Many small enterprises have evolved to embrace remote labor as a result of COVID-19. As constraints in countries around the world begin to ease with Covid-19 subsiding slowly, many corporations are announcing hybrid models that allow employees to work partially remotely during the week.
If your company allows remote work or considers converting to a hybrid model, you must consider security. Why? Because regulations and culture are your most effective deterrents to cybercriminals.
It can be challenging to develop a new security policy that covers all of your employees and the many locations where they may be working. But there’s no need to be concerned.
Create your manual: Create your security guide as the initial step. This digital document should contain all the instructions, which should be altered and tailored for your company. The goal is to develop a resource that all employees can use, regardless of their work or what devices they use. Any team member who has a query or wants to double-check a policy should go there first.
Computing systems: Your company may provide everyone with a computer and phone, or it may require everyone to bring their own. In either case, you must have complete faith in the tools that everyone uses at work. The first step is to make sure that everyone’s gadgets are current. Employees should only use the most recent versions of Windows, macOS, Linux, iOS, and Android. Nobody should use an operating system like Windows 7 that is no longer receiving security updates.
A strong password, PIN, or a reliable biometric solution, such as Face ID or Windows Hello, should be used to secure devices.
Internet connectivity: The first rule of connection is straightforward; Make sure your routers are up to date. Team members should sign up for automatic updates or check for new security patches regularly. The second golden rule is also self-evident; You should use strong, one-of-a-kind passwords to secure routers. Secure a document containing the router password and the Wi-Fi password, both necessary to adjust various settings.
Outside the home, employees should exercise even more caution. Attackers can access employee hardware and potentially steal critical data using public Wi-Fi networks with weak protection. To avoid this, staff should use a VPN and stay away from networks with questionable names.
User Software: Everyone in your company should use strong, unique passwords to safeguard their accounts. If someone logs into everything with the same set of characters, they’re putting your organization at risk. With Single Sign-On, you can reduce the number of passwords that consumers need to remember (SSO). As the name suggests, SSO allows employees to enter into numerous apps and services using the same credentials, minimizing the number of unique passwords they must remember.
Working environment: You can’t, or shouldn’t, monitor everything your employees do at home. Instead, create a security culture – a shared desire and obligation among your employees to safeguard your company through sound security practices. It won’t be easy to change your company’s culture, but if you listen to your employees and provide them with the tools and training they need to thrive, you’ll gradually build a different kind of workforce. One who, while operating outside of your company’s control, has the expertise and willingness to make sound, confident decisions.
Training and development: Training and development are essential if you are changing the working environment. It would be best not to presume that everyone can use a password manager or upgrade a router manually. You can combat technical issues by setting up webinars and informal calls where individuals may ask questions and learn more about working safely both inside and outside the office.
Revise and make improvements: What is effective today may not be effective tomorrow. Regularly review your handbook and ask yourself if you have the necessary policies in place. When required, make modifications and explain your reasoning to your team. If you provide your employees with the right tools, training, and expertise, they’ll do everything they can to keep your company safe, no matter where they work.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
Accounting is the study of assessing, communicating, and estimating financial information to make the right judgments and decisions. Accountants ensure that their organizations understand their legal obligations and financial performance and that they can create budgets and plan for the long term. Managers use accounting information to make decisions about buying and selling, investing, and pricing.
Accounting is not a homogeneous field. It has many different sides to it. An Accounting Whiz may work as an auditor, bookkeeper, certified public accountant, or payroll accountant if someone aims to become an accountant. Then they must understand the diverse types of accounting in every industry and then choose according to their interest.
Distinct categories of accounting are:
Public accounting:
Public accounting deals with examining financial records & accounting systems o their clients to make sure that the statements match the financial results. They are giving an analysis of the overall financial positions of an organization.
Public accounting refers to businesses that offer accounting assistance to clients depending on their specific requirements. They can work in audits, help with tax returns, counsel on methods for installing technology or computer applications, and provide legal guidance.
Management accounting:
Management accounting is also known as managerial accounting. It is the type of accounting that is studied to obtain statements, reports, and documentation that can aid the supervising authorities in making better decision-making in terms of business performance. Management accounting is not subject to the same stringent accounting principles as traditional accounting. It is for use for internal business. The primary goal of managerial accounting is to assist a company in efficiently completing its tasks of planning, organizing, directing, and controlling.
Financial accounting:
Financial accounting completes lenders and investors and GAAP in mind (accepted accounting principles). If a firm is looking to fund a new purchase or initiative, using standard accounting standards allows investors and lenders to get an accurate read on its financial health.
It also aids businesses in being transparent by disclosing management’s income. However, small enterprises are usually not obligated to follow GAAP and its accrual process. According to the IRS, any business that manufactures, purchases, or sells products must follow GAAP. Larger companies frequently use in-house accountants to assist them in adhering to these conventional accounting rules.
Auditing
Auditors investigate a company’s transactions and processes to uncover flaws, examples of fraud, waste, or mismanagement and report their findings to business leaders. Professionals begin as internal auditors and work their way up to become internal auditing managers.
Forensic accounting
Forensic accounting is an investigative approach that analyzes financial records and transactions, traces assets, and investigates incidences of fraud, bribery, money laundering, and embezzlement. Forensic accountants specialize in various areas, including securities fraud, identity theft, compensation disputes, and trademark and patent infringement.
Law enforcement agencies, such as the Federal Bureau of Investigations (FBI) and the Internal Revenue Service (IRS), frequently rely on these highly skilled individuals to locate and evaluate evidence used to investigate and prosecute financial crimes.
Government accounting
Governmental accounting is a collection of distinct accounting systems, standards, and processes designed to meet the needs of municipal, state, and federal governments and their agencies.
Governments operate in a different operational environment, with their own set of considerations. Governments, for example, collect and spend tax revenues in what is known as non-exchange transactions with citizens. It lays a greater focus on openness and transparency.
Tax accounting
Tax accounting refers to the processes and policies used to prepare tax returns and other statements required for tax compliance. It thus provides frameworks and rules for calculating taxable profit.
Accounting information systems
An accounting information system or AIS is a systematic procedure of collecting, storing, and analyzing financial and accounting data to report information to investors, creditors, and tax authorities. This system disseminates company-related information to the appropriate stakeholders, which is critical for faster decision-making.
Cost accounting
Cost accounting is a type of accounting that captures a business’s entire development costs by evaluating the variable costs of each production phase and the fixed costs.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
It is a fact that a business needs money to strive. But not just investing money would make your business grow but managing the cash flow would help. Your business health depends upon the steady flow of capital into it. Any company without proper cash management eventually fails, No matter its scale. Cash flow is an essential rule for expanding your small business. About 60% of companies are profitable on paper but end up in bankruptcy since there is no balance between the cash going in and out.
Undoubtedly, “cash is the king in any business” but, without cash flow management, an enterprise will not be able to compete. Or they must invest more and gain less.
For instance, if you have used up more of your working capital than planned. Then you will face a hard time, and you’ll not be able to pay up the suppliers, salaries, and purchase materials. Cash flow management can prevent this delay in making cash and receiving cash.
Setting limits to spending working capital can help you make it through this gap and continue operating your business.
Cash flow management refers to delaying outlays of money while encouraging your customers to pay off as soon as possible.
Here is a guide to the Basics of cash flow and how it can benefit your small business:
What is cash flow?
To manage it, you first need to know what it is. Cash flow is the amount of money that goes into or out of business. One can track their cash flow either on a daily, weekly, or monthly basis.
There are two kinds of cash flows:
Positive cash flow: the money is coming from sales and receivables. Positive cash flow is greater than the money leaving your business.
Negative cash flow: negative cash flow is the money you use to resolve issues in your business. When the cash flow going out of the company is more significant than incoming cash.
One can fix negative cash flow by making strategies like cutting business expenses.
Be patient with scaling your business:
To have a sustainable positive cash flow, you must be patient with your business growth. Do not act in the spur of the moment by overdoing your business potential. Wait for the development organically ad then think about expanding your enterprise. Don’t burden your work capital with more hires and credit cards but plan your every move.
Profit is not always positive cashflow:
You cannot get a good grip on your cash flow by simply looking at your profit and loss statement. Much other financial information, such as accounts receivable, inventory, accounts payable, capital expenditures, and taxation, play a role in calculating your cash flow.
Effective cash flow management needs laser-like emphasis on each of these cash flow drivers, in addition to your profits and losses. Accounting rules define profit as revenue minus expenditures. On the other hand, a wise business owner understands that knowing whether you made a profit is not the same as knowing what happened to your funds.
Know about the breakeven point of your business:
What is the breakeven point? It is that point in your business growth where cost and revenue become equal. At this point, a business has recovered its initially invested cost but has not made a profit yet. If you are a small business owner, you must know the breakeven point of your business. That way, you can know when your business will become profitable. However, it does not have any impact on your cash flow. But it sets an early goal and a target area to project your future cash flow. You can do a breakeven analysis by the data of your income and expenses as well.
Planning and record-keeping:
Before cash flow management, one must know the working capital a business requires to run smoothly.
Better cash flow management needs planning and tracking your capital, sales, profits, and expenses. One must keep records of the business’s positive and negative cash flows, from sales to expenditures like insurance, wages, taxes, and loan payments.
A resourceful planning system can make budgets and then review them weekly or monthly to improve and expand a business.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
A paycheck doesn’t come with instructions on how to use the money. We are left to figure it out on our own. But if we spend it all on just one thing, we will not meet our other needs. It depends on your money management skills. Where to spend your cash and how much? It doesn’t matter how much you earn but what matters is how you spend it.
When it comes to money management, budget is the foremost step. However, budgeting can sound a bit frustrating to some people. But if done correctly, it can give you peace of mind and pay you living expenses, save extra money and keep you away from debt and money anxiety.
A budget is your plan to spend money according to the choices you make and priorities. You can manage your current expenses, save some bucks, and plan your future expenditures as well.
The current economic troubles have every person nitpicking over budgeting and saving to avoid a potential financial crisis. Here are some basic rules you can follow to make your budget:
Practical Goals:
First, make sure you are spending less than what you earn. If you’re Overspending, sit down and think about ways you can minimize it. Setting up realistic goals can help. Track your spending habits and categorize your expenses by priority or necessity, such as rent, mortgage, utilities, groceries & entertainment. Find out where you can cut down your cash flow and save it instead. Ask yourself where you wish to see your finances in a year, and you’ll get an answer to this subject immediately.
Track your income and expenses:
Keep a track record of the income generated and the expenditures on a weekly or monthly basis. Jot down every penny you spend in your journal, and you’ll eventually find out what you’re missing.
There are many free programs online for tracking down your income and expenses. They offer excellent tools for budgeting that categorizes all your income and payments coming in and out. Due to this, you will note the areas where you are spending a little more than in the regions that need it.
Net income Estimation:
Your net income is the amount of money you have left after paying all your bills. You want it to be a positive number so that you can utilize it for repayments, savings, or other financial goals. Subtract your monthly expenses from your monthly income to calculate your net income. Even if the number is negative, write it down.
Differentiate between needs and wants:
Try to differentiate between your needs and wants. There might be something that you want badly, but you can live without it as well. There are wants, and some things are needed to function in daily life; these are needs. Prioritizing needs over wants can make your budget fruitful and promising.
Building your budget:
While building your budget, look for ways to save some money while spending. Accommodate all your expenditures within your income. The budget cannot always remain the same for a family or even a single person. It keeps changing given the trends or needs. Review your budget from time to time to see where your expenses have increased and where decreased.
Make lists before you shop:
It is one of the best ways to stick to a budget. Always jot down the items you need on paper before going to the store. Only purchase the items noted in the list.
Buffer cash:
Besides some fixed bills and rent or taxes, there are some expenses that you don’t pay for every month. These are variable expenses like an annual membership fee or a coursebook that can arise without prior notice. Keep an account of these variable expenses too in your budget.
Be patient:
Getting on track with this budget might take a month or two, but it can be rewarding and worthy of all the effort once you make it a habit.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
Risk management is essential for all businesses alike but is quite crucial for small and medium-sized enterprises. With limited cash flow, a restricted number of clients, and lower revenue, it is vital for SMEs to have a robust risk management strategy that helps mitigate risks at hand and keeps the business owners prepared for any sudden loss or risk.
Most such sudden risks occur when the economy crashes suddenly, changing policies causing a rise in interest rates or simply harsh weather conditions. You can manage internal risks of your organization, such as employee theft, information breach, or non-compliance to policies by your employees internally and in time. External factors, as discussed earlier, will send you tumbling downhill if you don’t have a proper risk management plan in action. It is primarily because the SMEs don’t have vast cash reserves and operate with thinner margins. Thus, it is reasonably necessary to have a solid reinforcement plan in your risk management strategy to forecast, avoid and combat risks to your business.
If you are starting a new business or have already ventured into something of your own, it’s high time you put a risk management plan in the document. Here are some of the top expert tips before you document your financial risk management.
Keep your record updated:
It is imperative as it contributes to avoiding cash leakages in your company regularly and allows you to make accurate projections for your company, thus helping you make decisions that might otherwise seem financially risky. To keep your records updated, hire a bookkeeper or outsource your bookkeeping to a consulting company.
Identify your strengths & weaknesses:
Risks could simply be losing an important client or an irreplaceable vendor when you least expect or changes in the exchange rates. Whatever the cause, it is crucial for you to prepare in advance and identify your strengths and weaknesses. Don’t rely on a single retainer client; try acquiring more clients, and the same goes for vendors.
Release clients with poor credit history:
Clients that delay payments or have a poor credit history are not your best bet. Let go of such clients gradually as they will only pile up your pending receivable charges, pushing you down in debt.
Don’t expand vertically at the start:
Maintain lean operations in the starting phases of your business. Closely observe the trends of your industry and see where your finances take you. A vertical growth or expansion can expose your company to undue risks.
Consider external risks:
As you study the market trends, you are also likely to identify the areas of risk in the general market. Consider global economic changes as well as weather and other climatic & environmental factors. For financial crisis and market trends, set up a credit facility to mitigate and keep a reinforcement plan ready for environmental factors.
Don’t merge your personal and business finances:
It is one of the biggest mistakes small business owners make and end up losing all liquidity. Please keep your personal and business accounts separate right from the start to avoid cash leakages and their impact on your overall financial health.
Review & revise your payment terms:
Your payment terms set the route to your financial progress. For all receivables and payables, make sure you are not on the risky losing end. Devise payment strategies that help you get paid in advance and pay once the job is complete.
Get insurance:
Another important measure that you could take is getting insurance for your company. Choose from full operations insurance, life insurance, employer insurance, and other plans that might be on the offer to manage the risk better.
Prioritize risks:
Before you put that plan in the document, make sure you prioritize the risks in order of the likeliness such risks can occur. Plan for risks that are most likely to affect your business first and then bring those which are less or least likely to occur
Get a risk management team:
If you are already in a good position, it’s best to hire a proper risk management team that can help you devise a better risk management plan.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
Discover Why QuickBooks Is Perfect for Small Businesses
QuickBooks for small business transforms financial management from a time-consuming burden into an automated, streamlined process that saves business owners 10-15 hours monthly while delivering up to 488% return on investment. With features ranging from automated invoicing and expense tracking to AI-powered insights and real-time reporting, QuickBooks eliminates the complexity of traditional bookkeeping and empowers small business owners to focus on growth rather than administrative tasks.
As someone who has guided thousands of small businesses through their financial management journey over the past two decades at Complete Controller, I’ve witnessed firsthand how the right accounting software can transform a struggling operation into a thriving enterprise. When I first started this company, business owners were drowning in spreadsheets and shoeboxes full of receipts—today, with QuickBooks for small business, I see entrepreneurs confidently making data-driven decisions and scaling their operations with unprecedented clarity and control. This article will show you exactly how QuickBooks delivers measurable time savings, proven ROI, and the financial visibility needed to compete effectively in today’s marketplace.
Why is QuickBooks for small business the right choice for growing companies?
QuickBooks for small business offers comprehensive financial management with automated invoicing, expense tracking, and real-time reporting in one integrated platform
Small businesses save 10-15 hours monthly through AI-powered automation and streamlined workflows that eliminate manual data entry
The software delivers measurable ROI with studies showing 488% return on investment and $59,000 net savings over three years
Cloud-based access enables business management from anywhere while maintaining bank-level security and automatic data backups
Seamless scalability accommodates growth from sole proprietorship to 25+ employee operations without switching platforms
Essential QuickBooks Small Business Features That Transform Financial Operations
The foundation of QuickBooks’ effectiveness lies in its comprehensive suite of features designed specifically for small business needs. QuickBooks accounting software goes far beyond basic bookkeeping, offering automated solutions that address the most time-consuming aspects of financial management. The platform’s intuitive interface makes complex financial tasks accessible to business owners without formal accounting backgrounds.
Consider this striking reality: 51% of small businesses with 1-19 employees don’t use any accounting software, with 30% relying on spreadsheets and 21% using no digital tools whatsoever. These businesses miss out on automation that could save them up to $18,000 annually in time and productivity costs.
Automated invoicing and payment processing
QuickBooks invoicing solutions eliminate the tedious cycle of manual invoice creation and payment follow-up. The system automatically generates professional invoices, schedules recurring billing, and sends payment reminders to reduce outstanding receivables. Business owners can customize invoice templates with their branding, set up automatic late fees, and enable online payment options that accelerate cash flow by getting paid up to 5 days faster.
Companies spend an average of $15 processing every invoice manually compared to just $2 for invoices processed digitally through QuickBooks—an 86% cost reduction per transaction.
Real-time expense tracking and categorization
QuickBooks expense tracking connects directly with bank and credit card accounts to automatically download and categorize transactions. The mobile app’s receipt capture feature allows instant photo documentation, with AI technology extracting relevant information and matching expenses to appropriate tax categories. This automation proves invaluable during tax season when all business expenses are already organized.
The platform’s AI-powered features save customers an average of 30 hours per month by automatically categorizing transactions and streamlining expense tracking workflows.
How QuickBooks Payroll for Small Business Streamlines HR Operations
Managing payroll represents one of the most complex aspects of small business operations. QuickBooks payroll for small business transforms this challenge into an automated process that calculates wages, taxes, and deductions while ensuring compliance with federal, state, and local regulations. Direct deposit functionality eliminates paper checks while automated tax filing reduces administrative burden.
The integrated payroll system handles everything from employee onboarding to year-end tax forms, creating a seamless HR workflow that scales with business growth.
Integrated time tracking and compliance
Built-in time tracking tools integrate seamlessly with payroll processing, allowing employees to log hours through the mobile app. The system automatically calculates overtime and project-specific labor costs, eliminating disconnects between time tracking and payroll that often lead to errors.
QuickBooks maintains comprehensive audit trails and generates all necessary tax forms, including W-2s and 1099s, while providing documentation that satisfies regulatory requirements without specialized HR expertise.
Setting Up QuickBooks for Startups: Building Your Financial Foundation
Setting up QuickBooks for startups begins with selecting the appropriate plan based on current needs and growth projections. The setup wizard guides users through essential configurations including chart of accounts, tax settings, and integration preferences aligned with specific business models.
For businesses transitioning from other systems, QuickBooks provides import tools to ensure clean data migration without losing historical information. The platform integrates with over 750 third-party applications, allowing existing business tools to connect rather than requiring replacement.
Industry-specific customization
QuickBooks allows extensive customization for various industry requirements, from inventory management for retail to project tracking for service providers. Custom fields, tags, and categories capture industry-specific data points that inform specialized reporting unique to each business model.
QuickBooks Pricing Plans for Small Businesses: Maximizing Value
Understanding QuickBooks pricing plans for small businesses requires evaluating both immediate needs and growth trajectory. Pricing ranges from $20 monthly for solopreneurs to $275 for advanced enterprise features, with each tier supporting specific business sizes and complexity levels.
The Simple Start plan at $38 monthly serves single-user businesses with basic invoicing and expense tracking. Essentials at $75 monthly adds multi-user access and enhanced reporting. Plus at $115 monthly introduces inventory tracking and project profitability analysis. Advanced at $275 monthly provides enterprise-level features, including custom permissions and dedicated support.
Proven ROI and long-term value
The Forrester Total Economic Impact study demonstrates that QuickBooks Online Advanced users achieve 488% return on investment over three years, with net savings of $59,000. Finance teams create reports 20% faster, and business leaders make core decisions 15% more quickly due to improved data quality and accessibility.
These benefits compound as automation reduces manual tasks, improves accuracy, and enables strategic resource allocation that directly impacts profitability.
Benefits of QuickBooks for Small Businesses: Measurable Impact
The tangible benefits of QuickBooks for small businesses extend beyond basic accounting to encompass strategic advantages driving growth. QuickBooks holds 81% market share in accounting software, serving 6.5 million subscribers globally—clear evidence of its effectiveness for small business needs.
Real-time financial dashboards provide continuous visibility into cash flow patterns, enabling proactive decision-making. Cash flow forecasting projects financial position up to 90 days ahead, allowing businesses to negotiate better loan terms or identify optimal timing for investments. Study participants report 50% reduction in loan interest payments due to improved cash flow management.
Security and peace of mind
QuickBooks employs bank-level security, including 256-bit SSL encryption, multi-factor authentication, and regular security audits. Automatic daily backups across multiple data centers ensure business continuity, while granular user permissions control access to sensitive financial information based on employee roles.
Final Thoughts
QuickBooks for small business represents a comprehensive financial management platform that transforms how entrepreneurs approach their operations. From automated invoicing to AI-powered insights, QuickBooks eliminates administrative barriers that prevent focus on growth and customer service. The platform’s proven ability to deliver measurable returns makes it an essential investment for serious entrepreneurs.
Throughout my years helping small businesses optimize their financial operations at Complete Controller, I’ve consistently seen QuickBooks users achieve greater financial clarity, improved cash flow management, and more confident strategic decision-making. The combination of powerful automation, seamless integrations, and scalable functionality creates a foundation for sustainable growth.
Ready to transform your financial management approach? Visit Complete Controller to learn how our team can help you implement QuickBooks for maximum impact and ROI in your business operations.
Frequently Asked Questions About QuickBooks for Small Business
Is QuickBooks good for small businesses?
Yes, QuickBooks is specifically designed for small businesses and offers comprehensive financial management tools including automated invoicing, expense tracking, payroll processing, and real-time reporting that save business owners 10-15 hours monthly while delivering up to 488% return on investment.
How much does QuickBooks cost for small businesses?
QuickBooks pricing for small businesses ranges from $20 per month for solopreneurs to $275 monthly for advanced plans, with most small businesses finding the Essentials plan at $75 monthly or Plus plan at $115 monthly provides the optimal balance of features and value.
Can QuickBooks handle payroll for small businesses?
QuickBooks includes integrated payroll processing that automatically calculates wages, taxes, and deductions while ensuring compliance with federal, state, and local regulations, plus features like direct deposit and automated tax filing that streamline HR operations.
What makes QuickBooks better than other accounting software for small businesses?
QuickBooks stands out through its combination of user-friendly interface, extensive automation capabilities, integration with 750+ third-party apps, cloud-based accessibility, and proven ROI with comprehensive customer support and professional resources.
How secure is QuickBooks for small business financial data?
QuickBooks employs bank-level security, including 256-bit SSL encryption, multi-factor authentication, automatic data backups across multiple data centers, and granular user permissions to protect sensitive financial information with the same standards used by major financial institutions.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
Jennifer BrazerFounder/CEO
Jennifer is the author of From Cubicle to Cloud and Founder/CEO of Complete Controller, a pioneering financial services firm that helps entrepreneurs break free of traditional constraints and scale their businesses to new heights.
Brittany McMillen is a seasoned Marketing Manager with a sharp eye for strategy and storytelling. With a background in digital marketing, brand development, and customer engagement, she brings a results-driven mindset to every project. Brittany specializes in crafting compelling content and optimizing user experiences that convert. When she’s not reviewing content, she’s exploring the latest marketing trends or championing small business success.
While accounting is considered the boring part of every business, you cannot deny that it is the heart and soul of an organization. Without an up-to-date accounting department, an organization in today’s economy will fail miserably. With the advancements in technology, accounting as a function has improved by leaps and bounds. But, if you are resisting upgrading your accounting department, you are putting your organization at risk of excessive payroll, data theft, and discrepancies in financial data. Every organization today needs to adapt to technological changes rapidly. They are supposed to make your life easier. The same is the case with accounting. When being an essential department of your organization, you need to constantly check on the latest trends and developments to upgrade your accounting department and ensure risk-free.
Here are some of the most prevailing trends in the accounting sector that have helped many businesses streamline and manage their accounting departments with ease.
Evolution in accounting software
While desktop-based accounting software is nothing new, but the upgrades have recently made them revolutionary. First off, most accounting software today operates with a cloud-based backup, giving you the advantage of not securing your data in a single computer that is prone to virus attacks and hackers. Instead, when your data is on the cloud, you are at peace knowing that your information is always secure on a cloud server even if the computer is attacked or dies down. Secondly, today, many accounting software come with an entire ecosystem that allows you to connect your bank accounts, inventory management apps, invoicing apps, and the like. All your data is continuously updated and available to you through a single platform. Long gone are the days to check different software, extract the data and manually reconcile it to have the final analysis.
Enter the realm of artificial intelligence
In the past two years, artificial intelligence has taken the market by storm. Artificial intelligence works like a miracle for businesses, automatically completing mundane and repetitive tasks to reduce the load and make the overall process more productive. Similarly, even in accounting, AI plays a considerable role by automating processes and allowing accountants to focus more on planning and analysis. In contrast, AI takes care of repetitive ones. Whether you are looking to analyze financial data or plan for your company’s future, you can have it all in a couple of seconds, or even less with AI-based accounting software.
Remote working via cloud software
By the end of 2019, the COVID-19 pandemic brought about a halt to business activities worldwide. Most regions in the world were in complete lockdown situations for months. The only way out was to start working remotely. Even businesses that thought their processes would never work in a remote-based setting explored new horizons for the first time. And it worked! The remote workforce quickly became a trend for most industries.
However, it impacted specific sectors since switching to remote working was not an option, and financial data management and accounting were among them. However, gradually, even these industries changed to remote-based working, and this is where the world understood the importance of cloud-based accounting software. It stored all financial data online, and accounting teams would access them from anywhere or everywhere. Of course, there are always security checks in place, but overall, it helped massively keep things moving.
While accounting was previously considered an in-house, mundane, and tedious job, it is all changing thanks to the trends. Business owners can easily see their ROI, statistics, analysis, and forecasts with AI-based software while the team is working online. The data is updated and secured now and then. Accounting is no longer boring, mundane, and a job was bearing no fruits. Accounting today is more accessible, productive, and more fruitful than ever before!
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
In the recent past, small businesses have heavily relied on online advertising to generate sales. Online advertising is cheaper than traditional marketing, and it offers never-seen-before results and analytics. You can analyze your performance and where you are spending the budget. If you don’t like it, you can always change and optimize it for better performance. You have all the luxury in the world to select the type of audience you want to target and how much you want to spend every day. With such unique features, online advertising has shifted the way businesses operate today. Unlike previously, small businesses don’t have to stick to hectic marketing methods like door-to-door marketing or telesales. With just $100, you can start generating sales for your business.
Yet, with all those many benefits, small businesses struggle to make sales because of a few mistakes. With just a little bit of help, any small business can reach the acme of success. So, to help you out, here are a few tips that you need to follow to make sure your marketing budget is reducing your campaigns achieve the milestones you are aiming for:
Tip # 1: Regularly optimize your cost
When you are marketing through online mediums such as social media and search engines, you have the liberty of checking the analytics now and then. It is an opportunity that most business owners overlook. It gives you the leverage to constantly update your marketing campaigns to reach their target, especially in terms of cost. If you run a campaign for a week in multiple regions and on various keywords, make sure to check which areas or keywords are performing best. Eliminate the ones that are not generating any leads or sales immediately.
Tip # 2: Regularly optimize your performance
Cost and performance optimization work hand in hand to give you good results, probably half the cost you previously incurred. You may ask how? Well, once you find out the key indicators of your performance, such as the regions that are converting most sales, the keywords that are getting the most traffic, etc., the next step is to build more ads and reach these indicators and stop the ones that aren’t. You will control the campaign from spending on factors that are not working instead of adding more assets to the working campaigns.
Tip # 3: Be available for customers
A recent survey indicated that most online buyers are skeptical of buying from new brands because of trust issues. On the one hand, online business has made life easier for many and, on the other hand, has given way to scams and frauds. Therefore, many of your customers will become skeptical if you cannot answer their queries and win their trust. Mention your availability on your website and social media pages. Make sure to be available whenever you are running your ads. If you are not available, stop the campaign and then restart it later. This way, you will not only be saving your cost but also converting more sales.
Tip # 4: Performance marketing is the future of online advertising
Performance marketing refers to a marketing technique where you only focus on marketing to get results. You focus on putting your cost on lead generation while generating brand awareness through organic mediums. This way, you are simultaneously growing your brand and sales but only spending your hard-earned money to boost your ROI. If you haven’t heard of performance marketing, it’s about time to switch to it to ensure you are not spending your money on campaigns that are not generating any sales.
In 2021, small businesses are facing tough competition. Many people lost their jobs due to the pandemic, and they have shifted to online companies. And even the more prominent organizations are now focusing on online advertising. Hence, the only way to achieve success is to be smart enough to cut the competition and move ahead.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
As the tax filing season approaches every year, the CPA Firms and taxpayers spend restless nights, and there is a lot of stress. With the global pandemic, everything is changing, and there is not even a single sector affected by it. Similarly, tax filing has also been affected. Since the previous year had a significant impact on people’s finances, many things have changed. Nothing remained the same, ranging from unemployment to missed taxes and people losing their crucial documents.
The government has extended the tax filing to give the people time to gather all their documents. No matter if you are ready or not, tax season 2022 is almost here. Even if you are not prepared and do not do taxes at your firm, you must make sure that your tech stack is top-notch so that the upcoming tax season goes as smoothly as possible for you, your team, and your clients.
Here are the top tips that will help you make your tax season 2022 easier.
Use cloud-based software
If you are still using that old desktop-based software, it’s time to leave it and convert it to the cloud. Cloud-based accounting software like Xero and QuickBooks makes your work smooth and easy to handle clients. Moreover, there will be no stressors like the risk of overwriting each other’s work or locking each other out of the software.
Use dedicated 1099 software
If you do not use a general ledger software that prepares emails, e-files, and mails on your behalf, you can surely use reliable 1099 software that will do all the work. You must pay more for this software, but it is worth buying because of its increased efficiency.
Gather documents in advance
The first step for making your tax process smooth and efficient is to gather all the clients’ essential and relevant documents and data. It will save both your and your client’s time and reduce your workload.
Even an additional one or two weeks will provide you sufficient time to avoid the trouble of rushing to collect documents and data from the clients at the last moment during the tax season. Also, it will help you ensure to follow up with your clients regularly and receive documents on time.
To make this task easier, you can create an online platform where clients can submit their documents rather than physically submit them to the office.
Understand your staff’s requirements
In CPA and accounting firms, one of the biggest hurdles is finding and employing expert staff. That’s why you must analyze and assess your staff’s needs and requirements and develop active strategies to remain efficient during the peak tax season. You can also make a rough estimate with the help of tax returns you receive that how many resources you will need to meet the needs of your staff.
And if there is a resource shortfall, rather than wasting time recruiting an additional workforce, you can go for outsourced tax preparation to meet your deadlines faster. Taking help from an outsourced tax partner will eliminate the need for in-depth training. These outsourced teams have expert professionals and CPAs having many years of relevant experience.
Remain up to date with tax legislations
As the IRS is struggling with implementing the TJCA (Tax Cuts and Job Acts), staying up to date can be a tremendous struggle and sometimes exhausting.
Hence, it is essential to update your software every month. On the other hand, you can go for an outsourced client accounting software that can do this work to get acquainted with new tax laws and manage your extra workload. Outsources partners are professionals having many years of experience and thus can help to offer solutions to any accounting or tax-related problems.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
An audit is typically the detailed evaluation of a company’s financial statements, operational procedures, and policies to ensure that everything complies with the state laws and evaluates the company’s overall financial health. While for public companies, an audit is mandatory so that the investors and shareholders alike can get a clear and unbiased view of the company’s standings.
Benefits of having an external audit
Most companies have an internal audit team responsible for reviewing business operations regularly and highlighting incompetence in the processes & discrepancies in the financial statements. Companies often resort to a third-party audit firm to get an external audit as that is more reliable, unbiased, and objective.
It helps identify the areas of strength and weaknesses and highlights any potential risks and discrepancies in the financial statements. An audit is essential for those seeking investments from banks and other entities. An audit strengthens the confidence of potential investors in the company and ensures financial transparency.
An external audit also helps streamline the processes and internal systems and controls and provides credibility.
Countless international auditing firms are operating which lend their review services to large- and small-scale companies. Since the auditorsand audit companies are chiefly responsible for reviewing and streamlining operations of a company and are usually not related to the company in any way, they must follow a set of ethics.
What are auditing ethics?
Auditors usually have complete access to a company’s financial data as well as operational guidelines. It makes them crucial to the company but also puts a hefty responsibility on them. Auditors need to carry out the audit without bias and report without malicious omission of facts. For all of this to happen, auditors are bound to follow a pre-defined set of ethics.
The auditing ethics secure the company’s rights being audited and make sure that the audit process happens correctly. Many global bodies of Certified Public Accountants have published lists of auditing ethics that act as a beacon for auditing procedures. Keeping these guidelines in mind, auditing companies formulate operational strategies for their auditors to ensure no regulations are compromised.
Here are some basic auditing ethics that are important for a smooth and unbiased auditing process.
Auditors must be independent: This is the essential purpose of having an external audit. The auditors must be independent and should not be associated with the company or the owners/management of the company being audited. Relationship with the company owner or direct or indirect involvement of order in the company’s operations can cause faulty or biased judgment, killing an external audit’s whole purpose. The auditor must be independent by fact and by appearance to ensure an impartial evaluation of a business. One of the critical reasons external auditors are hired is that self-review can also cloud judgment. Suppose the accountant or finance head of a company is doing the audit himself. In that case, he will likely mask information or compile unrealistic results in the book to hide his shortcoming, if any.
Precision & timeliness: Most auditing SOPs bind auditors to carry out and complete the audit in a timely manner with due diligence and accuracy. Taking longer than expected can raise questions on the credibility of the audit and can also have an adverse impact on the company’s financial standings undergoing the audit as it can delay loans and investments.
Academics & professional competence: You cannot just select anybody to do the audit of your company. It is essential to have certified public accountants on board with the necessary academic background and enough experience to lead the audit for a proper external audit. It is crucial for an external audit; otherwise, the audit is useless and renders no credibility to the organization.
Confidentiality: Since auditors get excess information vital to any business, every auditor must ensure client confidentiality, and no information carries to any irrelevant resource. You must provide the sealed audit report to relevant authorities only, and no data or information leakage must happen even through word of mouth.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
