Author: Jennifer Brazer

Although technology has helped a lot in controlling accidental accounting, many mistakes that accountants and business owners make are common. Some Mistakes and errors have minimal effect on the company’s finances and can be corrected and repented. However, there are also a lot of mistakes that are very hazardous and detrimental to the company and have a significant impact on the company’s financial health. In this article, we will discuss some common accounting errors and we will see how to prevent them.

Reconciling Balance Sheet

Timely reconciliations matter a lot in a business. Reconciliation of bank and credit card accounts is very vital to your business success. You should at least reconcile your balance sheet accounts monthly. There is a lot of software that is for timely reconciliations. Our counseling is a process in which you or your accountant can check the account balance listed in your books, whether it is accurate and correct or has any mistakes. Mistakes can lead to many financial problems in the future. Reconciliation helps identify the issues before they get out of hand or cause any massive pain for you. It will also help to know how much cash or credit you have right now in your account. It will also assure you that no fraudulent activity has been committed by any of your employees and no fraud is occurring in your business. Reconciliation of balance sheet accounts also helps to catch bank errors. If any customer payment is bounced or fails to post due to human or software errors, it will inform you in time. A few years ago, accounting software did not have a reconciliation feature, but nowadays, a lot of software, or you can say that most of the software, has a reconciliation feature available in the system. It will help make the balance sheet accounts and other processes easier and more efficient.

Look for Error in Data Entry

Human error is the most common cause of unnecessary money loss and monetary crisis. Because humans can make mistakes while entering data, it is evident that you cannot prevent all data entry errors or errors because it is not a machine that can identify problems and errors in a few seconds. In this case, you can put procedures in place to ensure that your entries are identified and corrected in the given time. The primary thing you must do is that do not overload your team. There is a limit to data entry work that a human can do in a day and be realistic because the employee is also human and can do specific job in a given time and be realistic with their goal and objectives.

Review the Work of Your Employees

Although you hire workers to review the work, your responsibility remains to quality checks and frequent reconciliations. It will ensure you that another set of eyes is on the books. If you are the owner or manager, you should learn how to review your employees’ work. As mentioned earlier, they are also humans and can make mistakes due to overloading the work or any other personal problem. So, ask questions from your team, be realistic with their goals, and avoid overloading them.

Do Some Helpful Practices

Sometimes, there is a lack of documentation procedures, which will cause your company considerable losses and valuable tax deductions. So, it is a must to document certain business expenses. Go paperless and use cloud-based storage, and there are diverse types of software, such as SharePoint and OneDrive. These will help you reduce your loss and prevent you from the headache of having paper documents because it is very hectic to take care of them and prevent them from copying and other issues. It is an error of the 21st century, so use software, and there is some expense report software such as Expensify. These are available in smartphone applications, and you can directly download them from the Play Store to make business expense reports. 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.

Navigating the complex world of taxes is crucial to running a successful small business. Proper tax filing ensures legal compliance and can significantly impact your company’s financial health. This article delves into the importance of proper tax filing for small businesses and introduces the top 5 tax preparation software that can make this daunting task much more manageable.

The Significance of Proper Tax Filing for Small Businesses

Legal compliance and avoidance of penalties

One of the most immediate reasons for proper tax filing is to adhere to the law. Failure to comply can result in hefty fines and penalties, which can be particularly damaging for small businesses operating on tight budgets.

Financial health and planning

Accurate tax filing provides a clear picture of a business’s financial situation, which is essential for effective planning and budgeting. It can also highlight potential tax deductions and credits that companies might not be aware of, ultimately saving money.

Investor and customer confidence

A history of accurate and timely tax filings can boost the confidence of investors and customers alike. It reflects a business’s commitment to transparency and financial responsibility.

Long-term growth and sustainability

Proper tax filing contributes to a business’s long-term growth and sustainability by ensuring that all financial liabilities are accounted for and managed efficiently. This strategic approach to finances can give small businesses a competitive edge.

Top 5 Tax Preparation Software for Small Businesses

Tax preparation software has become indispensable for small businesses seeking to streamline their tax filing process in the rapidly evolving digital landscape. Here are the top 5 tax preparation software solutions, backed by industry-specific statistics and user reviews, that make them stand out.

Intuit TurboTax

TurboTax is one of the most popular tax preparation software options, known for its user-friendly interface and comprehensive coverage of tax situations. According to a 2022 survey by the National Association of Tax Professionals, TurboTax was the preferred software for 67% of small business owners who choose to file their taxes electronically. Its ability to handle complex tax scenarios and provide real-time audit risk detection makes it a reliable choice for many.

H&R Block

H&R Block stands out for its hybrid approach, offering both online software and in-person support from tax professionals. A 2021 report highlighted that H&R Block helped small businesses claim over $3 billion in tax deductions and credits. Its dual approach caters to the varied needs of small business owners, providing the flexibility to switch between self-service and professional assistance.

QuickBooks Self-Employed

Designed specifically for freelancers, contractors, and sole proprietors, QuickBooks Self-Employed integrates tax preparation with everyday business accounting. A remarkable statistic is that users find an average of $4,340 in tax deductions annually using the software, as reported in 2020. Its seamless integration with TurboTax (also owned by Intuit) ensures a smooth transition from bookkeeping to tax filing.

TaxAct

TaxAct is praised for its affordability without compromising on features. It offers a range of products tailored to different business structures, including C corporations and S corporations. According to a consumer survey in 2022, 85% of TaxAct users reported satisfaction with the software’s easy navigation and comprehensive tax resources, making it a cost-effective solution for small businesses on a budget.

Xero

Though primarily accounting software, Xero offers robust tax features ideal for small—to medium-sized businesses. It stands out for its cloud-based platform, allowing real-time financial data access from anywhere. In 2021, Xero reported that 58% of its small business users experienced improved tax filing efficiency, highlighting its effectiveness in streamlining tax processes.

Conclusion

For small businesses, proper tax filing is not just about compliance; it’s a strategic element crucial for financial health and long-term growth. In today’s digital age, leveraging tax preparation software can significantly ease the tax filing process, saving time and money. The top 5 tax preparation software options mentioned here offer unique features and benefits that cater to the diverse needs of small businesses. By choosing the right software, small business owners can confidently navigate the complexities of tax filing and focus on what they do best—growing their businesses.

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 a department of a business that plays a crucial part in growing a business. Still, it becomes a low priority for business people who are busy fulfilling responsibilities and performing other duties in some cases.

Many business owners think that accounting is complicated. While it might not be that difficult, if any mistake occurs in the accounting processes, it can directly affect the growth of your business.

Here are some expert tips that will allow you to handle business accounting easily.

Create cash flow statements: Make a cash flow statement when you do weekly and monthly finance reviews. Cash flow statements give a complete understanding of cash incoming and outgoing; this will clarify how money flows through your business. The more you know about the digits in front of you, the more you will manage your odds well. You can also automate the bookkeeping service, allowing you to visualize cash movement data.

Make a straightforward billing strategy: If you manage your finances well, you will ensure your business is financially healthy and know if too much cash is unpaid. A faulty billing process will ultimately result in a cash flow problem that can lead to the company’s failures. If your customer is late in making payments, send out subtle warnings because this is all you can do. If the issue repeats and prices are delayed with the same vendor, then try someone else. Billing must not be automatic; you should invoice clients on the specific date when the job is complete or when the client receives a product. Business is yours, and you will decide how to manage the billing cycle.

Give priority to receivables: When you get paid for the job you have done, it is the most exciting part. Whenever a customer pays the company, you apply that amount to the invoice and mark it as paid. Due to this issue, you may have a high number of debts if you waste hours just updating your listing stop; try to keep a record and track all your transactions. It would help if you made a strategy for accounting because it will help maximize your refund during taxation.

Keep business and personal accounts separate: It’s tough to do without stressing about individual transactions and finances if you are running a small business. About ¼ of small business owners claim they do not have separate financial accounts for business and personal use. On the other side, established and successful business owners say that they keep their finances separate. Making different accounts for personal and business transactions from the start will prevent you from confusion in the future, especially when your business starts to flourish. Some successful business owners do not make it necessary to have separate accounts for business. Caprio, the founder of Accelerated Growth Marketing, says, “I never felt that I needed different financial accounts, and I keep track of my credit card usage, so it’s easy for me to keep a single account for multiple purposes.”

Select suitable software for accounting: Selection of end accounting software is not an easy decision. If you make the right decision, it will bring you benefits. Choosing the wrong one may leave you helpless and at the mercy of your service provider. Businesses are using several different accounting programs and taking advantage of them by using them correctly. Small businesses mainly use QuickBooks. There are also more popular accounting software such as Paychex, Xero, and FreshBooks. Small businesses should think about user-friendliness and integration before choosing accounting software. Suitable software is something that can take your business to heights or bring it down. It depends upon which kind of software you select.

While you could consider many other things to improve the accounting functions of your company’s finance department, the five tips listed above are an excellent place to start.

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.

Forensic accounting is the practice of combining traditional accounting and auditing practices with investigative procedures. This combination helps auditing firms or company management analyze a company’s or an individual’s finances. Most importantly, unlike other accounting practices, forensic accounting is a set methodology that the court of law accepts. Therefore, individuals who conduct forensic accounting understand that they can challenge the methodology in a court of law or challenge the company in a court of law for fraudulent activities if any are found.

Why is Forensic Accounting Used?

While traditional auditing practices happen for auditing financial accounts, forensic accounting comes into the picture when foul play is detected. Forensic accountants are trained professionals who know when to look beyond the finances and into the bigger picture. These individuals focus on the methods and practices to realistically analyze how the funds are being generated. This form of accounting happens in cases where financial embezzlement and fraud are involved.

Skills Need for Forensic Accounting

When it comes to forensic accounting, there are a couple of skills beyond studying and implementing a set of rules of practice. Forensic accountants are more like detectives. They need to be sharp and focused and question almost everything right in front of them. To give you a clearer picture, here are some essential forensic accounting skills.

Analytical Mindset

Forensic accountants must have an analytical mindset and analyze the situation carefully to conclude. According to the Bureau of Labor Statistics, developing analytical skills should be the primary consideration for forensic accountants since they play a significant role in solving mysteries. When reviewing documents, interviewing people, and going through accounts, a forensic accountant’s analytical skills will help them visualize the process and methods employed by a company to earn their income or get their funds.

Attention to Details

Like all detective jobs, forensic accountants need to be detail-oriented. When reviewing accounts and financial data, the devil is in the minutest details, and forensic accountants know that very well. Minor irregularities in the accounts can reveal a pattern of more extensive company fraudulent activities. This is why forensic accountants spend most of their time digging into the details of financial data. One discrepancy, and they know they have solved the case!

People Management & Interrogation Skills

A forensic accountant knows everyone is a suspect until proven innocent. It is where people management skills come into play. Forensic scientists are usually under much pressure from management and others, constantly trying to divert their focus from the case. It would be best if you never led them on. Instead, they should know how to manipulate people into falling into the trap. After you can identify several suspects, the next step is to interrogate them for the crime. Since forensic accountants are not legal entities, they know that they cannot pressure people. Instead, they play on their wits to talk people into admitting to their crimes. One piece of information at a time builds the larger picture of the case.

Problem-Solving Skills

Finally, forensic accountants are trained to develop problem-solving skills since that is their primary job description. Spotting fraud is like finding a needle in a haystack, which cannot happen if the forensic accountant has well-developed problem-solving skills. It’s a puzzle that needs to come together slowly, steadily, and one piece at a time.

To Conclude

Forensic accountants are trained professionals with the skills and mindset to solve cases. Their only weapon in their arsenal is their skill set. The cases these accountants must solve can range from corporate fraud to divorce settlements. Therefore, their primary concern is to focus on the issue and not mislead the people involved.

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.

Commodities are:

• The raw materials that power the world
• Fueling our cars
• Feeding our populations
• Building our cities

From the grains that make up our bread to the gold in our jewelry and the oil that keeps our vehicles running, commodities are integral to our daily lives. But beyond their physical presence, commodities also play a crucial role in the global financial markets, acting as a barometer for the world economy and providing investment opportunities for individuals and institutions alike.

Understanding Commodities

At its core, a commodity is an essential good used in commerce that is interchangeable with other goods of the same type. Commodities are typically divided into two main types: hard and soft. Hard commodities are natural resources that are mined or extracted, such as gold, oil, and natural gas. Soft commodities, on the other hand, are agricultural products or livestock, such as corn, wheat, coffee, and pork.

The Role of Commodities in Financial Markets

Commodities play a critical role in the financial markets for several reasons. First, they are essential to the global economy; for instance, oil prices impact everything from transportation costs to production expenses, influencing overall inflation and economic health. Second, commodities can be a valuable diversification tool for investors. Since commodity prices often move in opposition to stocks, they can provide balance in an investment portfolio, potentially reducing risk and improving returns over time.

Investing in Commodities

There are several ways to invest in commodities. One can directly purchase physical commodities, like gold bars or silver coins. However, this approach requires storage and security considerations. Alternatively, investors can buy shares in commodity-producing companies, although this method also exposes them to company-specific risks.

For many, a more accessible way to invest in commodities is through financial instruments like futures contracts, which are agreements to buy or sell a commodity at a predetermined price at a specific time in the future. These instruments allow investors to speculate on price movements without physically holding the commodity. Additionally, Exchange-Traded Funds (ETFs) and mutual funds that focus on commodities provide a way to invest in a diversified pool of commodities or commodity-producing companies, reducing the risk of price volatility of individual commodities.

The Impact of Global Events on Commodities

Commodity prices are highly sensitive to changes in supply and demand, influenced by various factors such as weather events, geopolitical tensions, and economic developments. For example, a drought in a major wheat-producing region can reduce supply and push up prices, while a slowdown in economic growth can decrease oil demand, leading to lower prices.

Recent statistics highlight the volatility and susceptibility of commodity markets to external pressures. For instance, in 2020, the onset of the COVID-19 pandemic caused oil prices to plummet, at one point reaching negative territory due to a collapse in demand and storage capacity concerns. Conversely, gold, considered a safe-haven asset, saw its price surge as investors sought stability amid market turmoil.

The Future of Commodities

The commodities market is set to continue evolving, driven by technological advancements, environmental concerns, and shifting consumer preferences. For example, the transition towards renewable energy is expected to decrease the demand for fossil fuels while increasing the need for rare earth metals and other commodities essential for producing wind turbines, solar panels, and electric vehicles.

Climate change and sustainability concerns also shape agricultural practices and commodity trading. The growing demand for ethically sourced and sustainably produced commodities is leading to the development of new standards and certifications, which in turn impact prices and market dynamics.

Summary

In conclusion, commodities are more than just physical goods; they are vital to the global economy and financial markets, providing investment opportunities, hedging against inflation, and diversification. As the world changes, the commodities market will undoubtedly adapt, offering new challenges and opportunities for investors. Keeping an eye on global trends and understanding the fundamental forces that drive commodity prices can help navigate this dynamic and essential sector of the financial world.

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.

Virtualization has become quite important in the post-COVID work environment. Businesses continue to adopt hybrid work models, allowing their employees to work entirely remotely or split time between in-office and remote work. This sudden paradigm shift in the workplace culture has significantly reshaped the dynamics and tools required for business operations.

What is Virtualization?

The term “virtualization” refers to the use of software rather than hardware to create computing resources. Applications, PC desktops, storage networks, and even complete servers are examples of these resources. Virtual computing resources are functionally similar to their physical counterparts.

Consider a single server that delivers several desktops to employees, each of which functions as if the employee were using a solitary physical desktop computer. Of course, you’ll need a computer to access and use the virtual desktop provided by the virtual server. Still, most of the computational power will be on the server, so the PCs your employees use will be less powerful.

Areas of Growth

Virtualization is increasing in the following six IT areas:

• Network virtualization refers to combining several physical servers to create a single virtual server accessible via the cloud. In doing so, the available bandwidth is divided between various channels.
• Storage virtualization integrates physical storage from several network storage devices into a unified storage device managed from a single place.
• Server Virtualization refers to dividing a single server into several isolated servers through software, each having the capacity to run on its operating system.
• Desktop virtualization virtualizes a workstation load which enables the user to access the desktop remotely, usually using a thin client at their workplace. Datacenter server keeps the data highly secured and is easy to use.
• Application virtualization uses the application layer, which is separate from the operating system. As a result, the program does not have to rely on the operating system and operates individually.

Understanding the Process with Server Virtualization

A notable application of virtualization technology is server virtualization, which uses a software layer called a hypervisor to emulate the underlying hardware. Memory, input/output (I/O), and network traffic are all standard components. Hypervisors separate physical resources so that the virtual environment can use them. They can be put directly on the hardware or operate on top of an operating system. The majority of businesses use the latter method to virtualize their systems.

The Xen hypervisor is an open-source software application that manages the low-level interactions between virtual machines (VMs) and physical hardware. It allows businesses to create, execute, and manage several virtual computers in a single physical environment.

The guest OS, which would typically communicate with real hardware, now interacts with a software emulation of that hardware thanks to the hypervisor; in many cases, the guest OS has no idea it’s on virtualized hardware. The virtual system’s performance isn’t comparable to that of an operating system running on real hardware. Virtualization works because most guest operating systems and applications don’t require full access to the underlying hardware, reducing the reliance on a particular hardware platform and allowing for more flexibility, control, and isolation. While virtualization was originally for server-based hardware, the concept has expanded to applications.

The following are the steps in the virtualization process:

• The resources of the physical environment are taken and shared as needed between the many virtual environments.
• The virtual world allows users to interact with it and perform calculations there.
• Once the virtual environment is up and running a user or program can issue a command that requires physical resources.
• The hypervisor replies by passing the message to the physical system and tracking the changes. This process occurs at a speed that is close to native.

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.

When you have a limited marketing budget, you don’t have the luxury of experimenting with various advertising approaches. Maximizing the value of every penny in your budget by spending money where you know it will have the most significant impact is essential when the budget is tight. Fortunately, there are a few strategies to boost your advertising strategy without breaking the bank.

COVID-19, on the other hand, ushered in a new era of industry growth and a new generation of fierce competition. Competition means that improving your advertising plan is more crucial than ever if you intend to dominate your niche and convert new clients.

Relevance, personalization, and automation will be the buzzwords for optimizing your advertising plan in the coming years.

And it’s a lot easier than you think.

In this piece, I’ll provide my top recommendations for improving your advertising approach so that you can stay competitive in your industry and expand your business regularly over time.

Evaluate Your Advertising Objectives

It would help to reevaluate your overall advertising goals before implementing any advertising approach. Your advertising should include the following:

• Relevant to your company’s overall growth strategy
• Easy to measure and attain the results
• Align to industry standards and be specific to your KPIs
• Realistic

Align Your Budget

Finally, you should evaluate the best and most viable strategy to achieve your ideal conversion rate goals with the money you have.

Understand Customer Insights for a Better Idea of Customer Behavior

You’ll need to dig deeper into your consumer data and metrics to take advantage of personalization and make your advertising campaign more relevant to your core target demographic.

To accomplish this, it would be best if you looked beyond demographics to construct detailed behavior-based client profiles. You should include the following categories of information in a complete client profile:

• Consider geographical factors, including neighborhood, city, country, and regions
• Age, gender, income, and job title are all demographic factors
• Engagement, buying history, product/service usage, and loyalty are all behavioral indicators
• Interests, lifestyle, habits, values, and aspirations are all psychographic factors

The goal is to collect as much information as possible to better target different segments with more personalized messages.

Optimize Your Business with Search Engine Optimization

75% of consumers use Google and other search engines to find companies of all kinds. Your website must rank as high as possible for your business to appear in its search. Search engine optimization (SEO) can aid in the improvement of your website’s rating. You can accomplish this by developing rich material based on specific keywords and publishing it on your website.

Use the Power of Pay-Per-Click Automation to Your Advantage

To optimize your entire advertising approach, you’ll need to increase the number of per-click (PPC) campaigns and channels you use as your business’s marketing needs rise.

Without automation, these expenses can quickly spiral out of control, especially in smaller organizations where owners wear numerous hats. Instead, you should use features like Google’s Smart Bidding and Facebook’s dynamic campaigns.

Alternatively, PPC management Word Stream alternatives like a Traffic Booster, which will automate and manage your entire PPC strategy for you, are well worth your investment. Automating as much of your PPC optimization as possible frees up time to focus on other marketing channels. It ensures that your campaigns perform at their best, ensuring a positive return on ad spent or ROAS.

Strengthen Your Brand Identity

Undoubtedly, developing a solid brand identity can assist you in gaining dominance in your area. Brand equity is a significant conversion-driving force in a competitive market if competitors’ products, services, or pricing are similar.

It’s also something that many small businesses miss. To build a powerful brand identity, follow these four steps:

• Define the vision and tone of your brand
• Use copy written in the language of your target audience
• Invest in digital brand awareness efforts
• Make client service a priority

Finally, your company’s brand is critical for getting that first sale and ensuring that your advertising approach gives you a high conversion rate.

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.

To improve your career as an accountant in today’s competitive market, you must commit to recognizing and comprehending the key new accounting trends from recent years. When it comes to putting together a strategic plan for your firm, it’s critical to grasp the trends affecting the accounting profession.

With an ever-increasing dependence of business operations on technology, business accountants in small and medium-sized businesses genuinely believe that their roles will be limited to strategizing and planning finances in the future as the software will do the rest of the job for them. Accountants will be more proactive at the firm’s end if they have a better understanding of the corporate plan. Accountants will play a more prominent role in company leadership, assisting them in shaping the company’s direction and providing real-time insight into strategic choices.

Business intelligence and data analytics: One of the essential accounting trends is the focus on data analysis of underlying accounting and financial information. Advancements in data centers, database technology, and software have ushered in the age of big data and data mining to improve management decisions because knowledge is critical to making prudent financial decisions. Accounting data has long been an essential source of information for company decision-making.

Business automation with artificial intelligence: Automation gradually obviates the need for manual data entry, saving businesses time and money—the use of Artificial Intelligence (AI) is the primary driver of this automation trend.

The coming years will bring in a new era of accounting automation. Audits, banking, tax preparation, and payrolls are all labor-intensive operations that accounting experts will increasingly automate. The reduction of accounting errors and labor-intensive data entry will allow accountants to take on more advisory tasks.

Accounting with the cloud: The adoption of technology-driven solutions is a growing trend that will continue to grow in the coming years. Accounting software vendors will respond to the ever-increasing demand for digital accounting by developing better solutions. These software platforms have various features that accountants value the most, such as process optimization and manual task reduction.

For the time being, it looks like large-scale businesses with a lot of data will save money by keeping their computing on-site. However, if cloud technology becomes more competitive and localized, this could change in the future.

Outsource your accounting tasks: Outsourcing accounting can help tiny businesses save money, reduce the risk of fraud, and provide them access to accounting specialists whenever they need it, but this may not be the case for larger companies.

Businesses can outsource accounting functions for a variety of reasons. It enables companies to concentrate more on their limited resources while improving profits. It also helps them save money on payroll, taxes, salaries, benefits, and training. As a result, many businesses are opting to outsource their accounting functions. As a result, the number of outsourced accounting service providers is rising, making it one of the accounting industry’s fastest-growing segments.

Crypto and blockchain: Blockchain is a crucial accounting concept that has grown in popularity in recent years. Continuous investment in blockchain technology will generate real-world results beyond the big players as it becomes more practical, scalable, and incorporated into businesses’ operational frameworks.

Blockchain is a robust accounting trend, and its uses will undoubtedly grow in the future. It will transform the way accountants work. Accounting will not become obsolete but relatively more efficient. Blockchain will give solutions to industry-wide accounting difficulties in the same way computers and the internet have revolutionized workplaces across all industries.

Stay tuned with social media: Accounting firms will follow suit as corporations transfer more functions online, including social media marketing. Even if no businesses use this channel to complete transactions, accounting companies on social media now have unprecedented access to potential clients.

Accounting businesses earn potential clients and workers by using social media to promote themselves. However, it also means that potential clients may learn more about their accountants, which can assist them in deciding which accounting services they require. 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 past 50 years, technological advancements have boomed to the extent that they have become an essential part of businesses’ operations. Just two decades back, spreadsheets were the go-to option for most firms and accountants. It offered ease, automation to some extent, and visualization. It was a miracle to have on your side back in the day. Accountants who knew how to work on spreadsheets were considered a notch above those who didn’t. It wouldn’t be wrong to say that excelling in spreadsheets became a skill set many accountants acquired to advance in their careers. Unfortunately, like all good things, the time for spreadsheets also came to an end.

With more and more advancements in software solutions, companies started relying more on CRMs and customer relationship management software. CRMs offer what spreadsheets do not: the ability to connect to multiple software, be customized, and perform functions automatically. Be it accounting, lead generation, customer management, or inventory management, CRMs have become a one-point solution for most businesses. Yet, surprisingly, many companies are still stuck wondering if they should switch to CRMs or not. While the obvious answer is yes, here are a few reasons if you can still not decide.

Reason # 1: CRMs are an Ecosystem

A CRM ecosystem consists of software that integrates to give you an all-in-one solution. This one-stop solution is precisely what CRMs offer. Whether you are running marketing campaigns and want your leads to appear in software from which you can email, call, or text them, or you want to keep your inventory 24/7 updated on your website or for your sales agents, a CRM can be your go-to platform.

Reason # 2: Automated Functionalities

Since CRM is software, it can handle most minor mathematics easily. From an accounting perspective, you don’t have to calculate your balance sheet as often. When a customer purchases a product on your website, it is automatically deducted from inventory and posted in your accounts as sold. The rest of the calculations also compute automatically.

Reason # 3: Visualization is Up to Date

For most business owners, staying up to date with the progress or failure of their business activities is crucial. While in spreadsheets, this might require a lot of time since your team members would have to update every transaction manually. Since everything updates in seconds, you can access the CRM at any given point to see the performance of your business. With graphical displays, you can have instant visualizations instead of going through numbers.

Reason # 4: Security & Reliability

Most importantly, CRMs offer high data security, which isn’t there with spreadsheets. With CRMs, your data is always secure on a server or the cloud. You don’t have to worry about your information being stolen by an employee or outsider since they will have to log in, work on the data, and leave it there.

Reason # 5: Total Control of Your Business

Last but not least, CRMs allow you to constantly monitor every aspect of your business, including the number of leads you generate, inventory on hand, balance sheet, and the like. With a CRM, you can see which team is performing and which isn’t.

Why Wait? Switch to a CRM Now…

Anyone working with a CRM would testify that it has made their lives easier. Business management becomes a breeze, and managing accounts becomes more accessible than ever. Whether you are a small business owner or run a medium-sized business, a CRM will automate your processes so that you can spend more time analyzing your business and planning your next move than counting the pennies.

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.

QuickBooks Card Reader, a new innovative payment gadget built for today’s small company owners, is now accessible. The card reader is the latest fintech solution to assist small businesses to get paid faster, no matter how or where they operate, thanks to its integration with QuickBooks Payments, which processes more than $65 billion in yearly volume.

According to QuickBooks research released in April 2021, nearly half (47%) of small businesses have started processing payments using a new technique since COVID-19. Roughly half of the small businesses that accept contactless payments have only done so since COVID-19 was implemented (46%). Similarly, approximately a third of individuals who use mobile payment apps to conduct payments (30%) began during COVID-19.

Small company owners are well-positioned to respond to these trends with QuickBooks Card Reader, which allows them to speed up in-person sales, accept payments on the go, and instantly reconcile transactions in QuickBooks. Thanks to the reader’s capacity to accept card payments swiftly through insert, swipe, or e-wallets, customers can always check out quickly, and transactions are completed.

QuickBooks Card Reader distinguishes in the payment environment because of its creative design, feature set, and cost. It performed in-depth customer research to discover essential characteristics that small businesses want in a more frictionless payment experience. Other card readers lack built-in features such as a visual display and tips to clearly explain the reader’s status and payments in progress. QuickBooks Card Reader combines these powerful features in a lightweight, portable, contactless, and chip card reader – an industry first – to provide small business owners and their customers with a streamlined, transparent, end-to-end payment experience. Some of the unique features are as follows:

• An LED display guides customers through the payment process. It begins with a warm greeting before plainly displaying the purchase amount, allowing consumers to add a tip, and confirming the payment.
• Smart tipping functionality eliminates the requirement for device sharing, which is familiar to other card readers and POS solutions. Small company owners can also personalize the three tip options for customers that will appear on the card reader. The options can be expressed as a percentage of the total amount or as a fixed dollar amount.
• Thanks to clear connectivity and battery level indications, small business owners can be confident that they’re connected and ready to receive payments.
• Small business owners might feel confident that they comply because they are following mandates in some places that require them to show consumers the total charge amount.
• QuickBooks also released the QuickBooks Power Stand in the Summer of 2021, providing small businesses with a stylish and portable countertop payments hub that can support their business anywhere. The Power Stand battery charges QuickBooks Card Reader wirelessly and has an inbuilt USB connector that allows you to charge USB-compatible devices like your phone or tablet.

• When used in conjunction with the QuickBooks Mobile app, QuickBooks Card Reader provides small businesses with a mobile point-of-sale solution that can happen whenever and wherever they need to do business. Small companies benefit from the QuickBooks platform’s connectivity and range of time-saving tools across all QuickBooks Payments products, including features like immediate deposit for qualified transactions and QuickBooks’ built-in accounting.
• Intuit and its development partners built the QuickBooks Card Reader and Power Stand, including proprietary aspects for which design patents are pending. QuickBooks Card Reader is built on proven payment technology from BBPOS, and Box Clever was a crucial partner in creating the hardware.
• QuickBooks Card Reader is now available for $49 on the QuickBooks website for QuickBooks Payments clients. QuickBooks Power Stand will be available for $39 later this summer, and a bundle of both devices will be available for $79.

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.