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

The Evolving Needs of Start-ups and Small Businesses

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

Business Accounting Consultancy Services for Start-ups

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

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

What Business Accounting Consultancy Services Do On Your Behalf?

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

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

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

Putting the Right Business Accounting Consultancy Services and Practices in Place

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

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

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

 

Stressed business woman running out of money - stock and market down
Accounting is the systemic and comprehensive recording of financial operations in a business. Business bookkeeping is the recording of financial transactions as a part of the accounting process.

The most common area where small business owners make mistakes is in accounting and bookkeeping. Small business accounting mistakes range from minor errors (e.g. to save a receipt of minimum amount) to big accounting and bookkeeping errors which cause serious threats to the business.

Entrepreneurs/owners often do not see the impact of the common small business accounting mistakes as a major threat to the growth of business in the long run.

8 Common Small Business Accounting Mistakes that Pose Risk to Business Stability

  1. Business owners mix personal finances with their business account

  • Business owners mix their personal finances with business expenses. Keeping these two finances separate is of utmost importance. If these two finances (personal and business) are not segregated then it cannot be known what was intended for business and what was used personally. The finances cannot be estimated correctly and the amount of profit generated out of invested capital cannot be calculated. 
  • A business credit card is utilized for personal expenses during a holiday trip or other excursions. Later on, this amount will be paid from the company’s income.
  • During purchase orders for inventory of the company, purchases are also made for personal or private use.

  1. Trying to manage all accounting and bookkeeping yourself

  • A small business owner is often an all-rounder. They constantly try to manage all business functions themselves. Accounting and bookkeeping are hectic and time-consuming jobs. If you spend all of your time in accounting and bookkeeping, you will miss doing other important business operations.
  • If you have an accountant to manage this, you will be able to keep a second eye on accounting and bookkeeping, but also free up time for other areas.

  1. Infrequent bookkeeping

Entries are not done in time. Running behind in bookkeeping and the submission of entries of the expenses or sales will not yield an up to date picture of the business and allow you to make timely decisions. It can lead to a negative balance if expenses are made but no income statement is updated. Invoices to be paid by the company may go unnoticed and it can give your company a bad name. It can end terms with the suppliers. Business growth is halted or significantly reduced.

  1. Covering small expenses out of pocket without recording

Sometimes, it’s easier to pay small expenses out with your own money in business. And, often, these payments are small and not entered into the bookkeeping record.

Paying out of your pocket falsely makes your company appear stronger in income than it actually is.

  1. Starting new projects and ideas without a clear budget

If you start a new project in your business without planning for it, then you can run short of your budget for other business operations. You may have to quit the project in the midst of doing it if you don’t get the loan or find other investors.  It’s always best to plan ahead before you make a big move.

  1. Not saving the original receipts after entering them register/books

Keeping all receipts until all taxes are paid and an audit is produced is a must. Even after that time period, receipts are very important for matching data entries in a register or in software.

  1. Not using accounting software or cloud technology

Failing to set up a correct software as needed by your company leads to poor decision making, because installing the improper (more complicated than required or lacking crucial functions) software can lead to more complexity in accounting. Accounting software prevents accounting and bookkeeping errors. Many software applications come with guided help boxes to make the accounting process easier to interpret. Inventory control tools are provided in the software. Tax matters are made easier using accounting software.  It’s best to make the jump for your company and purchase the best software for your company. 

  1. Wrong interpretation of accounting information

  • Accounting information software is just a tool to use. Decisions must be made after completely checking the financial reports and interpreting the data. Data interpretation is made by comparing financial statements with the cash flow statements and the balance sheets.
  • Entrepreneurs/business owners/directors must focus on long-term consequences of decisions they make after getting a full picture of the company’s accounting information. Short term decisions after interpretation of accounts data do not provide the company with long term benefits. 

Conclusion

Small business accounting mistakes are not small and can dissolve the business in the long run.  Accounting and bookkeeping tasks should be managed by a trained professional and you must closely monitor your accounting and bookkeeping data. Use accounting software for bookkeeping. Neither mix personal expenses with the business account, nor pay out of pocket for business expenses. These small mistakes lead to big problems in the long run for your business.

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

Contemporary black and white business men and women working with papers and communicating in office.
When you start a business, you do not necessarily consider the need to grow your company’s accounting functions. Accounting is a vital task that is performed by companies to record, gather and analyze financial data. This information is useful in performing daily business operations effectively. Historical financial information can also be used to come up with new ways to expand your business operations. A growth strategy that is based on the available financial information helps business managers make important decisions in their current business scenario as well as for future endeavors.

Based on experience, the accounting functions for a business tend to progress step by step. You will most likely not need a Chief Financial Officer on the very first day of business, however, there is always a need to grow your company’s accounting functions as the scale of your business widens. Some of the guidelines mentioned below will assist you in deciding when it’s time to really put your foot on the gas.

Part-Time Services or Outsourcing

At the time that your business starts operating, you are probably not in a position to hire a full-time finance professional. However, it is indispensable to keep accurate financial records from day one. In case you do not have the expertise to perform this task on your own, a part-time professional or an external service provider can do the job for you. Below are some of the tasks that are needed to be looked after.

Setting Up an Accounting System – Grow your Company’s Accounting

QuickBooks is an accounting tool that is preferred by many new businesses as it’s easy to operate. Your company needs to set up the format of your financial reports and decide on SOP’s to be followed by the accounting practices. During your initial phase, you will encounter many issues regarding the handling of accounts, however, the situation can be avoided through better organization of the work.

Bookkeeping

The day to day accounting functions need to be recorded in your books, as soon as they occur. It is not something that requires a lot of expertise and anyone with basic financial knowledge can do this. You can even handle it yourself or hire someone for the preparation of checks, invoices, or any other issues related to them. However, as your business operations foster, you will need to grow your company’s accounting management which is best handled by a professional and you should consider outsourcing the bookkeeping.

Another useful way to manage your books is by avoiding cash and running all of your transactions through a bank account. This way, you will be able to get a record of every transaction you made and it will also help you to cross check all of your entries.

Protection Against Fraud

In the earlier stages of any business, it is more susceptible to frauds and theft because there are no defined Standard Operating Procedures and you are also getting familiar with how to manage your accounting efficiently. When you decide to grow your company’s accounting functions, it helps you against these frauds and thefts because you will be better equipped to manage your money. It has been proven from research that almost half of small businesses are affected by such fraudulent activities, either by employees or external factors.

Tax Preparation

As your business grows, you will need to prepare yourself to pay all taxes. Depending on the type of your business, you may need to pay sales tax, property tax, payroll tax and so on. It is best to consult an expert to file your taxes as there are many complications which require a deep understanding of the taxation system. The outsourcing agency handling your books may also provide taxing services, so it’s better to consult them first before moving on.

Grow your Company’s Accounting with Full-Time Professionals

With time, your company will grow and you will realize that your accounting tasks are far more complicated now. This is an ideal time to either convert your part-time employee to full time or hire permanent employees for the task. You may not only require a bookkeeper but a CFO or a professional who can oversee the completed work. A CFO must be capable enough to handle all questions and must be able to work with you to construe the financial statements, deal with banks and investors, confront taxation issues, forecast future budgets and protect your company’s assets.

Once your business is at a scale that outsourcing professional services and hiring an internal CFO would cost you the same, then it’s better to do the job internally. A CFO is an employee of the company and will sincerely make an effort for its success as your interests are aligned. To grow your company’s accounting functions, this is the right time to hire a full-time CFO.

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

 

 

 

 

 

 

 

 

 

 

U.S. currency in a bull market.
We have put together the most tactful ways to use your acquired funds and obtain complete benefits of rapid growth and development of your small business.

1. Innovation of Current Products or Services

Invest your funds to innovate the products/services of your company to attract new customers and commit the old ones. Know what your potential customers expect from you. Be honest and loyal to your customers. If you are successful in satisfying your customers, they will definitely come back to buy your product/services. They will refer friends and family members, too. 

2. Participate in Trade Shows

Invest your new funding to participate in trade shows. This is a great strategy to utilize funds. Trade shows usually attract customers by grasping their attention. Select carefully where and when to market your product in a trade show.

3. Expand your Market

Invest money into reaching new markets. Make your product available to new customers by opening new stores at outreach stations or even pop-up shops.

4. Market the Product

Use strategies to market your product. Use advertisement through television commercials, billboards, banners, and social media like Facebook and Twitter to target people of all ages which will eventually bring in more capital.

5. Conquer a Niche Market

A niche market is the targeted and focused portion of the market where other businesses are failing to fulfill customer needs. Focus and invest here to win the battle in the niche market.

6. Payoff Debts

Invest your new funds in order to payoff debts. The less the debt, the higher the credit scores. The money saved from monthly interest rates can be utilized in fulfilling other business requirements. Keep an eye on your bookkeeping records for paying off the debt.

7. Modernize Equipment

Use funds to replace broken equipment as soon as possible to avoid delaying orders and services. With better equipment, your orders will be completed on-time, resulting in an increase in the trust and quality of your company. This will give a much needed boost to your business.

8. Beef Up Technology

Investing in the right technology provides you with critical insights of customers and possible prospects. It will provide protection from a hacking disaster due to data loss that may cripple your business. Invest in CRM (customer relationship management) software to keep track of potential customers and purchasing history. The customer is your most valuable asset for your small business and, by targeting this asset efficiently, sales will be increased. CRM is an online accessible software. An investment in a subscription fee of such software will give a great boost to your small business.

9. Franchising

Franchising gives a fast boost to your small business. It is a method to expand your market/business. The product is distributed more widely to meet the increased demand of customers. Before franchising, a market analysis should be done. Know what the customers’ demands are and what the regulatory requirements are.  These will need to be analyzed thoroughly before franchising.  Franchising will help in capital expansion, quick market penetration, and ultimate growth of the business.

10.  Exporting

Boosting your business by exporting your product is one of the crucial methods for growing a business. Invest your money and time wisely to reach international customers. First of all, search the top three international markets where your product or service will gain maximum profit. Make an accurate analysis of the market conditions in these three countries. Also, determine the pros and cons of marketing your product in these markets. Prioritize these three countries, according to your previous findings. Now, start the business in the most favorable country. Don’t move to the second one until at least six months have passed.

Bottom Line

With new funds, there are so many options out there on how to use them.  Be wise and calculative of your decisions so that you create the best possible circumstances for your growing business.

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

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It is exciting to initiate a start-up business. Nonetheless, your business adventure can turn into a scary reality if you lack the creative wisdom to read the market and manage your small business finances well. Developing a unique business strategy and dealing with all of the admin involved is surely an intimidating task. For entrepreneurs who are good at numbers and have expertise in accounting, it may be easy to manage and maintain their financial books. However, most entrepreneurs may be good at conceiving a creative idea for a start-up business but lack accounting knowledge, skills, and experience which restricts them to manage their business’ books and finances accordingly.

The Success Lies In Accounting

Undoubtedly, accounting is the most crucial aspect of running a business. It doesn’t matter whether your start-up is of small scale or large, the core of business success lies in accounting. In the early stages of small business development, it is most essential to keep your start-up on track. You can only expect to give your start-up an ideal kick start if you have the know-how to track and manage your money effectively. Entrepreneurs usually lack money-management skills which pushes them to either outsource their accounting activities to a professional or automate their accounting systems using advanced bookkeeping and accounting tools and techniques.

A small business needs a lot of attention right from the very beginning, especially in the accounting and finance domains. For that, you need to come up with a comprehensive money-management plan or else your start-up will fail like the majority of start-ups usually do. The fate of the business solely relies on your efforts on the accounting side of the business  as well as epic judgment based on current and future accounting projections. Therefore, if you expect to get your start-up on track or put your small business on the road to success, you need to do following things.

Open a Bank Account

Manual recording and cash management of all accounting transactions will land you in a deep mess, if not now, then inevitably. It’s best to open a business bank account for the ideal management of money. Keeping your personal and business account separate will make tax season far less complicated. Moreover, it will give you a clear picture of your finances, i.e. the influx and outflow of cash, which is healthy for a small business in each and every sense.

Co-mingling your personal and business accounts will probably land you in deep trouble for mismanagement of finances, which may even lead you to a point where it would be better off to close the business rather than continuing it further. You need to play the right card (opening a bank account) in the initial phases of business development for getting your start-up on track.

Track and Monitor Your Expenses

Tracking your expenses for a defined accounting period is probably one of the most important steps in accounting. For a small business, tracking expenses is not an alien job. All that you need to do is record all business transactions right away for avoiding accounting discrepancies. A small business usually qualifies for unique tax breaks or deductions. If you expect to claim those tax deductions, it is the requirement of the IRS to keep records of everything you spend such as bank and credit card statements, bills and receipts, invoices and proof of payments, previous tax returns(if any), canceled checks and any documented evidence that support your claim expenses.

Establish a Bookkeeping System

In business terms, bookkeeping is the day to day process of recording transactions. For a small business setup, you likely have three options to manage your business transactions; you can do it yourself, you can hire in-house support or you can outsource this activity to an outside party. The bookkeeping decision usually depends on your business’s structure, size, and accounting needs.

Continue Refining Your Methods

By embracing strong accounting tools, techniques and practices, you can expect to turn your small business adventure into a big success. You need to modify your systems and methods in order to manage your accounting tasks effectively. For ensuring the long-term success of your business, you need to create a system and upgrade it constantly for helping you to maintain your profitability and improve your bottom line. Staying on top of your game will allow you to streamline your processes that will not only get your start-up on track but will also help you grow and expand your business operations.

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

Senior businesswoman is doing paperwork in her stock factory.
The accounting needs of today’s small business industry can be described in the words of John F. Kennedy.

“History … has no present, only the past rushing into the future. To try to hold fast is to be swept aside.”

Not much has changed in a long time when we talk about the system of using double-entry as a way of bookkeeping to track a company’s possessions. It is the equation that brought a revolution in the method of bookkeeping in all types of businesses and companies, be it big or small.

Bookkeeping helps business owners gather all of the necessary and relevant information through which their accounts are formulated. The method of bookkeeping is a standard and precise process in the field of business and accounting. It is the process of bookkeeping that helps business owners ensure their accounts are accurate and timely.

The alteration in bookkeeping for small businesses of today is due to the development and advancement of technology that has made it much easier for accounting experts to perform their work. Advanced accounting platforms seem to have built up performance, streamlined analysis and entries, and decreased the errors, tampering, and omissions that occur with interest charges, penalties, and dishonest dealings.

With the introduction of various cloud accounting programs, it has become a trend for small businesses to managed their accounting books with automated systems. However, many small business owners are anxious about making the switch. They must realize that they need to adapt to automated bookkeeping or they may be left behind.

1. Shift to the Cloud

Small business owners already have many time-consuming tasks that they must manage. Automated bookkeeping should not be one of them. Cloud accounting programs can save so much time and effort.

Experts have said that business owners of today need to streamline the cloud into their accounting processes. From ERP to managing expense and travel reports, the process needs to be cloud-based. Thanks to this program, small business owners are able to put more focus on other parts of their business. With cloud-based accounting software, they will spend fewer resources and time on their administrative activities.

2. Automate Your Accounting and Bookkeeping Software

If a small business owner is using an accounting software, they should be aware of all of the ranges of automation that is offered through the software. Do not let it go to waste.

Automate your bookkeeping so that you are able to track all of your business expenses and earnings. Use your app that connects to your bank account. This way, you will automatically save receipts and pull transactions. Delegating such an arduous task will save you time and allow you to be able to spend your valuable time focusing on growing your company.

3. Separate Personal expenses from Business Expenses

Most small business accounting software allows small business owners to separate their personal expenses from their business expenses.

Experts say that small business owners should create separate checking, credit card, and savings accounts for their business. This allows you accurately track business spending without mixing personal spending accounts. By doing this, you will discover that it makes it much easier to determine your deductions and filings on your tax return.

Check out America's Best Bookkeepers


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

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Accounting is key to managing finances but, for small business owners, accounting is a cumbersome and time-consuming process. The easy way to manage business finances is to utilize the tools available in the market. Accounting software helps you to manage cash flow, generate invoices, have an audit-ready business, and make preparations for the future. These tools make handling your small business easier and simple. Expensive software is not recommended for a small business because a small business has to manage simple accounting operations and general ledgers. Cloud-based accounting software is simple and has packages specially designed for small business. These are accessible online and simplify accounting tasks such as bookkeeping, purchase history, and inventory management. Updating of new versions and backup data storage services are provided by the application vendor.

Here are five cloud-based accounting software with reasonable prices.

1. Fresh Books

Fresh Books is an online accessible accounting application. Fresh Books is a well-known software used by small business owners, freelancers, and entrepreneurial agencies to handle accounting processes. It is a user-friendly tool and is preferable for a service provider.

You can access it from a desktop computer and mobile phones. It has many features used to simplify accounting processes. It makes it easy to track expenses, make online payments, generate customized invoices, generate reminders of late payments, purchase history with time-tracking, client records, and management of different projects with different rates. Many useful reports are also generated by this application, i.e. Profit and Loss reports, taxes, and accounting reports.

It is easy to use the app and can be used by owners with no financial background. The Fresh Books Help boxes guide the user to the next step while performing any task. And the user doesn’t find it difficult to use. 

A 30 days free subscription of Fresh Books is available for new users. After that, it costs $19.95 a month.

2. QuickBooks Online Simple Start

QuickBooks is a simple accounting software, accessible from smart phones and is especially useful for small businesses.  It is used to generate customized invoices, track expenses and sales, and download bank transactions.  The data saved on QuickBooks can be exported to other apps like excel for generating required accounting reports. Payroll can also be processed by using QuickBooks. Its 30 days free trial is available for beginners.

3. Kashoo

Kashoo is a cloud-based accounting app for small business, accessible from the Web browser and iPad. It has a simple dashboard for pending transactions. It has the following features:

  • Creates professional invoices
  • Categorizes income and costs
  • Connects with online credit cards and bank accounts
  • Online Sharing of data with accountant
  • Reconciliation of accounts due to double entry accounting process

20 transactions per month are free.

4. Outright

Outright is an online cloud accounting system for small businesses used for tracking expenses, profit, sales and customers. Bank accounts and other sites like PayPal, eBay, Fresh Books and web stores can be connected to Outright and data can be easily exported from one app to another. The data can be organized into categories approved by the IRS, so workload and stress due to tax are decreased. This app is also accessible from an iPhone and mobile devices. There is a free version of Outright, with limited features available.

5. Xero

Xero online accounting app is used to manage bookkeeping for small business. It has the following features:

  • A dashboard with bank balances, expenses, and invoices
  • Customized reports required by small businesses
  • Tracking cash flow in real time
  • Graphical presentation of data
  • Data can be shared and accessible to accountant and others
  • Generating customized reports and reminders to customers
  • Scheduling of payments and returns

Apple, Blackberry, and Android applications are available. Many add-ons like CRM, invoicing, and inventory management packages are also available on demand.

Conclusion

The above mentioned Fresh Books, QuickBooks, Kashoo, Xero, and Outright are the examples of online cloud-based software which are affordable, simple, and easy to use. These software and applications make bookkeeping and accounting operations easy and less time-consuming.

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

Young desperate business woman with her head squeezed between laptop computer and a rock. Student university education loan debt concept
If your company or business has been in trouble for a while and you cannot seem to pay off your corporate debts, your collectors may start looking for money. They can do this by threatening lawful action against you or your company. The way your industry is set up and whether you or your business guarantee any debts or recompenses will predict how much your creditors will be able to get from you through your bookkeeping records. Furthermore, whether you choose to file for insolvency may also change how much a creditor can obtain.

Protect the Company

Understandably, the first possibility in trying to save a business while handling its debt is taking money out of your own pocket and putting it into your business. This is a premeditated risk that possibly has failed as many times as it has prospered and should only be done if you can validate it as a short-term bookkeeping approach that promises the probability of a long-term payout.

Cut Expenses

If you cannot bond out your business with private assets, you need to recognize areas where you can condense costs. Maybe you can sublease the unused space or sell off unused equipment. While lessening your employees is not a striking option, it may be essential to keep your business alive.

Contact Clients and Providers

Stay associated with your consumers and seek out ways to upsurge your exposure and/or develop your business model, thus possibly increasing your profits. Offer your best clients discounts if they can pay you quicker. You should also contact your dealers to arrange discounts and/or deferred expenditures.

Contact Creditors

Contact every collector and advise them of your pickle. Ignoring your money lenders can only make matters worse, while confronting a debt problem is easier when you act timely. Since it’s in everyone’s interest to find a resolution, request that your investors work with you on bookkeeping to lower interest rates, increase your credit line, or streamline your repayment options.

Amalgamate Loans

You can merge your business loans into one reimbursement, which may reduce monthly costs without negatively affecting your credit. A business debt consolidation loan can allow you to deal with a single collector, rather than many, and perhaps get a loan with a lower interest rate. The process can be facilitated by a debt consolidation company hired to take accountability for conveying the new loan, gathering payments of your business, and paying off your former creditors. The loan may be unsecured or secured by business assets.

Bankruptcy

As a last resort, liquidation is a route you can take to salvage a company, especially if the business’s debt challenges are temporary and the company is otherwise viable. Liquidation can always be measured when your company is deep in the red and you may be facing collectors coming after you. There needs to be a lot of thought before filing for bankruptcy, but it may be able to provide you with the period you need to get the whole lot straightened out. There is no assurance what possessions you will be able to keep after insolvency, so you have to prepare yourself.

Benefits of Bankruptcy: How it can Help You

One of the main gains that can come from filing for liquidation is time. Once you have filed for insolvency, the bankruptcy court of law normally puts an automatic stay on all debt collection, meaning that none of your collectors can ban or recuperate your assets.

In addition, liquidation can wipe out unsafe debt (debt that is not protected by property, like credit card debt). Though, fortified debts (e.g. home mortgages, car loans) are another story and must be deliberated individually. Because you put up possessions as a security for the loan, your creditor is still possibly authorized to take it, even if you file for insolvency.

Final Note

If you think you are in imminent danger of losing your business, however, and you need help quickly, bankruptcy might be your best option. But, before you file, get advice from a knowledgeable small-business attorney with bankruptcy experience.

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

 

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Accounting is key for small business owners, however, it can be overwhelming and stressful. The easiest way to manage business finances is to utilize the tools available in the market. There is accounting software available that helps you manage cash flow, generates invoices, have an audit-ready business, and make preparations for tax time. These tools make handling your small business customers and expenses more efficient.

Following are the eight top-rated small business accounting tools which are used to manage your finances and bookkeeping functions in the business.

  1. QuickBooks Online

QuickBooks is a bookkeeping and small business accounting tool used to handle accounting operations. QuickBooks is developed and marketed by Intuit. QuickBooks is used to:

  • Generate invoices with the logo of your company and with all details required by your customers
  • Process payrolls according to HR policies
  • Manage all business transactions, including bills from suppliers and vendors
  • Manage your inventory
  • Track expenses

QuickBooks can be accessed from your laptop from anywhere you want. QuickBooks is used by small business owners to simplify accounting operations and manage finances in a short amount of time. It is affordable and easy to use software that can easily be learned and used by small business owners with no financial background.

  1. Freshbooks

Freshbooks is a well-known software used by small business owners, freelancers, and entrepreneurial agencies to handle accounting processes. It is a user-friendly tool and is preferable for a service provider.

Following are the features of Freshbooks:

  • Generating invoices
  • Managing expenses
  • Accepting payments from customers
  • Generating automatic reminders for payments
  • Managing clients of each project with pricing
  • Stellar customer services

  1. Xero

Xero is a wonderful software with a wide range of small business accounting tools. It is a good choice for online product sales.  Xero is used for:

  • Bookkeeping
  • Paperless management of expenses
  • Payment in 160 or more currencies with the ability to convert and update exchange rates automatically
  • Generating invoices and quotations
  • Tracking and managing inventory
  • Generating purchase orders
  • Automatic reconciliation of accounts
  • A dashboard with bank balances, expenses, and invoices
  • Customized reports required by the small business
  • Tracking cash flow in real time
  • Graphical presentation of data
  • Data can be shared and accessible to accountant and others
  • Generating customized reports and reminders to customers
  • Scheduling of Payments and returns

  1. Zoho Books

Zoho Books is a good choice for both a product seller and service provider because of having CRM and time-tracking features. Bookkeeping is also available in Zoho Books.

  1. Xporter Data Export Tool

Xporter isn’t specifically an accounting tool. It is used to export stored data to an Excel file. Any kind of required reports can be generated and automatically emailed to desired contacts.

  1. SimplyCost

SimplyCost is simple and economical Shopify app used to create profit reports. It tells you the actual profit you are gaining from the sale of a product. It also keeps track of worth of inventory.

  1. Profiteer

Profiteer is an app to track the cost of goods sold and variants. It is able to export a CSV report of the total value of inventory and profits. Currency fluctuations are also catered by this app and an accurate report of profit is generated for a specific period.

  1. GoDaddy

GoDaddy is also simple and economical to use. Mobile access and time tracking are present. But, the payroll option is missing. It estimates quarterly taxes. Live support is also present in this small business accounting tool.

Connector apps are used to connect and integrate accounting software. By integration apps, data can be transferred automatically from one application to another and to other partners. This is a time saving and easy to use application and used to export all kinds of data related to tax matters, customers, and expenses on a single click.

These connector applications are for:

Conclusion

While purchasing accounting software, detailed homework of your business needs should be done. Invest wisely in the purchase of a small business accounting tool according to the nature and volume of your business.The more specific requirements for a business also require an efficient and effective accounting software to manage finances and bookkeeping in the business.

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

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Bookkeeping is an essential business procedure that should be executed appropriately by entrepreneurs. Keeping track of your assets gives you a synopsis of the whole process and profitability of the company. It aids you in regulating where your cash goes and gives you specifics for potential development and analysis for an increase in the return of your investment. You should have an appropriate method to gather, document, and evaluate financial information to help you estimate how your company is functioning. Successful corporations know what important accounting strategies are. The financial health of your business affects your pronouncements. This makes it critical to have a suitable bookkeeping and financial management for your company.

Unluckily, most small companies do not put enough prominence on their bookkeeping until something has gone horribly wrong. The apprehension that your accounting has not been kept up-to-date typically happens a few days before taxes are due or, even worse, when you notice charges on your bank account for a check bouncing. You can save yourself all of the stress and last minute apprising by producing an efficacious accounting strategy beforehand.

Accounting Stratagems for Small Businesses

Design your monthly budget prudently. As an elementary and most important advice, planning your finances monthly can help you save a lot of cash. Tracing your periodic budget is ideal for allotting your financial plan efficiently. Write down all chief specifics for your financial happenings. Once you have documented all of your expenditures, you can compare it with your income. Examine your budget and eradicate unnecessary financial costs that won’t gain you anything for the company.

1.    Organize your financial records: Ensure that you have separate bank accounts for your private money and business investments. Your salary should be deposited punctually to your business bank account. Never make personal transactions using your business account. Your assets should be detached to avoid misunderstandings and mishandling of finances.

2.    Consider employing a competent and specialized accountant: One of the best things that a company can do is hire an experienced accountant to look over their financial happenings. Bookkeeping is a critical duty for companies. Calculating your money, tracking expenditures and coming up with a financial plan can be done skillfully through accounting facilities. The triumph of your enterprise relies on operational accounting and precise financial managing tactics.

3.    Document all business cash flow: Track your records, manage cash flow, and have a precise record of all of your business transactions. Documents are compulsory to help you recall all expenditures credited for the business. You should preserve all receipts and file forms appropriately. Make certain it is easy to find once you need an updated and financial analysis.

4.    Generate backup archives for your account records: Always backup your bookkeeping files. An unpredictable system crash, file mishandling, and other possible indemnities to your archives can occur. To elude losing all vital evidence of your accounting accounts, create backup records of your accounts. Always have at least 2-3 duplicates or more of your accounts and books. You can have those records stored in different hard drives. Likewise, it is idyllic to have a printed copy of your accounting records to help you trail and check all of your transactions effortlessly.

5.    Use the correct accounting tools: There are many accounting tools that you can use for your financial accounts. You need the accurate tools to manage your bookkeeping efficiently. Select billing and backup tools that are user-friendly.

All of these steps will add to your business success, but you must also factor in your specific industry’s requirements in order to keep your business afloat.

Final Note

Accounting for small companies does not have to be complex. If you take the correct steps in the beginning, such as conserving your records andreviewing your financial reports, it will be much easier for you to stay on the right path. It makes it simple for you to foresee future finances for your company.

Check out America's Best Bookkeepers


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