenses and costs before interests; then the applicable taxes are included in the overall cost to determine net profit.

Calculation of Gross Profit Margin by Dashboard

The Gross Profit Margin for any business is essential for determining the total sales percentage with the revenue that remains after the bookkeeping of all direct costs with goods and services. The gross profit margin is useful in estimating how much the company has to invest, determines spending on research and development, and how effectively they can contribute towards earning a profit.

Top 3 Financial Dashboards for Your Business

Entrepreneurs are preoccupied with daily business operations and, often, they do not have sufficient time left for handling their finances. Many financial dashboards are available to help business owners effectively handle their finances. Most dashboards offer easy to read charts with colorful graphics. The most effective step for start-ups is to use online dashboards that help them track their finances as they are unable to hire an expert bookkeeper to manage business finances.

Here are some affordable business dashboards that will determine how to handle the finances of any business.

inDinero

inDinero was launched in 2010. This financial dashboard is suitable for start-ups. inDinero gathers all business transactions from the bank history as well as credit cards details and other financial documents are efficiently organized. The business owner does not need to spend hours in data entry. Just save the account number and bank information and it automatically categorizes transactions. Some of the categories of transactions are:

  • Advertising
  • Payroll
  • Dining and refreshments
  • Another spending for every month
  • Accounting reports

BodeTree

BodeTree was introduced as a financial dashboard in 2011 in partnership with Intuit, the company that launched QuickBooks. BodeTree relies on QuickBooks to assess different financial information from those who rely on QuickBooks for bookkeeping. It needs to be connected to the QuickBooks account. Once the connection is complete, it categorizes and generates a breakdown of all activities and expenses associated with each operation.

The BodeTree dashboard is named after the legendary Bodhi Tree, where the Buddha reached nirvana. Similarly, the dashboard will be able to determine a benchmark for the business depending on their algorithm based on the transaction and expenses history.

Corelytics

The Corelytics financial dashboard was launched in 2005; this dashboard works by importing all of the financial information associated with the business. It gathers information from different accounting programs including Sage, PeachTree, MYOB, and QuickBooks, among others, for the financial dashboard. After all of the information from each accounting platform is collected, Corelytics will get to work by categorizing every metric. These metrics, once generated, can monitor every transaction. Some of the metrics are:

  • Expenses
  • Gross margin
  • Revenue
  • Receivables
  • Owner compensation
  • Profits

Financial dashboards allow setting goals and objectives for each of the metrics above. The Corelytics financial dashboard highlights every single metric with different colors. The colors determine when each metric is not performing according to the standards of the business. This financial dashboard is one of the most useful for every business. It comes with a mobile application, allowing the business owner to monitor the activities on the move for better bookkeeping. It also won the Showcase award for the best dashboard.

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.

Portrait of successful African-American businessman smiling during meeting with colleague at coffee break
Accountants and bookkeepers play a pivotal role in determining and defining the growth of your business. They can handle and tackle many more things than tax returns and payroll. Start-Ups looking to stay on top of their game from the very beginning need to hire a professional accountant to ensure smooth financial operations and maximize profitability. Do you need a specialized start-up accountant or bookkeeper for your business?

Hiring A Specialized Start-Up Accountant Gets You One Step Closer To Success

A specialized start-up accountant is the need of the hour to accomplish a startup’s short and long-term ambitions. Accounting is where the difference between success or failure is created. It helps your company grow and move forward in the right direction. Without a second thought, it is one of the most crucial aspects of keeping your company profitable. Making financial projections and assumptions requires you to have a clear picture of your company’s financial worth in the market. However, doing all of this alone is nearly an impossible task. It becomes mandatory for start-ups to hire the services of outside accounting/bookkeeping individuals and agencies to take the business venture one step closer to a successful endeavor.

A specialized start-up accountant makes things simpler for you in many ways such as managing payroll and making decisions regarding potential new expenditures and overhead. However, there is nothing worse than hiring an unprofessional or inexperienced accountant for your new business start-up. Since an accountant can make or break the game, you need to hire the right person for the right job to improve efficiency and performance. According to studies, accounting is the secret key that unlocks the doors to success. Hiring a specialized start-up accountant that is suitable to your business requirements and specifications makes your start-up profitable.

Knows the Art of the Game

A specialized start-up accountant can drive your business to profitability by sharing their accounting wisdom, skills, and expertise. A fragile accounting setup at the very beginning can kick your business out of the competitive race within just a year. Hire a trusted business advisor, accountant, or bookkeeper who can get your business on the right track.

A specialized start-up accountant plays a predominant role in the growth and evolution of your business. Their skills beyond accounting are where the real art lies and that’s where your trusted professional will work for you. A qualified and seasoned accountant can manage your finances, cash flow, income, and expenses as well as review your bookkeeping and financial records better than anyone else around. Experience, coupled with a wide variety of accounting skills to tackle complex situations, counts more than anything else when it comes to going beyond only accounting.

Understands Start-Up Culture and Space

The best thing about specialized accountants is that they understand the start-up culture and space as well as the growing needs of a business. Through their wealth of experience, they will give you their best informed advice for resolving complex business situations. The needs of every business largely differs from on to the next, making it clear that advice to resolve certain matters is imperative. From initiating a business venture and applying for loans to financial audits, a specialized start-up accountant can make your life much easier with each and every step.

Saves You Time

Entrepreneurs are largely known for conceiving a unique workable business idea. They may be good at the management side of business, but most of them lack skills in the accounting side of it. This indicates that a professional accountant or bookkeeper can help you save time, allowing you to focus more on what you have the potential to do best—your business. Find the right specialized start-up accountant who will help you save time and effort by giving guidance when required.

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.