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A stock of materials and products are at an intermediate stage between the original raw material and finished product. This inventory includes the value of the raw material plus the work invested, supporting documents, electricity, supervision and other direct expenses. Here is how a company can effectively calculate their work in progress inventory to include with their bookkeeping.

1. Manage the Inventory Size

The size of product inventory in the production process stems from the nature of the production, length of the production line, and planning and technological means available to the firm. Since this category can include products of any degree of processing, the extent to which the product inventory is processed should be defined in the process and evaluated for effective calculation of work in progress.

The inventory of products in the process is estimated by two methods. The first method works by conducting calculations from the bottom according to the cost of the raw material plus costs incurred by the firm until its processing stages. The second method is to calculate the selling price minus gross profit and completion expenses, up to the condition of a final product.

2. Effective in Managing Raw Materials Needed in Production

Work in progress (WIP) refers to halfway finished goods that are still in the production procedure. The work in progress does not include raw materials or finished goods. Work in progress normally involves an estimation of raw materials required for an item. As the raw materials are included in an initial stage of the production process, they are automatically included in the cost of extra processing as each unit progresses through the different manufacturing steps.

3. Estimation of Finished Goods for an Accounting Period

Work in progress is useful in providing an estimate for the finished goods throughout an accounting period. The estimation helps the company in determining a valuation to measure the inventory of items that are currently held within the production lines for effective calculation of work in progress. Work in progress is one of the three types of inventory that also includes raw materials and finished goods in bookkeeping records.  

Work in progress might be accounted for on the balance sheet for each accounting period.  It is difficult to calculate the exact cost of a work in progress inventory as there may be many products that are considered work in progress in different phases of production towards the end of the period.  

4.  Quickly Transferring Goods from Work in Progress to Finished Goods

To make the bookkeeping process less demanding, some organizations finish all their work in progress inventory and move them into finished goods inventory before closing the books. This type of bookkeeping is useful because it means that there is no work in progress inventory to represent. An option is to allow a standard level of function for every task related to the work in progress inventory. The theory is that a healthy level of finishing products will be around redress of when the products arrived at the midpoint.

It is conceivable to gauge the measure of ending work in progress. However, the outcome can be inaccurate because of varieties caused by genuine piece levels, rework, and deterioration. The count of ending work in progress is:

Beginning WIP + Manufacturing costs = Cost of Goods Manufactured

5. Reducing Measures of Work in Progress Inventory

From a traditional viewpoint, businesses are in an increasing prominence on reducing the measure of work in progress units in the manufacturing process at any one time. By lowering work in progress, they need to reduce the manufacturing processes that lead to damaged goods in the production line for an effective calculation of work in progress. Minimal work in progress investment is a basis for just in time manufacturing.  An inventory structure is required before a product is sent onto a production process to guarantee an even stream of goods.

From a borrowing point of view, some banks will enable work in progress to be utilized as insurance for advances since incompletely finished inventory is troublesome for them to offer in case of the borrower defaulting on their loan, unless it is near fruition.

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About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

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Inventory

Companies that are involved in the manufacturing and selling of physical goods are required to record them as assets in their books and expenses at the time of their sale. Manufacturing companies usually deal with three different kinds of inventories which are materials, work in process and finished goods. Retailers only have to deal with one inventory which is merchandise. In all cases, a company has to sell inventories in order to make profits. Before it is sold, it serves as an asset for the company, however, after merchandise is sold, the cost coverts into an expense, called Cost of Goods Sold (COGS). The cost is then transferred from a balance sheet to an income statement via journal entry in bookkeeping terms.

Companies maintain a significant amount of inventory to manage their day to day operations. However, it is an important asset which needs to be monitored closely. Storing too much inventory can cause issues related to decreasing cash flows, storage costs and losses in case the item turns archaic. Similarly, too little of it can result in lost sales and customers.

Indirect costs or overhead costs that cover depreciation, factory maintenance, cost of factory management, electricity, etc. are allocated to inventory, depending on the production levels. Overheads are frequently assigned based on direct labor hours or a number of machine hours.

Cost of Goods Sold

Cost of Goods Sold basically represents the cost of goods or merchandise that has been sold to customers. Unlike inventory, which is mentioned on the balance sheet, cost of goods is reported on the income statement. All of the costs that are occurred in order to get the merchandise into the inventory and then ready for sale are included in the cost of goods. The cost of acquiring it from the supplier, shipping costs, and all other costs are included. Direct materials, labor, and overhead costs are also included in the cost of goods sold.

For services, the cost of goods would account for labor, payrolls, and benefits. Basically, all of the direct costs that are associated with the production of the product is the cost of goods. It is important to highlight that goods that are not sold during the year and are still in inventory would not be included to calculate the COGS. Only the goods that were sold are included.

Cost Flow Assumptions

There are basically three methods that are accepted by the IRS to move the cost from the balance sheet to the income statement. FIFO (First In First Out), LIFO (Last In First Out) and Average Cost are the accepted methods. They are exactly what the names suggest. First in first out means that goods that arrive first should be removed first at an original cost. It doesn’t matter if the cost of goods sold has increased for the new batch, you would have to record at an original price. 

Each cash flow assumption can be used in both of the systems mentioned below.

Periodic Inventory System

Under the periodic system, the amount in the inventories account is not updated at the time of purchase. In fact, the account is only updated at the end of a year. This means that for the whole year the account would show the cost of last year’s stock.

All the purchases related to merchandise are recorded in either one or more purchase accounts. At the time of year-end, the purchase accounts are closed and the stock account is matched with the cost of merchandise at hand. Under the periodic system, cost of goods sold does not exist in the account to record the sale of merchandise. It is simply calculated as beginning stock + new purchases – ending stock. You would not be able to calculate it while looking at a general ledger account.

Perpetual Inventory System

Under a perpetual system, the stock account is continuously updated. The cost of merchandise that is purchased from the suppliers is added to the account, while what is sold to the customers is continuously being reduced from the account. There is no room for purchase accounts under this system.

The cost of goods sold account is debited at the time of the sale, exactly for the cost associated with the merchandise. For the sale of any merchandise, there have to be two recorded journal entries. Sales and accounts receivable are recorded as one entry while the other caters to the reduction of inventory and increase in the cost of goods that are sold.

FIFO, LIFO and Average cash flow assumptions are combined with either perpetual or periodic systems to account for the cost of stock at hand. It is up to you to choose any one of them at your convenience. 

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About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

 

 

 

 

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Whenever somone opens a business that involves an inventory, a question that comes up after some time is… How do I value the taxes on something that is continuously fluctuating? How do I evaluate something that has a different value when I buy it versus when I sell it and it’s on the market?

No matter how confusing this all sounds, there are multiple methods to make matters simple for the business owners.

3 Factors that will Determine your Inventory Value

1.  Cost – This is the price you paid for the items in your inventory.

2.  Market Value – ­
This involves evaluating your stock on the basis of the market value of the goods on the specific valuation date.

3.  Retail –
This method involves calculating the value of inventory on your selling price and then reducing a specific markup percentage to arrive at the final cost.

While calculating your inventory value by using any of the above factors, if you come across any kind of item that you consider ‘damaged’ or ‘worthless’, then you may exclude it from your calculation.

Now, as for the methods of calculation, the IRS (Internal Revenue Service) prefers the FIFO (First in First Out) and LIFO (Last in First Out) methods, but there are also other methods that the IRS allows. The IRS recommends both of these methods for Stock Valuation especially in the case of taxes. 

The First In First Out Method in Inventory Valuation

First In First Out (FIFO), it is the assumption that the first things that went into the stock were the first ones to be sold. This is very effective when prices are going up (this is the usual case) and the value of the inventory is recorded to be higher. As the earlier and cheaper items in the stock are subtracted from the entire value of the old and new (expensive) items, this creates a larger taxable amount. However, if this method is used in bookkeeping, it can attract investors to put money in your company and make it easier for your business to get loans for expansion, which is beneficial for many businesses despite the fact that it leads to a higher tax.

The Last In First Out Method of Calculating the Stock Value

The Last In First Out (LIFO) method involves assuming the last item to be bought for resale is the first item to be sold. When prices are increasing, the item at the highest expense is the first one to be sold and, therefore, deducted from the sum of old (cheap) and new (expensive) goods in the inventory. This leads to an overall lower taxable income.

Now, some would be wondering if a mixture of FIFO and LIFO could be adopted into the accounting of a particular business. Even though using multiple valuation methods are allowed, if a company is utilizing LIFO in tax, then they must utilize it in bookkeeping as well. Moreover, if a company’s subsidiary is utilizing LIFO, then the entire company must also employ LIFO in calculating the value of their stock.

Nevertheless, LIFO is the preferred calculation method for many companies, especially those who are looking to cut their taxes.

Advice for Inventory Valuation Methods and the Effect of Stock Size on Tax and Business

Deciding which method to use depends on the goals of your business, whether you are looking for a lower tax bill or wanting to build strong financial books in order to attract investors. Some people think that maintaining a large inventory can get them an advantage in taxable income, however, this is a misconception.

Items in the inventory do not give out any tax-deductible effect until, and unless, they are considered ‘worthless’ or sold, both of which results in them being removed from the stock. You must also ensure that your inventory is not too small, as it gives no advantages in terms of taxes. The ideal solution is to maintain a flow in your stock which involves a delicate balance between the purchases into the stocks and the sales that get out of the stock. This is also really beneficial for business as it cuts down the costs of borrowing money for stock or paying for storage of the supplies.

It is recommended that you consult an accountant to advise you on the stock valuation methods and help you manage your business’ financial records.

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About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

 

 

 

 

 

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Inventory management is one important aspect of retail and manufacturing businesses. Inventory is everything that needs to be sold in order for your company to make a profit. Some might think that businesses should be stocked up at all times, regardless of the demand because it isn’t a good notion to disappoint customers. However, there are many costs associated with holding inventory and it might not turn out to be such a wise notion. Furthermore, inventory costs are directly related to the amount of income tax you have to pay at the year-end. The costs of purchasing and storing the inventory are considered as your costs of doing business, which must be accounted for in the income statement. Depending on your method of stating your inventory, the costs may vary.

Inventory Management and Taxable Income

Before calculating taxable income, you need to determine the costs of acquiring the inventory. Commonly, inventory costs will include the purchase price, freight charges and amount of sales tax that has been paid. All of these expenses need to be included in your income statement along with the cost of goods sold. The cost of goods need to be calculated separately and reduces your gross income, which further leads to the reduction of income tax that needs to be paid. When your cost of goods sold is higher, it will reduce your net taxable income and eventually decrease the amount of tax paid.

Inventory Management using FIFO

There are basically four approved methods of recording your inventory. However, the two most commonly used are FIFO (first in first out) and LIFO (last in first out). As the name suggests, the inventory rotates chronologically in and out of storage. All of the inventory items that are bought first are sold first. As the inflation has a direct relation to the cost of inventory, you will have to use cheap units first and so on. Because your cost of goods sold is low, your net income increases, leading to increased income tax that has to be paid.

Inventory Management using LIFO

LIFO is quite the opposite of FIFO as you use your new inventory first and then move on to the oldest. Inflation always raises the prices of products, therefore, more expensive units are sold first. This, in return, increases your cost of goods sold dramatically and reduces your net income. A reduced net income means that that you will have to pay a lower income tax at the end of the year.

Conclusion

Both of these methods of inventory management have their ups and downs. Depending on the need of the hour, companies decide which one to use. Companies normally prefer to use LIFO more often but you have to ask for permission from the IRS by filling out the Form 970. You can also be held responsible for tax liability in case you change the industry of your business. The difference between FIFO and LIFO will be calculated and you will have to pay the tax on the balance.

Large tax payments are a huge concern for large corporations as their earnings are billions of dollars. Their top concern is to save every dollar from taxes. A small business may not have to worry about such issues at the start but, as your business grows, you will have to formulate a solid plan for inventory management. You have to account for every dollar that is spent in acquiring and holding the inventory because it can later come back and hurt you in the form of a significant income tax bill.

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About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

 

 

 

 

 

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It’s on every entrepreneur’s mind, this question has them thinking hard. How exactly does one measure how much stock to have available, ready to delivery and how much is too much?  In any business, the need to have stock is important and depends on the activities necessary to run your business. To be able to grow, any business will first have to cater the demand for an item and then start selling. Many businesses need to have a specific level of stock available so that they can keep up with that demand. Here are some examples of businesses that need to keep stock available, to supply without delay and deliver to demands.

These examples will give a better picture of what levels of inventory must be kept. The whole concept of this question is what to have on hand in order to be able to keep up with demand and not fall short on supply. By having enough, one is cost effective and efficient. Planning out budgets, finances, and expenditures would be rendered meaningless if the proper stock is not maintained. Without stock, deliveries cease which translates to business cessation. This, however, is foreseen in all business plans and precautions are taken well in advance. With hard work and planning, results are guaranteed.

Restaurants

If you are selling edible products at a restaurant, then specific quantities of raw stock, as well as semi cooked items, will be essentially needed. Let’s say, it’s a fast food restaurant and the burgers are really popular. Buns, sauces, raw veggies, patties, garnishes, etc. have to be purchased in a daily stock straight from vendors on priority. You will have to coordinate with the bakery, meat market, and vegetable vendor on a daily basis to ensure smooth functioning. If an order of ten burgers is received and you have only have the ingredients for six, the odds are that customer will not come back due to disappointment. Whatever you are selling, it’s got to be enough to meet the expected demands!

Retail Stores

With tight inventory control systems and proper handling of all artifacts, complete with model numbers, rows, and designated areas in stock, retail stores are hard work to say the least. For instance, a t-shirt would normally be kept in four regular sizes, ranging from small to extra-large and different colors, which means different codes for each one. Shoes should be kept in sizes for men and women, ranging from 6.5 to 10. Same with the codes, as different colors are for different codes. A very specific level of stock is needed for what you are selling to handle customers with grace to their satisfaction.

Pharmacies and Drug Stores

Drug stores have an especial POS software that takes care of their inventory and stock levels. This software helps them manage and monitor all inventory. When a drugstore is set up, this software is configured with a minimum level warning system that tells the user the availability of whatever is present in stock. In addition, costly and expensive meds, like cancer treatment prescriptions, are on a limited stock. But, commonly occurring meds are stocked in high levels, such as aspirin or flu-fighters. If you are selling medicine, then you must have stock according to your location and area.

Considerations for Inventory Management

Trends or Seasons

A growing and thriving business will need to forecast the sales seasons each year and make itself ready for upcoming influxes. To better prepare, stocks are absolutely essential to be able to accommodate patrons and regular customers. By taking this action, it can easily be determined what part of the year is most active and which is the slowest, thus you can prepare accordingly, with planning. This will help to envision cost-effective methods of stocking whatever you are selling.

Weekends and Weather

Some businesses thrive during the weekend while they are slow on regular weekdays. This prediction can help business owners arm their stocks before the weekend hits. Not just restaurants, but also bars, clubs and many other weekend leisure venues party on until the break of dawn on Fridays through Sundays. Their demands are all met with success, paving their way to becoming the most popular joint. However, if stocks are not leveled according to predictions, businesses will be negatively affected.

Conclusion

By understanding the kind of business you are, your need for available stock should be set accordingly. There are days when it is super-fast and hectic while others are indolent and relaxed. You are selling by recognizing the needs of clientele and preparing to meet their demands, so a solid stock is mandatory to be kept in hand.
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About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

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Each organization requires an inventory to carry out the various activities aimed at achieving its objectives as a successful business. Stock inventory is created when items are in standby mode before they are used or sold. A stock of items can be found at any stage of the process, initially as raw material, then process stock and, finally, finished stock.

Types of Stock Inventory Management

Businesses rely on different types of inventory to conduct their operations. Some of the most common types are:

  • Raw Material Inventory – Materials intended for production. This inventory allows continuous production and its size is determined by the cost, production time, and priorities of the organization.
  • Work In Process Inventory – Materials that are in the production line waiting between different workstations. This inventory includes products that are allotted to different processing times of workstations.
  • Finished Goods Inventory – Inventory of finished products intended for sale and awaiting delivery to customers.
  • Inventory of Supplementary Materials – Materials that do not directly participate in production but are necessary to complete the process. For example: office supplies, packaging materials, and other products included in the indirect production.

Costs Associated with Inventory Management

Costs associated with inventory management are different depending on the production process and type of finished product. Following are costs associated with inventory management for effective bookkeeping records.

  • Cost of Labor – Includes all costs associated with those responsible for managing inventory. This cost includes salaries and wages paid to warehouse managers, warehouse clerks, and inventory holders.
  • Cost of IT – Includes the cost of purchasing and maintaining computers and software.
  • Cost of Management – Includes building procedures, approving and assimilating them into the system. For example: storage procedures, handling procedures, and delivery procedures.

Benefits Derived from Inventory Management

There are several benefits taken from effective inventory management for the success of a business and proper bookkeeping. Savings on inventory maintenance helps in the optimization of costs associated with inventory maintenance.  They also include costs associated with repeat orders on other products.

Meeting supply times assists in proper inventory management. It enables ongoing production and meeting time schedules and delivery times that are determined in advance. Timely delivery will lead to additional orders and new customers for the business. This indicates that proper inventory management is effective in helping the business succeed.

Maximum utilization of production factors is another benefit of stock inventory management.  Proper management of inventory will enable a continuous production process and will prevent downtime, delays, and idle time in the production process.

Inventory Management – 3 Main Methods


LIFO Method – Last In First Out

This inventory management method is also known as the stack method. The LIFO method is used to determine that the last product that enters the inventory will be the first product to be exported. LIFO is an effective method when it comes to products with a long shelf life.

FIFO Method – First In First Out

According to FIFO stock management, the first product that enters is the last product that leaves the manufacturing facility. It takes into account the shelf life of the product and the validity of the warranty received from the supplier against the product.

JIT – Just In Time

This is one of the most common inventory management methods for products with high maintenance costs. According to this method, a company will order products from the manufacturer exactly at the time of purchase. Inventory management according to consumption is the most economical model for inventory management but requires a high level of control and analysis for demand forecasting and delivery time management.

Inventory Management and IT Services

Inventory management software allows a business to track every exit and entry from the inventory of items in the various warehouses of the organization. Inventory management software is a module of a system that includes sales and purchasing modules to enable data integration and greater manageability, control, and analysis for maintaining costs associated with inventory management.

Linking the IT Sector with Warehouse for Effective Management

The warehouse, along with an inventory management software, will prove as an essential link in the organization’s inventory mechanism. The warehouse ensures proper maintenance of the various materials entering the facility, enables adequate management of inventory, and provides good service to the various factory departments. Inventory management software should enable quantitative inventory management and serial numbers for stock inventory management.

Warehouse management, when done efficiently and professionally, is one of the most important conditions for successful management of a logistics system along with stock management inventory and bookkeeping. Both play a decisive role in helping a business succeed. Here are common activities that are carried out in a warehouse:

  • Handling of deliveries from suppliers
  • Inventory counts and full control of inventory levels
  • Preparation of inventory and supply to various departments through transportation systems
  • Maintenance of physical conditions such as temperature, humidity, and pressure
  • Proximity restrictions for other materials
  • Regular maintenance
  • Receiving finished products from production
  • Receiving orders from customers
  • Preparing shipments to customers

Inventory Management with Serial Numbers

Inventory management according to serial numbers enables tracking transactions of every individual item and managing responsibility with the supplier and customer. Inventory management software allows a company to have the ability to analyze inventory movements such as display sales of items according to different periods per business needs. The software must provide information on the dead stock (unsold inventory) to alert the business of missing items when an item falls below a specified minimum level to reduce costs associated with inventory management.

A key part of inventory management software should be the ability to manage exchanges and returns of the customer. The inventory management software provider should be able to perform a variety of actions against any return of a customer or return to a supplier. For example, withdrawal of the return certificate for monetary credit, replacement of product, replacement of product X in product Y, and replacement with the withdrawal of liability if the product is under warranty.

How Can Software Help in Stock Inventory Management?

Inventory management assists with business inventory, tracking the entry and exit of items from stock, and noting speed and profitably of each sale. The inventory management module consists of a price list for each customer. The software can be helpful in the calculation of profit per invoice.

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About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.