Author: Complete Controller

“Opportunity is missed by most people because it is dressed in overalls and looks like hard work.”

– Thomas Edison

This quote really resonates with me because it highlights the fundamental difference between dreamers and doers. While there’s nothing wrong with being a dreamer, it’s important to recognize that you’re not the only one with great ideas. Ultimately, it’s the entrepreneurs who are willing to put in the hard work and make sacrifices who see their visions come to life. Building a successful business is far from glamorous or prestigious, but it’s those who persevere through both the good times and bad who truly achieve greatness. At the end of the day, success isn’t about wanting it – it’s about doing it.

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

So often, the question is asked, ‘How are you going to spend it?’ when we should ask, ‘How are you going to save it?’ People with a plan for saving will save, and those that don’t typically don’t.

So, before you even get that paycheck while you are dedicating your precious time and energy to earn that money, you should already have a savings plan. Whether it’s a predesignated percentage or amount from each check, be sure to set it aside. 

The easiest way is to have your employer split your direct deposit into two accounts. If you get tips, you could save those and try to live on your paycheck alone or vice versa.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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.

When it comes to selling your business, having your bookkeeping in order is absolutely essential. Be carefully tracking important metrics like your growth rate, EBITDA, balance sheet equity, asset and liability values, and client acquisition costs, you can accurately determine the true value of your business. Ignoring these critical factors could result in a lower sale price or even prevent a sale altogether. So, if you’re thinking about selling your business, be sure to prioritize your bookkeeping and get all of your financial records in order.

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.

As an individual in a position of management or ownership within a business, cultivating strong leadership qualities is crucial. To develop a healthy and effective leadership style, it is important to consider several key factors and tips. By doing so, you can inspire and motivate your team while also achieving your goals and objectives as a business.

Learn the Art of Delegation

It is especially difficult for small business owners to delegate because they are used to doing everything for their business, and because of that, they get it done better, faster, and cheaper. While it’s important to be part of the ‘nitty-gritty’ during the start-up phase because that allows for nimble evolution in response to problems as the business grows. Delegation becomes paramount. Leaders that try to have their fingers in every little pie are perceived by their staff as ‘overbearing micro-managers with little faith in the team’s abilities’. It might be true that only very little faith is deserved until a staffer proves themselves, but good leaders don’t let them feel that way, or they risk the loyalty bond that is so essential to the staff-leader relationship.

Look for Opportunities to Inspire

Criticism deflates, and inspiration empowers. I once learned a parenting technique that encouraged offering children three accolades for every criticism. In this way, parents can build a child’s esteem as well as their desire to improve upon poor performance because they embrace and adopt their parent’s expectations. Leaders that point out everything that is wrong with someone’s work product, rather than providing a big-picture blueprint for the vision will fail to create an environment where people can be honest about their inevitable low points and garner support from the team in an effort to improve. If the whole team is generating work that does not align with the leader’s vision, then the leader has failed to properly inspire the team. When a team is properly inspired, they will go to the ends of the earth to carry out the vision, and they will adopt it as their own, and ensure that it is executed flawlessly.

Problem Solve

Attack the process, not the person. Finding problems is part of solving problems, but some leaders make the mistake of approaching them from the wrong angle. If a leader finds a problem and presents it to the team seeking to ferret out who is to blame, they have a defensive team that is deflecting and likely to be dishonest about their part in causing the problem. If a leader instead finds a problem and presents it to the team as an area that needs improvement because….fill in the blank….and walks with the team through the current process to find where it can be tightened up, now they have a team that is collaborating to improve and willing to admit that their area could use support or a change in the process.

Learn from Feedback

Even your most awful client or horrible experience can teach you something. Always be teachable and always be willing to learn and evolve. If it’s not working, change it. If that’s not working, change it again, don’t be stuck on any one idea just because it was your idea. It’s better to be successful and happy than to be right. Share your challenges as well as your successes with others so they know that success is not about being perfect. It’s about being teachable, curious, and determined. 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.

I started my small business almost 10 years ago and I quickly learned how important it was to have excellent personal credit. When you are a small business owner, pretty much everything you need to buy on credit or lease, including office space, computers, and even office supplies, requires a personal guarantee. That means the vendor is looking at your personal credit score to determine if you are a good risk!

1. Keep an eye on your credit report – I had never paid that much attention to my credit before starting my business. When I ran the report, I immediately saw a couple of things that I could clean up simply by disputing the validity of the reporting. Some creditors had doubled up their accounts or left old records on the report after selling the account to a new creditor. These were really easy to clear and made a big difference.
2. Don’t apply for credit lightly – I used to apply for department store credit cards just to get the 10% off promotion and then never use the card again. That’s okay up to a certain point, but if you are really trying to improve your credit rating, you have to be more discerning about when you apply for credit. Every inquiry has the potential to lower your score, and it can take months for the inquiries to drop off and your score to go back up. Also, those department store credit cards often have really low starting credit available and one major purchase can tip your % of credit used to a higher ratio which can really impact your score.
3. Know your score – By being aware of my score and checking it every month or so, I became aware of what impacted it negatively and positively. It became a goal for me to at least one action each month to increase the score: pay down debt, increase a credit limit, not make any inquiries, etc. I use Credit Karma to monitor my score and full credit report for free.

Now I’m in control of my credit, and I know I can go into the bank and qualify for a business line of credit or a large equipment purchase without much effort at all – my small business relies on it!

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

Not only am I a successful start-up entrepreneur, but my expertise also lies in the area of helping small businesses across the nation to succeed in their business endeavors by keeping an eye on their financial performance from the top line to the bottom line.

Young entrepreneurs may be tempted to use their credit to cover expenses when starting a business. You need to be very careful and understand the risk involved in that decision! Most businesses are not successful, and especially your first few ventures will have a low possibility of long term success. But the impact on your credit will stay with you for a very long time. Keep your credit for the business you start that outlasts the initial ‘proof of concept’ stage and is at least producing revenue. Until then, bootstrap it or find like-minded people to invest in you.

Don’t buy a bunch of inventory. Inventory intensive businesses carry a lot of risks. You have to spend to purchase the inventory; the less you order, the more it costs per unit, and you have to consider the cost of lost opportunities because your precious capital is sitting around in the form of inventory gathering dust. Even though your margins may be lower, it is recommended that you produce as ordered or limit your inventory purchases to current orders on hand plus 100%. That way, at a 100% markup, if you never get another order, you won’t be out-of-pocket once you sell that inventory – unless it never sells and you have to discount it or give it to charity.

Reinvest in your business. A start-up business is like a baby; you have to feed it, nurture it, stay up all night, give it your all, and you hope it grows up and takes very good care of you. If you take all of your profits and spend them on fancy things, you run the risk of starving the baby! Protect your capital and spend it in ways that will generate more capital. Use your entrepreneurial negotiating skills to convince your producers to lower their prices to you in anticipation of your future growth. Don’t hire staff members that cannot help you generate more revenue or save on costs. Don’t rent an office unless you absolutely must – keep it virtual. Rely on associate relationships and interns to do your evangelizing. Use free or low-cost platforms for a website, CRM, social media, and other tech and marketing needs. The rule of thumb is – don’t spend money unless it will make you money.

Keep an eye on the numbers. When you first start a business, it is difficult to predict what your revenue and costs will be, but it is still important to make a forecast and cross-reference your budgeted numbers with actual performance. Don’t fib to yourself about the potential, create forecasting that is reasonable and achievable so you can use it for goal setting. As soon as you have reached a revenue phase, you should begin measuring critical KPIs (key performance indicators), so you can learn the percentages and flow that represent your business cycle. A few important things to know about your business are margins, cost of client acquisition, attrition rate, debt to income ratio, revenue growth rate month over month, and monthly overhead total.

The entrepreneurial spirit is one of persistence and confidence. Stay true to the vision and carry it out. If the vision is getting blurry, stop, and recalibrate. Decisions made out of desperation lack good judgment. If you can’t get to proof of concept, scratch it. Your experience will serve you in a later endeavor. Be smart, listen to your instincts, and know when to fold.

Success is right around the corner!
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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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 work with businesses at all stages of development, and I believe that small and new businesses make the mistake of not understanding the importance of establishing a brand early on. A brand is a symbol that represents all of the hard work and goodwill that a business invests time and money in creating every day. Small business owners should be careful to obtain a trademark for their brand name and logo so no one can trade on their goodwill and if they do, they can be stopped. style=”text-align: center;”>
Establish TrustConsistent messaging and branding make potential clients see you as reliable and dependable. You will look like you have been around for a while, and you aren’t going anywhere – and that’s the type of enterprise people feel comfortable doing business with. Our brand has been a consistent part of our marketing from the start, and here we are,  nearly a decade into our company’s journey. Most of our industry colleagues can easily recognize us by our checkbox alone!

Choose a Personality

When considering your brand messaging, also think about the tone you use when communicating with your customer base. Are you witty and dry? Do you make the experience humorous or light-spirited? Or do you prefer to represent your brand as serious and professional? Do you use a mascot or logo to reflect that tone? Social media is a great place to display your tone and engage with an audience that appreciates your brand personality.

Display Prominently

Once you have decided on a brand mark, use it on everything. Part of branding is ensuring that the website, brochures, business cards, leave-behinds, web advertisements, promotional materials, etc., all represent the same name, logo, color scheme, and messaging. Not only should it all be the same, but the brand should also be on everything: internal messages, signature blocks, directory listings, checklists, and human resources documents.

Take the time to establish a strong brand for your company. One that reflects your personality. Once you have made a choice, use it on everything. Soon your audience will recognize your brand as you! 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.

I believe that one of the most valuable things I can do for my entrepreneurial mind is to get an excellent night’s sleep. Sometimes I stay up late with a brainstorm, and my head doesn’t even touch a pillow until after midnight. If I can help it, I will leave my alarm off and sleep until my body awakens naturally.
Fresh out of bed, I seek out my dog and hug him – this isn’t a quick hug; it’s a heartfelt bonding hug that refreshes me and leaves his tail wagging. Having done my first good deed for the day, I get my coffee, make my bed, and go outside to hear the birds and enjoy God’s world.

Now it’s time to check my private emails. I am very strict about giving my friends and family my private email address and NOT my business email address. That way, they get my undivided attention first – and that includes knowing whose birthday it is and whether I have personal appointments that day. I do this because I know that my business is going to captivate me the moment I crack open the first email. My business fuels my passion and drives me, so I have to be disciplined to address everything else before it.

Sometimes the day is so beautiful that I cannot bring myself to go inside. That’s what my laptop is for. I pull it out and start working right there on my front porch. If I must go inside, my office awaits. It is a separate area with a door. I think that’s important to keep out the noise and bustle of the home while I focus on the needs of my business. My favorite days are those when the rain pours down, and the pups sleep on the floor of my office. I can work for hours without the tug of sunshine or a body of water calling to me from outside.

At heart, I am an outdoors girl, and it’s hard to keep me down for long. That’s why I have been careful to add all relevant email addresses and apps to my phone. Yes, that decision ensures that I am always informed and almost always working, but it also gives me the freedom to move about the planet while I do so.
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.

As an accountant for small business owners and families and the mom of three 20-something young ladies, I have had plenty of experience with living paycheck to paycheck and helping people who are in that stage of their financial life. Here are a couple of tips that will help alleviate some of the stress and position you to break the cycle:

Don’t Borrow on Credit

If you are living paycheck to paycheck, you can hardly afford interest payments on top of everything else. You have to make your money stretch and work for you. An easy way to avoid borrowing is by leasing or buying something that is not-so-nice for now. Remember that every time you make a sacrifice to avoid payment, you are laying the foundation for healthy spending and saving. If you need a car, lease the least expensive car that will meet your needs, or buy a car that isn’t glamorous but gets the job done. When deciding which option is best for you, be sure to factor in the insurance expense on a lease – which can be pretty high since it’s a new car – and the maintenance expense on a clunker. If you don’t need a car, don’t get one. Consider a bike or scooter instead.

Buy on Sale

School shopping for three kids was never inexpensive. So we would go straight for the sale rack at the back of the store and make our rounds to every store they liked. Rather than shopping for clothes every month, shop once a season because the last season’s clothing was always on sale when they are bringing in the new stuff. Grocery shopping is a big chunk of the monthly budget, but definitely less expensive than eating out. Make it a challenge to only buy items that are on sale. If you must eat out, go somewhere that does not require you to tip a server. Even if you want to treat yourself to good food and a nice ambiance, there are plenty of small deli’s and specialty food stores that have excellent selections and are self-seating. Oh yeah, and drink water!

Budget and Save

Planning ahead is really important. You know that car registration, school tuition, or medical expense is coming – so plan for it. Find some amount that you can save and make it automatic. My daughter works at a restaurant part-time. She saves her tips and tries to pay for her living expenses on her paycheck alone. After only 5 weeks, she had enough to buy a plane ticket for her vacation next year, and now she’s saving for spending money. If you get a paycheck from your employer, use direct deposit and have a reasonable amount – $50 is better than nothing – per check deposited into a savings account. At the same time, the remainder goes into your checking. Finally, know your spending. People who are aware of their spending tend to spend less. Check your bank account frequently and make sure you never overdraft – for some folks, that habit alone will save them hundreds of dollars each year.

Great news! It’s entirely possible to build wealth and establish good credit even if you’re currently living on a low income. The key is to get creative with your shopping and planning strategies. By making small adjustments and staying committed to your goals, you can make significant progress over time. Are you ready to dive in and make your financial dreams a reality? Let’s explore some ideas together!

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file, critical financial documents and back office tools in an efficient and secure environment. Complete Controller’s team of US based accounting professionals are certified QuickBooks™️ ProAdvisor’s providing bookkeeping, record storage, performance reporting and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay services. 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.

As an expert in the bookkeeping field and the mom of a family with three kids, I am very familiar with making dollars stretch as far as possible. It’s always fun to find a good deal but disappointing if the quality isn’t there – in these unlikely experiences, I was pleasantly surprised!

One of the things that my husband loves to buy used is running shoes! I never would have thought of that because it’s always been my assumption that the best performance comes early in the shoe life. That may well be true, but ‘used’ doesn’t have to mean ‘heavily used’. You see, when consumers return running shoes to the store after they have been worn even so much as one time, they may not be sold as new. So, if you search online, there are plenty of very nice – and expensive – lightly used shoes to buy at a super steep discount.

Prior to my recent relocation to a new state, I always purchased my appliances new from Sears or Best Buy. When I moved, I found myself in a very new, very empty home with no refrigerator, washer, or dryer. To purchase new and wait for delivery would take several days. Instead, I searched Craigslist to see what my neighbors were selling, and I found several businesses that sell used appliances and even warranty them. They got their start as appliance delivery and installation contractors. Since delivery also means hauling away the old appliances, they had plenty on hand for parts and began to build an inventory. Since my town has a pretty significant vacation property population, there were quite a few lightly used appliances in their inventory to choose from. One phone call had them delivering a high-efficiency front load washer and dryer and a stainless steel refrigerator that same day for $500 cash – and they hooked it up too. The ‘warrantee’ is for 90-days but that is more than enough time to discover any deal-breaker characteristics.

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