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What Is Bookkeeping?

Bookkeeping is a subset of accounting in which financial transactions are recorded, analyzed, transmitted, and reviewed to make important business and financial decisions for a stipulated period of time. The transactions includes sales of goods, purchases of business machinery and equipment, vendor invoices, receipts, and payments by an individual or company.

The person who records, handles and performs day-to-day bookkeeping activities is generally known as a bookkeeper. All of the cash and credit transactions are recorded and ensured by a bookkeeper who is also responsible for keeping all business transactions in order.

Bookkeeping for Start-Ups

Most medium to large scale businesses have employees who manage the accounts payable and receivables, payroll, vendor invoices, bills, and other similar day-to-day transactions. They are often supervised by higher authorities or accounting professionals that can predict the fate of the company by making financial assumptions and projections.

Bookkeeping is one of the most critical aspects of every business. For start-ups, the need for a professional bookkeeper to run and manage the day-to-day operations becomes even more crucial. Start-ups, from the very beginning, need to record all business transactions in order to give their accountants an opportunity to sketch a clear picture of the business’s finances.

Why Do Most Start-Ups Fail?

Entrepreneurs who fail to administer their financial records, cash flow, and other important areas of their business create trouble that is hard to resolve. Start-ups that fail to task their employees with work, at the later stages, regret when they are out of the competitive race. Since making financial projections and assumptions is entirely dependent on how well you extract financial data out of your bookkeeping records, you need to hire competent employees who will take responsibility for maintaining and managing the business books, otherwise known as bookkeeping.

Bookkeeping for Start-Ups: Four Key Steps

1. Gather all records of financial transactions including deposits, vendor invoices, bank statements, purchases receipts and sales invoices.

2. Enter the data into journal ledgers or accounts.

3. Balance the accounts and remove discrepancies.

4. Close the books for the accounting period.


Key Bookkeeping Accounts

Cash Account

Small to medium sized businesses most often witness transactions in cash, which means business transactions will go through a cash account. The transactions will either be debited or credited to your account. At the end of the defined period of time, ideally a month, the bank account must be reconciled for any outstanding transactions or errors. It is important to note that it is ideal to close all discrepancies within the given month to prevent any confusion or stress later down the road.

Accounts Receivable

The money that is due from your customers must be tracked properly in order to receive and ensure timely payments. This can either be done manually by a bookkeeper or you can also incorporate bookkeeping software to know the current status of your transactions.

Inventory

Obviously, in order to know the status of your business’s inventory –  which could be raw goods, work-in-progress or ready-to-sell –  you must make sure that the actual inventory on hand agrees with your accounting records. Industry veterans recommend conducting physical counts of inventory to have a clear picture of your inventory records. Any discrepancies or variations found in the records can be a result of inaccurate tracking or, unfortunately, a result of employee fraud or theft.

Expenses Accounts

All of the expenses incurred by the business for a brief period of time, ideally a month, must be recorded properly in order to know the current expense status of your company. Some of the expenses may include rent, office expenses, petty expenses, insurance, marketing, cost of goods sold, etc.

Payroll Expenses

Undeniably, payroll expense is one of the biggest expenses for companies. This includes disbursement of salaries, bonuses, and other fringe benefits that fall under the payroll expense column in bookkeeping records.


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.

Dollar Sign with arrow illustrating growing equity

Equality and equity are the two terms which generally speak about the egalitarianism but have their own distinct features intrinsically; equality refers to the state of equality where all resources, status and funds are distributed equally among the total population present, whereas equity refers to the state where the available resources, status and funds are distributed per the requirements of each individual of the total population present. Running a corporation smoothly as well as efficiently is not an easy task.  It requires smart strategies inclusive of systematic planning to lead a business in the direction to produce maximum profits that ultimately result in the welfare of business.  Equity is one of the most important tools used by enterprises in order to generate fruitful results per their desires. Equity, in terms of business management, refers to the achievement of a status under the shadow of prescribed motto of the business organization which tends to provide its desired status. In order to achieve or generate equity, the following steps can be implemented by an enterprise effectively:

  • Appointment of an Accurate Management Team:

A management team provides you with the managing of all tasks which are to be accomplished in a way to generate greater profits and welfare of a company. Each company tends to work for its status and for high income.  To attain that and achieve equity, a highly qualified and experienced management team must be hired to competitively work hard in order to generate the desired results in turn forcing the board of directors to invest more and ultimately gain more. Equity is the state of getting what is desired per your needs.  This can only be possible if one already knows the requirements and goals of an organization that must be achieved on time. These goals are made possible by hiring a competitive team who can manage all tasks and challenges confidently.

  • Budgeting and Bookkeeping:

Budgeting is a design which portrays the optimal distribution of all resources and funds available in order to generate a business efficiently. Bookkeeping itself is the art of keeping records of all transactions held in an organization.  But, the question is, how can it promote equity?

And the answer is simple: by providing accurate results of the transactions held in a business corporation. As bookkeeping portrays all transactions of a company, it tends to promote a track record of revenue generated as well as expenditures.  This further illustrates the truth of whether a business is running successfully or not. Cash flows in the records are also a tool to determine the state of equity in a business. Therefore, in case of loss, one can come up with the strategies to overcome it and conclusively reach the state of equity.

Final Note

Equity in a business corporation is necessary for its smooth running as well as successful proceedings. It must be achieved in a way where your organization gets advantages or benefits at low costs. Equity is the state where you achieve what you require or desire and it can only be done through thorough planning and management of a business.  Only then does it generate fruitful results.

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.

 

Hand pointing at abstract drawn lamps and business sketch on concrete background. Idea concept
Whether you are a start-up enthusiast or an experienced businessperson, if you are planning to begin a new venture this year, there are certainly some business ideas that are better than others for your next start-up. Considering everything, eventually you have to ask yourself what excites and inspires you so that you can render joy and peace of mind.

Though you may be earning a handsome salary from your current job, it may not be offering you the adequate happiness, flexibility, and independence that you truly deserve. Remember, having a higher quality of life and more freedom are always better than making more money. In fact, your happiness and satisfaction immensely impacts your workplace productivity. Hence, if you are simply unhappy with your present employment, it is time to either switch jobs or follow your passion.

With that in mind, the following are ten exciting business ideas suitable for your next start-up. Fortunately, you can run most of them as a location-independent company. Certainly, they are great for you if being a digital nomad is your inherent lifestyle.

1. Photography or Video

If you are creative enough to capture a story through your camera, then photography or video-making are suitable professions that you can turn into your next start-up. In fact, these business ideas are the type of jobs that you practice as a freelancer or as a side business along with your 9-5 job. Just remember, choose an exciting niche and stick with it. If you love capturing weddings, focus on that. Likewise, if you specialize in filming promotional videos or taking professional head-shots, market that expertise.

2. Smart Device Repair

You see smart devices like tablets and cellphones in just about everyone’s hands. Regardless of what location we are talking about, almost everyone uses them to converse, surf the internet, and even for online commerce. And, more importantly, everyone relies on them. When the devices break or perform poorly, people need someone to help repair them. Irrespective of your location, you can fix those devices and make this business idea your next start-up.

3. Website Flipping

Website flipping is the activity of buying and selling websites on existing platforms with an aim to make some fast cash. There is obviously an art to this business idea which requires some research. However, once you have a good hand over it, it can simply be your next start-up to earn money.

4. Vacation Rental Management

With an expanding tourist industry, vacation rentals are rising at an exponential level. And, this segment is certainly one of the hottest business ideas in the hospitality industry today. Especially when you reside in a highly preferred tourist destination, you could easily manage apartments from homeowners who simply do not want to handle the hassle of listing, cleaning, stocking and dealing with prospective guests, thus, turning this opportunity into your next start-up.

5. Education Contents and Courses

If you are an expert in some arenas and are passionate about sharing your knowledge, skills and experience, then creating educational content and courses relevant to your expertise is one of the smartest business ideas that you can easily turn into your next start-up. In fact, there are many people out there seeking new education and to expand their set of skills. Thus, offering great instructional content can enable you to earn easy money.

6. Coaching Services

Piggybacking on the fifth great business idea, why not become a coach in an area that you are an expert in such as health, business, bookkeeping or computers? Becoming a coach is easier, irrespective of your location. Make the most of tech tools like Skype or Udemy to provide coaching services online and turn it into your next start-up. 

7. Writing

If you enjoy writing and people love what you write, consider turning your art of writing into your next start-up. This can earn you great money depending upon how you use it. Blogging is one of the easiest ways to do this. There are money websites like Make a Living Writing, the Write Life, and Be a Freelance Blogger who pay their guest bloggers a handsome amount.

8. Guided Tours

If you are located in a tourist area and love being around people, then guided tours are a great business idea that you should consider turning into your next start-up.

9. Social Media Management

Unsurprisingly, businesses are spending big budgets on social media management because of its potential to boost their business. As may people are well versed in social media, managing this can be an easy area to become an expert on. This potential business idea will earn great income and, we know, it’s not going anywhere any time soon!

10.  Ad Management Agency

This is relevant to the previous business idea. Although ad management can be trickier than social media management, it is far easier than website development or app debugging, yet still offers a great income. Also, learning it is simply takes as little as a few weeks. Thus, if you want to get into a new business as soon as possible, attempting to establish an ad management agency would be a great next start-up.

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.

Gorgeous caucasian female on concrete background with creative success sketch and light bulb. Business idea concept
Reevaluate Your Business – Even in the start-up

It is not mandatory to have a large, innovative organization to reinvent your business. Truth be told, the smaller and leaner the business is, the quicker it is to change gears and adapt to the rapidly changing environment. There is greater flexibility in the start-up for a business to respond to paradigm changes in consumer demands.

Entrepreneurs need to consider the following areas: Do clients still need and purchase a similar sort of items or services you offer? Have industries and practices changed since the start-up of business? Does the entrepreneur have sufficient awareness of changes in business practices? If not, what changes should be done to make the business competitive?

Is there a need to launch new products and services? Try not to speculate what clients need and will pay for it. Break down your current sales and interact with real clients and prospects. What do they require? What would you be able to give? What’s an ideal approach to convey answers for them? What will acquire the most profit? Is there a specific specialty that the business can specialize in?

Provided that this is true, entrepreneurs need to consider how customers can be targeted and what other products can be launched in the target market.

Sales over the Internet

Is the entrepreneur offering their products and services on the web? If not, then what are the reasons for not doing so? If the sales are declining and there are no offers available on the web or capturing leads online, it’s an ideal opportunity to capitalize on this opportunity. Notwithstanding when individuals purchase face to face or by individual connections, they are probably going to explore the items, organization or consultant online before settling on a choice on what to purchase and from whom to get it. If you have a business, a website is a must. The kind of website and what ought to be on it relies upon what the entrepreneur has to offer. However, an efficient bookkeeping method also needs to be in place to account for online sales. This aspect has to be evaluated as part of the many start-up tasks.

Get Involved in Social Media

Do you have an online networking presence? Online networking may not be everyone’s cup of tea, but the Pew Internet Social Media Update in 2016 found that 68% of all U.S. adults (i.e., Internet clients and non-Internet clients) are Facebook clients. While 28% of these clients utilize Instagram, 26% utilize Pinterest, 25% utilize LinkedIn, and 21% utilize Twitter.

Discover which of the web-based social networking locales pulls in the type of clients you need to reach and, after that, it is important to get active in those channels. Post remarks, answer questions, begin discourses identified with your products and industry. If you don’t have time for all of this, consider having a trusted staff to handle the web-based social networking assignments. Consider publicizing via web-based networking media destinations, as well. The social media activities need to be launched from day one of the businesses start-up.

Contact Former Customers

Try not to accept that a previous client who did not purchase from you in the business start-up will never purchase from you again. Clients’ needs and conditions change, just like that of an entrepreneur. The mega corporation that didn’t renew your agreement a few years back on account of changing business needs may have altered their course of action and could be a decent prospect now. The client who might have considered a lower-priced competitor might be disappointed with the quality of service and be responsive to a call from you today. Bookkeeping previous records of the former customer can reveal how greater gains can be made in the present.

Contact Competitors of Present or Former Customers

On the off chance that an organization needs what you offer, there’s a decent shot that their rivals do as well. Industry groups that you belong to such as trade shows, seminars and friends in the industry would all be able to assist you to distinguish likely prospects. On the off chance that the target market approached in the start-up doesn’t require your products or services, inquire as to what their specific expectations and requirements are. To account for this, non-financial bookkeeping is also important to be conducted.

Sell Additional Products and Services to Existing Customers

Regularly, the simplest approach to acquiring new business is to sell more to your current clients. You might have the capacity to sell additional products to a similar contract or sell a similar product to an alternate division of the organization. Or, there is also the possibility to sell related items and services to the client. Keep your eyes and ears open for new opportunities.  It needs to be ensured that clients know about the dynamism of the business right from its start-up.

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.

 

Blurred, defocused background of public event exhibition hall. Business trade show or commercial activity concept
In the world of business, everyone is looking for profits and the same goes for investors who will invest only where they think an opportunity for growth exists. It isn’t a prerequisite for start-ups to be working on a global level to attract these types of investors. They should just be concise and well directed to what market a particular start-up wants to tap into. This is measured in terms of a new company’s strategy, goals, and milestones it has set for growth.

So, what are the most important points that play a key role in attracting investors? Following are the points you should focus on if you are an entrepreneur or planning to launch a start-up. 

Business Model

Your business model should be comprehensive in its approach. You need to be clear about the economics of your start-up. If your model makes sense, investors will surely be attracted to provide funds for your idea. It is great for your model to be valid in various markets around the globe, however, it is a must for it to prove itself in the local market first. Another point that you need to clearly include in your model is how you will carve out a market share for your business, especially in the presence of competitors. Do not make your initial results your long-term estimates. Sometimes, people try new products on the market just because they find it somewhat interesting and not because that product is a part of their needs. Continually improving your strategy with changing market demands can also prove to be very beneficial for your company’s success and to attract investments.

Scalability

You need to adapt to the continuously changing demands of the market. Some of your strategies may become redundant, making your business less efficient. Such tactics must be changed to better suit the progress towards your start-up goals. Innovations, such as those in technology, make some aspects more efficient and the impact of these on growth should be analyzed comprehensively and adopted if the prospects seem beneficial. Investors are always attracted to a company that changes itself to keep up with the market.

Identify Competitors

Your start-up needs to clearly identify its competitors and, while doing this, there is one thing that you should know: Any kind of company or business (regardless of their model) that is targeting the same market segment as your company should be thought of as a competitor. Incorporating the advantages you have over these competitors and defining how you are going to grow over them into your strategy is what investors look for before making decisions about becoming a stakeholder in a company.

Compliance

Compliance is a very important aspect when dealing with global investors even though the local ones might not be finicky about it. Any start-up should ensure that it complies with all rules and laws. Things like taxes and company structure along with other compliances such as those relating to banking, FDI, employment and benefits must be in compliance. Global investors do not want to be associated as stakeholders to a business that is not meeting the regulatory rules and requirements.

Structure and Valuation

Familiarity with the structures of debt and equity is essential. A common stock has different requirements relative to convertible debentures and convertible bonds. Valuation methods can be different for different kinds of structures. It depends on your business strategy as to which valuation procedure suits you the most. Your idea of dilution and the amount you’re trying to raise should be well defined. Your plan should also be comprehensive regarding your break-even position.

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.

 

 

 

Development and growth concept. Businessman plan growth and increase of positive indicators in his business.
Recent reports by Sageworks, a financial information company, revealed the industries that are most and least profitable over the studies of previous years. According to their research, businesses that are service based have low start-up costs, although they require specialized procedures of training and function services which fare well in today’s market. This includes law offices, real estate brokerages, and accounting/bookkeeping firms.

On the other side of the spectrum, businesses and retailers related to the food industry struggle in sales, with farming and grocery stores seeing close to no growth at all.

Bierman, a business analyst, said “Because of their volume based business model and competitive markets, margins tend to be smaller. Grocery stores and manufacturing companies are good examples. Oftentimes their goods may be considered commodities and to charge extra for a loaf bread may drive consumers to a different store over time.”

If you are starting a business or planning to do so, here are some of the most and least profitable businesses in recent years.

Most Profitable Businesses

Tax Preparation, Accounting, Payroll Services and Bookkeeping

Not sure which business to start? Well, if you are good with numbers, an accounting firm will be the ideal option to invest into. Over the previous years, tax preparations, bookkeeping, payroll services and accounting have seen a remarkable increase of 17.84 percent in the growth of sales.

They are likely to gain profits because their start-up costs are low and all you have to pay for is your employees, technology, and training. Alongside, it is a service-based business, therefore, no amount of money has to be spent on inventory. All one has to focus on is obtaining effective employees and build a reputable name for their business.

Legal Services

Similar to accounting, legal firms are a service-based industry that have seen a positive growth in sales of around 16.89 percent over the past years. They have small start-up costs that mostly include employees holding law degrees. Although an investment is required in special employee training and education, legal firms are able to generate a good amount of money.

Management of Enterprises and Companies

A 16.75 percent growth was noticed in this business realm. Therefore, it is a wise decision to invest in this industry. Typically, these businesses consist of privately owned banks of holding companies that are supposed to advise and further assist other companies in making essential and important management, operational, and financial decisions. Although the offices are niche and mostly offer services that are specialized with skilled employees, these kind of companies often bring in a considerable amount of profit.

Offices of Brokers and Real Estate Agents

The real estate industry has seen an increase of 16.6 percent over the past few years. Although the industry fluctuates and this can be hugely affected by changes in the market, it is wise to invest in this business when an increase in positive trends is noticed because real estate agents make good amounts of money when the business start-up is up and roaring.

Least Profitable Businesses

Gas and Oil Extraction

Gas prices were lower in 2017, similar to past years. Firms that are operating in the gas and oil industry have been noticing a drop in sales of around 4.24 percent. With major fluctuations in the market, competitors, and incredible barriers to entry, this may not be the best business to invest into.

Beverage Manufacturing

According to research, this is not the first time that beverage manufacturing has been on the list of the least profitable businesses to start. Although it covers both alcoholic and non-alcoholic drinks, the latest technology trends have introduced soda fountains and other types of drink dispensaries. Alongside, people are becoming more health conscious, due to which beverage manufacturing is declining. Over the past year, more than a 1.49 percent drop in sales growth was noticed.

Bakeries

Whether it is due to major competition or high costs of start-ups involving kitchen supplies, equipment, and overhead bakeries that are commercial, bakeries have been on the decline for a while now. According to research, a 0.81 percent drop in sales growth was noticed.

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.

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.

 

Top view of four business colleagues sitting on office lobby and discussing new ideas. Corporate business team meeting in office.
Getting the right pool of talent on board is essential for any company. However, start-ups and new business ventures, in particular, cannot afford to make any hiring and recruitment mistakes. When the budget is tight and brand credibility has yet to be made, even a single wrong hiring can not only set your business back but also keep it from taking off altogether. Moreover, the scarcity of resources and lack of recognition can make it too hard for you to attract the brightest and best start-up talent. Below, we have compiled seven great tips for building your ideal start-up workforce.

1. Build your Business upon an Exciting Idea

Attracting top talent begins with initiating a business based on an innovative idea that others want to be a part of. Everything else, including the location of your business, is secondary. When your venture is an exciting one, potential talent will certainly want to work for you. In addition, your employees will share with their friends and loved ones the awesome experience they have in your company. Thereby, many other potential candidates will approach to work for you. Consequently, you will eventually have the best start-up talent.

2. Choose People who are Professionally Better and More Competent than You

Although a person may have good experience in several different fields, one cannot be an expert in everything. Thus, you require a team of experts who are top in their individual fields, whether it is sales, marketing or development. Always remember that talent attracts talent. Thus, begin your business by picking great start-up talent who will eventually bring in many other well-versed professionals to your company.

3. Build Team Buy-In

Every new hire you choose renders a profound impact on your team’s norms and culture, particularly for small teams. Consequently, buy-in from your start-up team is simply imperative for each hire. You should build team buy-in in two essential ways: First, have each team member of your start-up meet a potential candidate at the final interview stage in order to do an assessment of cultural fit. Once they meet, ask your present employee one very simple question: Will you efficiently and happily spend twelve hours a day with that person? Second, ask others in the field: Would you desire this candidate to be your supervisor or boss? If others do rely on the knowledge and dedication of an expected potential teammate, then such a start-up talent would be the right hire.

4. Be Transparent about your Start-up Needs

The quick evolution of a growing company’s needs is one of the toughest aspects of start-up recruitment. It can potentially leave your team members behind when their skills become obsolete. Therefore, every start-up enthusiast should be well-prepared for this challenge ahead of time. You should completely disclose present expectations for the job vacancy being filled and the way it may change, based on your company evolution.

Being transparent about your potential business shifts and needs not only encourages your motivated employees to improve their skills continuously but also helps them determine how their efforts can best serve your business mission.

5. Offer Genuine Benefits

To effectively lure, recruit and retain the best start-up talent, you should offer real and measurable benefits. Employee equity (or ownership) is a powerful benefit that aligns the founder and employee incentives and can potentially beat lower paychecks than competitors. Even simple, budget-friendly benefits like food and/or technology allocations can also help attract great start-up talent. Employee healthcare benefits are another vital competitive benefit.

6. Define your Process Clearly and be Loyal Towards It

There are several different ways of carrying out these strategies. Whatever approach you adopt, it is necessary to define a process clearly and accompany someone on point to both manage it and commit to it. Remember, the process that you define should not change, even when your business grows. The things that seem obvious when you are small naturally tend to get discarded when you grow.

7. Keep Up and Never Stop

The incredible things that guide you to recruit and retain the best start-up talent should continue long after the job contract is first signed. Prioritizing your team’s expectations is valuable to keep your employees motivated and enthusiastic, which can turn even a mundane business into a thriving venture.  

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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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According to a study, over half of new businesses tend to go downhill during their first year of operations. A lack of funding options has been identified as one of the major reasons for that. Cash is vital to every business and is an indispensable to achieving business success. Business owners are always looking to find different ways to finance their businesses, either for expansion or even sustaining their current business model.

Businesses may require financing for many reasons. However, regardless of the need, you must be aware of the many different ways to get financing. Below are some of the options that are worth looking into.

Funding Options

Bootstrapping

Bootstrapping (or self-funding) is one of the most effective and recommended ways of funding a new business. It is tough for first-time entrepreneurs to acquire funding as they are new and may not have a financial history. Persuading someone to invest in your business is a tricky job. Therefore, the best plan of action is to use your own savings to fund your business in the beginning. You can also ask your family and friends to help you in this regard if they have the means. You can offer those who do invest shares in the business for their investments. Because these people are close to you and you most likely consider them trustworthy, they are the first ones you should contact when searching for potential funding options.

Bootstrapping also allows you to own your business from day one, as you have invested your own money into the venture. Later on, investors may view this as a positive aspect. However, this option is only suitable for businesses that do not require significant cash flows. Gathering and organizing all of your financial resources in your bookkeeping records is key to bootstrapping.

Crowd Funding

Crowdfunding is a new and popular way of raising finances for new business start-ups. It is basically a contribution by many people at the same time. You are required to set up a detailed description of your business on a crowd sourcing platform. The description should include every small detail about the business, its product offerings, goals, how it’s going to generate revenue and so on. People who visit these crowd sourcing platforms view the whole concept and invest in it if they are interested. All of these people are stakeholders in your business, depending on their investment.

Using crowd sourcing as a funding option is a great way to generate capital as well as market your business. More people know about your business, so it is like free marketing. You can also know in advance that your business is going to generate satisfactory interest among the audience. Basically, it offers you a broader perspective of your plan to be an entrepreneur. Crowdfunding, however, is quite competitive and you have to provide a solid business plan in order for people to take interest in your business idea.

Angel Investment

Angel investors are people with excess cash and a keen interest in investing in new start-ups. They usually operate in groups to screen out many potential investment options. These are experienced businesspersons and fall among the ideal funding options for any new business. Along with their capital, they can also offer mentorship and advice to new entrepreneurs which is of immense value at the start of your business.

Today, angel investors have helped start many successful businesses. They offer their capital and advice in return for a specific percentage of equity in the business. It is basically a win/win situation for both, making it one of the most lucrative funding options.

Venture Capital

Venture capitals are professionally managed funds interested in businesses that have solid potential. They invest in a business in return for equity. However, they tend to exit a business once an IPO (initial public offering) or acquisition of the business happens. They evaluate the business in a broader perspective and determine if it is going to sustain the test of time. 

Venture capital funding options are ideal for small businesses who are beyond the starting phase and already generating sustainable profits. You must have an exit strategy if you want to lure in a venture capital investment. One downside of venture capital investors is that they tend to attach high expectations from businesses. Therefore, if your business is under performing, they may not be very interested in you.

Conclusion

If you want to grow really fast, you definitely need outside funding options. If you bootstrap and remain without external funding for too long, you may be unable to gain market opportunities. While the surfeit of lending options may make it easier than ever to get started, responsible business owners should ask themselves how much financial assistance they actually require before making a final decision.

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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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Assumptions are certain things that we presume to be true to the best of our knowledge and wisdom. The wild, yet educated guesses we make today for determining the future of new businesses sometimes hit right on the target, resulting in yielding significant returns right from the first year of operation. Business assumptions are undeniably the most critical part of planning and predicting the fate of a company. New businesses occur in uncertain settings and assumptions get the business moving ahead with stratagem.

However, before making assumptions, it is better to brainstorm ideas and conduct detailed research about the things that will help you improve your business strategies. Moreover, documenting business assumptions is a secret key that unlocks the doors to success. Therefore, it is wiser to document whatever you come up with for better decision making, planning and developing a strategy and for minimizing potential threats and dangers.

Ideal Assumptions Lead A New Business In The Right Direction

Being an entrepreneur, you must clearly weigh things that are important for your business and things that are not. Ideal business assumptions are the ones that stay effective for a long time and help your new businesses grow exponentially. The biggest advantage to brainstorming business assumptions is that you can always have new ideas and improvements in your planning and strategy. Plus, you don’t have to be a pro to make ideal assumptions. All you have to do is understand your business, your industry, and your customers in order to make better decisions for your business.

This indicates that better decision making can only be possible if your business assumptions will do justice to your business. Here are four common assumptions made about new businesses.

Financial

There is no denying the fact that new businesses can’t survive solely on the revenue generated through sales. Entrepreneurs need to fund their business properly in order to strengthen business operations. It takes a couple of years before a business can stand on its own which means, until that time, you need to consistently arrange funds for your new business. This all indicates that even after a start-up starts to make profits, it will probably take a couple of years or more to pay off the initial investment. The major reason why new businesses fail to maintain a financial equilibrium is that they lack experience, skills, and wisdom to get things done the right way—the first time. Last, but not least, ideal bookkeeping reveals more about the company and its finances!

Resources

The next big assumption is that the key talent will be available and engaged. Finding and retaining quality talent is no easy feat. Employees come and go but only those who survive tough conditions have the potential to last a long time. New businesses usually have scarce resources which means that they can’t afford to hire and retain top-quality talent with little to offer them. Your employees resign and avail the next best opportunity in hand if you can’t offer a good incentive which illustrates that they are going to stick with you only when you will offer them competitive salary packages.

Economic and Political

Assuming stable economic and political environments are two of the core assumptions that play a huge role in determining the success or failure of any start-up. No one can deny the fact that economic and political environments never stay the same in any country. In fact, they change constantly. The fate of new businesses usually relies on a stable economic and political environment. The better they are, the better the outcome!

Competition

With intensifying competition, market prices will also remain stable. However, changing market conditions and increasing competitors can disrupt the plans of entrepreneurs. New businesses always fear new and established businesses in the market which means they have to make continuous efforts to be on top of their game. Creating an impact and grabbing a significant portion of the market share requires you to learn the art of the game. Thus, you must know your competition to make better judgments about your business.

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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.