Author: Complete Controller

Auditing codes of ethics are pretty important. They may provide the foundation of the rules and the expectations that CPAs and organizations, in general, must follow during an audit. The code of ethics sets the minimum criteria for the auditor’s conduct and what the organizations hiring them should expect in terms of behavior.

Internal auditing is an impartial, independent assurance and consulting activity that adds value and improves a company’s operations. By implementing a systematic, disciplinary, and professional approach, organizations can quickly achieve their goal and improve efficiency.

Auditors are encouraged to follow the following code of ethics during their work.

Integrity: In all professional and corporate dealings, a professional accountant should be forthright and honest while making all decisions and observations without any bias.

Objectivity: Conflicts of interest or undue influence of others should not be allowed to trump professional or business decisions by a professional accountant.

Professional competence and due care: Professional accountants have an ongoing duty to keep their professional knowledge and expertise up to date to ensure competent professional service to their customers or employer based on current practice, legislation, and procedures.

Confidentiality: A professional accountant should maintain the confidentiality of information obtained via professional and business connections and not divulge such information to third parties without sufficient and explicit authorization. There is only an exception in breaching a client’s confidentiality, which is legally binding.

A professional accountant should never use or sell confidential information obtained through professional and business interactions for the benefit of an outside party or personal gain.

Professionalism in Behavior: A certified accountant should follow all the standard operating procedures and the applicable laws, thus avoiding any actions that bring the profession into disrepute.

Code of ethics is critical during the audit process. Not following the code of ethics may lead to several threats that might affect professionalism.

The IFAC Code of Ethics ensures that an assurance firm’s integrity, objectivity, and independence are invulnerable to corruption. The business must have measures in place to protect itself.

Here are some of the threats that may or may not impact the auditing process

Self-interest threat

A self-interest threat is when the auditor in question is in any capacity benefiting from the firm’s profits under the auditor is in any way associated with the company’s business operations.

Self-review threat

A self-review threat arises when the auditor reviews his reports. An individual auditing their work always creates a chance of self-review threat as the auditor may get biased on examining his work and struggle to present transparent information.

Advocacy threat

Advocacy danger occurs when a firm, a member of the assurance team, or a member of the network firm, as the case may be, promotes, or is perceived to promote, an assurance client’s viewpoint or opinion to the extent of jeopardizing objectivity.

Familiarity Threat

A familiarity threat occurs when a firm or an audit team member is in contact or has good relations with the clients. Because of this relation, auditors are unable to give unbiased reports.

Intimidation Threat

When an assurance team member feels a threat, whether real or imagined, by the directors, officers, or employees of an assurance client, it often prevents them from operating objectively and exhibiting professional skepticism.

How to prevent these threats

It is essential to prevent these threats to maintain professionalism. Auditors are requested to take these measures to avoid the above threats.

The auditor should maintain their independence from the client company.

When there are no adequate protections to decrease threats to an acceptable level, the only options are to stop the activities or interests causing the threat or decline to accept or continue the assurance engagement.

Auditors must continually evaluate what is in the public interest when considering threats to independence and possible remedies to reduce or eliminate these vulnerabilities.

It’s also worth noting that the implementation of some protections may not address “apparent independence.”

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 professional services business must go where the money is to be successful.

In other words, a company that provides accounting services must identify a market that requires and is ready to pay for such services. And if you’ve discovered a successful niche, the odds are that others have as well. That’s why it’s essential to identify and market a significant benefit your company can provide that will set you apart from the competition.

The act of helping buyers identify your business from similar firms and offering them an apparent, compelling reason to choose you is known as competitive differentiation.

Client involvement is critical:

Client connections are what distinguish a firm and should be the driving force behind all choices.

According to urban legend, automobile manufacturers purposefully install flaws in vehicles that force the owner to return the car to the dealership. The idea brings the client back into the showroom, which is crucial for vehicle makers. Salespeople prowl the area. The most recent models are on display for you to try on. Complimentary beverages also help customers relax, which encourages them to make purchases.

From paper to paperless:

The idea of a paperless office isn’t new. Many accounting businesses have already adopted some form of paperless technology.

Employees no longer must spend time searching through drawers to find papers with a paperless accounting system. It enables remote access to files, allowing employees or clients to transmit, receive, evaluate, and approve documents while on the road.

It would not only boost productivity, but it would also help clients since staff would be able to reply to inquiries faster without having to look through files or information physically.

Offer specialized and competitive services to the clients:

Of course, there’s almost always the possibility of adding new specializations to a practice. As an example, a general financial accounting firm can introduce a management accounting specialization.

Insolvency, tax, auditing, advising, and payroll are just a few of the specialties you may add to your company by employing the appropriate individual. Extending that function can be as simple as allowing them to create their business unit inside your more considerable practice. You might want to explore paying for a current employee to get specialized training.

Give an extra edge to the client:

Clients will gladly pay fees if they believe they are receiving value for their money. If their money is spent on services that add value to the connection rather than just processing, they will perceive more value in the partnership. Cloud technology allows practitioners to have a real-time view of their client’s data, including their basic ledgers, invoices that have been issued, and the timing of when payments are received.

It brings up a slew of new opportunities for bettering customer service. Because the data is simply a click away, there’s no need to send tiresome client reminders when it’s time for quarterly returns, for example.

Research to expand your target audience:

Who are you attempting to persuade and influence? What business or businesses do they work in? Are you looking for clients, partners, or employees? The answers to these questions will guide the communications you write to reach them successfully. Then you must conduct research. You should concentrate on the kind of clients you want to attract and figure out what makes your business a superior option.

Automate your operations:

When you automate your accounting process, you may get real-time information and make better decisions. Rather than waiting days to see how things are going, you can react to changes with constantly updated financial data.

Expense tracking, time tracking, payroll, billing, and invoicing are just a few of the procedures that you may automate to save you and your client’s time and money.

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.

“Many business owners don’t take enough advantage of their bookkeeper or accountant,” says Breslin. Well, this is somewhat true. Imagine a huge of your amount instantly goes missing, got a minor heart stroke? Right? Avoiding such a situation is merely essential, but do not hand over the entire accounting responsibility to a single person. To maximize the information about what an accountant can do to protect everything you earn.

Money scams and frauds are everyday things in business if you do not organize your records from time to time. To avoid such kinds of potential financial losses, you must have a trusted person to look up to your cash flow and manage their records. A trusted accountant is a sensible investment to operate a successful business. You need to play smart if you are operating a company on a large scale. Go for hiring an excellent professional crew of experts that are a pro in managing your accounts.

A business person must be sensible enough to know everything that is going around in his business and his accounting statement as well, of course. To maximize the information about what an accountant can do to protect everything you earn.

Train your accountants to be pitch-perfect. Be careful in dealing with your accountants, be stern, and but avoid misbehaving with them. Provide them training sessions about how to be super-efficient in the task allotted to them. Make them feel that you have a keen eye on each of their moves and transaction details.

Analyze the credit card statements

Being a sensible businessman, you must befriend your accountant. Be polite but not too much. Credit cards management is a crucial task. Looking at credit card scores and statement is essential. Accountants take a very reasonable step when they pen down each penny swiped from the card. It helps the businessman to get a clearer image of every corporate matter.

Maintain the payroll receipts

Organized accountants are blissful for the investment you can make for the prosperity of your enterprise. Various expenses need to be systematic to avoid tangled accounts and bookkeeping statements. Also, being systematic is a great help when it comes to reconciling and monthly audits.

Keep a keen eye on the online banking

One of the most relieving benefits of hiring a perfect accountant is keeping a keen eye on online banking. They put in their maximum efforts to detect and rectify any of the unfamiliar detail floating in the firm’s accounting statements.

Positive cash flow

Maintaining cash flow is so not an easy job. An accountant can seamlessly create a substantial record strong enough to kick back the negative cash flow.

Prefer virtual assistance

Sensible accountants will always double-check their accounts and digits by using various software. They will always install accounting software that will make them improve each of their mistakes (if any). It will also save them from being embarrassed at monthly audit times.

Keep a regular check on their balance sheets

Maintaining balance sheets and keeping them up to date is a challenging task. Only a bookkeeper can take that risk of filing and updating your accounts and statements regularly. Apart from keeping your accounts tip-top, they also go for consistent rechecking to remove the miscalculations.

Tracks and manages the expenses of the firm

It is vital to track and manage the expenses and financial statements of the entity. The accountants are impeccable in doing so. Their efficiency in managing these financial statements can take the company to the next level of success and achievements.

Monthly reconciliation

A pro check for the accountants to create perfect and blunder-free financial reports is to conduct monthly audits or reconciliation. By doing this, they can compare the records with the internal accounting details of the firm.

Avoid employee theft

Some of the accounting experts go for designing and creating tactics to avoid employee theft. They head on towards the lane proving to be loyal towards the corporation they work for.

Closing

As mentioned above, accountants can simultaneously be the game changer and game spoiler if not tackled with care.

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.

All of us often need a little pick-me-up to realize how we can get our businesses out of a monotonous rut and the changes that we can bring about.

These changes do not necessarily have to be within the business model; instead, they could be within you. Your actions directly affect how the business performs. If you can add a few productive habits into your habit, your business is bound to succeed.

Why is productivity important?

Productivity generally means the amount of work one can achieve within a defined period. Anyone who wishes to achieve something sets a goal to identify the targets they want to pursue. This plan could be yearly, monthly, or even daily.

How much of the total goals can an individual achieve highlights the productivity of the individual? Their productivity is what drives them to fulfill all their dreams.

Similarly, in a business scenario, the setup must comprise productive members who strive to reach the organizational goals and achieve them with finesse. There is often a misconception that staying busy and looking busy amounts to productivity, but that’s wrong. Productivity does not depend on quantity; instead focuses on the quality of work done.

Following are six steps that could assist you in creating a system that would increase your productivity and help you achieve all your business goals.

Plan, Plan, and Plan

A wise man once said, “You can never go wrong plans.”

You must always have a concrete plan set in place, preferably in order of priority. When you have this plan in front of you, you will always know the task you have achieved and the ones you are yet to reach.

This plan could cater to your financial goal or any other goal for that matter. The list would serve as a constant reminder of the tasks you have to complete.

Delegate Tasks

You must have a team who is willing to put in the work with you. When you prepare to overcome challenges to improve your productivity, your team must make changes in stride.

To maximize proficiency, divide all tasks according to the skillsets of each member of the team. Assigning team members work that they are skilled at completing will allow you to get the most work done in the least amount of time.

This efficiency will help you reach the organizational goals and encourage a sense of responsibility within your team, as they will feel like they put in the work needed to achieve the goals.

Use Automation Where Possible

Technology is your new best friend.

There are so many ways you can teach automation in your workplace. Automation will cut down on your time and assist you in getting tasks done more systematically.

We are in the age of technology; everyone should be willing to turn to the digital world to improve productivity and get more work done quicker.

A Bookkeeper with Experience

The financial health of the company must always be clean and clear. The job of a bookkeeper is to do all the work required to keep the company’s finances neatly tucked away.

One must always hire an experienced bookkeeper because they know how to get the job done in time.

Create a Guide for All Employees

The success of a business lies in the work that the employees put in. The result will only be in sync if the employees see eye-to-eye with each other.

For this purpose, create a guide that will have the directions for all the employees. This way, they would be able to know what the company stands for.

Track Your Performance

You should track your performance and the way your business has performed over a defined period.

Keeping a close watch on your business’s performance will assist you in making the necessary changes to your operation if you see a weakness. You may be able to highlight any weak points with the help of your team and together could come up with ways to tackle them.

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 is an accounting software program built for all types of organizations to perform accounting functions. QuickBooks provides end-to-end accounting solutions. Manufacturers, distributors, building contractors, non-profit organizations, and others fall under this category. This program is ideal for accounting operations like payroll, payables, inventory management, and so on.

It even offers sophisticated features, such as advanced pricing, payroll, and so on, that may be customized and implemented according to your company’s demands. If you’ve outgrown the basic versions of QuickBooks, you should upgrade to the Enterprise edition right away to earn extra benefits.

Your company, like any other, maybe one-of-a-kind in one way or another. As a result, you may require accounting software capabilities that others do not. Regardless of these differences, QuickBooks Enterprise has industry-specific capabilities that can assist you in growing your firm.

Here are the top five most crucial accounting functions that you can perform using QuickBooks.

QuickBooks can help you manage accounting and reporting tasks

Getting a clear picture of your financial transaction is feasible if you use QuickBooks Enterprise, including an “income tracker.” You may input your expense transactions with this tool, including transactions from various bank accounts in one location and in less time.

The industry-specific accounting templates can help you with your organization’s objectives, including managing your financial statements and helping you with the forecast to monitor the company’s productivity. Not only this, QuickBooks can help you to control spending, fixed assets, and tax deductions.

Inventory management is made easy with QuickBooks

QuickBooks Enterprise features a sophisticated inventory function that allows you to construct sub-assemblies without manually entering them quickly. You also don’t have to be concerned about stock levels below or above a certain threshold. You may build sophisticated price rules based on criteria such as customers, goods, vendors, and so on.

Another advantage of QB Enterprise is that it allows you to enter data accurately by scanning inventories, serial numbers, or bar codes. You can even use it to generate barcodes.

You may also use QuickBooks’ Inventory center to identify inventory tasks by browsing inventory items and reports. With this program’s built-in inventory stock status report, even restocking your goods as needed becomes easy.

Manage your user roles and permissions with QuickBooks

Not every corporate employee needs access to all types of business data and information. Additionally, having all data available to all employees raises the danger of data loss. With the aid of QuickBooks Enterprise, you can reduce this danger.

You may grant your workers role-based access to the data depending on their departments and job responsibilities. As the owner of your company, you will have central access to this program, from which you will be able to establish user roles and provide rights to your staff.

You may even choose QuickBooks Enterprise with hosting for your business to retain the level of data and application protection a notch higher. It will make you and your team more flexible at work, in addition to the data security benefits. You may access your cloud data at any time and from any location.

Managing and tracking your potential customers with QuickBooks

Monitoring sales and orders are difficult for any organization, whether small, medium-sized, or large. QuickBooks Enterprise is a program that can help you keep track of your sales more efficiently. You can track your sales agents and view expenses with this intelligent program, saving time and effort. You can also use the QuickBooks Lead Center to track leads.

You want to add as many clients, vendors, and workers as possible to expand your firm. When you use QuickBooks Enterprise, which has comprehensive user tracking tools, you can do this. With this software, you can send estimates or invoices, define and use foreign currencies for sales transactions, create custom pricing, and much more.

Employee payroll with QuickBooks

Your employees are as important as your customers. Employee management is critical for any firm, much like handling orders and customers. QuickBooks Enterprise can assist you with this area of your business. Using this software, you can quickly compute all of your employees’ earnings, deductions, and payroll taxes.

To track the time of your employees and contractors, you can get and check customizable reports. This program is all you need to save time when it comes to payroll.

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.

The tax code is also known as the Internal Revenue Code (IRC). The Internal Revenue Code is the set of tax laws. Whether you are running a business or not, you are required to pay a certain amount of your income and profit to the federal government as tax. Therefore, the tax code is an important thing to understand. The tax code is a document based on the government level, consisting of detailed information about the tax code’s rules and regulations. Every state has assigned a legal attorney to prepare a firm tax code for the residents to follow. Highlighting the USA tax codes, the USA congress writes its tax laws and sets them on a national level.

After setting up the rules and regulations, the Internal Revenue Services (IRS) gets on board to assist people in implementing these tax codes. What are the consequences of violating these tax laws? Unfortunately, the guidelines prevailing the taxable income measures in the USA are way too complicated to understand.

There are many sources of information available that make paying taxes easy for the residents of the country. It clarifies how much tax they are liable to pay and their minimum tax deduction scale.

The Treasury Regulation – TR

Tax is collected in vast amounts, as one or two people do not pay it, but the whole nation is liable to pay tax. So, naturally, tax regulation is also not an easy task to handle. Almost every state has a specialized team for the regulation of tax. Similarly, the official tax regulation team of the United States is called Treasury Regulation. The team is responsible for the interpretation of the tax code.

A layperson can quickly consult these sources for help, as it is the official government help for ordinary people. It is imperative to accumulate the correct data about your liability to file your tax. If you misunderstand the information provided by the federal officers, you will file your taxes based on the same misunderstanding. Therefore, it can land you in grave trouble.

Internal Revenue Code – IRS

As mentioned above, Internal Revenue Code is the alternative name of the tax code. The IRC consists of the tax code and guidelines that are legally aligned to enable a strict tax receiving activity from the residents of a particular state.

As understanding the tax rules is not an easy task, IRC has set up a team to assist the taxpayers in how to move on with the taxpaying process.

Hire A Professional to Understand the Tax Code

If your confusions remain constant and have not withered from their spot, you always have a better option: to hire a professional. Although most people consult experts in the field whenever they find themselves stuck, you can easily do the same to understand the tax codes.

Once you have called up for expert consultation, ensure to ask the relevant questions because a single mistake can cause you a potential financial loss. Settle this point in the corner of your mind that every professional taxpayer prepares your return differently on the tax code interpretation.

So, to avoid these confusions, consult an expert whose tax code interpretations match the tax obligations set up by you. The person with countable experience as a preparer will indeed take his interpretation and manage it according to your vantage point.

Taxpaying And Bottom line

Understanding the US tax code is not an easy task; it is very complicated. To glide on the safer side, knowing what you are liable and eligible to pay is essential. The taxpayers must go for reliable, professional IRS consultants.

If you are running a business and have had an audit recently, there is the maximum possibility that you may be required to pay more than you calculated or estimated.

Closing Paragraph

US tax codes or the Internal Revenue Code are legit tax laws designed and implemented by the USA federal government. The taxpayers must adhere to the tax code and submit their monthly or yearly taxes accordingly. However, suppose the ordinary people cannot understand the tax codes. In that case, they are free to consult professional and expert help aligned by the state government to release the tank of confusion flooding the taxpayers’ minds.

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.

For ordinary individuals, December is a month of enjoying holidays and Christmas. However, that isn’t the case for accountants and CPAs. The end-of-year means closing the books is approaching rapidly, and bookkeepers’ time has become increasingly scarce. As a business owner, managing your official finances is a tedious process, but it can make your taxes a nightmare if you don’t maintain the accounts. 

Without a proper bookkeeping process for your business’s finances, numerous tasks can slip through the cracks and end up costing you financial loss in the long run. With a few bookkeeping tips, you can get a firm grip on your monetary situation and even enhance your earnings. The ambition is to get a simplified procedure explaining your business finances. Having a method that combines your expenditure, cash deposits, invoices, and tax records can make your life as a business owner so much easier than you thought, especially during the tax season.

Importance of bookkeeping practices:

Bookkeeping is a crucial part o any business venture. To make this process simpler, always record your cash receipts. Having complete records of transactions will help you at the time of claiming deductions on tax returns. Keep track of your reimburse expenditures so you won’t end up paying out of your pocket during rainy days of the business.

At this time of the year, business owners rely on their bookkeepers to maintain accurate financial accounts to timely achieve the objectives. However, maintaining a good set of books doesn’t happen naturally, but we’ve to create versatile strategies for successful execution. For this purpose, here’s a list of three best year-end practices for bookkeepers.

Updating the accounts:

Bookkeeping isn’t a highly complex task. However, without the right tools and sensibility, it can go wrong. As the year comes to the closing time, you’re obliged to have a firm understanding of your business’s finances. It means extra time is needed to update your books.

If you’ve employed a bookkeeper, give them space to maintain all the necessary reports and schedule a day to review them all together. It will indicate that both the executives stand on a mutual financial decision. Also, if the financial reports are updated, preparing a tax return would be highly simplified.

When it comes to cleaning up the end-of-year accounts, the best area to begin is the source documents like cash receipts and invoices. Whether you’re managing records manually or opt for an automated system, you need to ensure all official records are present in your documents.

Reviewing accounts:

After updating the finances, it’s time to review the financial condition of your business. To recognize any year-end tactics beneficial to the company, a bookkeeper must go through records, including profit and loss statements and balance sheets.

At this point, you might also want to examine the current accounting system and understand the pros and cons of tracking the financial information. With the advancement of technology, we can also help streamline any efficiency if needed. Based on the year’s finances, it will be an excellent choice to make wise decisions for the future.

Maintaining accurate files for the account receivables and payables is always recommended. However, the year-ending period is a great time to review them at least once.

Closing accounts:

Now that you’ve updated the accounts and got a stronghold on your current finances, it’s time to close the accounts and begin preparing for the following year.

A year-ending bookkeeping practice is the most feasible way to maintain the accounts, both manually and digitally. For instance, closing out old accounts provides the opportunity of managing and clearing old customer accounts, inactive vendors, employees, and expenditure accounts.

Moreover, the year-end procedure allows you to study the previous year’s finances and prepare a budget for the coming period accordingly. By planning for the tax payments and identifying significant expenditures, you’ll get insights into potential concerns that might arise throughout the term.

If you get so preoccupied with operating your business that year-ending bookkeeping practices catch you off guard, don’t worry; execute a powerful strategy to overcome the impending obstacles regarding the company’s finances.

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.

Being an entrepreneur, if you’re already utilizing QuickBooks and you need to pay your workforce, and then consider adding a QuickBooks payroll to your scheme. Fortunately, you can access it from a similar system from which you manage the business’s bookkeeping. It allows you for the impeccable transfer of your payroll expenditures to accurate general ledger accounts.

Every business owner can set up payroll with QuickBooks and process their first pay run with a few effortless steps. Also, the subscription is budget-friendly, and there’s no obligation to provide any extra charges. However, the payroll procedure doesn’t end with only preparing the paychecks. On a schedule set by the IRS, you need to file a payroll tax return.

Furthermore, every authorized business is required to file and submit the payroll taxes to the IRS. Fortunately, if you’ve taken the QuickBooks subscription, there’ll be no other mistakes including, late submissions that might result in penalties and increased interest payments. QuickBooks offers an intuitive interface that provides an easy payroll setup for entrepreneurs.

Shift to payroll:

After logging in to your QuickBooks account, go to the payroll and click on employees. If you’ve recently bought the QuickBooks online subscription, you’ll notice a “Get started” option. Click on it to proceed to another screen.

If you’re a beginner to this platform, the system will require a few questions, such as if you want HR support and need to track your employee’s working hours. While these queries will help you match the righteous plan, you’re also free to choose one of its three payroll options manually. 

Provide information about employee’s payments:

Next, the system will inquire if you’ve paid the employees within the calendar year. In case you’re switching to QuickBooks from a manual system, then you’ll have to press “Yes.”

Besides the payment inquiries, the system might want to know the date when you’ll plan to run your first payroll in QuickBooks. For security purposes, you’ll be providing the original address of your workplace where your employees physically work.

Add Employees:

After adding the previously required information and the original company location, you will have to add the employee’s payroll details into the system, including those who no longer work for your company but received pay within the same premises.

Enter Federal Tax details:

In this section, you’ll have to add your federal tax id, and you can refuse if you haven’t received it yet. If you’re considering signing up for the employee’s section or receiving services that might be cheaper than your current plan, check the box to share your information.

Enter State Tax details:

There’s another requirement of state tax details, if applicable. The layout will depend on the type of business and your employees, so skip the part that doesn’t apply to you.

Add your Bank account details:

You’ll get the chance to review the business and principal officer info you entered previously in the setup process. Add in your bank details for checking the finances of your business. There’ll be a screen listing different banking institutions, so enter it in the search box and select the corresponding results if you’re not listed.

Covid-19 Pay features:

Unfortunately, the coronavirus pandemic has made our lives vulnerable, and we couldn’t step of our homes without getting scared of the consequences. However, QuickBooks has emerged with a helpful feature of paying the employees. It allows you to distinguish paid leaves taken by the workers. Additionally, if you’re opting for a tax credit against the employee’s income under the covid-19 aid, then you need to choose this as well.

Once you’ve provided answers for all the queries and completed the required information for every employee, you’ll notice a list of employees on your payroll for the following year. Make sure to provide all the data accurately and review it again to avoid any mishaps.

Now that we’ve acknowledged you about setting up a QuickBooks account for payroll in seven more straightforward steps, it’ll hopefully get easy to set it up on your own. If you haven’t started till now, opt for the platform with a one-month free trial.

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 periods are a contrived method that makes financial management simpler and allows comparison between various accounting periods. Companies usually deal with them by recording transactions regularly, but compiling them at the end of the accounting period is mandatory. This completion process requires carrying out an administrative task that efficiently resets the recording of transactions before adding new ones.

At the end of an accounting period, various measures must be taken, including adjusting income statements and balance sheet accounts. Although there’s an availability of automated accounting systems to handle these processes, companies should acknowledge the complexity of the end of an accounting period. While technology might automate a majority of tasks, the rest undoubtedly require manual attention.

Anyhow, the closing procedure must be well-organized; it doesn’t have to be overwhelmed. Let’s break down the main tasks into two steps.

Temporary accounts (Income Statement):

Firstly, record the income and expenditures from the current period within the same period; otherwise, your closing income statement will show inconsistency. Ask your vendors to provide the ongoing work figures so you’ll include them in the income statement as well. All of these closed accounts are considered temporary accounts at the end of each accounting period.

Acknowledging your expenses and your revenue will lead you to better strategic decisions in the future; you’ll instantly know if you have to cut the costs or vice versa. However, closing temporary accounts is of pivotal importance for healthy business operations.

Permanent accounts (Balance sheets):

Throughout the accounting process, manage permanent accounts actively. This act is essential for determining the current business capacity accurately. Fortunately, no balance in the reports will vanish on its own, and every cash transaction adjusts accordingly. While some of these operations happen automatically, depreciation needs to be applied manually. It would help to revalue all the business assets at the end of the accounting period and make any necessary modifications.

Besides this, another vital task that requires equal discipline is the reconciliation of bank statements. Settling the prepaid assets to anticipate the value of payable amounts must be completed for a particular accounting cycle. A well-kept balance sheet calculates a business’s current status, which is ultimately crucial for its success.

Trial Balances:

Before the end of an accounting period, the remaining trial balance in every account must be accurately determined. It helps to ensure that all the debit entries are comparable to credit entries and any deviation updates through the adjusted trial balance. These reports will dictate several accounts’ opening and closing balances, which regulate your accounting system’s abnormalities and identify what you need to address.

Closing Entries:

Generally, automated accounting software will carry out the closing entries. However, it is crucial to comprehend the process. An income summary account came into being by closing off the income and expense accounts. It indicates that your income statement is ready for the next accounting period. This account will be linked to the retained earnings account and represented as equity on your balance sheet. After the tax deductions and other expenditures, the retained earnings are converted into a net income account and distributed among the shareholders as equity.

Usage of an accounting period:

The use of an accounting period means that a business manages financial operations in a consistent and righteous pattern. Remember that many companies use a double-entry system by which they record each cash transaction in two ways—recording sales once as cash received and as the loss of an item from the stock a second time.

Closing an accounting period is a requirement, and you can never understand where your business financially stands without these closing adjustments. Having the necessary information will be useless if it’s scattered and all closing entries are performed accurately for the accounting period. If a business owner can’t make these adjustments on their own, there’s no shame in hiring a professional accountant for their assistance.

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.

There are a lot of methods through which restaurant owners keep a record of finance and handle accounting. They may support a book and note down, do it themselves or through an employee, or use accounting software. If a restaurant owner has restaurant accounting books, it’s good to have command over math and a strong accounting background. Also, it’s suitable for small restaurant owners with few employees, but it’s impossible to imagine it for a restaurant on a big scale. Restaurants are generally good to go with accounting software because the most valuable part of using it is saving time and money. It will inform you about tax deadlines and give payroll guidelines. It also automatically works for keeping track of inventory. There are a lot of points that reveal the advantage of using accounting software for a restaurant.

• Saves time and energy

Manual bookkeeping wastes a considerable amount of time while performing the accounting process. The manual bookkeeping data entry process requires a lot of time and concentration, and still, there are chances of mistakes and errors. A lot of effort is needed to ensure the proper entry of each record. On the contrary, accounting software not only mentions errors automatically, but it also saves time and takes a shorter time to complete the procedure.

• Simpler adaptation of data

If you are using accounting software, it will help you to do calculations automatically on your behalf. You can show data in a systematic format, and the advantage of this feature is that it will allow you to access the information quickly. Whenever you incorporate accounting software in the network, it will automatically collect cash and accustom made into a report.

• Reach your data any time

Accounting software makes it easy to access accounting data anytime. It also helps to get your data whenever or wherever you want. It also does not matter from whichever device you want to access your information because it is computerized accounting software. You can use online accounting software from any computer, mobile phone, or laptop. All you need is a properly working device connected to a good Internet connection and an accounting software app or browser.

• Real-time tracking and reporting

One of the most top advantages of accounting software is that it takes your accounting data in real-time. It accommodates your business bank accounts with the software, and as a result, you will be able to reach out to your expenses in real-time and allow you to report about all accounts that you want to check anytime.

• Reduce using bookkeeping data entry

Nowadays, in the 21st century, no one has time to write and note down records. It is a time-consuming process to deal with paperwork. If you have access to create a copy with just one click, why do you waste your time making photocopies? Financial statements and reports are always available online in accounting software. Whenever you create an invoice, it appears automatically in the cloud. Anyone can access it at any time. Invoices can be sent to the client directly through accounting software.

• Save money and improve sustainability

If you are using accounting software, this will help you save your business from wastage of money. It will prevent you from doing things like repetitive tasks. It will take you into consideration time wasted on other procedures such as creating reports for finance. And accounting software usually costs between $7.00 to $50 a month compared to ERP software which costs $10,000 per month. Accounting software is the most affordable method to do accounting for your restaurant. Furthermore, it will prevent wastage of time and waiting to complete more straightforward tasks such as bank reconciliation.

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.