Author: Complete Controller

Startup businesses usually start with high costs limited revenue, and fail to enter the market correctly. Many startup businesses struggle to form an image and a reputation along with their brand name. For small business owners who are always trying to cut down their costs and expenses, it is hard to pay taxes, especially if they are already in tax debt. Businesses must pay taxes to the government as the government needs funds and resources to increase economic growth.

The five types of significant business taxes are gross receipts, corporate franchise, employment withholding, excise, and value-added taxes (VAT). Businesses pay income, property, and sales taxes, but these aren’t explicitly considered business taxes. All types of small businesses have to pay 19.8% of the average tax rate. Small businesses with one owner pay an average 13.3% tax rate, and those with more than one owner pay 23.6%. New companies have higher costs than old businesses because of the startup costs incurred to make the business functional.

In contrast, stable businesses are already operational; hence, they don’t require as many operational costs as startups. And to top all of it, the IRS releases new business tax laws almost every year, which gets quite challenging for new businesses to handle. New or small companies sometimes fail to pay their taxes on time, face late fees or penalties, and are put on faulty taxpayer lists. Many small business owners work hard to achieve their profits, only to pay a significant portion in taxes.

Tax season is always hectic for business owners as you have to be very careful of the tax calculations and ensure you are not overpaying your taxes. For new business owners, it can be hectic and confusing at the same time as they probably have no idea how to file taxes and what the requirements of the IRS for tax-paying are.

Here’s what you would need at the time of paying tax:

• Old tax records from previous years. (If this is your first year operating, skip this step.)
• Bank statements, credit card statements, and other bank-related documents
• Payroll documents
• Partnership agreements (if you are not a sole trader)
• Financial statements and documents such as Income Statement, Balance Sheet, and Cash Flow Statement

How to Calculate and Pay the Taxes?

If you are running a small business, the chances are that you will have to pay taxes every three months. Quarterly tax payments are allowed for small companies, as paying a large sum of tax at the end of the year can be challenging for small businesses. Delivering payments four times a year can also be beneficial as your business can avoid penalties, and you can maintain the cash flows of your business.

To calculate your business’s quarterly tax, you have to evaluate your business’s gross income, taxable income, deductions, and credit. The IRS also provides new companies with an estimated tax worksheet if they do not file their taxes.

Another way you can calculate your taxes is by dividing the income tax expenses by the earnings (or income earned) before taxes and then further dividing it by four.

You can pay your taxes by filling out Form 1040 ES, and then you can mail a check or pay online using the IRS payment site. For big corporations, the Electronic Federal Tax Payment System is the way to pay taxes. 

There are employee-related taxes that a business has to pay, too. To pay those taxes, you will have to fill out Form 940. You are also required to calculate each employee’s share of Medicare and Social Security taxes, along with filing Form 941 and matching each of their contributions.

The four standard dates to pay the taxes are the 15th of four months- January, April, June, and September. You can also find tax deductions over vehicles, contract labor, depreciation, wages, supplies, and operational costs.

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.

First, let’s ask ourselves, can we be sure what the future holds when none of us thought that we’d spend an entire year indoors? But one thing that the pandemic taught us is that there is more than one way to do anything. People thought businesses would close due to lockdowns, but the concept of remote working stepped up. Such was the year; it brought new developments and sparked discussions that were buried.

Similar is the case for investing in international businesses. Looking statistically, stocks are poised to perform better in the new year. Remember, the economic development in response to the pandemic is also going strong. But before you try to invest internationally, let’s elaborate on where you can start investing.

Vietnam and Cambodia

Vietnam and Cambodia are unarguably the best Asian countries to invest in, especially in 2023. Let’s look at it this way. They completely averted the crises that were in the form of a pandemic. In fact, according to studies, they were able to achieve GDP growth in 2020, when most countries bore the brunt of a global economic crisis.

On top of that, by separating from China, they could expand their horizons on the business forefront. They are better positioned to play their part in world trade’s restructuring. And this is not due to COVID-19 but because China is in a trade war against the United States. According to Forbes, out of $31 billion in exports taken away from China, about 46% is taken by Vietnam. They also exported an excess of $14 billion worth of goods to the U.S., the prospects look bright!

The Philippines

The Philippines isn’t far behind, either! Before the pandemic struck us, the Philippines was doing better than most, with over 6% yearly growth. Currently, the IMF is forecasting that there will be an 8% contraction this year. How did that happen? The remittances accounted for 10% of the nation’s overall GDP. In other words, over a tenth of its economy is linked to the economic stability of over 10 million Filipino diasporas worldwide.

Another prospect is that about 80% of these remittances come from seven countries: Japan, the USA, Saudi Arabia, UAE, Canada, UK, and Singapore. So, remittances dry up when recession enters the pinnacle of its powers. And what makes this a good investment because you can get good deals at outstanding prices. So, who doesn’t like a good deal?

Japan

If we’re honest, Japan is a comparatively weaker choice than others on the list. The reason is that their economic growth was not that impressive even before the pandemic. Their GDP increased by 0.3% in 2018 and 0.7% in 2019. And after COVID-19 came into the frame, they dropped by almost 5% this year. According to the IMF, Japan’s GDP is expected to grow 2.3% in the coming year if the situation improves.

Do you want to know why Japan is on the list? They are expected to boost their economy with the 2021 Tokyo Olympics. The economic boost is quite specific with international travel normalizing virtually every day. But let’s not forget that this year’s Olympics is being held behind closed doors. On top of that, the delegation arriving will also be reduced in numbers. So, it’s a gamble, but if you want to invest, you must take risks!

Final Verdict

Investing internationally has usually been risky if we look back a few decades ago. But now, it’s one of the premier sources of earning. From joint ventures to long-distance partnerships, international investment is growing consistently. But investing now can be a gamble with the pandemic still hanging around.

But why not take that gamble? Especially after the development of vaccines and precautionary measures being taken by health experts. We are currently witnessing a restarting point, and we could be cash into what promises to be the revolution of the 21st century.

On top of that, people are looking to make the most out of this situation. So, if we can capitalize on this, we could unearth the mysteries of doing business, which was laid to rest by the traditional approach.  

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 company’s success depends on well-run operations and making a profit. When an entrepreneur starts a company, the workplace is full of enthusiasm and great expectations—a crucial part of business operations in handling the business’s finances through accounting.

Though all of the operations of a business are crucial, accounting is perhaps the most valuable process. Therefore, whether the business owner handles accounting themselves or hires a professional, accounting must be accurate and prioritized. Here are seven reasons you should make accounting a priority in your company.

Provides Budgeting for A Smooth Business

Finance is considered the only versatile backbone of a business, and it must be efficiently controlled for the smooth running of a company. Budgeting refers to allocating all the funds and resources available to carry out operations smoothly.

Several accounting techniques are available, which make a budget much more accessible. Accounting is the concept of maintaining records of every transaction that has already taken place in a company. The act helps the owner to realize its limitations, savings, and requirements.

Accurate Cash Flow Management

Cash flow management tends to manage the cash to detach the transfer of debt cash to a debtor by illustrating or encouraging him to return the money as quickly as possible. A company often prepares cash flow returns on a quarterly or annual basis. Cash flow management refers to a responsible task thatthe accounts department in an office usually controls.

Since cash flow management is an extensive task, it is essential to overcome cash debts. Cash flow should be recorded accurately through accounting software, which assists in scheduling repay dates of cash flows. Huge investments are made to drive maximum profits, ultimately making the business successful.

Conservation of Cash

To run a successful business, an entrepreneur must be capable of dealing with any situation intellectually and smartly. A company’s reputation is adversely affected in emergencies, including political instability or civil war. Therefore, a company must reserve a reasonable amount to deal with such situations efficiently.

Record Financial Statements

Companies are required to record their financial statements with the registrar. Listed entities must record them with a stock exchange and for direct and indirect tax purposes. Undoubtedly, accounting plays a significant role in every scenario.

Provides Easy Decision Making

Accounting helps in a range of decision-making procedures and allows owners to create policies to enhance the efficiency of the business processes. An example of decision-making based on accounting includes the cost of products and services, the resources required to develop these products, services, and business opportunities.

Reduced Risk of Liquidity

A natural reason for the failure of most businesses is the mismanagement of cash. However, accurate accounting helps determine a company’s liquidity, which refers to the money and other liquid assets you’re dumping to pay off the financial commitments.

By placing several checks across the organizations, accounting helps avoid the loss created by mismanagement or obsolescence. The internal controls protect the assets and avoid permanent losses.  

Legal Requirements

The law orders every business to maintain a correct financial record of the transactions and share those reports with the tax authorities, shareholders, and regulators. These financial statements are needed for direct and indirect tax filing purposes.

To run a business efficiently, you will require data, financial reports, and records, analyzing accurate information about every asset, liability, and debt. In such circumstances, accounting comes in handy. A company must appoint a highly qualified and experienced accountant who can pitch professional advice when required. Having a reliable accountant will keep your business secure.

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.

Starting and growing a business isn’t easy. Before starting, you should have a business plan with a strong marketing strategy. Marketing is perhaps one of the most critical aspects of your business, especially for a startup. When you start, no one knows you or your business, and you have not built a reputation. Therefore, a strong marketing strategy will ensure you bring in business and build revenue quickly.

While traditional marketing plans still have some play in today’s market, digital marketing is where you will get the most bang for your marketing buck. You should hire a professional digital marketing expert if you can afford it. However, for those who don’t have the funds or want to take their marketing plan into their own hands, here are eight of the latest trends in digital marketing.

Inclusivity

Look at front-page headlines and see the importance of inclusivity in our current time and place in history. It would be best to acknowledge the younger generation’s need for equality and inclusivity equality in the content they consume and their brand.

They don’t want to see the same homogenous content that was acceptable in marketing in previous decades. It helps to focus on what the audience needs and identify the factor that needs more enhancement.

Content Marketing

According to recent research, content marketing is considered one of the best marketing strategies. The main reason is that you can easily connect with the targeted audience through content marketing. Web content like articles and blog posts are still effective because it provide the desired and valuable information in return for their search while bringing them to your products and services.

The main factor of content marketing is to target the valued customer. You must keep the content related to your business and be on the top search page when a keyword is accessed.

Research of Top Searched Keywords

Another great strategy is putting your business at the top of search results and updating you in the market. It is an enhanced version of content marketing.

Remember that while searching for a keyword, it must be connected to your business’s niche. You may lose your customers if you fail to find the top-searched keywords related to your company and include them on your website.

Social Media Marketing

You cannot ignore the power of social media. That’s where all the so-called magic is happening. Social media is a platform for updating you with memes or informative articles related to current trends. Many businesses build solely on social media and achieve great success.

You can hire a social media manager to post about the product to be updated and build a competitive market reputation.

Directly Connect with the Audience

More algorithms are made that target the audience by random searches than ever before. For example, if you want to get a pair of shoes and search for them, the algorithms detect the need, and you receive the related advertisement.

Video Marketing

Nowadays, people are attracted to visual content and perhaps the best attention grabber in marketing. Most people spend a lot of time viewing videos, streaming content, and watching television. Therefore, video marketing is highly effective when embedded in the video content trending on streaming content or television.

Voice Search Optimization

Technology has made people lazier. According to research, many people are used to searching through computer keyboards. However, today, people opt to use voice searches and Artificial Intelligence to find what they need.

Like keyword optimization on web searches, you must make your website, products, or ads more searchable by voice-activated investigations or inquiries.

Inbound Marketing

In B2B marketing strategies, inbound marketing plays a significant role because it’s the influence and power of mainstream of other approaches to attract and delight customers. Unlike all marketing strategies, inbound attracts customers’ attention and grabs them to the company website by generating meaningful content.

Unlike traditional marketing, inbound marketing doesn’t interrupt the users and gives direct access to the business within a second.

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.

Starting and managing a business requires detailed attention, especially when filing business taxes. Whether you own a startup with limited employees or an independent contractor, taxes are essential for entrepreneurs.

However, taxes are complicated, and penalties for making tax mistakes can influence the business structure adversely. Tax structuring and the location of your company are the two challenges usually faced by entrepreneurs. Primarily, entrepreneurs should avoid maintaining personal liability and setting up costs.

However, it can only happen if you’re familiar with the locality of your business. You’ll probably get a place with privacy laws and regulations. Once entrepreneurs find an appropriate location for their companies and provide a structure for taxes, they can effortlessly get enough time to enhance their products and services.

On the contrary, the mistakes or errors made by the entrepreneurs have significant consequences for any small business as it is not mature enough to resist them. When these errors are related to taxes, you might get caught in obstacles for a long time.

Avoiding tax mistakes is critical for entrepreneurs, especially if you can’t hire a tax professional. Consequently,  you need to know the two most common glaring errors made in the case of taxes.

Lack of Sales Tax Collection on Online Purchases

New business ventures often fall prey to assumptions, especially in e-commerce. One of the most significant errors an entrepreneur can make is avoiding the sales tax collection. Generally, online businesses don’t pay the sales tax as they can’t collect it.

However, the virtual sales of products and services are based on local taxation laws. If the respected laws govern you to collect sales tax, you’re responsible for collecting and filing the returns.

The online sales tax problem is becoming even more complex due to a lack of awareness between the merchants. According to government officials, every non-exempted merchant is supposed to collect sales tax from customers residing in the law’s locality. Businesses are bound to follow these laws, and acknowledgment is the initial step towards implementation.

Lack of Financial Records

Indeed, maintaining financial records is a tough job, but it is mandatory for fresh entrepreneurs. Knowing the financial condition of your business is essential for its success, and it will keep you out of taxation issues as well. Initially, every company focuses on sales generation and how to enhance their products for profitability.

As an entrepreneur, you might have to wear multiple hats and fulfill several responsibilities. Often, their focus shifts to another task without completing the previous one, which can be very challenging. Unfortunately, you might be left with a pile of financial issues and unattended tax payments because of the diversified attention. In such circumstances, you can hire a professional accountant to carry out every financial operation, and you won’t worry about unpaid debts or taxes.

Additionally, some entrepreneurs improperly handle the sales and expense receipts of the business. Without records, you might have to pay higher taxes than usual. Besides this, you would also lack in maintaining your business’s records, which is much more insecure than dealing with taxation issues. That’s why financial records are of utmost importance, especially for entrepreneurs.

How to Fix the Financial Issues

Accounting is the primary language of the business world. If you’re an entrepreneur, you don’t practically have to be a certified accountant to understand the accounting language, but having a basic acknowledgment of accounting mechanisms would be enough.

In cases where you’re unaware of them, hiring a professional accountant will be helpful as he’ll take care of all the monetary operations on your behalf, including the tax payments. However, you must regularly review the financial records to know the current situation.

While starting, time and investment are invaluable for entrepreneurs. It is essential to consider the tax decisions wisely and efficiently. These decisions are the backbone of your business, which can genuinely either make it or break it. So, make sure to pay the taxes timely, and you’ll stay safe.

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.

Implementation of a business’s strategic plan often begins by anticipating management’s expectations about future economic and technological projects and their influence on its determined goals, both short-term and long-term. After conducting the project analysis, the organization develops potential strategies that might help it achieve its goals.

Every project requires money. If you have a bigger budget, you can probably get more hands-on on the project to finish it quickly. Subsequently, no project can be planned without a budget, and regardless of how many resources and activities are involved, the process of figuring it out will always remain the same.

It is essential to appear with evaluated estimates for every project cost. Once you’ve compiled it, you can add the estimated cost into a budget strategy. Your company’s projects are the way to profitability.

You’ll have to use such strategies to utilize the cost of the company’s resources, including valuable time, materials, and equipment. Additionally, you must ensure some other factors, such as sound decision-making, the risk ratio involved, and the company’s financial performance.  

Often, when you begin a project, there’s already an estimated cost present. This estimate will become more prominent as time goes on, and you’ll get to learn more about the project. Here are six strategies for creating a budget for a project and managing internal costs.

Determining Resources

When developing strategies for a new project, the initial stage is to break down the available resources. This stage is crucial as it lays the foundation for internal cost tracking.

You will have to determine the labor costs and available materials. Once you have decided what resources you have, you can budget for what is needed to fulfill the project.

Estimating Costs

After determining the available resources, we’ve to anticipate the cost required for the successful completion of the project. Entrepreneurs persuade the budget of the required resources and take an estimate of the expenses out of it. Cost estimating is a constant procedure of calculating the total cost, methods, and techniques applied during the project completion.

However, companies often need to bring in their historical experience, so the methods and techniques vary from project to project.

Budgeting Costs

Once the estimation of the internal costs for the project is finished, you can send it further for approval. The budget gets authorized following the estimated costs for the project. Lastly, funds are requested, and the procedure begins.

Vendor Analysis

You must often work with an external supplier or contractor to complete your project. You might even have multiple contractors’ bids on the job. However, you must wisely select the smart enough to understand the terms and work within your budget.

Controlling Costs

Measuring the project’s cost, including all the expenses, is known as cost control. Every operator must follow all the cost control obligations highlighted in the project’s structure. If any signs of cost variations occur, the management will look for the cause, and if they are considered inappropriate, preventive measures are likely to be taken. 

This way, the company will effortlessly avoid any financial crisis because of cost variations during the project completion.

Quality Costs

Lastly, you must determine the quality-related operations in the comprehensive budget. Since finding bugs earlier in the project is inexpensive, quality costs are always connected with everything your project produces.

Cost of quality is a smart way of tracking the costs of those operations. Precisely, it is the amount to complete the project righteously. Costs are associated with activities, and since each activity has a duration period, it is possible to determine how much money will be spent during the project.

Once you apply all the above-evaluated strategies, you’ll estimate your project’s cost. Also, you can save extra pennies once you’ve gathered all the supporting information. In this way, you’ll develop a sound budget plan through the assumptions you made at the beginning.

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.

Each day, the market gets flooded with new startups. If yours is one of those, ensure you have a stellar digital marketing strategy to support its long-term growth and success. Startups usually have a small budget at the very beginning. That means they must be careful while curating a digital marketing strategy to generate the most revenue. Let’s look at a few key digital marketing strategies for startups.

Choose the Right Channels

A digital marketing strategy encompasses a wide range of channels. Some of the most important ones are as follows:

• Search engine optimization (SEO)
• Social media marketing
• Content marketing
• Email marketing
• Influencer marketing
• Pay-per-click

Ensure you select the right combination based on your targeted audience, business goals, and revenue targets. One of the best ways to get started is by researching your competitors. Once you understand which channels they’re employing, you can also determine a suitable course of action for your startup.

Develop a Targeted SEO Strategy

SEO is what’s going to get you more clients for your startup. No matter how high quality your products or services are or how excellent your customer service is, you’ll have difficulty getting clients if you don’t appear on the first page of search rankings. Boost your search rankings with the following SEO techniques:

• Incorporate your online content with relevant keywords
• Optimize the meta tags
• Develop backlinks from relevant and high-authority sites

Harness the Power of Social Media Marketing

Social media is the best way for startups to get instant brand recognition. It is low-cost and effective. There are several social media channels available to boost your business’s awareness. Some popular ones include:

Facebook: It is the most popular choice for marketing. With a user base of approximately 3 billion, Facebook could promote all kinds of products or services.

Instagram: Like Facebook, Instagram has also experienced a significant surge in popularity since its inception. Currently, it boasts an average of 1 billion monthly users. If your startup is about fashion, beauty, health, modeling, or fitness, Instagram is the best platform for brand awareness.

Twitter (X): Twitter, now called “X,” is another excellent platform to help your startup grow. Though it’s more appropriate for B2B (business-to-business) companies, it also works well with B2C (business-to-consumer) businesses. Twitter has a monthly active user base of almost 400 million, which continues to grow.

TikTok: A dynamic marketing choice with over 1 billion users, perfect for promoting diverse products and services in an engaging and trendy way.

There are other emerging platforms to enhance your brand recognition, but these are the top three ones.

Don’t Neglect Email Marketing

Email marketing is a highly cost-effective method to reach out to potential customers. The latest statistics reveal that as of 2021, the total number of global email users is more than 4 billion and is anticipated to reach 4.6 billion in 2025. Moreover, email marketing also delivers the highest return on investment.

Here are some effective email marketing practices for your startup:

• Use catchy and engaging taglines to grasp your audience’s attention instantly
• Keep your email briefs and conversational
• Embellish your text with relevant images (personalized ones are much better) and inspirational quotes
• Always end your emails with an encouraging call to action

Content Marketing Can Never Go Wrong

Content marketing has emerged as one of the best strategies to reach your ideal audience and convert them into loyal clients. Research shows that the market share of B2B brands with a content marketing strategy is 43%. Content marketing can yield long-lasting results for your startup with relatively low costs.

Let’s look at some tips to boost your content marketing strategy:

• Develop a strategy
• Keep your content conversational and inspiring
• Take advantage of the latest trends
• Tell stories through your content

Ramp Up Your SEO

Search engine optimization is one of the most effective digital marketing practices for getting instant results for your startup. It can enhance the discoverability and accessibility of your brand and attract your targeted audience.

Here’s how to curate a successful SEO strategy:

• Start a catchy blog
• Develop high-quality landing pages
• Research and use appropriate keywords
• Re-target your audience with Google tools

Begin a Referral Marketing Program

To establish a reliable customer base for your startup, use referral marketing. Turn your customers into salespersons for your business. Research suggests that it’s easier to retain clients acquired through referrals. Referral marketing is a great way to expand your business on automation.

Here are a few tips for curating an effective referral marketing strategy:

• Offer incentives to your customers
• Remain transparent
• Develop SMART goals

Conclusion 

We hope you found the above article helpful. Follow the best digital marketing practices discussed above and witness your brand transform.

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 government collects income tax from its residents annually. These income tax revenues help the government pay government workers, police, firefighters, etc. The tax money also funds road construction, health departments, national defense (Army, Navy, Air Force), and the welfare system and helps improve the country’s overall economy. You should file your tax returns annually and on time for multiple reasons.

This article will discuss the importance of timely filing tax returns and its benefits.

You Can Avoid Penalties

If someone avoids filing their annual income tax returns, they are opening themselves to penalties and fines from the tax officers and the justice department. Tax evasion and the late filing of tax returns also carry penalties that will result in you paying more money than you need. The amount of liability depends upon the country you reside in and the Income Tax Act. Therefore, the intelligent thing to do is to file your income tax returns every year and do so on time to avoid penalties and any unnecessary situations that will cause difficulties.

You Can Claim Tax Deductions

According to the Income Tax Act, taxpayers can claim multiple tax deductions to reduce their tax outgo. However, to be eligible for any such tax deductions under the Income Tax Act, taxpayers must file their income tax returns every year on time.

You Can Claim Tax Refunds

Taxpayers can claim tax refunds if the total taxes they can pay are less than the tax amount deducted. Overpaying can happen when tax is deducted from your income, even when your total taxable income exceeds the basic exemption limit. In this case, you can claim a TDS refund if you file income tax returns before the due date. You cannot claim tax refunds without the filing of income tax refunds.

Important for Loans or Card Company

If you are planning on applying for a loan in the future, whether it’s a down payment for a house or any other need, it will require that you show your income tax returns for the past few years. Most loan companies insist on it as it gives them proof of return and a guarantee. Banks and credit card companies also require proof of return before issuing a credit card to any customer.

Earned Income Tax Credit (EITC)

If you belong to the working class and have a low to moderate income, you can qualify for the Earned Income Tax Credit (EITC). It is a refundable tax credit for low to moderate-income workers, especially those with families and children. The Earned Income Tax Credit eligibility depends on multiple factors such as income, family size, filing status, etc. Receiving this is not possible without the filing of income tax returns.

It Makes You a Responsible Citizen

According to the income tax laws, adults who earn a specified annual income must file a tax return within the due date. Failure to do so will result in penalties. Adults who make a yearly income of less than the specified amount should also file tax returns as it is a sign that you are a responsible, law-abiding citizen. Filing tax returns is the moral and civic duty of any citizen residing in any country worldwide.

Carry Forward Losses

Any losses incurred by an individual can be carried forward to subsequent years if you file the income tax returns within the official due date. You can use losses to offset the income of the following years. In other words, you can adjust your capital losses against your capital gains and carry forward your past losses for subsequent years. However, you must file your annual tax return before moving forward with your losses.

Conclusion 

In conclusion, whether your annual income is above or below the specified amount, filing your tax returns is always a good idea and will benefit you in the long run.

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.

Recognizing the nuances of taxes is paramount for both men and women, offering a pivotal avenue to safeguard your financial resources. In-depth knowledge empowers individuals to navigate the intricate landscape of taxation, enabling them to mitigate unnecessary financial losses. Moreover, an informed understanding of tax matters is pivotal in addressing governmental sector challenges, fostering a sense of civic responsibility, and contributing to informed public discourse. By delving into the intricacies of taxation, individuals can actively participate in shaping and influencing policies that impact both personal finances and broader societal issues.

Exemptions and Simplified Approaches to Central Revenue Tax Filing

Filing a central revenue tax return may not be obligatory for everyone who earns income within a calendar year. Various factors, including the amount earned and the nature of that income, such as its classification as fit income, individual status, and age, play pivotal roles in determining whether an individual must submit their tax return.

For a quick and simplified approach, taxpayers can use a “cheat sheet” method: calculate the average of their assumptions related to income and then multiply it by their exceptions. Detailed figures for these calculations can be accessed at the IRS.gov. It provides a straightforward way for individuals to ascertain whether they fall within the threshold for mandatory tax filing.

Addressing Payment Challenges and Processing Delays

There are viable alternatives if one cannot cover their entire income tax obligation by Tax Day. Options include making payments using a credit card or establishing a structured payment plan with the IRS. It’s important to note that if a tax assessment remains unsettled for an extended period, interest may be incurred when calculating or reimbursing the tax. This situation may arise due to delayed imposition of a tax assessment or tardy tax return submission.

Failure to timely submit a tax return could lead to penalties, underscoring the significance of adhering to filing deadlines. In cases where interest accrues due to a delay in settling a tax assessment, the individual is responsible for paying the recovery interest. Conversely, if excess tax has been paid, there are instances where recovery interest may be provided.

Moreover, if there has been a prolonged time in processing your case, leniency interest might be considered. This serves as a mechanism to address delays in handling tax-related matters, providing a measure of understanding for individuals who have experienced protracted processing times.

Stay Mindful of Deadlines

Your employer and financial institutions adhere to specific deadlines when furnishing information to you. Additionally, the IRS imposes its own set of due dates, encompassing limitations on the duration it can measure and collect central revenue taxes—commonly referred to as the statute of limitations.

It’s crucial to note a significant caveat: the absence of a statute of limitations if you fail to file your return. This implies that the IRS retains extensive authority to assess and collect taxes at any time. Fortunately, if you require additional time, you can request an extension, mitigating the risk of missing deadlines. Ensuring compliance with these time constraints is paramount to avoiding potential tax assessments and collection complications.

Distinguish Between Filing and Payment Extensions

It’s essential to recognize that obtaining a filing extension is distinct from securing a payment extension. While filing for an extension incurs no cost, it’s imperative to note that if you anticipate owing taxes, you must accompany your extension request with the requisite payment. This step is crucial to sidestep potential concerns and penalties.

Failure to include the necessary payment with your extension request will result in an outstanding balance. This outstanding balance continues to accrue interest until it is settled. To avoid prolonged interest charges and ensure a smooth resolution, it’s essential to proactively include the appropriate compensation when seeking an extension, safeguarding your financial standing and minimizing potential complications.

Seize Opportunities to Trim Your Bill

It’s crucial to take action by the year’s end to maximize most tax benefits. However, a noteworthy exception is the opportunity to contribute to your retirement account, such as an Individual Retirement Account (IRA). Acting by Tax Day allows you to claim a tax deduction for contributions to your traditional IRA—beyond the year-end deadline. This deduction is applicable even if you don’t itemize, presenting a valuable chance to reduce your tax bill and enhance your long-term financial planning. Be sure to capitalize on this window of opportunity to optimize your tax-saving strategies.

Responsible Taxpayers Avoid This Pitfall

I used to handle my taxes personally, but with an increasingly demanding schedule, I faced a dilemma—whether to sacrifice precious sleep to complete my taxes or prioritize much-needed rest. Opting for the latter, I consciously decided not to undertake the intricate task of tax preparation myself. Instead, come tax season, I enlist the services of a qualified tax professional to streamline the process.

While I acknowledge that hiring a tax professional might not be the preferred route for everyone, I’ve realized that finding a competent and reliable tax professional is neither a challenging nor prohibitively costly endeavor. The peace of mind, accuracy, and time saved make the investment in professional assistance worthwhile, ensuring that my tax affairs are handled efficiently and in compliance with the latest regulations.

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.

Technology and automation have been the core of revolution in every industry. And the finance industry is not far behind either. Technology has changed how businesses perform their operations, such as generating invoices, managing receipts, entering data, and completely revolutionizing old manual bookkeeping methods. With these technologies, accountants can balance their cash flow and forecast financial difficulties that were impossible to track beforehand.

But as the new year comes, new technological implementations surface in today’s digital world. There are many trends for accounting procedures in 2024 that need discussion. Let’s explore!

AI and Automation

With machine learning, AI shapes what promises to be the golden age of digital development with no stopping signs. The finance and accounting industry comprises several daunting tasks, so the professionals are relieved they don’t have to do their manual and focused tasks repeatedly.

For instance, cloud-based accounting software has redefined an accountant’s flexibility to work from home. And this was a timely implementation, given that a pandemic struck us, and we still haven’t got rid of it. Companies believed that accounting and finance operations were the only ones that required manual labor. However, cloud-based accounting software applications soon changed that. It has eliminated human errors and saved valuable time for businesses to excel in their operations.

The Verge of Data Analytics

Everything is about data these days! Technological development has taken a new leap in the innovation chapter, from social media analytics to extensive data procedures. So, if you’re a business owner wanting to broaden your horizons on the business forefront, AI can be your crucial ignitor, especially with data at the center.

One recent example surfaced in 2004 when Walmart evaluated its data to predict what the customers would buy before a hurricane struck. The additional stock in their inventory was quickly sold off, resulting in many profits. Several industries have employed data analytics in their ranks to monitor purchase habits, make better financial decisions, and enhance their business acumen.

Remote Working

The coronavirus has shown the corporate world that they can work from home and still be productive. In fact, due to travel restrictions, business owners have also reduced costs on business travel. Now, with video meetings in the frame, they could communicate with employees in different parts of the country or the world.

The case for the accounting and finance sectors is similar. With technological tools, they could perform better operating in an office space. They were also able to widen their customer outreach since customers could contact them through different video conferencing tools like Skype, zoom, etc. They were also able to transfer data with ease so that they could end all kinds of work.

Blockchain in Accounting

The blockchain prospect is one of the most sought-after accounting concepts that have escalated in this era. Blockchain is quickly changing the accounting sector with its cost-lowering methodologies and maintenance of ledgers. Moreover, blockchain also provides accuracy regarding the history of assets and ownership. Don’t believe us? These stats show that firms are estimated to spend over $1.1 billion on blockchain technologies until 2023. So, businesses are expanding their horizons, so why should you hold back?

Social Media and Accounting

We already know how social media expands its horizons on the digital forefront. But not many people know that it’s helping the accounting sector as well. With social media sites like Twitter (X), Linked In, community forums, etc., businesses can keep in touch with their clients and benefit from their competitors. And want to know the best part? Social media is the future; companies can capitalize in many ways with everything going social.

Conclusion

As we continue to dive further into innovation, new opportunities emerge. Such is the case with the accounting and finance sectors as well. So, if you want to ensure that you continue expanding your horizons on all business levels, you need to adapt. From social media analytics to AI and automation, accounting has improved dramatically!

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.