Author: Complete Controller

The spreadsheets are the best and most valuable source for your firm’s finance department. Using them, all the bookkeepers can make a profound and foolproof record of all the company’s accounting activities. Yes, when required, you can show every detail to your CEO. And you can confidently explain how much money the firms have been spending or received yet. Even with a low budget, you can expertly run the finance process. Only you must have known tips.

Accounting Tips:
How do Small Business Owners Make the Bookkeeping Process More Straightforward and Efficient?

Some small business owners prefer to pore over spreadsheets. Are you one of them? If you are not, yes, your trade records are a rating report of how well you are performing your duty as a bookkeeper. But, if you are not a digits person, doing your accounting may reflect working as a root canal. 

Still, other business owners intend to work harder for business economics but acquire the daily and nevermore grow round. No concern about how you think regarding accounting. It is one of those duties no-trade expert can always evade.

Individual trade and private finances

Co-mingling prices and profit is a standard blunder in small firm accounting—and one that will create massive jumbles for your trade-in prospect. Start an enterprise treasury account as early as you determine to run with your startup and arrange an individual company balance card. It does not only distribute your reports but also improves your company’s credit grade.

Do a periodic survey

At the top of the per area, get an in-depth survey of your bookkeeping and finance reports. Watch for drifts, such as rising or dwindling exchanges, year-by-cycle ROI, or an advance in late-paying clients. Chat with your bookkeeper. They may encourage you to stare at a significant idea to be ready for better future money requirements, such as purchasing extra material or driving to a more prominent position.

Observe your operators’ minutes with time-monitoring software

Use cloud-based monitoring software that will track your employees’ working time. It also lets workers do the timer in and out on their cell phones, tablets, or desktops. 

But it stores their troubles and addresses your experience more naturally by automatically monitoring with time, PTO, and much more. You can detect time tracing software composed merely regarding any business. Pick one that serves with your accounting software, and staff will be eased further.

Wait on the head of tax final time

Grab small, form, and fixed wages for expected tax proposals to evade growth. Return on assigned time so you do not risk penalties. The IRS web’s tax calendar for trades can synchronize with your cloud-based schedule. This way, you never drop a final time; it can also convey prompts a week or two before a refund is due.

Conduct periodic fiscal treatments

If you set off accounting additionally plentiful, you complete it with jumped signs, delayed bills, or symbols that do not attach up. Move across your records regularly to make sure everything is well or not.

Keep your business bank account separate

Business owners mostly use their personal and professional credit cards for business expenses or personal. This miss-match or hodgepodge of financial activity leaves you at tax-rising risks, liability issues, and economic mismanagement. It always falls upon your business and subjective experiences or events. The precaution to keep yourself and your business from this headache is keeping the business bank account separate from the personal statement. This practice will also help you track your spending, saving, and investing. You can also improve your financial predictions, business plans, and budgeting process. You can also manage tax deductions for shared expenditures such as mobile phone bills and vehicle expenses. Such events include business loans and investor funding.

Leverage from digital tools

Bookkeeping is a necessary business process, so it must be error-free. You can get help from digital apps, automation, and software.

• Third-party apps
• Business management programs

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.

By: Jennifer Brazer

Jennifer is the author of From Cubicle to Cloud and Founder/CEO of Complete Controller, a pioneering financial services firm that helps entrepreneurs break free of traditional constraints and scale their businesses to new heights.

Fact Checked By: Brittany McMillen

A Good Auditor Helps: Boost Your Business’s Success with Expert Insights

A good auditor is so much more than a number cruncher. Think of them as your business’s financial watchdog, strategic advisor, and growth enabler all rolled into one. At Complete Controller, we often remind our clients that a great auditor doesn’t just keep your books clean—they help uncover opportunities, protect you from costly mistakes, and ensure your bottom line is protected. Whether you’re running a scrappy small business or a large corporation with sprawling operations, having the right auditor on your side can change the trajectory of your financial health and success.

Let’s break down the role of a good auditor, the game-changing benefits they bring, and how you can find the perfect fit for your needs.

The Role of a Good Auditor in Financial Management

The role of a good auditor isn’t about scolding or pointing out flaws—it’s about honesty, clarity, and actionable solutions. Here’s what they really do:

What does a goodauditor do?

A good auditor wears many hats. Here’s a closer look at what makes them indispensable:

• Finding Gaps in Your Numbers: Errors can happen in the best of businesses. A professional auditor will conduct thorough financial audits to spot mistakes, improve accuracy, and identify areas where you can tighten up.
• Reducing Compliance Risks: Regulations are always changing. A skilled compliance auditor will help you navigate the labyrinth of rules and deadlines to avoid fines and penalties.
• Offering Strategic Advice: Numbers tell a story and a great financial auditor knows how to read it. With their insights, you can make better decisions about investments, growth opportunities, and cost-saving strategies.
• Saving You Money on Taxes: No one likes overpaying Uncle Sam. A tax auditor ensures your business is as tax-efficient as possible—legally minimizing what you owe while maximizing savings.

Think of them as your safety net. An internal audit expert, in particular, will go beyond the books, helping you anticipate risks, resolve inefficiencies, and position your business for financial sustainability.

The Benefits of Hiring a Good Auditor

Wondering if auditing services are worth the investment? Let me assure you—they’re worth every penny. Here’s why:

Financial transparency and accuracy

Surprises might be fun for birthdays but not for your ledger. A good auditor ensures all your numbers add up, giving you and your stakeholders confidence in your financial statements. Clean, accurate books promote trust across your team, clients, and potential investors. It’s the foundation of a healthy business.

For example, consider improving the accuracy of financial statements to reinforce trust with stakeholders.

Compliance and risk management

Ever feel like the rules change faster than you can keep up? I’ve seen businesses blindsided by missed regulatory deadlines and fines. A compliance auditor ensures you’re up to date on all fronts. With experts monitoring regulatory changes like those outlined by the SEC, you avoid unnecessary headaches and safeguard your reputation.

Improved operations

Efficiency matters. A good auditor doesn’t stop at the numbers—they look at your processes. They’ll identify bottlenecks and reduce waste, saving time and money while increasing overall productivity. The result? A more streamlined, effective business.

Take Johnson & Johnson as an example. By overhauling its internal audit process, the company drastically improved compliance tightened financial controls and accelerated audit timelines. That’s the transformational power of a great auditor.

Qualities of a Good Auditor

Not every auditor is a match for your business. Over the years, I’ve seen the difference a perfect-fit auditor can make, and it all boils down to these qualities:

Expertise and industry experience

You want someone who understands the unique challenges of your industry. Whether it’s navigating healthcare regulations or troubleshooting retail inventory errors, the right experience ensures they hit the ground running.

Independence and objectivity

An auditor needs to tell it like it is—especially when it’s hard to hear. Honest, unbiased feedback is what helps you fix problems proactively rather than reactively.

Stellar communication skills

Do you glaze over when complex financial jargon gets thrown around? I get it. A good auditor translates the technical into clear, actionable advice. Strong communication helps ensure you stay informed and empowered.

Tips for Finding a Good Auditor

Finding the right audit firm or individual isn’t just about a Google search. Here’s how to make a wise choice:

1. Verify Credentials: Look for certifications like CPA (Certified Public Accountant) or CMA (Certified Management Accountant) to ensure they have met professional standards.
2. Ask for Referrals: Reach out to colleagues or industry contacts for trusted recommendations.
3. Check Their Experience: It’s important that your auditor understands your industry’s unique challenges and regulations.
4. Interview Them: Take the time to meet with potential auditors. Assess their communication style and whether you feel comfortable working with them long-term.

The Role of a Good Auditor for Small Businesses

Small businesses often face added pressure to wear multiple hats. A good auditor can relieve some of that burden. As someone who’s spent over 15 years helping small businesses thrive, here’s what I’ve seen a skilled auditor accomplish:

Why small businesses need a good auditor

• Cost Savings: Auditors can significantly reduce costs by streamlining workflows and cutting unnecessary expenses.
• Simplifying Regulations: Compliance can feel overwhelming for small teams. A professional will make sure every “i” is dotted and “t“ is crossed.
• Streamlining Processes: Auditors excel at identifying inefficiencies and proposing better systems to reduce time spent on repetitive tasks.

Even if your budget feels stretched, the return on investment—through saved time, more thoughtful planning, and risk reduction—is undeniable. For actionable advice, check out these small business bookkeeping tips.

Real-World Proof: Audit Efficiency Success Stories

Consider the National Bank of Georgia. By adopting Pentana Audit tools, they cut audit times by up to 50% and ensured real-time risk mitigation[1]. And HighGear’s platform saved one company $15,000 per audit by reducing manual processes and allowing remote work[3]. These examples prove that investing in good auditing pays dividends.

Conclusion

Choosing a good auditor is much more than ticking compliance boxes—they’re your gateway to transparency, efficiency, and sustainable growth. From minimizing tax burdens to keeping your operations nimble and compliant, the right professional can help scale your business to new heights.

As someone who’s made it her mission to revolutionize financial services through Complete Controller, I assure you that a skilled auditor makes life simpler and your books stronger. Are you ready to take your financial systems to the next level? Let us help you on this journey. Together, we’ll unlock your business’s full potential while establishing thought leadership through financial insights.

Contact the experts at Complete Controller to get started here.

FAQ

What does a good auditor do?

A good auditor combines technical auditing and advisory skills to help you maintain compliance, improve efficiency, and sustain financial growth.

Can small businesses afford a good auditor?

Yes! Hiring the right auditor often saves more in costs and risks than the upfront expense.

How can I find the right audit firm?

Seek firms with strong references, valid certifications, and industry-specific experience.

Can auditors help with taxes?

Absolutely. A tax auditor ensures your tax planning is optimized and free of errors.

Why is financial transparency important?

Transparency fosters trust with stakeholders and allows for better decision-making. Learn more about financial transparency.

Sources

Audit efficiency and cost savings:

• Ideagen – Pentana Audit Success Stories.
• HighGear – Importance of Auditing in a Financial Services Firm.

Case studies and history:

Johnson & Johnson internal audit overhaul (origin article). Lehman Brothers and Satyam scandals.

Additional insights:

Investopedia

Accounting Today

SEC Press Release

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.

1. Scientists investigating computer and information technology study and resolve complex problems in computer technology for business, drug, knowledge, and other fields. The leader in wages is those scientists developing new computer technology tactics and searching for innovative use of existing technologies.
2. Computer network architects what happens is that computer network design and build communication networks. These are networks of assorted sizes, from connecting two offices to next-generation networks such as the cloud infrastructure is served by multiple consumers. The level of education for obtaining a workplace: a bachelor’s degree in computer specialty and the experience of the administrator of networks and computers (the system administrator) is desirable.
3. Computer programmers do what these people do: programmers write and test computer code for applications and programs. They translate the draft programs created by software developers and engineers into code.
4. What does The computer support specialist work in the support service and assist people and organizations using computer equipment and software? The level of education for getting a job: a bachelor’s degree and lower-level diplomas are quietly accepted.
5. Computer systems analysts What does: The computer systems analyst examines the existing computer infrastructure and work in the organization and designs system solutions to help the organization operate more efficiently. Analysts adapt information technology for business, knowing the limitations of both. The level of education for getting a job: a bachelor’s degree in computer science or information technology is compulsory, but companies accept analysts with business education or double diplomas in liberal arts. (I recall that there is one liberal arts university in our pool – this is Drew University).
6. Database administrators ensure that data is accessible to users and protected from unauthorized access. Databases include working with extensive data (Big data). (DBA) use specialized software to store and organize data, such as customer financial information or information about the delivery of goods.
7. Information security analysts What they do Is plan and implement measures to protect computer networks and systems of companies, government structures, communication systems, and payments. Their duties’ scope constantly expands as the number of cyber-attacks grows. The level of education for obtaining a job: a bachelor’s degree in computer science or information technology is compulsory. Experience in this field or internship is desirable.
8. Computer networks and systems administrators do: Computer networks are critical to any organization. Administrators of computer networks and systems are responsible for the regular daily operation of these networks.
9. Level of education for getting a job: Most employers require a bachelor’s degree in computer science or information technology. For this, a certificate of completion of the course is sufficient.
10. Software developers what they do: Developers are inventive minds behind computer programs. Today’s most popular profession in the entire IT industry is in the US and the World. They participate in all program development processes, including research, design, programming (although programmers are more likely to be engaged in programming), and testing. Develop programs to perform specific tasks on a PC or device; others create complex systems for servers and networks. Servers can also be attributed to developers of conventional and online games.
11. Web developers what they do: Web developers design and create websites. They are responsible for its appearance and all the technical aspects, such as performance and speed. In addition, they create content for the site.

All universities with which we work have options for studying computer science, and at Drew University, we can choose a double diploma to combine computer science with something else. Having a degree will give a huge advantage when hiring. Today, a person can have unlimited opportunities for training and professional growth. The list reflects only the average level of wages. Different companies pay differently. A college graduate can pay $45,000 in the first year, and salaries tend only to grow.

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 business world has seen several innovations in the past decades. One of the most significant (and recent ones) is the introduction and increased use of electronic checks. If you are not familiar enough with how this works, we have gathered all the essential information in this article for you. Let’s discuss this now! 

Are you an accomplished entrepreneur? You may have seen that your clients may have utilized electronic checks for payment purposes. Several merchants find it hard to comprehend, so they permit their installment processors to deal with the specialized parts of the framework. In the event of questions, the broker can do nothing aside from tolerating the requests of the installment interaction. Hence, it is significant that you see how these electronic installment frameworks work so that you can make good use of them! 

When running a business, you must have a sound understanding of how electronic check processing functions.  

We should begin with the meaning of e-check. Fundamentally, this is a sort of installment framework where assets are taken out from the financial balance of a client and stored straightforwardly into the record of the trader. An Automated Clearing House is an organization that deals with everything behind the scenes. For handling these installments, entrepreneurs must have an e-check preparation. This framework permits the simple withdrawal of installments from the financial balance of the customer or client.  

Getting an eCheck Merchant Account

Your merchant might be prepared to introduce ACH handling to the framework if you are currently accepting credit card payments. Numerous organizations offer these types of assistance for online organizations. In this way, you can browse many choices depending on your business prerequisites and individual inclinations. 

You must complete the forms when you discover a handling account that meets your prerequisites. You need to give a ton of subtleties, like the number of years you have run your business and processing volumes. Commonly, the application interaction is straightforward and quick. Additionally, the endorsement cycle ends within a couple of days. 

How eCheck Processing Works

Electronic check processing is like paper check handling in some ways. The thing that matters is that electronic checks happen significantly quicker. Read below to learn more about the whole process. To help you understand better, we have separated the procedure into three stages: 

• Buy authorization

For the endorsement of the buy, clients can finish an online form or have a phone discussion. After approval, the check data goes to the payment processor. 

• The installment ends

In the wake of getting the check data, the installment processor takes out the assets from the financial balance of the client and gives them a seat. 

• Assets are deposited into the bank account of the merchant

After the inception of the exchange, the electronic check needs three days to clear and move the assets into the vendor’s record.

Repeating Payments

Credit cards are perhaps the most used way for online payments. In any case, electronic checks give the best arrangement. Electronic payment is the explanation behind why ACH charging is acquiring notoriety among real estate managers. It is because it enables them to collect monthly rent much more quickly.  

To put it plainly, this was a concise portrayal of how the preparation of electronic checks occurs. If you are an entrepreneur, you might need to evaluate this installment technique to work with your clients. You can help make your business more attractive to clients and customers. When you provide the ease of using electronic checks to your customers, this could be a factor that could help boost your business. 

So, if you are not already utilizing online payments via electronic checks, we suggest you investigate how you can incorporate them into your business. After all, it’s all about satisfying your customers, and things like these make it easier to achieve this goal! So, investigate it and make the best use of it! 

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.

Artificial intelligence (AI) is a branch of computer science growing daily. In today’s machines and computer systems world, artificial intelligence technology simulates human intelligence focusing on cognitive skills such as learning, reasoning, and self-correction. With these processes today, devices are also making multiple methods easier for businesses. However, as everything has its possible benefits and risks, so does artificial intelligence in companies. 

Keep reading our blog to know the benefits and risks of artificial intelligence in businesses.

Benefits – The Positive Impact on the Business

When a business deploys artificial intelligence correctly, it allows itself to grow. Let’s look at the benefits in detail.

Save time and money

By automating processes, businesses can now replace human labor with machines. It allows managers and directors to save money by cutting down labor expenses and saving time.

Consider an example of a restaurant. Being an owner, you replace the servers with robots. You will see a possible difference between the performance of a robot and that of a human. Humans tend to make errors and take time to perform a task. They also charge wages every time, which robots will not.

Your robots will be a one-time investment helping you optimize routine processes and tasks.

Allows you to make faster decisions

When you use artificial intelligence, your business will positively impact your workflow processes. When enterprises implement cognitive processes, they observe positive outcomes.

It is not just that they observe positive outcomes. Businesses follow these outcomes relatively quickly. It helps them make future decisions easily and quickly, stepping towards the company’s growth.

They predict customer preferences quickly

As a business owner, you can easily predict customer preferences when you adapt to artificial intelligence technology. You can generate patterns and trends by exploring the various branches of artificial intelligence.

These patterns and trends allow for predicting what your customer will prefer next. In this way, your business can grow by generating and providing products and services your customers need.

Risks – The Negative Impact on the Business

Where everything has its pros and cons, so does artificial intelligence. Below are the risks to a business using artificial intelligence.

Biasness caused by insufficient data

When you perform data analysis, you use data already available on the internet. The data is researched and uploaded by an individual or a group of data scientists.

Now the trick question is, how do you know the data is authentic?

A business would lose algorithmic biases of insufficient data that affect the research patterns of customer preferences. It is why looking out for authentic sources is essential.

The rise of deep fakes

One of the most significant risks to a business with artificial intelligence technology is the threat to digital security.

The rise of deepfakes is nothing but how humans can threaten someone’s physical security through targeted disinformation campaigns. Along with physical security, intelligent minds can also threaten political security. The respective rise of deep fakes can threaten people’s safety in ways no one can imagine.

The threat of socioeconomic inequality 

Artificial intelligence-driven jobs spark the threat of socioeconomic inequality. Along with training, work has been a driver of social portability for some time. Nonetheless, when it’s a particular sort of work — the anticipated, dreary kind that is inclined to AI takeover — research has shown that the individuals who wind up for the dogs are significantly less adept at getting or looking for retraining contrasted with those in more elevated level positions which have more cash.

Conclusion

Summing it briefly, artificial intelligence is taking the world by storm. It poses multiple benefits to most businesses, but the risks outweigh the benefits.

As one of the essential branches of computer science today, artificial intelligence plays a significant role worldwide. It can support three critical business needs:

• Automating business processes
• Engaging with customers and employees
• Gaining insight through data analysis, artificial intelligence technology aims to make the world a better place with

The right approach towards working for a business involves recognizing that despite the inevitable risks, the benefits of artificial intelligence position the technology as an optimistic aspect businesses can embrace.

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 sole proprietorship is a small business managed by one single entity. It is an inexpensive form of business that gives you more freedom and control, but it also comes with certain drawbacks. As the owner, you get to call all shouts, and Sole proprietors can hire people, just like any other small business owner. According to the IRS, any time a sole proprietor employs someone other than an independent contractor.

Although being a sole proprietorship is the simplest form to structure any small business, you may need clarification on how one affects the health insurance options. A sole proprietorship with few employees might qualify for group health insurance.

Advantages of Sole Proprietorship

A simple process to kick-start

Usually, a business owner’s job when forming a sole proprietorship is to register with the local office and obtain necessary licenses. A sole proprietorship does not need legal counsel to build a business, which helps reduce costs. As a sole proprietorship, you can file a business name but don’t have to do it. Business owners who operate sole proprietorships can visit their local businesses and start working, which is relatively more straightforward than any other business structure.

Most businesses develop great ideas and take the initiative immediately. To start a sole proprietorship business in the United States is a massive advantage to the business owner because of the ease of starting one.

Complete ownership

Believe it or not, but at some point, sharing business ownership can be very difficult, even if you think that you get along with your co-owner well. When you are the only one managing and making all the decisions, you are not responsible for other people’s mistakes. It’s like a one-person show – you have the spotlight and get to do whatever you want.

You get to choose how many days your business will operate and which times to come in; plus, you are held responsible for your work by yourself and the clients. With complete ownership comes a full hold of profits. You get to enjoy all the profit you make, and you decide to use it.

Simplistic income taxes 

You are already connected with your business when you are the only person dealing with all business matters, so you don’t have to file business taxes separate from your income taxes. The business income is your income, so a personal tax return and a tax form (Schedule C) allow one to report income and losses to the IRS using the SSN. In addition to all your business-related expenses, they are tax-deductible, including the cost of travel, goods, fees, and more. The tax rates are lower for sole proprietors than for corporations and partnerships.  

Disadvantages of Sole Proprietorships

Owning a sole proprietorship has severe risks to your assets and makes it significantly more challenging for you to fund and grow your business into a bigger one. Here are some of the disadvantages of a sole proprietorship:

Personal liability

Personal liability is one of the most significant disadvantages for many sole proprietorships, particularly in specific industries. Since the owner and business are single entities, personal assets, including retirement savings, investments, and real estate, are legally tied to the business. If you’re a sole proprietor and default on a loan, the bank can take your assets for what you owe. Similarly, if a client sues you, and the client ends up winning, this means that all your purchases are on the line.

Business insurance helps protect against some of these situations and should be considered a substantial investment.

Self-employment isolation

While it all sounds great to be the only one to manage and make all decisions, sole proprietorships lack the breadth of perspective corporations and partnerships have. The lack of alternative notions, ideas, and support from others can isolate these business owners.

Financial construction

While there may be significant advantages to the tax structure for a sole proprietorship, having profit and business income directly tied to the owner can make it difficult to get funds or sell the business. In all honesty, a sole proprietorship can’t raise money from investors. It can be challenging to value the company where no assets belong solely to it.  

All in all

Sole proprietorship allows people to open their businesses with complete ownership and responsibility for their successes and failures. However, it’s essential to remember that starting and then operating a business can be equally stressful and challenging as it is rewarding.

Even if you believe that sole proprietorship is the best option for you, surround yourself with positive energy and great support from other business owners; local business centers can also help you thrive in operating and growing the business.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

FinTech can be anything related to technology finance. From large companies that use digital money and algorithms for their financial solutions to accounting entries, everything is called FinTech. Most of the traditional manual processes can now happen with a single click. The financial sector is a fast-growing industry; all companies and businesses are turning toward FinTech. In 2018, the financial industry market size was around $127.66 billion, and it is estimated to reach a staggering $309.98 billion. Companies are getting massive investments in Financial App Ideas as this industry grows too big.

Mobile App Ideas for Financial Companies

It is now clear that FinTech companies that will include mobile finance apps will excel in their ideas when comparing the statistics now and what is to come in the future. But how can these companies use mobile applications in their process? What ideas can you bring to reality? Here is a list of ways that a FinTech company can make their customers’ lives easier using mobile apps:

The Digital Banking Finance Application

Digital banking is the future of monetary transactions. No one would rather stand in long lines at banks and outside ATMs. People can do everything on their smartphones with just a few taps, for which they had to go to the counter at a bank. Digital banking has undergone a significant change in the last six years. Nearly 69% of people use mobile finance and banking apps to do day-to-day tasks like checking account balances, making money transfers, adding payees, etc. During Covid-19, the government made some changes that we leaned towards digitizing things. Digital banking was a sector that obtained significant benefits during these times. Transferring digital money from e-wallet applications is now global, but the security and risk of doing so are a matter of concern. With a foolproof idea of security, one can invest in this mobile app idea.

E-Wallets/M- Wallets Finance App

When we used to have the hassle of carrying cash, innovation in the financial industry occurred with credit cards. Now is the time to say goodbye to plastic money, as we are dealing with an even better form of transaction: digital money. Electronic wallets are used globally and are growing like wildfire. In 2013, its value was $16.65 billion, but the digital wallet market is forecast to surge to an incredible $758.91 billion!! Applications such as Apple Pay, Alipay, and PayPal are electronic wallets. People benefit from using these apps as they receive offers, cashback, and gift coupons when they pay with these digital wallets. When more people discover this, there is no denying that your chart will hit the skies.

P2P Payment Financing Application

The concept may seem similar to digital banking, but it focuses on transferring money from one person to another. These are growing mainly because many economies prefer not to use cash and promote digital money. You link your bank account to your phone and send money directly in seconds. This method is secure because it uses new security technologies such as biometrics, OTP, and facial and voice recognition. You can check the balance of the linked bank account. Applications like Google Pay, Venmo, and Zelle are the most used and relevant examples of P2P payments. Revolut put a different spin on the idea of digital wallets. With the Revolut application, we can transfer money to other countries with the option of 150 foreign currencies, including cryptocurrencies.

Personal Finance Management Applications

There was a time when we used to sit down with a pen and paper to write down our monthly expenses, our savings, and how we could save for the future or invest in a good place. Imagine having these things ready, in a better representation, and without wasting your precious time. New personal finance management apps are the way to go for investing. These apps help people ease their financial process and provide tips and ideas for budgeting. You can link your bank account with these apps and have your stats ready in eye-catching renderings. The bank details collected by the application remind you of payments and update your details. It is a safe way to do it. These apps have automated robotic chatbots to help you with investment and retirement tips.

Loan Lending Mobile App

Loan apps are one of the most exciting FinTech startups you can invest in; this is where loan applicants and lenders are commonplace. People can apply for loans, negotiate with the lender, and manage the process quickly and easily. These apps will analyze customer data and check their credit status and behavioral history, and only then will they qualify them to apply for a loan. This process is swift, so it helps lenders get more clients, and clients can also search for multiple investors. As the whole process occurs on their smartphones, money transactions also follow. The money transfers through digital banking or P2P payments. Many people are looking for a loan during this terrible pandemic, so this application is a good idea 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.

In the simplest of terms, a credit card is a thin, four-sided piece of plastic or metal delivered by a bank or financial services company. The cardholder can be lent money to pay for goods or services at a merchant who accepts the card for payment. With credit cards, the money borrowed by the cardholder, interest, and additional agreed fees must be repaid by the invoice date or over time.

There are ten things you should refrain from paying via credit card.

Household Bills

If your monthly income and expenses are already tight, you may want to use plastic to pay for your electricity, cell phone, or cable bills. However, if you do not repay your monthly balance, you will be charged interest, and your monthly bill will be even higher.

Cars

Car traders may not permit credit card buying or limit the buying price you can add to the card. Like many other dealers, some merchants don’t like to pay by credit card because they will pay to procedure the activity. When you can’t pay for your car immediately, ask your credit union or bank for a loan at a reasonable financial charge rate before you buy your vehicle.

Student Loans

Repaying a student borrowing owe with a credit card raises the sum of charges you pay on the liability. Though you have a 0 % credit card referral deal, it will mature over time. In addition, not entire student obligation providers permit this payment technique.

Retail Treatment

Do you think your new buy will make you feel better? Probably. But when choosing this type of “treatment,” be careful that cash is king. With cash, your credit card balance never gets beyond hand.

Medical Invoice

If you pay your invoice using a medical credit card available from your doctor, read more about your liability, especially how to pay interest.

A Night in the City

Passing your credit card to a malicious server with scanning equipment is not your only risk. Buying a tab you can’t pay is simple when you’re throwing drinks around the city. Consequently, it’s best to pay with money when painting the town.

Substantial Amount-Ticket Things You Can’t Settle Promptly

Credit cards provide excellent buying protection and should be used for bulk purchases. But anyone is foolish to buy something with liability if you can’t have enough money to repay it accurately.

Credit Card Payments

Monthly credit card payments cannot be technically billed with another credit card. However, you may want to use a credit card cash advance to increase your bank account so that you can pay new invoices. You will usually pay money prepaid Revenue, which may result in higher interest rates for cash advances than credit card buying. Also, you possibly won’t have extra time for finance charges, as you would typically do with a credit card purchase. Attention will soon build up.

Credit cards cannot be used as ATMs and should not be used. However, there are real advantages to transferring outstanding credit card charges to a new card with a substantial 0% balance transfer deal. Please pay attention to the transfer fee, realize how long the 0% charges amount will last, and repay the amount by them.

Sales

Are you sure you’re not missing out on savings by not correctly purchasing certain items on sale? It is one of the cautionary signs of impulse purchase. Delay a day and think if you certainly require the item. For nine things out of 10, the response is not. And you don’t save cash by expense when you don’t need it.

Unsecured Online Buying

When purchasing online, ensure your electronic web page uses “HTTP” instead of “HTTP.” If not, this is your clue to take your online purchase elsewhere. Before buying anything online, do your homework to ensure your company has a good reputation and is not the cause of many customer objections.

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.

Your business is making remarkable strides. You’re efficiently accomplishing your objectives, but how you conduct them is the issue. Business operations are energetic in achieving goals but aren’t as effective as you’d want.

Due to routines and investment in preceding procedures, changing the process becomes more challenging as your business succeeds. However, it is only possible to progress methods by creating adjustments. Experiments and blunders cause a lot of confusion. Thus, you must thoroughly re-engineer processes.

The radical reconsidering of company procedures to generate significant developments in essential factors, for instance, quality, output, price, facility, and rapidity, is known as business procedure re-engineering. Business procedure re-engineering (BPR) struggles to radically decrease enterprise values and procedure redundancies.

Business Procedure Re-Engineering is Broken Down into Five Steps (BPR)

Participants must better grasp the vital phases of re-engineering the business procedure to keep it fair, transparent, and accurate. Although the procedure changes from one company to another, the following steps describe it:

Business procedure re-engineering is an essential item on the outline of many companies, large and minor, in several industries, with manufacturing and banking / financial industries being the chief sectors. It allows companies to take a new viewpoint on business procedures and understand how to reshape them to progress their working methods.

In this guide, I plan to simplify business procedure re-engineering by explaining what it is and what procedure stages it is. We also provide business procedure patterns that you can use to start your BPR project immediately.

Business procedure re-engineering is a method to improve business performance by increasing the productivity and effectiveness of procedures throughout the organization. Business process re-engineering is a technique to enhance the business result by expanding the capability and efficiency of existing methods throughout the organization. Furthermore, redesigning business procedures also includes redesigning related systems and organizational constructions. Furthermore, redesigning business procedures also includes redesigning associated systems and corporate structures.

Planning, Organization, Procedure, Technology, and Nation

Business process Re-engineering has three stages. They are the following three: the execution phase, design phase, and execution stage. It is also known as business procedure redesign, business process change management, and business transformation. Advantages of business process re-engineering BPR is integral in increasing business results in terms of worth, quality, delivery time, employee output, etc. It also aids in streamlining business procedures and systems. Organizations can adapt to altering times and decrease operating costs. Improve the profitability of the company and secure a competitive advantage. Improve employee productivity. Improve client motivation by improving the quality of the brand and services.

The five Business Method intended Stages are as follows:

• Draw a diagram of your currentbusiness’ss day-to-day operation.

Gather data from several sources involving software elements and participants. Identify how the procedure is currently working.

• Inspect gaps in the procedure.

Identify fundamental errors and inefficiencies that are preventing the procedure from operating efficiently. Verify that all the data are delivered in the suitable stages for participants to make quicker decisions.

• See development opportunities and authenticate them. Make sure all phases are essential. If the step only notifies the person, eliminate the stage and enhance an automatic email trigger.

• Draw a state-of-the-art procedure map for future conditions to generate a new procedure to resolve the identified issue. Feel free to develop a wholly unique process that works reliably. Set a KPI for each step in the system.

• Implement future state variations and pay attention to dependencies. Notify everyone included about the new procedure. Wait to move on until everyone is involved and you know how the new process works. Always monitor KPIs

When should we consider BPR? The difficulty with BPR is that the greater it is, the more expensive it is to execute. Startups can pivot five months after launch. It includes redesigning business processes with minimal execution costs.

However, as a company expands, it becomes difficult and expensive to overhaul the process entirely. But they are also forced to change due to rivalry and unpredicted market deviations.

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.

Why must you treat your financial fitness like your physical fitness?

Only in this way can you map out a clear route and then work on a solution to make everyone’s life a little better financially.

Employee Financial Fitness

Financial fitness is all about supporting the employee in his ‘financial health.’ It does not mean a substantial salary increase, but preventing and combating financial problems for the employee. In addition to caring for mental and emotional health, the employer also ensures the employee’s financial health. It is essential to look for employee health; one of the company’s traits is to provide the employees with finance for their health; it also gives the company a good reputation when providing its employees with health finance.

A condition for offering support is that employers and employees must need it. One must (dare to) enter a conversation about it and realize that providing or accepting help helps both. The discussion about money worries is more accessible said than done. It can cause embarrassment on the employee and fear on the employer’s part to ‘interfere in something that does not bother you or be held responsible for financial problems when you are not playing a significant role.

Different Types of Fitness

In addition to these aspects of fitness, there is a third important factor that organizations are fortunately gaining more and more attention to: financial fitness. “Financial fitness is a major concern for many employers, either directly or indirectly. Financial fitness means you have control over your income and expenses. Can you pay all the bills at the end of the month? And can you make financial plans for the short and long term? If that doesn’t work, it can quickly have repercussions in the workplace. It causes much stress and uncertainty.”

Have an Eye for Employees

Where employers have plenty of options to support employees mentally and physically, there was a lack of tools for realizing financial fitness. People often do not dare to talk about money worries and quickly seek help. In addition, financial ‘advice’ is often not disinterested. It creates a vicious circle of accumulating problems. Fortunately, an independent platform like Money Finder can break that circle. Employees are helped to get their financial fitness in order. At the same time, the platform offers the necessary handles when participants are not yet fit.”

Invent, Try, and Create Together

The co-creation approach is intriguing for Van Dierendonck: “For us, as APG, it is a very inspiring journey. Our new platform is closely aligned with what we believe in and deal with daily. It is also nice to see that so many parties are willing to try to improve it and have it meet employees’ demands. This way, we can contribute to a financially fit workplace in the Netherlands.”

With so many different partners, staying aligned on the platform’s functionality is essential. Therefore, you might expect that there will be a delay, but nothing could be further from the truth.

Someone who has their finances in order is more productive, happier, and has room to look to the future. Unfortunately, not everyone is financially fit. Sixty-two percent of employers deal with financial problems, and twenty-one percent of employees have minor or severe payment problems. If money worries exist, that person is more likely to be distracted and call in sick.

It is possible to pick up signals of financial turmoil or concerns early and talk to your employees. It is often thought that this is too much a private matter, but as Nibud’s research shows, problematic debts also have significant consequences for the organization. That sounds easier said than done. How do you recognize the signals, and how do you start a conversation? And how do you help your employee further after the interview?

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.