Posts

Professional Financial Advisor - Complete Controller

The professional financial advisor plays a very important role in many business management decisions and consultation on day-to-day operations. We call a lawyer to clarify legal questions and hire a tax advisor to prepare our tax returns. However, there was no focus on the importance of hiring a professional financial advisor to advise us on business financial issues.

According to many magazines, the leading company in financial advising, hiring an independent finance professional ─ without linking to financial entities─ is an upward trend that can have multiple benefits for the personal economy. Here are some of the main advantages and five reasons you should hire a professional financial advisor. Check out America's Best Bookkeepers

Objectivity Towards the Information Observed

The financial advisor consultant’s only interest is to look for the best product or plan since it has no other interest than to benefit its client. Being free of a financial institution’s conditions, the advisor can focus solely on the client’s circumstances to offer a plan that suits them best.

We independently analyze multiple investment options existing in the national or international market to make the client a unique investment proposal according to their objectives. Check out America's Best Bookkeepers

Global Analysis of Economics

The independent professional financial advisor focuses not only on the investment but also on the client’s general financial situation. “We are a kind of ‘financial doctor.’ In the analysis of the financial health of the client, there are multiple analyzes. We study the life of the patient globally, the investor. We are not a buyer of products, nor a broker, nor an investor to use, but an adviser of the life of our client in the economic field that acts with previous knowledge of his family situation, the children, his expectation of future expenses, studies, etc. “, they indicate from the company.

Multi-Year Tax Planning

When the end of the year approaches, we are in a hurry to optimize the income statement that we will have to present in June of next year. Invite the client to be abstract from this slavery of the urgent and plan what is important, providing ideas, strategies, and advice so you can make a tax planning of your savings income, not only for this exercise but in a natural way and consistent, extended to several years. Check out America's Best Bookkeepers

Acquisition of Low-Cost Financial Products

For an efficient negotiation, each client’s personalized analysis is essential and, above all, establishing a “global negotiation” with the financial entities involved. This negotiation entails studying each item, mediation commissions, expenses for transfers, and custodies. “With this we seek to have more negotiation strength if we join more clients, resulting in a reduction of” bank costs “with an average of more than 50% and thanks to this intermediation, the portfolios obtained an increase in yield of 0.50. % annual. “, explain from the company.

Control of the Expenses of Financial Management

Many times, investment decisions are conditioned by what we read in the news or by friends and acquaintances’ comments. As mentioned in many famous magazines, the reality is that most people do not have a plan about what they want to do with their savings.

“From the EAFI Independent Financial Counseling Company, we guide the client to set their objectives, and we help them to fulfill them. It is about drawing up a long-term plan that is remembered quite frequently.” This plan includes a situation about the current value of our investment assets, the expenses and the possible financial costs of today and tomorrow, their future evolution, and how our heritage will respond to the current and expected level of life, “the experts declare.

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

Personal financial management is a concept of great significance that helps individuals keep a grasp on their expenses while building savings. This management of finances creates a budget to manage current expenses and help you build funds for retirement and emergencies. As financial management is of high importance when you become a responsible adult, we must teach our children money management starting at a young age. When lessons are taught in childhood, they become a habit for children, proving fruitful as they grow older.

Money management is not taught in school though it is an important subject, so it is up to parents to teach our kids how to manage money to give them a strong financial future as adults. Here are five ways to teach your kids about money management. Check out America's Best Bookkeepers

Show Your Kids How to Use Cash

Most kids don’t know what credit cards are, let alone manage them, so it is important to start teaching them money management with cash. When they get older, you can give them a debit card with limitations and help them open and maintain a checking or savings account. Cash is easy to deal with and easier for them to count on face values.

Gift Your Kids with a Piggy Bank

Teaching your kids about money management doesn’t have to be a complicated task. They don’t need spreadsheets and complicated budgets. They need a small bit of capital and help with how to manage it. To get them started on the idea of a savings account, you can buy them a piggy bank and show them how to allocate some of their money into their piggy bank. To further teach them about savings, you can have them pick a fairly expensive toy they want to buy and help them use their piggy bank to save towards this goal. Check out America's Best Bookkeepers

Play Games That Center Around Money

One of the greatest games that teach about money management is the game of Monopoly. It teaches about savings, making good financial choices, purchasing power, property ownership, passive income, and even taxes and interest. While a Monopoly game can last a long time, even if the game is not played to a winner, there are so many valuable money lessons they can get from the game that you can translate into the real world.

Teach Your Kids About Hard Work

To have money to manage, your kids should earn it to get a lesson in hard work and how if you work hard, you can make more money. You can also use this as an opportunity to teach them that if they do harder jobs, they can make more money. This job opportunity will give them the chance to make job choices. It might also give them the chance to start exploring their passion and give them a chance to become entrepreneurs. Being an entrepreneur is ageless, and even children can start their small businesses. Check out America's Best Bookkeepers

Budgeting

Budgeting is one of the most important aspects of money management; you can teach your kids. Many adults don’t budget, and it is often to her detriment. Though your child’s income and expenses won’t be much, you can use their earning opportunities to show them how to make a simple budget to help them with savings and spending habits.

Conclusion

Money management is a challenging concept, even for most adults. Teaching your kids about money management at a young age and gradually increasing their knowledge and responsibilities as they get older will be a priceless financial benefit for years to come. You can show them how to manage cash, start a savings account, how money works through gameplay and hard work, and teach them how to create and stick to a budget. These lessons are ones that many adults don’t even understand.

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

To start a business with little money is possible, but it is important to consider how to utilize the money in the best possible way. A better understanding and effective utilization of business money are discussed in this article for a normal person.

Starting a business with little cash could be a challenging task, but it is not impossible. Entrepreneurs have great business ideas, but they fail because they do not have enough capital to support their idea. To start a business with little cash works best only if you get paid on an immediate basis. Check out America's Best Bookkeepers

Having low overhead expenditure, not enough labor expenses, and poor inventory management systems can create terrible situations for the person to handle.

Customer default, fraud, or unexpected expenses can sink the whole business if one does not have any credit account associated with any financial institutions. In some cases, the entrepreneurs use their credit cards to keep things on track. If the same situation happens every time, this will eventually end up in a debt trap. 

If individuals plan to start a business with little cash, they need to make a cautious budgeting plan. Here are some things that the business owner needs to consider before starting a business.

  • As a business owner, think before spending a single dollar and how it will help or facilitate the business’s operations. Whatever the expenses may be, if it is not getting enough customers, do not attempt to avoid it. Moving with a lean state-of-mind will help the person to maintain focus towards the business. Check out America's Best Bookkeepers
  • Prepare to face complex situations for at least one year of your business where the owner will be getting either little or no salary. In the business’s initial years, maybe the person will have a workforce with the lowest pay and compensation. So it is important to cut down the personal expenses to almost zero because in starting years of business, the person has to invest more to keep all the things on track. After some time, the business owner will be getting high returns on
  • Do not think that to run the business; one needs to buy everything. The person can choose the lease option for inventory management. Utilize this saved amount where it is required the most.
  • Try to become the best friend of the business banker. In this way, many of the banking transactions can be sorted out easily, as this approach will help to save time and effort.
  • A business owner needs to understand that full-time employees are a huge overhead, particularly when your business is at the initial For starting scenarios, one can use freelancers’ services to save your money.
  • Make sure to work with only those customers who pay on time and are easy to work with. Whereas, working with the customers who never pay on time becomes difficult to work with them. It is important to keep track of your loyal customers. Check out America's Best Bookkeepers

Make this point clear in the mind that “cash is the king,” and net profit owns more importance as compared to patronizing revenue goals. If the person does not have a safe and secure line of credit and the company is running out of cash, it would be very difficult to survive. To become a successful entrepreneur, one has to maintain a focus on investments and high-value activities. This will help in expanding your business more.

Another important aspect to consider is the business behavior will serve in its best way in the upcoming life. If one wants to start a business with little cash, the person must consider the points mentioned earlier to utilize the amount effectively. To run a successful business, all that matters is the potential of the idea.  

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

Creating a budget can be a satisfying process if done correctly. When you make one, you will get a feeling of relief that you have finally gained control of your finances. But making a budget is not as important as handling your money effectively; the key to successful budgeting is to stick to the plan you have created. Here are seven keys to successful budgeting. Check out America's Best Bookkeepers

Set A Realistic Budget

Handling budgets can be a tricky thing, so create one that you are easy in managing. Use your new knowledge from tracking your expenses to your spending habits. Map out your expense categories such as bills, rent, grocery, mortgage, loans, entertainment, etc. Look out for categories where you think you could reduce the amount and increase the money to go into your savings or investment.

Get Family Buy-In

Being the person who enforces the family budget can be difficult, particularly when it comes to activities like eating out. The whole idea of eating out when you are tired and do not feel like cooking seems great. So, give your kids a budget for eating out and let them choose their meal that fits in that amount. Will make your job less a hassle and give the kids a new activity. Check out America's Best Bookkeepers

Long-Term and Short-Term Goals

Planning month to month is important if you want to maintain a budget. However, preparing for a rainy day or emergencies is a must in budgeting. Consider dividing your paychecks into multiple accounts so that you make sure you are keeping money aside for the long run.

Track Spending

Keeping track of your spending for some weeks is a great way to check that your money is going where you want it is spent.  Writing down every single expense is tiring, but if you are used to spending cash instead of debiting or credit card, you will not track where your money is going.

Additionally, many people find it interesting to maintain a money tracking diary to focus on their spending. Someway, knowing that you must write it down, can act as a discouragement if you are about to binge on something you can live without.

Find Other Sources of Income

Earn a few extra bucks in your wallet by searching for new ways to make money. There are many interesting jobs you can do online or side gigs you can find to earn extra cash. This extra money making can be utilized in saving or in meeting extra expenses. Check out America's Best Bookkeepers

Using Apps and Software

Managing a household budget is just like managing the finance of a business. Working within the budget is especially important. To remain within the budget, tracking down expenses and identifying irregular expenditures is particularly important. There are many apps and software that make budgeting and tracking down expenses easy. Some apps are free and user-friendly, in which incorporating details is easy.

Traditional Budgeting Methods

There were days when people used traditional methods to plan a budget.  Some of those methods are still used frequently, and they are as reliable as using modern software and apps. Some frequently used traditional methods are as follows:

The Notebook method: This is the most traditional budgeting method, and it does not cost anything. It is about simply jotting down each detail of expenses and then calculating the figures at the end of the month.

The Excel Spreadsheet: Using an excel sheet is an easy way to create a monthly budget and update every detail of the expenditure. It is much easier and less time consuming as there are several formulae available that make calculation tasks simple.

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

Bad debt expenses in business are those accounts receivables that have gone into severe default and are considered a loss. For businesses that operate cash only or payment upon service or purchase don’t have issues with bad debt expenses. However, some businesses, to some degree, feel they need to operate by extending some credit.

If your business accounting shows your bad debt expenses to be high, you need to consider reassessing your accounts receivables. Here are five ways to lower or eliminate bad debt expenses and increase your company’s revenue. Check out America's Best Bookkeepers

Review of Credit Policies

You should be reviewing your accounts receivables monthly and noting what customers are late or possibly going to become completely default. If you have some customers who consistently pay late or default, you may consider changing them to cash-only or payment on receipt.

If you have multiple customers paying late or not, you may want to contemplate eliminating accounts receivables. You have to make tough financial decisions that have the best interest of your company in mind. While you want to be accommodating to your customers, it should never be at the expense of your business.

Eliminate Terms

Any credit terms, whether 30, 60, or 90 days puts your business at risk. Giving long terms of payment can cause your bill to be forgotten or ignored. You may need to consider eliminating these payment terms or only offering these types of payments to specific customers on a case-by-case basis. Check out America's Best Bookkeepers

Early Payment Discount

If you continue to offer 30, 60, or 90-day payment terms, you can offer various early payment discounts. Many companies that offer early payment discounts will give a significant discount if paid on the day of purchase or service. You can also offer lower discounts if paid earlier than the due date.

This discount will allow you to offer payment terms and give your customers the incentive to pay when the products or services are received earlier than the due date. Despite the discounts, if every customer is paying on time or early, your company revenue will increase because you will be clearing your accounts receivables.

Collection Policy

If you opt to continue allowing your customers to make payments or buy now and pay later, you will need to put a collection policy in place. This collection effort will be a regular interval at which you will send reminders and follow up with phone calls.

You must set a collection policy that will make sense to the due dates and provide the customer with reminders while not overwhelming them. Customers have often forgotten the payment, and gentle reminders will encourage them to pay without alienating them. It is suggested that you have three reminders. One reminder sent at the 30-day late mark, then another at the 14 days from the first reminder, then a final phone call seven days after the previous reminder. Check out America's Best Bookkeepers

Collection Agency

A collection agency would be the last resort but may become necessary to recover at least a percentage of the receivable from your defaulted customer. After your final phone reminder, you should give them seven days then look to turn the debt over to a collection agency.

A collection agency will buy the debt for a percentage of the total account and attempt to collect the full amount or even the full amount with penalties from profiting from the purchased debt.

Conclusion

While your customers are important, and you want to retain as many as possible for your business, you have to take steps to eliminate or lessen bad debt expenses. Your business has to make a profit to survive, and the more bad debt expenses you have, the lower your profits. Some businesses get into trouble when these bad debt expenses exceed profits; therefore, you must consider some or all of the ideas on this list to help eliminate it.

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

Besides purchasing a home, getting a higher education can be one of the most expensive endeavors in your life. While some students get scholarships or obtain grants that don’t have to be paid back and others have parents who can afford to pay for their education fully, many students have no choice but to obtain federal student loans.

Student loan debt rivals credit card debt to be the number one debt most working adults carry. While this fact may be disheartening, all hope is not lost if you carry federal student loan debt as there are some ways to gain debt forgiveness. Check out America's Best Bookkeepers

Debt Forgiveness Programs

Student debt forgiveness programs were developed to show compassion for students with an overwhelming amount of student debt. There are many smaller and local programs you can apply for; however, you will have to do your research to find them.

There are four major debt forgiveness programs you can apply to; however, they will not take on debts of students who are in default status, which means they have not paid against the loan in over nine months. These debt forgiveness programs are Public Service Loan Forgiveness, Perkins loan cancellation, Income-based repayment, and Teacher Loan Forgiveness specifically for students who went to school to become teachers.

While each of these programs is widely available, they have extremely strict requirements that have to be followed. They often require the yearly filing of paperwork and intricate program rules and steps to follow. Because the amount these programs give out each year is limited, if you are using the program and have even one slipup when it comes to procedures, you are removed from the program. It is important to consider your options before using any of these programs carefully. Check out America's Best Bookkeepers

Other Loan Forgiveness Options

There are a few different types of occupation-based loan debt forgiveness programs available, depending on how you live. Such programs are mainly for attorneys, doctors, and other professionals who pay more than the average amounts for advanced degrees. Students who used such loans have a great shot of getting the entire debt forgiven after just five years. The process mainly depends upon the type of profession, particularly for the people who have a full-time job in a community.

Loanforgiveness.org

There is a government-subsidized student loan forgiveness program with multiple options under the plan, one of which may be right for you. All of these loans or debt forgiveness plans are only for students with federal student loans.

  • Standard Repayment Plan: Under this plan, your payments are fixed to pay in full over ten years.
  • Income-Contingent Repayment (ICR) Plan: This repayment plan is based on your discretionary income at the time of the plan implementation or a fixed monthly payment over 12 years, also based on your discretionary income at the time of implementation. Check out America's Best Bookkeepers
  • Income-Based Repayment (IBR) Plan: This repayment plan is based on 10 to 15% of your income and will change if your income changes. There are two IBR plans, the standard IBR plan for students who obtained a federal loan before July 1, 2014, and the New Borrower plan for those who have obtained a federal student loan after that date.
  • Pay as You Earn (PAYE) Plan: This repayment plan will cap at 10% of your discretionary income at the implementation time. If you still have any debt after making regular payments for 20 years, the rest of your debt will be forgiven if you go on to earn a graduate or professional degree that would be extended to 25 years.

Permanent Disability Release

Through the Department of Education (DoE), if a student who has a federal student loan has an incapacitating physical or mental disability and cannot contribute to what is considered significant gainful activities (a job), there may be some debt relief for a federal student loan.

First, the student must prove the disability with an authenticated doctor and have supporting documentation. Once permanent disability is determined, the student debt is canceled; however, the student cannot apply for any other educational loans. The only way a student can apply for loans and continue their education is to obtain a letter from a qualifying doctor that shows they can now engage in gainful activity (get a job.) Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Business Success - Complete Controller

Starting your own small business can be exciting for the budding entrepreneur, but it can also be scary and intimidating. You can have the best business idea in the world and execute poorly and end up killing your business before it ever has a chance. While many businesses fail within the first five years, the highest percentage within the first year doesn’t have to be the same for you and your business. Check out America's Best Bookkeepers

Growing up, you can likely look back to your successes and failures and realize that the common thread to whether you were successful or failed was preparation. Entrepreneurs can’t just come up with a business idea and jump in the deep end without being prepared to swim. Besides writing a great business plan and lining up financing, here are five keys to business success every entrepreneur needs to know.

Stand Out

Your business could be an innovative idea no one else has come up with; however, it doesn’t need to be the next new thing to be successful. Even if you decide to start a business that is in a saturated market, don’t let that discourage you if it is a business you have a passion for the business you want to start. The key, in this case, is to be unique within the market. Have a product or service in addition to the standards that no one else has and make it your focal point.

This is the time for you to be bold and creative. There are no limitations for the eager and forward-thinking entrepreneur, not afraid to stand out.

Network!

Networking has been in existence since the beginning of time and is nothing new to the business world. While larger businesses have staff dedicated to networking and partnerships, networking is up to you for the small business entrepreneur. You can start by joining every local small business group that makes sense for your business. Check out America's Best Bookkeepers

You can also use your social media to network with friends and family, and if you use hashtags, you can connect to others outside of your direct connections. Networking with all types of businesses can be rewarding. You can be a source if other business owners need the products and service your business offers, or they may send referral business from their customers that need what you offer through your business that they do not.

Watch the Competition

Every business should be acutely aware of their competition. This awareness is not reserved for direct competition but also indirect competitors. To be the most competitive in your market, you should begin by knowing your closest competitor almost as well as you know yourself. Research them, know their best practices and what works for them, and determine their weaknesses and opportunities for improvement.

Knowing the competition can also lead to other networking possibilities. Competition doesn’t have to equal contention. There can be opportunities to partner to increase revenue and your customer base.

Take Care of Your Business Credit

All credit, whether personal or business, is important. While your personal credit score can prevent you from making large purchases or cost you in high-interest rates or loan denials, if it is negative, your business credit is even more critical to keep positive. Businesses can have downturns, emergencies, or unforeseen circumstances that will require capital that may not be on hand. If you need a small business loan, it could be the difference between survival or total failure if your credit prevents financial assistance. Check out America's Best Bookkeepers

Always pay your accounts payables on time, early, or better yet, in full. Ensure that all business loans and credit cards are paid quickly and consider your business credit score one of the most important things for you to protect.

Pricing

Many small businesses make one crucial mistake they shouldn’t be making and incorrectly set their prices. There is a fine balance between overpricing and underpricing. Pricing is a lot easier than you might think. Some market and competitor pricing research and calculations on operations costs will ensure that your pricing will not only be competitive but keep your operations running.

Conclusion

Every entrepreneur has a lot to consider and plan for when starting your own business. Focusing on standing out, networking, knowing your competition, taking care of your business credit, and pricing will ensure your business not only succeeds but flourishes.

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

When we dream of owning our own business, many of us likely daydream that we can afford to open and operate our business without any help or outside capital. The truth is, unless the business we are starting has low overhead or we have a huge chunk of savings to put towards opening our business, we will need to drum up capital to start and operate our business until the profits cover operations 100%.

There are several choices for financing your small business, but the choice that gains the most startup capital is investors and shareholders. These are those who put money into your business that will get back their investment through profits, but once their initial capital is paid back, they will continue to get a piece of the revenue. This share in the revenues means these shareholders also share the risks and therefore need to be kept informed. Here are six ways (besides profits) to keep your investors and shareholders content while you grow. Check out America's Best Bookkeepers

Communication is Key

Communication is key to any relationship you have in your life, whether business or personal. Your shareholders will want to see tangible results; however, while your business is building and growing, you will need strong communication with your investors. Keep them up-to-date on growth and changes in projections. Even if there are downturns in the business, don’t hide this from your investors and shareholders. They need to know the truth. This communication, specifically when it comes to downturns, could create more capital if investing more will spark growth and revenue.

The bottom line: Treat your investors and shareholders like anyone else who has a vested interest in you and communicate openly and often.

Actively Listen to Concerns

In the world of business investment and this day and age, it is rare to have “silent partners” who put money in your business and stay out of the operations. Most investors and shareholders will want a say in the object of their investment. As a business owner, you should take their input and ideas seriously and actively listen to their concerns and ideas. Active listening means you are heavily considering what is being said and integrating it into your business decision making process.

The bottom line: Though some ideas or desires may be unreasonable, most serious investors and shareholders are business savvy and have the experience that you, as a new business owner, have yet to know or experience. Remember, they have a stake in the business’s success, so every idea or suggestion they give you is with the business’s best interest at heart. Check out America's Best Bookkeepers

Manage Their Expectations

Before you communicate effectively along the way or actively listen to your investor and shareholder’s ideas, you must manage their expectations. If you have a well-written business plan, the business expectations should be handled for the most part. However, you should make sure the expectations are set at a range of high expectations to lower ones. While confidence will never be gained by presenting worst-case scenarios, setting their expectations in the middle on the lower end will give you space for some lesser desired results.

The bottom line: We all set expectations on every aspect of life in our personal and business lives. It is important that as a business owner, you set reasonable expectations for your investors and shareholders.

Show Strong Leadership

Investors and shareholders in a business are generally confident and strong leaders in their sphere of influence. When someone invests in your business, they aren’t just investing in operations and startup costs. They are investing in you. While profit projections and business potential may have heavily influenced their decision, seeing you as a strong leader and your potential is likely what had them yelling, “take my money!”

The bottom line: The investors and shareholders aren’t the only reason you should show strong leadership. Your staff and customers need to see you as a strong leader to get the most successful results for your business. Check out America's Best Bookkeepers

Set Service Goals

Before you even have your grand opening, you should discuss and set service level goals and expectations when your business starts. These service level goals and expectations may need to be adjusted. It would be best if you met with your investors and shareholders to discuss what these service levels should be, and an agreement should be drawn up and put under contract.

The bottom line: Service level agreements are standard practice in businesses that have investors and shareholders. The advantage to the shareholder is that they will know that you are striving to meet this goal and give them peace of mind. As an owner, the advantage to you is that an investor can’t move the line or push for higher service levels, which protects you and your staff from unreasonable goals.

Understand Your Investors

The best thing you can do for your investors and shareholders is to understand they are people just like you. They are not on some other plane because they have money to invest in your business or maybe more business savvy from experience. They are a person that is looking to make solid investments and who wants to see success and growth.

The bottom line is that investors and shareholders are not any different from you, so don’t treat them as though they are. Use the golden rule with some business modifications, treat and inform your investors like you want to be treated or informed.

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

Accounting and bookkeeping are a part of every business, no matter the size. Most larger businesses have entire departments dedicated to accounting, payroll, and the business’s financial workings. Small to medium businesses may or may not have staff dedicated to accounting and bookkeeping, but most small businesses resort to handling their accounting and bookkeeping through software. While most users will immediately jump on Intuit’s QuickBooks accounting software, known for its vast number of features and user-friendly design, other accounting and bookkeeping software are considered. Here is five accounting and bookkeeping software to consider for your business. Check out America's Best Bookkeepers

GnuCash

GnuCash is considered an extremely simple and user-friendly bookkeeping software. It is a great alternative to other bookkeeping and accounting software because it has efficient services and works with the vast majority of operating systems, including Mac and Windows PCs. Those who use it say its design is easy to use and integrated into your business no matter the size.

TurboCASH

TurboCASH is the perfect accounting tool to manage financial activities specifically for small and medium businesses. The greatest thing about TurboCASH is that it can handle more than one business at a time. So if you have multiple businesses or want your business and personal accounting and bookkeeping needs in one place, this software makes that possible. It is also an open-source accounting app that provides financial management services to financial businesses, and because of the open-sourcing, it has an incredible online community for support. Check out America's Best Bookkeepers

NCH Express Invoice

The NCH express invoice software is used to generate invoices, orders, quotes, and forms. Just as the name implies, this software is not as much an accounting and bookkeeping software as it is an invoice generating software. It still makes this list because users say it has great use in their business, and it is often used in concert with accounting and bookkeeping software that doesn’t have features that include invoicing.

Wave

Wave is an accounting application integrated to run home business bookkeeping and is mainly used to provide cloud-based services specifically to cater to accounting activities. This accounting application is used to manage the finances of small and medium businesses. It is also best known for having a user-friendly design with great service and features and excellent functions for small to medium businesses. Wave is also considered a highly-efficient software that is free; however, it will incur some costs if you want to include some of the upgraded services it offers for a nominal fee. Check out America's Best Bookkeepers

Money Manager Ex

Money Manager Ex is designed to manage accounts for small businesses and household finances efficiently and effectively. It is user-friendly, has excellent accounting features, and it is easy to use between devices. Like TurboCASH, Money Manager Ex is an open-source tool designed to deliver usable accounting services.

Accounting, bookkeeping, and invoicing software are not limited to one brand or service through some software that may be more recognized or widely used, such as Intuit’s QuickBooks. Some business needs are such that more expensive accounting and bookkeeping software would waste precious small business funds.

When deciding what software to use to take care of your business’s accounting and bookkeeping, you must do some research and get what you can afford to do the job you need to be done. When deciding what software to use, the other thing to consider is whether the software will still work if you meet your business plan growth projections. You can switch to an upgraded software to accommodate your business after growth. Sometimes, this change can cause issues, so you may want to consider an accounting and bookkeeping software your business can grow into rather than one that fits your current needs.

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

Every financial advisor or guru will say the word savings more than any other English language. The reason is that savings are important for financial freedom. Still, it is crucial to your future, and in case disaster strikes such as job loss, a broken-down vehicle, or an unforeseen medical expense. If you are not saving now, you need to start immediately. You don’t have to start with large and unreasonable amounts of money. It would be best if you eased into savings until you get used to being without the income in your personal operating costs and increase as you can. Check out America's Best Bookkeepers

You can do some things to increase savings may seem like they are obvious, and they are, but regardless of this, many don’t do them. An astounding amount of adults with great incomes fail to save any of it even though to do so would be simple. So for those that are not saving or saving enough, here are five ways you can start working towards financial freedom through some savvy savings ideas.

Retirement Fund

An amazing number of those saving nothing at all work for a company with at least one retirement fund, if not multiple retirement funds or other types of savings plans. The best thing about all of them is that they take it out of your paycheck before receiving it, so you don’t even miss it and are forced to adjust your budget around your adjusted income without it. If you are not contributing to your company offered a retirement fund, you should immediately make an appointment with the appropriate department to rectify this mistake.

If you are unsure how much to contribute, there are a few ways to decide. If your company will match up to a certain percentage, contribute at least that percentage; that match is free money. If they don’t offer a savings match, figure out the minimum you can live on from your income with some padding and contribute whatever percentage or fixed amount you have remaining. The truth is, you are not saving now, so any amount will be a vast improvement over zero. Check out America's Best Bookkeepers

Cut Expenses

Many people shy away from cutting expenses because, in this instant gratification, the high-consumption world we live in today, we often fulfill every desire of our heart when it comes to spending. In some cases, people spend outside their means for this fact. Now is the time for you to take yourself out of the race against the Joneses and create a budget so you can identify all your expenses, specifically the ones you can cut out.

It is not suggested you have no fun and don’t enjoy your life or hard-earned money. Rather, what is being suggested is that you don’t do so over having healthy savings. To do this, you need to create the dreaded budget, cut as many expenses as you can live without, and reallocate that money to debts first, then savings. If you have set up automatic savings account payments from your paycheck or other income with your banking institution, much like your savings at work, you won’t miss it and will adjust your budget around the new income without it.

Investments

Outside of the investments that would be made on your behalf through your retirement fund, you should participate in some level of personal investing. If you are a novice or don’t have a lot to invest, you should hire and consult a professional financial advisor or investment manager. This professional can help evaluate your risk tolerance and limits and make investments on your behalf accordingly. It is not to say you cannot or should not strike out on your own. However, unless you are knowledgeable in the intricacies of good investing, leave it to a pro. Check out America's Best Bookkeepers

Eradicate Debt

The easiest way to have income that can be put into your savings is to become debt-free. This freedom is not just beneficial to your savings account, but it is an accomplishment that can help you make big purchases such as a home or vehicle. Working towards eliminating debt and achieving it should be followed up with putting your new surplus into savings and then never allowing yourself to go into bad debt again. Getting into a mortgage or using credit to purchase a new vehicle is a good debt to carry as long as you pay it down as quickly as possible.

Savings Account(s)

There are many savings account types, some of which are lower in interest gains and lower risk. Others are investment savings accounts, which carry some risks but have higher interest payoffs. To decide what kind of savings account(s) to have, you should research the options, evaluate the risks or hire a professional financial advisor to help you decide best for you and your financial freedom.

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