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Modern Management Accounting - Complete Controller

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

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

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

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

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

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

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

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

Do I Need a Full-Time Bookkeeper?

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

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

What is My Budget for a Bookkeeper?

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

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

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

Have I Fully Considered Bookkeeping Software?

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

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

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

Conclusion

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

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

Not every corporate bond is a traditional bond paying a fixed income at a fixed time interval before turning to money at precise maturity date. However, the bonds’ structure can differ in coupon intervals, coupon type, convertibility, redeemability, and a lot of other benefits. Below are the most important types of differences: Check out America's Best Bookkeepers

Floating rate note (FRN)

An (FRN) Floating Rate Note is a bond having a variable coupon; interest payments are dependent on changing interest rates, like EURIBOR, which are castoffs as a reference rate at intermittently refix dates.

Generally, the interest payment is a fixed put on over a six-month or three-month reference rate. At the start of coupon time, the spread adds up to reference to calculate the coupon on a specific date. With the margin or spread rates being constant, the reference rate is flexible. Some special FRNs have minimum or maximum coupons known as floored and capped FRNs.

Index-linked bonds

Like a floating rate note, index-linked bonds offer different coupons dependent on a primary index like the customer price index or stock index, or commodity price index. The paid coupon is a set goal rising above the reference index. Check out America's Best Bookkeepers

Zero-coupon bonds

As the name says, there are no coupons in zero-coupon bonds. The return is acquired for the investor by selling the bond at a substantial discount to the bond’s nominal value, which is because of the fixed maturity period.

The cash flows taking part in the life of a zero-coupon bond are the buying price and repaying the principal at maturity. Having no interest payments, the investor isn’t at any reinvestment risk, making it bearable for the investors to accept a bit lower return on investment.

Strips

When it gets stripped of its cash flows, a bond means every single coupon payment and principal amount payment can be separated and sold as single zero-coupon bonds. Strips, short form for ‘Separate Trading of Registered Interest and Principal Securities,’ narrates the demolition of interest coupons compared to paper securities.

Perpetual bonds

A perpetual bond doesn’t carry any maturity or redemption date and can only be converted to money if the issuer faces liquidation. Meaning that the perpetual bonds give unlimited coupons, interest is fixed for the starting period or a bond’s life. Perpetual bonds carry a call option, but in many cases, such an option can only be availed after ten or more years. A lot of perpetual bonds are given by financial institutes. Check out America's Best Bookkeepers

Convertible bonds

Few corporate bonds give the option of converting the bond into a definite number of shares at any time before approaching its maturity period date. Such type of convertible bonds might be attractive to investors as the rise in shared prices increases the bond value. This gives the issuer a decrease in the interest rate and lessens the costs of a non-convertible bond.

Collateralization

A lot of corporate bonds are unsecured bonds known as debentures. Compared to the secured bonds, which are supported by collateral, debentures are only supported by the issuer’s general credit and its tendency to produce enough cash to pay principal amount and interest.

Subordinate debentures have a lower priority even to secured bonds or debentures when it is time to claim the issuer’s assets at the time of bankruptcy. Credit ratings are the tool to determine the default risk of the issuer compared to unsecured bonds.

Asset-backed securities (ABS)

Compared to a straightforward bond, where an investor depends on the issuer’s overall creditworthiness to repay principal and interest, ABS has a pool of assets as a backup. The assets pool will build an essential cash flow to facilitate investors’ associated payments and work as collateral. The assets are pooled to make them more secure economically and expand the underlying assets’ quality. ABS gives companies the flexibility to raise funds and build new capital resources by burrowing in place of assets.

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
Stretch Your Budget - Complete Controller

As part of a financial management tool, the budget is considered a fundamental management tool. Therefore, it is of the utmost importance to plan for current expenses and the future by allocating income accordingly. It is always prudent and recommended for business owners to add a cushion or a buffer percentage to the existing budget in the business industry. If market economics dynamics remain constant, the incremental buffer amount will simultaneously augment the revenue output. However, if the business is vulnerable to the macroeconomic scenario and any adverse effect on market dynamics, then this buffer amount will act as a protective shield from any negative financial impact. Check out America's Best Bookkeepers

When speaking of small businesses, they are usually start-up organizations, sole proprietorships, or partnership firms. As a rule of thumb, the first-year budget should be based on realistic grounds. Expecting an exponential revenue stream in the initial years of the business is lofty at best. These entities are usually on a tight budget, especially in the first year of operation. There may be various revenue sources, and as soon as the business operations increase, the revenue stream plots a high course. Remember, as an owner of a small business. The firm will most likely lack capital and adequate resources. Therefore, the probability of having a low-cost and high stream in the early years incorporated into the budget will produce a disappointing outcome. Understandably, small business owners who dip into their own cash and capital to start business operations will often have to meet the overhead and other expenditures through their own resources. However, exhibiting patience will bear financial fruit. Eventually, the shrewd businessperson will see that operations will slowly meet the breakeven point and subsequently start to see their business generating revenues and profits. Check out America's Best Bookkeepers

The initial phase of the business is probably the toughest path to tread. When starting operations, it is recommended that the owner seeks advice and counsel from social, networking peers. The rationale behind this is that when you start draining capital and cash in situations of political or economic turmoil, this network of peers will be the first ones who can come to the rescue. External finances and non-financial sources can be funded through them. It is imperative that you also leverage the opportunity to seek assistance from friends, neighbors, and relatives to help you in your business or other business-related necessities. It is vital to use a polite tone, particularly when you seek help from friends to provide volunteer services in your business by packaging, shelving, decorating, or perhaps handling customers at the counter. These are all non-cash expenditures and would normally cost you money yet could be filled without affecting your budget. Check out America's Best Bookkeepers

In the early days of the business, these family and friends surely provided ample moral support, so if all goes well, they will also appreciate helping on a volunteer basis. However, do not take them for granted, and once the business starts yielding profit, you can start paying them incentives or wages to help the business move forward. Furthermore, various friends and relatives in your network may be experts in finance, taxation, or inventory management. Although they may not be powerful in pooling financial resources, they can surely help the business by setting up a formal management structure.

Investing in a fledgling business or partnership and expecting immediate profits is a little far-fetched for an owner. A wise businessperson will always aim to expand business operations or the distribution footprint of the organization. When advertising and promoting new deals, which is an expensive proposition, always take advantage of a social media platform to reach your audience. In this tech-savvy era, kids are quite educated and can lend a hand or spread the word through social media websites.

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
New Investors - Complete Controller

Whether it’s learning to invest or doing something else, you may not be doing it the right way. Here are some common mistakes to avoid.

Do not “shop around” to find a counselor

New investors often use the same advisor as their parent, friend, family member, etc. However, the best advisor for someone else may not be the best for you. Before choosing an advisor, consider your needs and observe the types of clients the advisers work with to decide how much you want to participate in the investment decision.

Before choosing a counselor, ask yourself these eight questions. Check out America's Best Bookkeepers

Understand how investments work

Research investments before making a decision. This is an important step to:

  • Understand the risks associated with the investment, including potential losses or returns.
  • Examine how the investment fits into your existing portfolio.
  • Understand the fees you pay and any penalties for early withdrawal.

Invest in something “trendy”

Some investments become popular in the media because a celebrity supports them, or they might be new to the market. Friends can also recommend placements that they have chosen for themselves. While it may be tempting and reassuring to follow the decisions of a large group of individuals, retail investors should be cautious about participating in this kind of “sheep behavior.”

Do not have a plan

Establishing a plan will help you reach your financial goals. Determine a specific interval to review your investment plan and make sure you change your plan if your financial goals (the reasons you are investing) have changed. A plan will also help you choose the asset allocation that fits your short- and long-term goals.

Your plan should be specific and realistic and provide information on your risk tolerance in your investment strategy.  Check out America's Best Bookkeepers

Do not pay attention to expenses

It is important to understand the costs when you invest because they reduce your yield. Ask questions before investing and evaluate your options. For example, two investments may involve risks and an expected return. Expected similar, but the expenses of one of them may be higher; other things being equal, the fees would affect your performance. See how fees can affect your return over time using our Portfolio Expense Calculator.

Have an overconfidence

Many investors overestimate their ability to “outperform the market” by trading frequently, thereby yielding less than they would have earned by simply holding a wide range of investments.

Our overconfidence can be compounded by the way we interpret new information – we tend to examine this information in a way that confirms our previous beliefs. As a result, in a bull where the investments generally have a good return, we could decide that operations give us a higher return. However, in a bear where investments have a bad return, we are going to blame the market and keep our belief that we are still good operators.

Seeking performance

Past performance is not an indication of future performance. This is an important lesson for both new and experienced investors. If an investment made a good return last year, it might offer a worse one this year.

Look for investments that fit well with your level of risk.  Check out America's Best Bookkeepers

Do not capitalize a return

You can grow the money you save by investing it to earn a return. Your money will grow faster if you also invest the money you earn (your return) in addition to the money you started investing with. This is Capitalization. Capitalization works for both guaranteed and unsecured investments.

Not reinvesting the money you have earned can limit your ability to grow savings faster and reach your financial goals. 

Do not read account statements

You should receive account statements monthly or quarterly that show your account activity and provide you with an update on your investments. You can receive the statements by mail or view them online. When you receive your statements:

  • Make sure the investments bought and sold are accurate.
  • Make sure the fees and commissions are accurate.
  • Check how much your investment gains or losses are.

Contact your financial representative if an item in your statements is unclear or seems inaccurate.

Not seeking diversification

Diversification (Holding investments in various asset classes, sectors, and geographies) can help you reduce the overall risk of your portfolio. Here are some reasons to diversify:

  1. All types of investments do not perform well at the same time.
  2. The different types of investments do not all react in the same way to global events and changes in economic factors, such as interest rates and exchange rates, and inflation rates.
  3. Diversification allows you to build a portfolio with lower risk than the combined risks of individual stocks.

If your portfolio is not diversified, it will be unnecessarily exposed to risk. You will not benefit from a higher average return by accepting the unnecessary risk.

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
Electronic Invoicing and Billing - Complete Controller

Electronic invoicing is one of the most accurate ways to invoice for your small business. It can save lots of time and money as well as errors to use electronic invoicing and billing. However, some issues can arise that will cause errors when using electronic invoicing and billing. The efficiency of using an electronic billing system is ideal for a small business. However, implementing and being aware of issues during upgrades can save you time, money, and errors. Here are five mistakes that could be made using an electronic invoicing and billing system and how you can avoid them. Check out America's Best Bookkeepers

Not Including a Payment Due Date

While many things are included in most electronic billing systems, it is still important for the business owner or the person handling the electronic invoicing and billing system to ensure that all information is on the invoice before it is sent out. Sending a bill without the payment due date can lead to so many issues. If your client does not have an idea of a specific due date, the bill could essentially never get paid. When prioritizing their bills, most people are going to pay those bills that have hard due dates. Therefore, it is essential that whatever software you use for your electronic billing system has a built-in generation of the due date. Check out America's Best Bookkeepers

Lack of Communication

It would be best not to rely solely on your electronic billing system to inform your clients of the billing terms and conditions. Before you even begin the electronic billing process with your clients, you should verbalize the agreement and have it in writing with their signature. Every client must be very clear on your terms and conditions regarding your invoicing and billing system.

Neglecting Future Billing Needs

When choosing a billing system software for your business, you must have the future in mind. Your business may not need a lot of bells and whistles when it comes to the features provided by the software when you first purchase it. However, it would be best if you were thinking towards the future when your business grows and understanding that the software you purchase needs to grow with your business. Not thinking about the future business needs when it comes to invoicing and billing software can cost you down the line if you don’t have the software upgraded as your business grows. Don’t make this costly mistake. Be very thoughtful in the purchase of your invoicing and billing software. Check out America's Best Bookkeepers

Ignoring Security

As with any billing system, whether it be electronic or non-electronic, you must be acutely aware of your client’s security and your business. Be aware of minimizing the bill’s personal information due to identity thieves’ ability to use that information to steal your client’s identity and that of the business. Because these communications will be sent electronically, you must be aware of and safeguard against you and your client’s protection. Make sure that all personal information that could lead to identity theft is not included on the invoice. Only include the minimal personal information you need for the bill to be generated.

Duplicate Electronic Billing

Duplicate billing is another common billing system error whether the billing or invoicing is being generated electronically or not. You must ensure that the system is properly working and you are not double billing your client. This could lead to confusion and possibly overbilling your client. You must be aware that duplicate electronic billing can occur and ensure that you get software that will safeguard against this or at least have measures in place easily implemented to keep from double billing a client. A mistake like that can be the difference between keeping a client and losing them.

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
Event Planning - Complete Controller

Since the pandemic and even before it, people were already looking to start a small business. Many people who are starting a small business already know what they want to do as they dreamt of owning their own business. Others investigate a new endeavor due to circumstances or other business ambitions and have not yet chosen a business to open. It can also be expensive to get financing, so many looking to branch out into their own small businesses are looking for low startup costs. Here are five amazing small businesses most people can start for little to no money. Check out America's Best Bookkeepers

  1. Blogging:

If you are a good writer and have something to say, starting your blog can be quite easy to do for under $100. It can even be done often for under $50, depending on what measures you take when starting the business. There are multiple ways you can earn money being a full-time blogger.

You can earn money advertising and selling digital products such as E-books. You can also earn money using affiliate links on your block site and cross-linking to other monetized sites. Generally, the main cost for blogs to get started is purchasing your domain name and setting up web hosting through a professional. There can also be costs involved if you need help building your website. However, many websites offer free templates to build your blogsite. Check out America's Best Bookkeepers

  1. Consulting:

Consulting is also a business that can easily be started almost immediately. Many people have been in the workforce for many years. During this time, they have often received formal education as well as gained experience over the years. These years of experience can build towards becoming an expert in a product, service, or work field. This expertise can lend itself to a very successful consulting business.

Your consulting business will also require you to get a domain and build a website. It would be best if you kept this as low cost as possible to stay under $100. You will also need to invest in your appearance, including your clothing and your business card. Consultants often do a lot of networking in person; therefore, your appearance and great-looking business cards will be important when networking. So you may have to invest a bit in your wardrobe and having cards created for you. However, that cost can still be low if you are thrifty.

  1. Freelance Writer:

If you are an excellent writer, you can start a business for well under $100 as a freelance writer almost immediately. In the case of a freelance writer, it is unnecessary to have a website for people to go to; however, it could help the future as you build your business. The most important thing for the freelance writer is to get themselves out there for hire periods. There are multiple websites you can sign up on as a freelance writer offering your writing services. You can also run ads on websites such as Craigslist. Many sites where you can run these ads have zero costs, or if they do have some cost involved, it will be minimal and well under $100. Check out America's Best Bookkeepers

  1. Event planner:

Event planning is another business that is easy to start for little to no money. Most event planners can start their business by planning events for friends and family and expanding by word of mouth. While it is ideal that an event planner has a website eventually, it is not necessary to start the business. Because all of the event’s costs will fall on the shoulders of the person the event is planned for, there is little to no overhead.

  1. Professional Organizer:

Becoming a professional organizer can be lucrative and cost little to no money to start. People frequently need help cleaning and organizing their home or office due to a shortage of time or energy to get it accomplished. If you are good at organizing, you will need to run advertisements, which can be done for free of charge or modest cost, and use social media. You can also make flyers to use in your vicinity to inform people of your services.

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
Filing for Bankruptcy - Complete Controller

When individuals, couples, or businesses become financially devastated, they may have to file for bankruptcy as there may be no other alternative. When people think about bankruptcy, they think it is an adverse option or irreversible solution to their financial issues. Bankruptcy can indeed be a financial set back however it is generally a relief to those struggling with huge financial burdens or losses. Here are seven things you need to know about bankruptcy before filing. Check out America's Best Bookkeepers

Bankruptcy Is Not a Quick Process

Many are under the false impression that bankruptcy is easy to do once the decision is made to file. However, there is a long process. First, you must hire a lawyer and discuss your options financially. Once you get to court, the process does not move any more quickly. While small court usually claims only last a day, bankruptcy can take anywhere from six months to a year to complete. The length of time it takes depends on the type of bankruptcy you are filing; generally, individuals file Chapter 7 bankruptcy. Other common types of bankruptcy are Chapter 13 and Chapter 11, which can take anywhere from six months to five years depending on the issues’ complications. If you decide to file bankruptcy, be ready for a long and drawn-out process.

Bankruptcy Opens Your Finances to Public Scrutiny

Because bankruptcy is conducted in a public courtroom, this can open your financial situation to the public. This generally does not cause issues as most people are not under a microscope by public members. However, if a future employer or business partner were to launch a background check, they would see a meticulous accounting of your finances. This could cause issues in employment and future business endeavors as well as other financial investments or needs. Check out America's Best Bookkeepers

Complete Disclosure Is Required

Many people see bankruptcy as an embarrassment. It is also exceedingly difficult for someone to decide to do. However, despite this embarrassment, a person filing bankruptcy needs to give Full disclosure to their lawyer and those handling their case. This means you cannot leave out a single debt, I said, or creditor information. If later it is discovered that you held back important information to your case, you can lose your case, and in some cases, there could be an investigation by the FBI or other agencies. Bankruptcy fraud is a considerable crime that can involve possible jail time and fines.

Bankruptcy Forms Are Complicated

While most forms that the government requires are complicated to navigate, there is no exception for bankruptcy forms. There is a multitude of forms and other papers that are needed when filing bankruptcy. These forms and the required paperwork can be very difficult to navigate if you have no experience. Check out America's Best Bookkeepers

The Bankruptcy Discharge Protects Only You

Bankruptcy is only for the person filing for it. If you had cosigners on any of your loans, they are still vulnerable and held responsible for the entire T of what is owed by creditors. Though they will have signed for your debt to fall to them if you go into default, they are not covered if you file and are successfully granted bankruptcy. It is suggested that you work out a plan with your cosigner before you file for bankruptcy.

Filing for Bankruptcy Is Expensive

Bankruptcy is not a cheap endeavor. It can cost you hundreds or even thousands of dollars, depending on the lawyer and the length of time it takes to settle your case. In some cases, lawyers will make contingency contracts in which they will not charge you if you were unsuccessful in obtaining bankruptcy. It can also be expensive in your financial situation as it will continue to grow into more debt as you are working your way through the system.

Declaring Bankruptcy Affects Your Credit for Years

It is a no-brainer that bankruptcy will cause you to have a poor credit score for years to come. This alone makes the decision very difficult because it takes longer for bankruptcy to fall off your credit score, unlike other creditor information. This will cause you difficulty in making purchases such as a car or a home.

You can work to build your credit just like you can when you don’t have bankruptcy. However, keep in mind this would require you to get more credit lines, which would lead to more debt to creditors. The point of filing bankruptcy is to get yourself on a clean slate and to stay there. So getting lines of credit to counteract the poor credit rating is not ideal.

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
Investment Value of a Business - Complete Controller

Before an investor expands their portfolio by investing in a business, glancing at that business’s financial statements will not always help make an educated decision on whether to invest. To gauge the actual financial representation of a business, the investor needs to filter the financial information to get more solid and conclusive answers.

Analysis of financial statements or calculating financial ratios can provide a deep and clear picture of a business’s financial health. Determining financial ratios can be a difficult task. Moreover, dozens of financial ratios might be available to the investor, making it confusing. However, the investor must investigate the financial health of a business before deciding to invest in it. Check out America's Best Bookkeepers

While assessing the business’s financial information and gathering the industry average, various websites are used, including Bloomberg, Morning Star, and Yahoo Finance. Some other non-financial factors should also be considered while assessing the business’s performance, as it is important to provide information relevant to the business’s stakeholders.

Sometimes, the business management uses data manipulations to keep their position in the market attractive to a potential investor. Thus, along with financial indicators, the non-financial statement should also be determined to conclude its financial performance. The non-financial statement is an auditor’s report that qualifies or disqualifies the business’s financial statements.

The analysis will determine the business’s competitive strength by accompanying a horizontal analysis. Furthermore, based on these analyses, certain decisions associated with the business’s external and internal stakeholders can be made.

The business aims to seek an upward trend in its profits and maintain a competitive market position. Moreover, the business should maintain a consistent focus on certain growth strategies, which fosters good business practices and financial growth.

Financial ratios can help assess the potential of a business to be a good and profitable investment. Here are five financial ratios that can be effectively used to assess the investment value of a business. Check out America's Best Bookkeepers

Operating Profit Margin

Operating Profit Margin determines the business’s profitability level, which illustrates the business’s capabilities to generate profit through its sales revenues. The business can attain a higher ratio in its operating profit margin by managing the cost-effectively, reducing the cost of unproductive activities among different business operations. However, certain uncontrollable factors or unfavorable economic consequences can negatively affect the business’s profit generation.

Interest Coverage Ratio

Interest Coverage Ratio determines the business’s efficiency by analyzing its capacity to pay off its interest expenses with the generation of operating profits. A business’s financial situation is considered more favorable when it has a higher level of coverage ratio. This situation determines that the business can utilize debt to acquire funds from the market. Check out America's Best Bookkeepers

Return on Captial Employed

Return on Capital Employed determines the business’s efficiency level to generate profits on the business’s funds from the market. Moreover, it is the most important ratio from the perspective of an investor. If the individual is making an investment decision to become a shareholder in a business, the investor must know its existing ROE.

Asset Turnover

Asset turnover ratio is an efficiency ratio used to govern the business’s capabilities to generate sales revenues on the business’s total assets, which can include fixed and current assets.

PE Ratio

Price to Earnings ratio depicts how much shareholder is willing to acquire shares from the market, regarding its market value and the associated earnings per share. It determines the attraction of shares in the eyes of the business’s shareholders.

To put it in a nutshell, the ratio which has been mentioned above is a key ratio. A shareholder must comprehend these financial ratios because they can provide valuable discernment into the business’s financial picture and help make an informed and prudent decision.

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Financial Management - Complete Controller

To understand the basics of financial management, including managing a budget or handling credit debt, is necessary for every student. To have little or no knowledge related to financial management can create complex situations that may be difficult for the person to handle in the future. As a young adult, it is important to be aware of the term “Financial Management.”  Check out America's Best Bookkeepers

Financial Management is a combination of three major concepts: financial, debt, and credit management. In simpler terms, it is the basic knowledge of how to handle finances through decision management. Financial management involves understanding the mechanism of checking accounts, the right use of credit cards, and most importantly, how to avoid debt and default.

The family’s impact can be seen when household members are trying to balance the budget, utility bills, rent payments, installments, children’s education fees, etc. Lack of financial management is not only seen in developing or emerging countries, but consumers in developed nations have also failed in defining basic financial principles. It is important for everyone to learn the basics of financial management as they will help individuals accomplish financial goals. Being financially literate will work best for a person since it allows one to make their own investment choices, such as investing in the stock market or real estate, resulting in an increased account balance. Check out America's Best Bookkeepers

The following describes the importance of financial management and literacy:

Financial management can be a complex concept to grasp. Presented with various options of products and services to choose between, it can become difficult to know which one suits your needs. Financial management works because you must take the time to learn about various services and products that are available. By researching and reviewing options, you will automatically get a better idea of which option is best according to your budget.

When a person has enough financial resources, it becomes easy to set realistic goals for their family. Financial management will help them create and manage a detailed budget plan and accomplish financial goals.

Financially educated individuals can save and pay off the debt in the easiest way. This allows them to gain knowledge and to make financial decisions with ample confidence. Financial management will help make the financial decisions that meet the needs and goals of their family. Check out America's Best Bookkeepers

Financial management helps one to manage finances efficiently by allowing them to save funds. Saving money will pay off all financial debts and will get any off-kilter finances back on track. It also helps a person to choose from an array of credit products. Financial management also helps a person know why to apply for a credit product and when to apply.

Investments and savings are particular terms reserved for the future since today’s investment will help determine the future. It is important to understand the value of money and the stock market to get a holistic view of investment. This outlook will help a person comprehend the stock market, including trending products and where to invest the money to double it. This safe method of investment will allow one to live the retirement life comfortably.

Lack of financial management will create critical situations in the future. To earn money and place it in a bank account is not a wise choice. Instead, one should try to make their money work for them. Improving financial management will have a tremendous influence on individuals and their futures. Being financially literate will help an individual make a budget plan, manage debt, make wise investment decisions, or set up a retirement account. Financial management enables a person to implement a healthy financial lifestyle and manage it in a better way.

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