Author: Complete Controller

Filing your federal tax return can be daunting, but you can avoid rookie mistakes while saving money by taking it step-by-step during tax season. The options listed below can help you fill out your tax returns.

Recognize Your Income

You must file a tax return if you earn more than a certain amount during the year. If you’re employed, look for “cumulative” earnings on your pay stub, and if you have multiple jobs, add up your payments for each job. Also include income from another origin, such as money earned on rental properties, items sold, investments, or interest.

Keep the Record of Documentation Up to Date Throughout the Year

Please keep track of tax-related documents throughout the year; it will make your tax season much smoother. You should retain receipts for charitable donations, medical and work-related expenses, and all other items from Step 4. You may maintain receipts for student loans or investments and grants or scholarships. Having them on hand and in the correct order can help determine if you need to go into detail and simplify the process. After filing your taxes, you should also save on paperwork. The IRS recommends keeping records for at least three years.

Identify the Credits and Deductions that You Can Take Advantage of

If you know what credits and deductions you’re entitled to, you may be able to gather the necessary documentation. Here are some questions to consider:

• Have a savings loan. You may be eligible for a tax credit if you pay into a retirement plan without enrolling full-time and are not listed as a dependent. The credit limit is based on your enrollment status and adjusted gross income.
• Interest in student loans. You can deduct up to $2,500 in interest based on your revised adjusted gross income.
• Deductions for charitable donations. Do you give to charity or your alma mater? You can usually deduct qualifying philanthropic donations when reporting your taxes.
• Fees for freelancers. If you are freelance, you may be entitled to deductions for work-related expenses, such as industry-specific memberships or office supplies.

Keep an Eye on Your Deadlines

If you expect a refund, you will receive it as soon as possible. If you received your tax return in January or February, you have two months to prepare your return before the April 15 deadline. Plan when you will start coming back and finish as soon as possible so you can schedule another meeting or two if you need to look for other documents or ask for help. Experts often suggest that filing taxes earlier is preferable to filing taxes later. The earlier you file your tax returns, the more likely you will avoid tax-related identity theft, which is on the rise.

Determine How You Can File Your Tax Return

You have many options for preparing and completing your tax return. Learn about each option so you can choose the one that best suits your needs:

Suppose your adjusted gross income (a tax rate that means your income minus certain tax deductions) is below a certain threshold. In that case, the IRS offers free tax preparation software to help you prepare your tax return and determine eligible deductions or credits. You can file your tax return for free.

You can complete IRS forms online. If your adjusted income is higher, the IRS has electronic versions of paper forms that will calculate you. However, they only provide essential assistance and will not help you determine what deductions or credits you may be entitled to.

Tax preparation software. If you need more help, you can pay to use these online tools available from various sources. They show you how to complete your tax return and help you determine if you qualify for a deduction or credit.

Tax preparer. Make sure you work with people you can trust. If you need help from an expert, you can contact a tax preparer or accountant. You give this person access to much personal information, so choose your accountant wisely. The IRS maintains a list of certified tax advisors who can help you find one in your area. While this does not guarantee accuracy, it is a good starting point.

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.

Life insurance deals with an insurance company where the policyholder agrees to pay a premium. The insurer admits to paying capital to the beneficiaries designated in the policy in the incident of the insured’s death.

What are the Options for Protecting Life and Health?

In general, life and health insurance can be divided into two types:

Risk allows you to protect yourself and your loved ones from any dangers, whether a minor injury, disability, or even death resulting from an accident. The risk of diagnosing critical illnesses (heart attack, stroke, and oncology) includes Health Protection insurance programs. Accident Protection programs involve a one-time contribution or small periodic payments and a cash payment many times higher than the insurance cost in an insured event. Extended life and health insurance for borrowers under the Borrower Protection Program helps protect yourself and loved ones from non-fulfillment of credit obligations to the bank because, in the act of an insured event, the payment will be transferred by the insurer to the bank and will be used to pay off the loan debt.

Savings are long-term programs that combine life and health insurance with a savings program. For example, Cumulative life insurance (CLL) allows you to create savings for any purpose and receive protection in unforeseen circumstances.

In addition to classical insurance, Investment Life Insurance (LIS) is available on the market. Not all insurers offer this high-risk investment product. There is no guarantee to receive high profitability under the ILI agreement; in case of early termination, there is a risk of losing a large percentage of the contributions made.

Each type of insurance protection solves particular problems and helps achieve different financial goals.
Cumulative life insurance (CLL) is a way to create long-term savings (at least five years) and, at the same time, financial protection in situations that threaten the insured’s life or the family budget’s stability.
With a Raiffeisen Life HOA agreement, you can form Endowment Capital for large purchases (for example, a car, a summer house, a house). HOA will be helpful to those who want to give children a successful start into the future, for example, and take care of quality education. Retirement programs will help make savings that will complement the state pension and provide a comfortable standard of living in adulthood.

If something goes wrong, the insurance company pays out. HOA ensures the transfer of your capital to you or the beneficiary, the person you specified when concluding the contract.

Health Insurance

The fight against oncology diseases of the heart and blood vessels requires significant finances and high-quality treatment. With a deadly disease (POPs), a person is often helpless. Raiffeisen Life’s “Health Protection” programs allow the client, when diagnosing POPs, to receive a range of medical services in clinics in Russia and abroad: hospitalization and services based on a hospital, surgical interventions, organization of flights if treatment is abroad, medication, including consulting support for all stages of the client’s treatment. Medical programs may also offer a one-time cash payment

Briefly About Accident Insurance (HC)

There are accident protection programs for those afraid of unforeseen incidents where the insured person receives only cash payment, not medical assistance. This difference in payment is the main difference between such programs and health insurance. Unfortunately, an accident is one of Russia’s leading causes of death. An insurance contract may provide for various possible consequences of an accident, such as:

– Bodily injuries and temporary disability
– Permanent disability with the establishment of a disability group
– Death (as a result of an accident or an accident)

Depending on the program’s configuration, its cost, and the amount of the insurance payment change. The amount of monetary compensation for certain risks is established before the conclusion of the insurance contract. For instance, a table of interest payments for each of the stipulated insured events with bodily injury is permanently attached to the insurance contract. For key risks – the insured person’s death or the receipt of disability group I, the beneficiary (for example, a relative) will receive 100% of the guaranteed sum.

You can insure against accidents not only yourself but the whole family, including children from 1 year old.

Borrower Insurance

Even a small loan can convert into a problem. For example, if the borrower loses a stable income or ends up in a hospital. However, debt obligations to the bank do not stop. Upon the borrower’s death, payments on the loan fall on the shoulders of relatives. Borrower Protection insurance programs provide financial protection to the insured and his relatives in case of loss of the primary sources of income: life and health.
Life insurance is a tool you can customize based on the goals and needs of each person at a certain point in life. By purchasing an insurance policy today, you solve various financial problems and gain confidence in planning your future.

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 is a tradition of making resolutions during New Year’s Eve. However, many of these lists are full of goals that have nothing to do with personal finances. And although that is not bad, it is important to consider your economy and consider working for it in the immediate future. 

Although New Year’s is months away, half the year has already passed, and it’s never too early to start considering steps to achieving your goals.

Save

Whether you want to travel more, make a large purchase, or fix your home, it is essential to maintain a savings fund that supports or reserves in these situations. In this way, you will not have to pay the entire amount from one moment to another, but quite the opposite, the expense will be distributed in the more significant number of days you dedicate to saving.
Experts recommend saving 20% ​​of your income. However, if you are not able to keep that amount of money, you can start with a similar figure and increase it over the year.

Start or Increase Your Emergency Fund

Although it is the same as the previous point, it is not. An emergency fund is destined, as its name says, for emergencies. It is necessary since most people pay for emergencies with credit cards without considering the interest they can generate.
You can divide the 20% savings recommended by the experts (mentioned in the previous point) between your emergency fund and your regular savings fund.

Start a Retirement Fund

These types of goals are long-term, thinking about retirement from the workplace. If your employer offers you a 401 (k) plan, take advantage of this benefit since your employer will most likely make contributions on your behalf. A positive point of this plan is that the money is automatically debited from your payment. It means you will not be able to evade your monthly contribution.
If you are self-employed, ask your bank if they offer an IRA (Individual Retirement Account); they will have different plans, but remember that it is vital to think about the future and save for your retirement.

Eliminate or Reduce Discretionary Expenses

You decide to do discretionary expenses just for your own sake. For example, you are eating out, subscribing to a streaming service, music, or the gym.
Many of these services to which you subscribe no longer use them as you used to. It means you can spend months without going to the gym and continue paying the monthly fee, use only a streaming service, and pay three.
These are the expenses that you must analyze and eliminate or reduce. This way, you will have more money at your disposal for the rest of your financial goals.

Catch Up With Your Taxes

Before the Internal Revenue Service (IRS) seizes your wages or places fines, it is crucial to update your taxes.
Like most debts, tax debt has a range of solutions available when you do not know how to get out of this financial commitment that could have been behind for a few years.

Pay Off Your Credit Card Debt

It is one of the most common debts in the United States. Most consumers need to learn how to use their credit cards and allow the interest rate to grow, little by little, the amount they charge at the time of making a purchase.

This type of debt grows because users believe that by making the minimum payments monthly, they are lowering their debt. However, interest takes most of the payment, and the principal debt continues to rise.

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 mortgage loan (from another Greek – prop stand) is a type of cash loan in which real estate acts as collateral. Theoretically, a car loan secured by real estate could be called a mortgage. But this practice has not taken root either in Russia or abroad.

The term “mortgage” appeared in ancient Greece at the beginning of the VI century BC. Mortgage was the name given to the form of liability in cases where the land served as security. In these instances, lenders drew up obligations, and they placed a pole on the border of the land area being purchased. The post indicated all the owner’s debts on such a pillar, called “mortgage” (from the Greek. Hypotheka – stand, support). In the future, the pillars “evolved” into mortgage books.

How it Works

The choice of real estate object – apartments, houses, or land.

Next comes the registration of the agreement of equity participation, insurance, and mortgage loans. Most often, a down payment is required.

The next step is closing the transaction and obtaining ownership with an encumbrance.

Then, you begin making monthly payments according to the schedule within the period established by the mortgage agreement. The amount consists of the interest for using the loan and part of the body of the loan.

Next on the list is depositing additional funds directly into the loan’s body, which helps reduce the loan term and the number of subsequent payments.

When the loan is repaid in full, the encumbrance is removed. A new certificate of ownership is issued.
If the client does not repay the mortgage loan according to the payment schedule, the bank may demand repayment of the debt at the expense of the mortgaged property.

How is a Mortgage Calculated?

A mortgage is an opportunity to acquire housing without own funds. It remains only to assess their strengths correctly. Often, a future borrower first collects the necessary documents, such as a 2-NDFL certificate to confirm income, and waits for approval from the bank. The search for real estate is narrowing. It already knows the available price range and can even calculate the monthly payment. It’s easier to make a decision.

You can choose a suitable mortgage program to indicate the type of property, its cost, and the amount of the down payment in one of the famous “mortgage calculators” on the Web. These mortgage calculators will give you an idea of ​​the interest rate and monthly payment.

Mortgage Insurance

Banks have different requirements for insurance; some are mandatory, others are not. But even if they are optional, the interest rate is significantly reduced when they are issued. According to the federal law “On Mortgage” (102-FZ), collateral insurance is one of the conditions for obtaining a loan from a bank.
When applying for a mortgage on a new building – real estate purchased directly from the developer – banks offer to take out life and health insurance. This optional type of insurance positively affects the interest rate and the likelihood of mortgage loan approval.

Life and health insurance protects the insured in case of temporary disability, in case of disability of group I or II, and the possibility of premature death.

When applying for a mortgage on a secondary property – real estate that was previously owned – banks require property insurance – this is a mandatory type of insurance. They may also ask for title insurance and life and health insurance.

Property insurance protects against financial losses in case of actual death or the occurrence of risks such as explosions, fires, or natural disasters. Everything is related to structural elements.

Title insurance protects against material loss in the event of failure of ownership, for example, due to the appearance of an heir whose opinion was not taken into account. The company that issued the title insurance would reimburse the cost of real estate to the client or his bank if the borrower purchased the apartment with a mortgage.

Applying for insurance products in the same bank where the mortgage is issued is unnecessary. You can choose the insurance company that will offer the most comfortable conditions.

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.

Increase the Financial Reserve

We must make efforts along our trip to establish a cash reserve in unforeseen circumstances. In the case of an emergency, you may use financial aid to fulfill basic and essential demands for a fair amount of time. As a result, it is necessary to set aside a large amount of your monthly income for this purpose during your working life.

Reduce Monthly Expense

To keep track of your expenses, you should make it a practice to prepare a monthly family budget. If you adopt this practice, you’ll be able to keep track of your monthly spending and keep it as low as possible. If you run out of money at the end of the month, you will never have trouble paying your payments.

Pay Your Debts

You must stay true to your objective, whether you have a debt payment plan or many obligations, or it makes sense to develop a plan. This objective is to pay off your debts as soon as possible.

To prevent increasing debt, you must continue to pay what you owe and keep your obligations current.

Arrange Alternative Sources of Earning Extra Money

Suppose you can search for more jobs or an alternate form of investment to enhance your monthly source of income to prevent a personal financial crisis. If it’s not a second part-time work, it may be in internet sales, as a freelancer, or otherwise, if you have a talent that will make the process easier.

Control the Inflow and Outflow of Money

The most excellent way to understand where your money goes is to analyze and monitor your bank accounts constantly. To better structure and management of your accounts, you must know how much value comes in and how much goes out.

Review Your Insurance

With all that has been covered so far, it is interesting to try to minimize insurance prices, decrease costs, and prevent a personal financial catastrophe.

If you’re having trouble paying your expenses at the end of the month, you could consider canceling certain forms of insurance if it’s not hazardous to you.

Avoid Using Credit Cards

Make credit card payments a top priority, and hunt for cards with low interest rates. If you owe money on a credit card, the interest rates you pay each month may strain your monthly budget.

If you persist in paying off your credit card debt, you’ll lower your monthly financial commitments by eliminating interest payments. You risk accumulating debt and paying high interest rates if you do not make this option.

Make Good Financial Investments

It might be a terrific chance if you grasp the fundamentals of starting to make financial investments.

If you’re considering investing in the stock market, this is a beautiful moment to go shopping in the financial market because the price of good shares has dropped significantly. Since then, other financial assets have depreciated as well.

Prepare for Tough Days

Yes. As seen, we are on the verge of a pandemic disaster. Even though some nations are testing vaccines to respond to the alarming situation, we have observed increased sick persons and deaths. As a result, it’s easy to forecast that we’ll have some rough days.

There are several reasons to take safeguards to avoid a personal financial crisis, mitigate its effects, and achieve excellent financial stability regarding private money.

Learn More About Personal Finance

What is the point of learning? No matter how much money you make, it’s critical to maintain control of your finances to live a happy and fulfilling life.

Learning to manage money is a must for it to happen. Learn how to generate a positive relationship with money by developing the correct mentality, knowledge, and skills.

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 Guide to Leasing a Car: Tips and Tricks for the Best Deal

Leasing a car is one of those financial decisions that can feel complicated until you break it down—and then it suddenly makes sense, especially if you’re someone who likes flexibility. As the founder of Complete Controller, I’ve spent the last two decades simplifying financial mysteries for entrepreneurs and individuals alike, and I can confidently say that leasing a car isn’t about taking a shortcut—it’s about finding a solution that meets your lifestyle and financial goals.

Whether you’re after a lower monthly payment or the thrill of driving a new car every few years, leasing could be the savvy move you’ve been looking for. Let’s explore the benefits, address the pitfalls, and set you up for success with practical tips and strategies to find the best car lease deals.

Why Lease a Car?

Leasing appeals to drivers who value modern convenience and financial flexibility over vehicle ownership. What’s more, leasing is on the rise. As of 2024, 25.35% of new vehicles were leased, a steady recovery from the pandemic’s lull.

The perks of leasing

Leasing a car offers several clear benefits:

• Lower Monthly Payments: On average, a lease payment is $148 less per month than a car loan payment.
• Access to New Technology: Leasing gives you the freedom to trade up to the latest safety features and vehicle advancements every few years.
• Limited Maintenance Hassle: Most leases span the warranty period, so you’ll avoid major repair bills.
• Flexibility to Switch: Enjoy driving a 2023 Toyota Camry today? In 2–4 years, you could be sitting in an equally sleek 2026 model.

Who benefits most from leasing?

Leasing isn’t for everyone—I’ll admit that. It’s best for:

• Drivers who keep mileage low (think under 12,000–15,000 miles annually).
• People who prefer convenience and aren’t emotionally attached to owning their vehicle.
• Anyone eyeing electric vehicles (EVs): A notable 46.6% of new EV users are leasing instead of buying.

How to Lease a Car for the First Time

So, you’re considering leasing for the first time? Let’s break it down step by step.

Step 1: Research the best vehicles to lease

First, know thyself—and your driving habits. Look for vehicles that match your needs for reliability, fuel efficiency, and resale value. Resources like the Edmunds car leasing guide can help you locate 2023’s top lease vehicles. Popular leasing options often include models with strong residual values, which means lower payments for you.

Step 2: Understand the credit score game

Let me be blunt: your credit score can make or break your deal. A stellar score unlocks the lowest monthly payments. If yours could use a boost, focus on paying down debt and resolving discrepancies on your credit report. For more tips, check out how to manage your credit responsibly.

Step 3: Comparison shop like a pro

Comparison is the soul of financial savings. Before you walk into a dealership, explore tools like the Kelley Blue Book car lease tools to compare offers across dealerships. Ask yourself:

• What’s the lease term? (Shorter leases often result in higher monthly payments but less risk for costly maintenance.)
• How do mileage caps work? Excess miles can trigger fines of up to 30 cents per mile.
• Are there fees hiding in the fine print?

And remember, having accurate financial records on hand can help you weigh each option more effectively.

Understanding Lease Terms and Conditions

I often tell my clients, “Deals are won or lost in the fine print.” Here’s what to watch for when reviewing a lease contract:

Key lease terms to know

• Lease Duration: Most leases span 24–36 months for ideal depreciation coverage.
• Residual Value: The car’s expected resale value at lease-end. A higher residual value means lower monthly payments.
• Mileage Limit: Standard leases allow 12,000–15,000 miles annually. Be realistic about how much you drive.

Avoidable fees

Leases come with additional charges that you should approach with caution:

• Excess Wear-and-Tear Fees: A scratch too many could cost you. Many dealerships offer protection plans but weigh these carefully.
• Early Termination Penalties: Breaking a lease prematurely can result in steep costs. Plan ahead.

Tips for Finding the Best Car Lease Deals

Let’s talk strategy—because the best leases don’t find you; you find them.

Be intentional about timing

Holiday sales events—such as Labor Day or year-end clearances—are golden windows for snagging deals on leases. Dealerships are eager to meet quotas, and you can leverage this urgency to your advantage.

Learn how to negotiate a lease

As a business owner, I know the power of negotiation. Here are three questions you should never forget to ask:

1. What’s the total cost of the lease, including fees?
2. Can any fees (acquisition or documentation) be reduced?
3. Is there an option to purchase the vehicle at the end of the term?

For more ideas, check out these money-saving tips for leasing a car.

Exploring Alternative Leasing Options

Not all leases are created equal. Depending on your goals, one of these alternatives may make sense:

Short-term car leases

If you’re looking to drive temporarily, short-term leases (under 24 months) can be a convenient option. But beware of higher monthly costs due to accelerated depreciation and fees.

Used car leasing

Leasing a certified pre-owned vehicle might save you money upfront—think lower depreciation—but the risks include limited warranty coverage and potential maintenance headaches. Proceed cautiously.

Conclusion

Leasing a car isn’t just about numbers on a contract; it’s about lifestyle alignment. If you value flexibility, drive fewer miles, and love staying current with technology, leasing could be your financial sweet spot. It’s also an opportunity to maximize tax benefits if used strategically for business purposes.

At Complete Controller, we’re all about empowering smart financial decisions. Whatever path you choose, remember: in finance, knowledge is power, and you hold the wheel.

Let’s get you on the road to your perfect lease. Ready to learn more? Start your journey with my team at Complete Controller.

FAQs

What Happens at the End of a Lease?

When a lease ends, you have three choices:

1. Hand the car back with no further obligations (as long as it’s in good shape).
2. Renew a similar lease term.
3. Buy the car at its residual value, which is pre-determined in your lease agreement.

Can You Lease with Bad Credit?

Yes, but it will likely cost you in higher fees and fewer choices. If you have bad credit, exploring a cosigner option or improving your credit first is ideal.

Is Leasing Better Than Buying?

The answer depends on your needs. Leasing is best for lower payments and short-term driving flexibility. Buying is the way to go for long-term value and ownership benefits.

Sources

• S&P Global. “When will car leasing be cool again?“ December 14, 2023.
• Simi Valley Chrysler Dodge Jeep Ram. “What is the Best Car Lease Term?“ October 16, 2024.
• Bankrate. “The Basics Of A Car Lease Agreement.“ January 8, 2024.
• Edmunds. “10 Steps to Leasing a New Car.“ July 1, 2024.
• Experian. “Most Popular Cars to Lease in 2024.“ November 4, 2024.

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

Accounting Challenges Faced by Startups: Practical Solutions for Success

Running a startup means wearing fifty hats simultaneously—visionary entrepreneur, product developer, marketer, and team leader. Unfortunately, “head of accounting” is often a role many entrepreneurs struggle to embrace. Based on my experience as the CEO of Complete Controller, I’ve seen firsthand how accounting missteps can undermine even the most innovative startups. The good news? Accounting challenges for startups can be tackled head-on with actionable strategies, saving you headaches and keeping your business on solid financial ground.

Let’s explore practical solutions that help startups not just survive but thrive, even amidst accounting, cash flow, and compliance complexities.

The Unique Accounting Needs of Startups

Startups occupy a distinctly challenging position. Unlike established companies with dedicated finance departments, early-stage businesses are often cash-strapped, short on expertise, and juggling multiple priorities. If you’re ignoring your finances or relying too heavily on guesswork, know this: your business’s survival may depend on addressing its accounting structure today rather than tomorrow.

For example, when we started Complete Controller, tracking and managing expenses felt like taming a wild beast. But I quickly discovered that putting systems in place—like separating business finances from personal accounts—was non-negotiable.

Accurate financial reporting: The foundation of trust

Clean and reliable financial records are the lifeblood of any business. They build trust with investors, enable you to secure loans, and provide clarity for making informed decisions. Yet, for many startups, bookkeeping takes a backseat to daily operations until it’s too late.

Want results fast? Start by prioritizing accurate financial statement accuracy. Whether it’s hiring an experienced accountant or carving out time weekly for bookkeeping, investing in correct reports sets you up for smarter growth.

Cash Flow Management: The #1 Startup Killer

Picture this: you’ve just landed a big client. The excitement is palpable until you realize your incoming cash will arrive months after your outgoing expenses. This scenario highlights why cash flow management consistently tops the list of startup financial challenges.

How to manage cash flow effectively

1. Create Accurate Cash Flow Forecasts: Use tools like QuickBooks or Google Sheets to stay ahead. Remember, 82% of startups fail due to cash flow issues CB Insights, 2018.
2. Track Spending Like a Hawk: Review budgets monthly, freeze unnecessary expenses, and eliminate unused subscriptions.
3. Don’t Fear Follow-ups: You can adopt polite yet firm processes for collecting payments from clients.

The Airbnb founders famously leaned on selling cereal box collectibles to stay afloat when cash hit dangerously low levels. Their journey is a testament to meticulous planning and perseverance. Think ahead, anticipate challenges, and do whatever it takes to sustain cash flow continuity.

Navigating Tax Compliance and Financial Regulations

Let’s face it—nobody starts a business for the thrill of preparing tax filings. But failing to fulfill your tax obligations can lead to stiff penalties and scrutiny from authorities. As I’ve observed with countless clients, simply ignoring taxes is not an option.

Common tax compliance pitfalls

Understanding tax compliance for startups means knowing your obligations at the federal, state, and local levels, including payroll taxes, sales taxes, and corporate taxes. You should also research tax credits and deductions like the R&D credit many startups overlook.

The trick is putting a system in place that minimizes chaos. Whether that’s adopting software to capture deductible expenses or outsourcing payroll taxes, staying proactive is half the battle.

Selecting the Right Accounting Software for Your Startup

Not long ago, spreadsheets seemed adequate for everything—until they weren’t. For modern startups, choosing software that automates tedious accounting tasks can free you up for core growth activities. Automation is not a luxury; it’s essential.

What features matter most?

• Cloud Access: Collaborate seamlessly, keeping everyone aligned, even remotely. Learn more about cloud accounting software benefits.
• Automation: Simplify payroll, bill reminders, and categorization so your focus sharpens elsewhere.
• Scalability: Platforms like QuickBooks and Xero can grow alongside your operation. Need guidance? Here’s my advice on choosing the right accounting software.

I’ve seen software tools save my clients dozens of hours each month, and their relief alone validates every dollar spent.

Breaking Bookkeeping Bottlenecks

Nothing cripples startups faster than avoidable bookkeeping mistakes. When I began, I learned that mixing personal and business expenses would make both tax time and profitability tracking unnecessarily complex.

Top mistakes to avoid

• Failing to separate your personal bank accounts from your business ones creates a tangled accounting nightmare.
• Neglected expenses—even something minor, like forgetting a small receipt—can cost you tax deductions. Tools like Expensify make on-the-go tracking possible.
• Thinking bookkeeping is a “later” problem. Spoiler: it’s an “everyday” necessity! Discover helpful bookkeeping tips and tricks.

Tackling Financing Challenges for Startups

Even when you’re showing profitability, raising funds for growth can feel impossible. Financial transparency is key to securing outside investment, whether you’re opting for loans, venture capital, or crowdfunding.

Key financing options to explore

1. Crowdfunding: Platforms like Kickstarter can generate capital and gain traction for your product.
2. Loans: Pursue SBA-backed loans or credit lines for favorable terms. Choosing your business structure correctly can also make financing smoother.
3. Venture Capital: Investors demand sharp business plans underpinned by accurate financial reports.

Solidify your position with transparent books, future-forward forecasting, and by weaving financial discipline into your company DNA.

Pro Tips for Startup Financial Success

Sometimes, it pays to admit when you’re out of depth. Hiring pros early can prevent fires later. At Complete Controller, we regularly help startups with tasks like outsourced CFO services and tax prep, which bring immediate clarity.

Split financial responsibilities across team members, introduce basic controls, and make accountability a non-negotiable value within your growing organization.

Conclusion

Navigating accounting challenges for startups doesn’t have to feel like climbing an impossible mountain. From mastering cash flow to staying tax compliant, selecting software, and sidestepping rookie mistakes, each step strengthens your foundation for long-term success.

Remember, even successful names like Airbnb started with small, deliberate choices that built resilience into their operations. Make your next choice to prioritize financial clarity.

The experts at Complete Controller are ready to partner with you. Let’s make sure you’re among the startups that thrive long-term. Start breaking the cycle of financial stress today by reaching out here.

FAQ

What are the most common accounting challenges for startups?

Managing cash flow, navigating tax compliance, choosing appropriate accounting software, avoiding bookkeeping errors, and securing financing.

How do startups manage cash flow effectively?

Create cash flow forecasts, aggressively reduce unnecessary expenses, and collect invoices in a timely manner.

What accounting software works best for young businesses?

QuickBooks and Xero offer automation, scalability, and cloud access that grow with your business needs.

Why is separating personal and business finances necessary?

Mixing finances creates headaches at tax time and muddles insights into your startup’s performance.

How can startups plan better for taxes?

Save for obligations like payroll taxes, track every deductible expense, and take advantage of startup credits.

Sources

• CB Insights, “The Top 20 Reasons Why Startups Fail,” 2018
• CPA Practice Advisor, “How the Accountant Shortage Is Rippling Through the Startup World,” July 17, 2024
• Metics.io, “Costly Cash Flow Errors That Lead to Startup Failure,” May 15, 2023
• Brex, “The Ultimate Guide to Cash Flow Management for Finance Teams”
• Forbes, “How Airbnb’s Founders Went From Cereal Boxes To A $10 Billion Company,” 2014
• Marcum LLP, “Accounting Challenges Faced by Technology and Life Sciences Start-ups,” September 9, 2024

When business owners struggle with financial-related issues such as bookkeeping and tax preparation, they need the help of professionals to take care of these issues without compromising their business productivity. For this reason, they require a Certified Public Accountant (CPA) who can handle and carry out their financial activities.

A CPA is a certified accountant with the proper state certification. They can handle all your finance and tax-related matters effectively without compromising the quality of work. Business owners employ CPAs more than accountants, as they are trained and certified. As a result, it is noted that there is a change in the trend toward CPAs.

Here are five reasons for hiring a CPA:

CPAs are Legally Competent and Certified

Certified accountants must stay informed of the state’s latest tax laws and regulations. Despite having the authorized license and certification, a CPA goes through many complicated stages and lengthy procedures, making them more accomplished and competent to assess and deal with financial adversity professionally.

CPA Offers Detailed Financial Information

A CPA is a better version of an accountant who will do everything an accountant does but more comprehensively. Accountants manage finances in general. They report expenses, income, rents, taxes, accounts payable, and all fees related to their business with financial reports.

They facilitate descriptive accounting records and provide a detailed financial overview in reports. Moreover, they also advise on the proper steps to overcome difficulties business owners face, considering their vast experience.

For this reason, an organized, systematic process is carried out under the supervision of a CPA.

The prepared financial statement has the lowest reliability of the different types of financial statement services a CPA can offer. The CPA includes the client’s information in the financial statement format without guaranteeing whether the notification is accurate and complete. The financial statements prepared do not require any opinion or report from the auditor. This statement also does not require verification of the auditor’s independence. The CPA can carry out his work free and independently from external influences that may have a financial interest in the business he is evaluating.

The next type of statement is the compiled financial statement. In this case, the CPA must assess and disclose their independence from the company and determine whether the economic announcements contain apparent material misstatements to prepare a compiled report. In addition, the CPA is required to link his name to the financial statements in the world but does not offer an opinion.

In a revised financial statement, the CPA analyzes the information supplied by the client and investigates any unusual trends. However, the CPA provides a limited guarantee on the financial statements. An independent verification in detail of the accounting transactions is not carried out.

An audited financial statement provides independent verification of the information on the financial statement. The goal of an audit is for the CPA to give an opinion on the reliability of the financial statements. This opinion may be unqualified, qualified, unfavorable, or denied. This status offers the highest level of reliability and warranty.

CPA Provides Forensic Accounting

Also known as fraud investigation or auditing, accounting forensics requires CPAs to uncover evidence of betrayal through a company’s accounting records.

CPA Has Tax Solutions

A CPA has remedies for any tax problem. Their certification, knowledge over time, and experience make them well-versed in dealing with any tax difficulty. You can contact your CPA or the IRS for any tax-related matter and ask them to help you. They can also serve as your representative to the IRS, which is the next benefit.

CPAs as Representatives of Your Company

Accountants are not eligible for representation with the IRS. Only a CPA, an enrolled agent, or a lawyer can represent companies to answer about their financial activities before the IRS. They can skillfully handle the audit and issues related to your finances during the IRS inspection.

It is better to trust a CPA because when things get tough, only a CPA can offer you the best solutions.

If you need to speak with an accountant for more information about our US accounting and tax filing services, don’t hesitate to contact us at 407-344-1012. The Freedom tax staff has provided accounting and tax services for almost 20 years. Our accountants and IRS Enrolled Agents (EAs) specialize in business accounting, bookkeeping, tax services, tax preparation, back taxes, tax debt relief, IRS problems, tax resolution, tax planning, ITIN number, incorporations, and tax-exempt 501c3 non-profit organizations. (Freedom tax accounting and tax professionals are not CPAs. A third-party provider provides CPA services)

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.

Carousel Ads

Carousel ads refer to attractive, engaging advertisements with vibrant images and videos.

Let’s have a discussion about what a good carousel ad consists of:

1. A photo of you and a patient
2. An image of the service you are providing, that is, a visual explaining the procedure
3. The benefit of the service you are providing, i.e., before and after a service

The second way to use carousel ads is to ensure that each image has the same title, website URL, description, and CTA. Finally, try using the Card section when formatting your ad. You may choose ‘Automatically show the best performing cards first’ and deselect the manual option to add a card. ‘

Video Ads

Third, consume video advertisements, which are still another fantastic technique to introduce people to services and operations that photos cannot show.

Video commercials are an excellent marketing tool; they should not be abused. Mapping and filming a movie may be a time-consuming and challenging operation. Instead of picture and carousel advertisements, use video ads to rest yourself and your visitors. It’s a good idea to make one captivating video ad every month. If you consider yourself an expert at creating confident and compelling films, you can frequently prepare them. There is no need to devote much time; have fun crafting realistic and entertaining video advertisements.

Targeting Location

Segmentation is essential to implementing your marketing plan since it assists you in locating potential prospects. You will likely lose potential consumers if you do not choose the appropriate approach. As a business or marketer, your initial thought may be, ‘Where can I discover my target audience?’ The ad set includes targeting, often known as audience selection, and budget and timeline. You’ll look at three primary audiences in this section: public saved, custom, and the like.

Public Saved

A saved audience is formed based on interests, demographics, and locations. These three options give you access to various combinations to choose from.

The good idea is to start by choosing the following characteristics:

1. Location: 5-10 miles from your local clinic
2. Demographics: 25-35 women – generally more interested in cosmetic surgery than men
3. Interest: leave blank

Once you’ve collected enough data from Pixel, you can determine your audience a lot. You can create additional ad sets for different age groups. It is also a proper way to test which group, according to age, is most interested in your cosmetic surgery list of services. As for the final section, it’s best to leave the interest-based box empty, as it dramatically restricts your audience base. In turn, you may end up excluding potential customers.

Target Audience

The nice thing about individualized targeting is that it aids with remarketing. Your bespoke audience is one that was created using existing analytics and data. Facebook gives you access to various alternatives, such as client files, website traffic, application activity, and Facebook interaction.

For example, tracking site traffic lets you see who visits your landing page and when.

It allows you to target those interested in your products and services. As a result, you can improve the possibility of scheduling an appointment with you. Here’s an extra guideline to remember while redirecting only target clients visiting your website in the last seven days. If you go any further back, your efforts will most certainly be in vain.

Similar Audience

Local firms do not require a comparable audience, but you may give it a shot if it piques your interest. They are the target audience based on persons who resemble those in their databases. It may be anything from fan pages to those who participated in your Facebook post to someone who actively looked for your page. Planning to build a comparable audience using your customer’s email address is an excellent illustration of this. Facebook will then hunt for persons who resemble those on your email list. Make sure that your peer audience does not exceed 1-2 percent. Otherwise, it will be overly broad and, as a result, ineffectual.

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 real estate sector in the commercial area must be prepared to face the global trend that points to online purchases causing physical stores to close. As a result, retail companies’ online presence and efficiency are becoming more critical every day due to existing competition and the growing number of digital consumers.

The United States is a good example. The participation of online commerce (e-commerce) has increased retail sales volume and impacted business levels at physical points.

Once large and numerous, retail stores are becoming more personalized and strategic, which has impacted sales and store closures.

Two examples are Target and JCPenney. Both are experiencing different financial conditions, but they share a process of change in their physical facilities in terms of location, number, and format. In 2017, Target announced the closure of between 10 and 15 traditional physical stores and the opening of 30 stores in a small and personalized form.

JCPenney’s strategy has shifted towards an increasingly digital and less physical presence. In March 2017, it announced the closure of 140 stores in the US and two distribution centers to align its physical presence and strengthen its online channel.

As a result of this transformation, others that have been affected are class B and C shopping centers (smaller than a regional mall, such as City Mall), explained Priscilla Argüello, a senior associate at Cushman & Wakefield / AB Advisory.

These malls are becoming obsolete from the point of view of retail companies.

First, because a more modern and stable technological and digital infrastructure is increasingly required, and second since many companies are closing physical stores, the aesthetics and brand presence that the remaining stores must have must be robust and attractive.

What once represented a simple buy-sell transaction has now evolved into a complete experience around it.

“This is why retail companies have had to reformulate their location and relationship strategies with consumers. As a result, corporate real estate services associated with retail firms have seen the impacts of this issue on two levels: digital and physical”, assured Argüello.

In Costa Rica, consumers increasingly trust online purchases.

In other words, of an online panel of 604 people between the ages of 18 and 54 who reside in the Greater Metropolitan Area, a third of buyers tend to make purchases every 1 to 3 months.

For their part, courier service firms, such as Correos de Costa Rica, have felt an increase in the number of packages purchased over the Internet.

What do Developers See?

Some commercial developers are aware of the trend in our country, and others see it in the long term, although none underestimate it.

 “Much of our focus is on digital marketing. At Grupo Roble, we constantly research international, regional, and local markets. We know that some of our merchants plan to venture into e-commerce for the next few years,” said Rojas.

The project director at Garnier & Garnier, Alberto Bonilla, commented that he is observing an increase in Costa Rican retailers selling online and delivering packages directly to homes. This increase is why he estimates a more significant impact in the short term, perhaps in five years.

“The global trend of buying online or e-commerce and the development of smaller and local centers (community centers) indicates that the traditional massive shopping center or mall has its days numbered,” said Bonilla.

Garnier & Garnier believe that a mixed real estate project should have a commercial area to serve the needs of its users but does not see that the retail centers of the future serve populations further away from a radius of 1.5 km.

For this reason, its commercial component focuses on offering the amenities that clients and tenants of industrial, residential, and office developments require.

Who Said that Physical Stores are in Extinction?

Between the boom in digitization brought by the pandemic and the consequences of the lockdown, the outlook for the future of brick-and-mortar stores looked bleak. Instead, they appeared to be polarized: they were digitized or disappeared. But extremes are not good friends, as demonstrated by the data of a recent study that we carried out together with Euromonitor. It is true that, as a consequence of the global context, retail sales in Latin America decreased during the pandemic. On the contrary, however, e-commerce retail sales increased by 54% in Latin America, with peaks of 87% in countries such as Peru.

How is it possible? According to the study, 70% of Latin American consumers do not care where they buy (online or offline) as long as they can get the product they want. 2 In fact, 78% enjoy shopping online and in physical stores. 3 Also, everything seems to indicate that, by 2025, electronic commerce will grow 96% in the region and represent almost half (43%) of the total growth of retail sales in the area. However, these predictions do not mean the extinction of physical stores. 4 What’s more, they will continue to account for 57% of growth and 82% of total sales by 2025. 5. Stores will not disappear; businesses will transform them. Against this background, the future of online stores is directly linked to the Omnichannel.

Omnichannel Retailers Will be the Winners

The Omnichannel is no longer a differentiator. It is essential. And those who are capable of providing both online services and physical interactions will take the podium. The secret is to stop thinking of e-commerce as a separate platform from physical stores. On the contrary, we must understand that the best channel is the one that works for the consumer, the one that best meets their needs. And that our success will lie in the type of experience that we can offer you through the different channels that are part of our trade.

The stores will not disappear; businesses will transform them. Against this background, the future of online stores is directly linked to the Omnichannel.

The Four Challenges of a Winning Strategy

The Omnichannel, added to the unpredictable changes in consumer needs, presents some barriers to its development in Latin America. According to the market interviews, the main ones are:

• high implementation costs
• the complex integration with other channels
• low short-term profit margins
• the traditional management/executive strata still consider these adaptation and investment strategies unnecessary.

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.