Author: Complete Controller

As the business grows, manual bookkeeping becomes challenging to handle. To manage your growing business, you will need to use some accounting software as it reduces the time to complete tasks, keeps more accurate records, and produces professional-looking financial reports. QuickBooks seems to be the easiest-to-use software, with versions that accommodate enterprise-level businesses and solopreneurs. It is a must-have software for any business as it simplifies and streamlines the accounting, tracking, and reporting of records.

Benefits of QuickBooks

QuickBooks offers affordable pricing

A new company has to work with a tight budget, so it is crucial to use budget-friendly software. One of the least expensive options available in the market is QuickBooks. It offers a pricing plan that starts from $12.50 per month.  As your business grows and you need to add more users to your QuickBooks plan, you can easily switch to a higher payment plan. Moreover, you are free to cancel your subscription at any time without paying any extra fee.

QuickBooks includes a wide range of features

QuickBooks has all the essential features a startup needs, including income and expense tracking and critical reporting like monthly financial statements. For businesses with more advanced business needs, upgrading to the Pro version allows you to add extra features like bill pay, inventory tracking, invoicing, and sales reporting.

QuickBooks is easy to use

Like most software, QuickBooks requires an experienced person to handle it as it is complex to operate. However, it is user-friendly, and a person with limited financial experience can use it.

QuickBooks stores your records safely on the cloud

QuickBooks allows you to access your financial records from anywhere in the world, unlike other software installed on your desktop. Your accountants don’t need physical access to your office; they need a login and password to access the financial records.

Cloud storage is one of the most secure ways to store your financial records. Even if your computer is damaged or malfunctions, you don’t need to worry, as your data is stored remotely. Unlike working with hard-drive-based systems, which need to be periodically updated or reinstalled, cloud-based software updates automatically, so you will always use the most up-to-date version. 

QuickBooks helps you manage taxes effectively

Instead of making tax reports manually, QuickBooks is easy to use, and you don’t need to worry whether your tax report will be completed correctly and on time. QuickBooks pulls data directly from your financial records, compiles your information conveniently in one place, and sends you automatic reminders when filing dates are approaching. Using QuickBooks will save you time and ensure the accuracy of your reports.

QuickBooks constantly improves and evolves 

QuickBooks continuously adds additional features to cover all of your financial needs. The software has many improvements that can help you manage your finances smoothly and run your business more effectively.

QuickBooks is among the leading accounting software

It is steadily moving to become one of the best available software in the market. It has made the lives of business owners more effortless, as they can access their finances from any modern device.

QuickBooks has many tools that help increase your business’s efficiency and make accounting easier. Your bookkeeper’s work output will also increase significantly, as this software will save them a lot of valuable time that you can redirect into activities that add value to your company.

QuickBooks offers value for its price 

There is a lot of software available on the market, but QuickBooks is one of the best options. It saves the user a lot of money and time and thus benefits the company.

QuickBooks provides excellent customer service and values customer feedback. It listens to the customer’s advice directly and does a lot to help its customers. It values the feedback provided by the customers and attempts to improve its features accordingly.

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.

We are currently witnessing a remarkable era of endless possibilities and rapid technological advancements. The swift pace of technological progress indicates that a groundbreaking tech revolution could be on the horizon within the next decade. There is no turning back as we stand on the cusp of the 4th industrial age. Businesses are ceaselessly seeking innovative ways to expand trade and connect with customers on a global scale. Given this landscape, it is imperative to embrace novel approaches to conducting business.

Search engine marketing is one of the most prevalent and enduring methods for promoting businesses globally. It continues to empower entrepreneurs to realize their business objectives while upholding superior performance. Notably, entrepreneurs are also persisting in exploring traditional methods of conducting business.

Why Does Keyword Research Matter?

Every business having an online presence of sorts requires visitors. More visitors to the website mean more traffic, which transforms into more time spent on the website. More traffic on your site helps it tremendously as it helps it get more customers. Think about it: ten out of a hundred visitors turn into customers, and keyword research has tremendously helped your business. It will continue to do so if you continue to use it. A quick search online will help you find many good keyword research tools. Many of these tools can do wonderfully by finding required traffic and diverting it to your website. With SEO in mind, we will explore the most used keyword research tools to help us find more business:

Google Keyword Planner

The tool may not be one of the best out there, but since it is from Google and takes you straight to the search engine, it is enough to rate this tool in this list. The way these tools work makes them legit, and the stats they provide are accurate. Using this tool means you have enough data and stats in hand to rely on it. SEO experts use many tools to improve client sites’ ranking, and Google Keyword Planner is right up there among the best.

Ahrefs Keyword Tool

One of the best keyword explorers out there just got improved. It has launched a new tool to provide more in-depth information about the keyword than ever. This tool offers incredible details about each keyword, which is rare among other keyword tools. For instance, you feed a keyword in the database, giving you a detailed analysis. Every detail is meticulous, from the number of times the keyword has been searched to the number of pages where it is most found. The breakdown of search results is a joy to read and shows just how much work they’ve spent developing this tool.

Perhaps the best thing about this tool is that Ahrefs gives you the exact number of links you will need to rank your site on the first page of a search engine, unlike other tools that provide difficulty levels. This tool is becoming more popular due to the features and precision it offers to its users.

SEMrush

Unlike the tools you’ve seen on this list, this tool works differently. You must note that you can use SEMrush in many different countries. It provides the database of each country through statistics, so you can choose this tool without worrying about the inaccuracy of SEO data at your disposal. With SEMrush at your disposal, you will find keywords that your competitors are utilizing. It will give you an insight into which keyword is being used and which one is available. Go through the list of general keywords and choose the keywords that best suit your business needs.

Go to the search bar, type the business’s name, and choose from a list of countries. The organic traffic with other related stats will appear in the search bar. The tool will let you choose from the list of keywords if you wish to go for unique keywords. Users have at their disposal several exciting tools that they can use to search keywords.

KWFinder

It is swiftly becoming one of online businesses’ most commonly used SEO tools. This tool also provides several options to users and brings them plenty of value. Unlike any other tool, each keyword you find using this tool will accompany a difficulty stat. With a subscription to KWFinder, you cannot go wrong.

Each of these tools will help you initiate your SEO campaign properly. Remember that SEO campaigns take time, and each campaign may take more time than usual. The best part about using SEO tools is that they help businesses enhance their ranking online and bring traffic for more value and sales. 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.

Did you know that less than 1% of the estimated $2 trillion laundered globally each year is detected and investigated in the United States? This startling statistic from the United Nations Office on Drugs and Crime highlights a critical gap in our financial oversight and the urgent need for stronger transparency measures.

The CTA, introduced as part of the Anti-Money Laundering Act of 2020 and enacted on January 1, 2021, aims to address this gap. By requiring companies to disclose their owners, it seeks to eliminate hidden ownership arrangements that facilitate illicit activities. This legislation is not just a legal requirement but a critical step toward fostering a transparent and secure financial environment.

In this guide, we explore the CTA, its origins, objectives, and the actions companies must take to comply with this new law. Whether you’re an entrepreneur, a finance expert, or simply curious about navigating the changing landscape of corporate transparency, this guide is for you.

Key Takeaways

●    The Corporate Transparency Act was enacted on January 1, 2021, as part of the Anti-Money Laundering Act of 2020.

●    It looks to set up a central record of beneficial ownership to boost financial openness.

●    On September 29, 2022, FinCEN established essential reporting requirements rules.

●    All businesses’ compliance with the CTA reporting requirements is mandatory by January 1, 2024.

●    The Small Entity Compliance Guide is available to instruct businesses on CTA compliance.

●    There’s legislation similar to the CTA in New York, pending the Governor’s final approval.

For further insights into the Corporate Transparency Act, visit this detailed guide to the Corporate Transparency Act.

Introduction to the Corporate Transparency Act

The Corporate Transparency Act (CTA) is a key step in strengthening anti-money laundering tactics. It focuses on increasing the need for companies to reveal their true owners.

Background and purpose

The rise in misuse of hidden corporate setups led to the creation of the CTA. It targets actions like money laundering and terrorism funding by requiring companies to share who truly owns them. This disclosure is critical for making companies more open.

From January 1, 2024, certain businesses must report their ownership details to FinCEN. This information includes key owners, those applying, and significant changes within the company2.

Estimated impact on money laundering and related criminal activity

The CTA is expected to seriously curb money laundering. It will do this by demanding companies be more transparent and report their ownership details. Companies set up before January 1, 2024, need to report by January 1, 20252.

Those established post January 1, 2024, must report within 90 days, increasing the watch on new businesses. Keeping this ownership information current helps to stay alert against money laundering3. As the CTA takes effect, a detailed system for reporting ownership is expected to assist in spotting and stopping financial crimes considerably.

Beneficial Ownership Information Reporting Requirements

The Corporate Transparency Act (CTA) aims to enhance the visibility of corporate ownership. It mandates “reporting companies” to disclose important beneficial ownership details. These details help to pinpoint the ultimate beneficial owner, primarily through ownership levels or controlling interests.

Who needs to report

Entities in existence before January 1, 2024, have a reporting deadline of January 1, 2025. For those formed in 2024, a 90-day grace period is given once they receive a notification. They must provide information on each beneficial owner, including name, birth date, address, and a verifiable ID number such as a U.S. driver’s license or passport. Additionally, 2024 entities need to list details about their founding members.

Examples of beneficial owners

●    LLC: Any member with at least 25% ownership or who exercises significant control over the business.

●    Corporation: Any shareholder owning at least 25% of the corporation’s shares or who has significant control.

●    Partnership: Any partner with a significant interest in the partnership’s profits or decision-making authority.

These examples illustrate the broad range of individuals who must be reported under the CTA, ensuring transparency across various business structures.

Excluded Companies

Some entities are exempt from reporting under the CTA. This applies to those already closely regulated or that meet specific criteria.

●    Publicly traded companies

Companies that are required to file reports with the U.S. Securities and Exchange Commission (SEC)

●    Large operating companies

Entities that employ more than 20 full-time employees in the United States have a physical office in the United States and filed a federal income tax return in the United States for the previous year with more than $5 million in gross receipts or sales.

●    Subsidiaries

Subsidiaries that are 100% owned or controlled by an exempt entity, such as a bank, credit union, or governmental authority

●    Nonprofits

Many nonprofits, including 501(c) organizations, such as charitable organizations, churches, and private foundations

Exemptions include certain tax-exempt or inactive entities, as defined by the CTA5. Confirming their eligibility is crucial to avoid compliance missteps even for these exempt entities.

Details and Implementation Timelines

The Corporate Transparency Act (CTA) marks a significant shift in the corporate world, aiming to unveil company ownership for the sake of financial security. It stands in the shadow of strong anti-money laundering laws, emphasizing the need for clear ownership information as a weapon against financial crime.

Deadline of Jan 1, 2025

Already established companies must disclose their beneficial owners by January 1, 2025, if they were in place before January 1, 2024. New entities, though, formed in 2024, have 90 days from their start date to do so4. It’s a one-off task unless details need updating later.

Reporting companies must list their key owners, providing details like names, birthdates, addresses, and ID numbers. The company’s founders, those born after January 1, 2024, must also be identified.

Potential penalties for noncompliance

Failing to meet the CTA’s rules carries severe consequences. The push for businesses to swiftly share their ownership details, complying with financial safety standards, is now critical.

1. January 1, 2024: Effective date of the Corporate Transparency Act
2. January 1, 2025: Final deadline for beneficial ownership report filing for pre-2024 companies
3. 2024 onwards: Mandatory filing within 90 days for newly created or registered companies

Tools like FinCEN’s guides, FAQ pages, and online seminars aim to streamline the filing process. Following these guides and using available support to enhance financial transparency in your business makes ensuring compliance with the CTA easier.

How to File Beneficial Ownership Reports

FinCEN has been collecting these reports since January 1, 2024. This marks a major advance in establishing a widespread beneficial ownership database.

Detailed 4-step filing process

Knowing the four steps outlined by FinCEN helps companies meet these requirements smoothly. This process ensures that an organization’s ownership remains transparent.

1. Identify Beneficial Owners: Key owners must be identified. These people own or manage a quarter of the firm or have significant authority. Collecting detailed information about them is crucial to satisfy legal requirements.
2. Collect Required Information: Essential information includes the entity’s full legal name, location, and ID numbers. For individuals, it’s their names, addresses, and ID details. Ensuring the swift collection of these details is a key step.
3. Prepare and Verify Documentation: Accurate documentation of beneficial owners’ data, including their personal details and ID, is vital. Ensuring they are correct helps prevent errors in the reporting.
4. Submit Reports to FinCEN: Companies are required to furnish a BOIR to designated authorities. This can be done online via FinCEN’s site or by uploading the necessary files directly using their tools.

Common Misconceptions

Persistent misconceptions about the Corporate Transparency Act (CTA) have made it harder for entities to comply. One key misunderstanding is the scope of beneficial ownership reporting. While these filings are accessible by law enforcement under certain conditions, they remain confidential from the general public.

There are several other misconceptions about the CTA that can lead to compliance issues:

●    Misconception: Only large businesses need to comply.

○ Clarification: The CTA applies to all entities, including small and home-based businesses.

●    Misconception: Filing is a one-time requirement.

○ Clarification: Changes in beneficial ownership must be reported promptly to FinCEN.

●    Misconception: The CTA only affects new businesses.

○ Clarification: All existing entities must file by January 1, 2025, and new entities must file within 30 days of formation.

By addressing these misconceptions, businesses can avoid compliance issues and their steep penalties, which can amount to $500 per day.

It’s also important to clarify the function of the Financial Crimes Enforcement Network (FinCEN). It’s not an isolated entity but works closely with other federal agencies. Resources like the Small Entity Compliance Guide can simplify the CTA process, ensuring accurate and timely reporting of beneficial ownership.

Helpful Resources

Businesses needing help with the Corporate Transparency Act (CTA) can find support and access a range of resources aiding in compliance. The FinCEN Beneficial Ownership, Information Reporting portal offers a single repository for filing needs and updates. It also features a detailed FAQ section answering common questions on beneficial ownership disclosure and corporate transparency requirements.

For more information and resources on the Corporate Transparency Act, visit the following links:

●    FinCEN Beneficial Ownership Information Reporting Portal

●    Small Entity Compliance Guide

●    Beneficial Ownership Information FAQ Page

Focuses on providing specific help with beneficial ownership disclosure

●    File a report using the BOI E-Filing System

The BOI E-Filing System simplifies submitting your beneficial ownership reports online. This leads to better compliance with report requests. It has a method for obtaining a FinCEN ID, making future transactions and reports easier.

●    Create a FinCEN ID

Although obtaining a FinCEN ID is not required, doing so can simplify the reporting process.

●    Corporate Transparency Act Brochure

The CTA Brochure is a key resource. It explains every part of the reporting procedure, from finding beneficial owners to understanding exceptions and filing deadlines.

Conclusion

The Corporate Transparency Act (CTA) marks an advancement in promoting transparency and combating money laundering. By requiring companies to reveal their owners, the CTA enhances clarity and responsibility in corporate setups that could otherwise conceal illegal activities. Enacted on January 1, 2021, as a component of the Anti Money Laundering Act of 2020, this legislation plays a role in fortifying the sector.

Every business must understand and comply with the regulations outlined in the CTA. With existing businesses’ filing deadlines set for January 1, 2025, immediate action is necessary. Resources like the Small Entity Compliance Guide are accessible to assist you in navigating these obligations with assurance and simplicity.

Adopting the CTA goes beyond meeting a requirement; it involves nurturing a culture of honesty and integrity within your company. By following these guidelines, you do not protect your business. You also contribute to building a more transparent and dependable financial environment.

At Complete Controller, we’re dedicated to supporting you through every financial challenge. Our blog is a treasure trove of valuable insights and guidance on a myriad of financial topics. Be sure to bookmark our blog at https://completecontroller.com/blog/ and frequently visit as your go-to resource for expert financial advice and bookkeeping solutions.

FAQ

• What is the Corporate Transparency Act (CTA)?

The Corporate Transparency Act (CTA) became law on January 1, 2021, within the Anti-Money Laundering Act. This law’s main goal is to boost financial transparency. It does this by requiring businesses to disclose who really owns them and report this to a central registry run by the Financial Crimes Enforcement Network(FinCEN).

• Why was the Corporate Transparency Act implemented?

The CTA aims to stop the abuse of businesses structured for illegal acts like moving money from crime or funding terrorism. It makes companies tell everyone who really owns them. This way, people can see clearly who owns what and how they run things.

• Who is required to report under the Corporate Transparency Act?

Reporting companies include corporations, limited liability companies, and similar entities created or registered to do business in the United States. Publicly traded companies are exempt from the CTA and have their own reporting requirements.

• What constitutes a beneficial owner?

According to the CTA, a beneficial owner has a large say in or owns a big part of a company. This could be anyone who directly or indirectly controls or owns 25% or more. It also includes those who significantly influence how the company works or makes key decisions.

• What are excluded entities?

Excluded entities don’t have to follow the CTA rules because they’re already under strict watch by other laws or meet certain exceptions. Publicly traded companies, government bodies, and certain tightly regulated industries like banking are off the hook.

• What is the deadline for CTA compliance?

To avoid potential issues, businesses must start sharing their beneficial owner information on January 1, 2024, and finish by January 1, 2025.

• What are the potential penalties for noncompliance with the CTA?

Noncompliance with the CTA can be costly, with penalties ranging from fines to jail time.

• How can businesses file beneficial ownership reports?

Businesses that are required to file beneficial ownership reports (BOIRs) to FinCEN can do so electronically using the BOI E-Filing website:

1.   Go to the FinCEN BOI E-Filing website at https://boiefiling.fincen.gov/

2.   Prepare the BOIR in PDF form or online

3.   Upload the completed PDF or submit the form online

• What resources are available to help with CTA compliance?

There’s a lot of help out there for companies looking to follow the CTA. This includes the FinCEN portal for sharing ownership info, detailed FAQs, the BOI E-Filing System, ways to get a FinCEN ID, and a detailed CTA Brochure. All these resources are great for knowing and meeting the law’s demand and may be found in the article above under Helpful Resources.

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

There are more lucrative open doors via web-based networking media than you may understand. Social media can be advantageous. Numerous specialists state that online life is for interfacing with individuals and not for selling; however, eventually, you will need to use the associations you make. If you’ve developed enough trust with your devotees, they’ll be more disposed to look at your proposals and the connections you share.

There is no doubt that making money with social networks is one of the methods of generating online income that is currently booming. The importance that networks such as Facebook, Google Plus, Instagram, Pinterest, and X(Twitter) have acquired is brutal.

Millions of registered users share all types of content every second, which generates a lot of money in advertising. Everyone wants their share of the pie, and we are going to have less.

If you already have a blog and have shown your aptitude on a particular subject over some undefined time frame, you might be able to create a digital book, sound program, or video course and offer it to your crowd. Social media is the ideal spot to promote such an item.

Advertisers know the importance of social networks and are willing to pay you (sometimes even a lot) to promote your products or services with your contacts, followers, and friends. You can generally accomplish this through various platforms managed by third parties.

There are numerous open doors for you to share supported posts that advance the items and administrations of different organizations. It is a rapid method of winning cash from social media. 

In any case, if you don’t have a sizable after, this may not be a lot of a chance. It would help if you were careful with over-advancing items for the need of cash. In such a case that your supporters see that you’re continually tweeting around some object, not exclusively will they not click on the connections, they will likewise un-tail you.

The operation of the same cannot be more straightforward. Once registered, you’ll have to give the famous “Like” on Facebook or YouTube, “Follow” on X (Twitter), “Like” on Instagram stories, and so on.

Each time you do that, you will receive a reward in financial compensation or sometimes through a virtual currency you can exchange for real money. When you reach the minimum payment established for each page, you must withdraw it to your PayPal account or your usual bank.

These types of sites are free, and anyone can take advantage of them. Are you interested?

Create Your Profile on the Most Used Social Networks

If you want to make money with social networks, the first step is to have a profile on the most important ones. Remember that the advertisers (that is, the money) move wherever the most significant number of people interact.

In my opinion, social networks where you must have a profile created yes or yes are the following:

• Facebook: Although I wouldn’t say I like it too much, it is still the most important social network with the most traffic. Companies continue to spend millions of euros on advertising there.
• X (Twitter): This is my favorite. With an increase to 280 characters per tweet, it has become the best promotional tool for your blog, affiliate links, campaigns, etc. By the way, if you still do not follow me there, you can do it from here. 😛
• Instagram: Another thing that I do not use too much, but that has enormous potential. Its growth is exponential year after year, and you must be present to get a slice.
• YouTube: Although it is not known as a social network itself (but rather as a video platform), it is undoubtedly the best social promotion tool that exists.

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

Many people contemplate becoming investors at some point. There are so many areas in which a person can invest. The decision to invest should not be taken lightly. It should be well thought out and researched before investing your hard-earned money in anything.

In some cases, individuals hire a professional to help make sound investment choices. However, whether you hire a professional or not, you need to be knowledgeable about investing. Here are seven tips you should consider before investing.

Evaluate Your Current Financial Condition

Individuals should think clearly before they make any investing decisions. They ought to be aware of their current financial condition, like how much they earn at the moment and how much cash they can spare to invest so that it will not affect their everyday life and expenses.

In short, how much money can individuals easily set aside to acquire more in the long run? Evaluating their current financial condition can give them a clue as to where they are presently and where they want to be financially in the future.

Have a Financial Objective

To become a profitable investor, individuals should have a definite financial objective that they need to attain. When one does so, one will evaluate the best investment plans for achieving the objective with minimum danger.

It can be determined either by the individual or with the assistance of an independent financial consultant. There is no assurance that individuals will attain wealth through investment, but if they have savings and an essential investment plan, they can expand on the investment.

Balance Your Portfolio

Individuals should ensure that they do not invest all their money in investments dependent upon similar market conditions. Rather, they should obtain a combination of investments whose market conditions vary. By balancing their portfolios, individuals can limit the danger of loss.

Generally, bonds, stocks, and money are affected individually by a similar market condition. However, some elements may be the reason for the decline of one or the other. Individuals should ascertain that they invest in a balanced way.

Have an Emergency Investment

Individuals should never invest all their money in long-term investments that are not retrievable without penance over a significant period. In case of emergency, individuals will want money immediately. This can be any emergency, either negative or positive.

An adverse emergency is of a medical nature, such as illness or accident. A favorable emergency may come in the form of investment schemes that only benefit immediately. Individuals should always be ready to face any emergency.

Know How to Recognize a Scam

If it feels too good to be true, then it is. New investment schemes and ideas are being introduced consistently. If an investment offers an excellent return rate in a short amount of time utilizing conventional methods, then it is most likely a scam.

Understand the Investment

The details of a few investments or portfolios can deceive a few potential investors. Individuals should not disregard the details, as they are legally binding. A few investors make investments based on proposals by friends.

Individuals should ensure that they comprehend the investment project, as their friend will not be responsible for refunding the investment if they lose. Individuals should always look for wise financial suggestions.

Pay Off Credit Card Debt

Individuals cannot be successful in any investment unless they pay off their credit card debts. If individuals owe cash on a high-interest credit card, paying that off as soon as possible should be their priority. This immediate payoff will reduce interest and, therefore, reduce your credit card debt.

Conclusion

Investing can be a smart move for anyone with any income level. However, making investment decisions can be challenging and risky. To reduce these risks and minimize the challenge, you should use one or more of these seven tips.

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.

Every entrepreneur knows that all businesses come with risks, and sometimes, these risks can become unconquerable challenges for business owners. Most of these problems arise because of the financial difficulties that companies face. According to the research and surveys, 60% of small businesses fail because of economic issues in the first five years. These issues can become the biggest hindrance for any business if not solved at the right time. 

What are the Top Financial Issues Small Businesses Have?

Running a small business is always challenging because the business owner is operating it on a small scale; however, the small financial challenges can amalgamate together and become large enough to cause severe problems in the future. Some of the top economic issues small businesses have:

•   Inconsistency of Cash Flow: The cash flow problems that might seem minor at the beginning tend to become a serious and significant issue sooner or later for the business. Even profitable businesses can fail due to inconsistent cash flow. According to the research and Guidant Financial, 33% of small business owners have declared that cash flow is the biggest challenge that they must face for their business. Another alarming situation is the information provided by the U.S. Bank, which says that 82% of small businesses fail and cannot stay in the market for a more extended period due to cash flow problems. Thus, it needs to be given proper attention, which most small businesses ignore in their initial years.
•   Excessive spending: Unnecessary or overspending can ruin the business in so many ways. Startups or new companies tend to overspend to look more successful and profitable than they are by having a fancy and oversized office, luxurious company vehicles, cellphones, top-of-the-line equipment or machinery, and many other unnecessary things items. It will eventually lead to an increase in the debts and cost of overheads for small businesses. 
•   Retaining Customers: Customer retention is another big challenge for small business owners. Returning the customers is necessary, or the business might even potentially fail because the customers can make or break the business. Studies show that increasing customer retention by 5% can help boost small business profits up to 95%; therefore, customer retention is much cheaper than customer acquisition. 
•   Raising capital: Raising capital can be highly challenging for small businesses, as can managing cash flow and retaining customers. Small businesses usually rely on personal savings for initial capital needs. Since many new startups begin with little money behind them, small firm owners typically have limited resources for funding their own businesses. Borrowing money from banks in the form of loans can result in high interest rates, which again can cause problems for them.

How to Overcome and Fix These Financial Challenges of Small Businesses?

Although small businesses are operating on a much smaller scale and in a less competitive environment, the above-mentioned financial challenges are enough to strangle the business to death. The following details will help to fix these issues:

•   Creating a cash flow budget: A cash flow forecast, or budget, will help business owners easily estimate what amount of money should be flowing in and out. It will also help business owners to know when to spend money on expenses and when to cut them.
•   Building a solid customer base: Leaving customers can be daunting because it can affect the business’s financial status. It is essential always to make them feel welcome, acknowledge their complaints, and overcome them to retain customers. Rewarding them for loyalty and offering discounts can be crucial as well. Moreover, using email marketing to stay in touch with them can help create satisfaction and a solid customer base.
• Finding investors: Angel investors are thought of as startup backers when raising capital becomes challenging. They are also known as private or seed investors. They are high-net-worth individuals who help startups or small businesses by financially backing them up in exchange for ownership equity in the company.

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 labyrinthine world of business, where every decision can lead to prosperity or peril, there exist unsung heroes who guard the gates against fiscal doom. These vigilant protectors are none other than accountants, the stalwart defenders of the bottom line. Often perceived merely as number crunchers or tax preparers, accountants play a far more crucial role. They are the silent sentinels who not only ensure the financial health of a business but also safeguard it against the deceitful allure of scams.

The Shield Against Scams

Scams in the business world can range from fraudulent invoices and phishing emails to more sophisticated schemes like investment fraud. Accountants, with their keen eye for detail and deep understanding of financial transactions, act as the first line of defense. They scrutinize every transaction, no matter how insignificant it may seem, to ensure its legitimacy. By doing so, they protect businesses from falling prey to scams that could potentially bleed resources and tarnish reputations.

Guardians of Cash Flow

Cash flow is the lifeblood of any business. Accountants meticulously monitor cash flow, ensuring that the business operates smoothly without running into liquidity problems. This vigilance is crucial in detecting discrepancies that could indicate fraudulent activities. For instance, if an accountant notices irregularities in the cash flow patterns, it could be a sign of embezzlement or misappropriation of funds. By catching these early signs, accountants can save businesses from significant financial harm.

Compliance Crusaders

The ever-evolving landscape of financial regulations can be a minefield for businesses. Accountants stay abreast of these changes, ensuring that businesses comply with tax laws and financial reporting standards. This compliance is not just about adhering to laws; it’s about safeguarding the business from the penalties and legal repercussions that can arise from unintentional violations. In essence, accountants shield businesses from the potential financial scams that can emerge from within due to ignorance or oversight.

The Strategic Advisors

Beyond their role as financial guardians, accountants also serve as strategic advisors. They analyze financial data to identify trends, opportunities, and potential threats. This insight allows businesses to make informed decisions, pivot strategies, and avoid ventures that may seem lucrative but are fraught with risks, including scams.

Consider the example of a small business looking to invest in a new venture. An accountant can perform due diligence, assessing the financial health and legitimacy of the potential partner. This evaluation can uncover discrepancies or fraudulent activities, saving the business from a potentially disastrous investment.

Steps to Safeguard Your Business

Implement strong internal controls

Accountants can help design and implement robust internal controls to prevent fraud and errors. This includes segregation of duties, authorization requirements for transactions, and regular audits.

Educate your team 

Knowledge is power. Accountants can lead training sessions to educate employees about common scams and the importance of vigilance in detecting suspicious activities.

Regular financial reviews

Schedule regular financial reviews with your accountant. These reviews can uncover irregularities that may otherwise go unnoticed.

Invest in technology

Utilize accounting software with fraud detection capabilities. Accountants can recommend the best tools for your business’s size and needs.

Due diligence

Before entering into any significant financial commitments or partnerships, consult with your accountant. They can conduct thorough due diligence to ensure the legitimacy of the transaction.

Conclusion

Accountants are the unsung heroes of the business world. Their role goes beyond managing finances; they protect the integrity of the business, ensuring its longevity and success. In a world rife with scams, having a diligent accountant by your side is not just an asset; it’s a necessity. By following their advice and leveraging their expertise, businesses can navigate the treacherous waters of the corporate world with confidence, secure in the knowledge that they are protected against the specter of scams.

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

Accounting ethics is one of the most misunderstood topics in today’s business world. The field of ethics deals with whether or not accounting practices are acceptable. In addition to legality, the public sees a company’s accounting decisions as right or wrong, ethical or unethical.

One critical attribute of maintaining professionalism is adhering to a rigorous set of ethical accounting guidelines and practices. Maintaining professionalism and moral codes are the essential aspects that accounting professionals choose to abide by to enhance their profession, maintain public trust, and maintain honesty. The sad truth about this profession is that not every professional following this occupation is trustworthy. Unfortunately, people violate ethical codes of conduct and accounting standards daily. Some of the critical aspects of ethics in accounting need to be focused on to maintain professionalism.

Independence and Objectivity

Independence and objectivity are the two main aspects of the accounting profession, followed simultaneously in the organization. Trust is a critical component that helps make unbiased decisions and effective decisions beneficial to the client. The benefits of one financial product over others lead to biases that skew financial advice to the clients. Threats to independence are always a significant concern to maintain professionalism.

Integrity

Integrity is one of the fundamental elements of the accounting profession. Accountants must be honest and keep away all their interests aside.  Accounting professionals should build honest and professional relationships with their clients, avoiding all personal conflicts of interest. Accountants are not required to associate themselves with any misleading or false activities to ensure the highest level of integrity in accounting practices.

Confidentiality

A very critical issue that many accounting and financial organizations face. Disclosure of any financial information by an accounting professional without the company’s consent is a violation of accounting ethics – unless there is a legal and professional reason to do so. Accountants are required to keep all the company’s financial information private and confidential to maintain the code of conduct. Accountants deal with personal and confidential information throughout their daily routine. Accountants must maintain the confidentiality of the company’s accounts and employees’ data. Accountants should not trade accounting information with outsiders to ensure data safety.

Professional Competence

Accountants who make errors while maintaining the accounts manually or using old software are considered incompetent. The automated accounting software available today replaces manual work with more efficiency and effectiveness. Accountants are required to remain up to date with all accounting software for better results. Consulting with others to gain a particular knowledge increases peer bonding and helps accountants generate more respect for each other. Keeping yourself updated with all the international accounting standards and implementing them in your company to produce better results is a sign that you are competent.

Professional Behavior

Maintaining professional behavior is a fundamental aspect of every profession. Ethics require accounting professionals to maintain professional conduct to comply with the laws and regulations. Avoiding the organization and state laws can negatively affect the organization’s reputation. Accounting professionals are required to follow all accounting standards and local laws to prevent any monetary penalties. Accountants should keep their egos aside and consult their seniors or other peers regarding any unsure accounting transaction rather than recording it wrong.

Following unethical accounting practices may seem to be a good idea in the short term, helping you to increase the profits by unfair means, but, in the long term, it will have a negative impact. Unethical practices often lead to the loss of customers, poor employee retention, and loss of other b2b business relations, and might end up in legal proceedings. There is a 100% chance that investors and other stakeholders might lose their faith in the company and pull off their investments.

Bookkeepers and business owners must practice good accounting ethics with due diligence.

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.

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

Reconciling Balance Sheet

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

Look for Error in Data Entry

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

Review the Work of Your Employees

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

Do Some Helpful Practices

Sometimes, there is a lack of documentation procedures, which will cause your company considerable losses and valuable tax deductions. So, it is a must to document certain business expenses. Go paperless and use cloud-based storage, and there are diverse types of software, such as SharePoint and OneDrive. These will help you reduce your loss and prevent you from the headache of having paper documents because it is very hectic to take care of them and prevent them from copying and other issues. It is an error of the 21st century, so use software, and there is some expense report software such as Expensify. These are available in smartphone applications, and you can directly download them from the Play Store to make business expense reports. About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

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

The Significance of Proper Tax Filing for Small Businesses

Legal compliance and avoidance of penalties

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

Financial health and planning

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

Investor and customer confidence

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

Long-term growth and sustainability

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

Top 5 Tax Preparation Software for Small Businesses

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

Intuit TurboTax

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

H&R Block

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

QuickBooks Self-Employed

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

TaxAct

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

Xero

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

Conclusion

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

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