A great idea changes the idea - today and tomorrow - with chalk on blackboard
Business performance reporting enables management to understand and identify the growth potentials within their company and the overall performance of the organization. Also, the set of analytical reports aid in formulating strategies for achieving business goals and objectives.

Businesses need to continually track their performance and productivity in order to devise effective strategies that will help sustain business growth. According to studies, tracking business performance plays an integral role in the success of any company. Gone are the days when companies could make their future projections based on mere thoughts. Now, companies need to have a convincing business or growth plan, coupled with effective business assumptions, if they expect to perform as intended.

Performance Reporting Is Necessary

Besides formulating effective business plans and strategies, companies need to work on building a strong communication network, so that they can collect and disseminate business and market information, communicate business progress, forecast future progress, and give a status to various stakeholders with more proficiency. Whomever is responsible for performance reporting must be very professional in the collection and dissemination of important business and bookkeeping records. Business organizations can never achieve their short and long-term targets, goals, and objectives if they lack a performance reporting mechanism. It is safe to say that performance reporting is absolutely necessary for each and every organization present in the corporate ecosystem today.

Businesses Need To Have A Performance Reporting System In Place

No matter what, companies should never carry out their processes blindfolded as it can plunge an entity into pitfalls. Well, that’s what most industry veterans say about performance reporting since doing things blindly can result in companies facing serious consequences, perhaps due to the inability to measure key metrics. The point is, business processes can be optimized by measuring different parameters. These must be duly tracked such as the rate of inventory or staff turnover, customer satisfaction, growth rate, and other success factors relating to financial aspects like sales volume, annual revenues and profits, expenditures, production, or business output.

Most companies lack a performance tracking system and that’s the reason why it is hard for them to have a clear picture of their company’s standing. Not all companies can afford to hire professionals who create an effective performance system that serves as a benchmark for them. However, most companies still have to adopt a traditional approach in tracking their company’s performance manually. The thing is, tracking performance manually is a very confusing and time-consuming activity, which is why performance reporting systems must be integrated into the company to successfully track everything.

Here are five reasons why performance reporting must be prioritized in business processes.

Set Certain Benchmarks for Improved Performance

Setting SMART goals and achievable benchmark help companies monitor their performance for a certain period of time. This is probably one of the most immediate benefits of performance reporting in a business. Benchmarking creates a culture of continuous improvement in business processes and opens the doors to new opportunities. This ultimately enhances business efficiency and effectiveness while enhancing customer satisfaction. In addition, benchmarking helps you identify specific problems and handle them wisely.

Control and Monitor Workforce

Once you have control over your workforce, you can have control over your company. Businesses must aim control their employees’ behavior and actions if they want to achieve their set targets, goals, and objectives. Exerting control over your workforce further improves overall organizational performance and also lets employees and management know where they need to improve. This aggregately not only improves performance but also strengthens cohesions among subordinates. Measuring, controlling, and monitoring your workforce is one of the most important factors in performance reporting that can reveal vital information about your employees.

Improves Communication

Effective communication serves as a driving force for greater productivity, team synergy, and higher performance. Employees and stakeholders who understand each other well can yield greater results within no time. Performance reporting builds effective communication, which ultimately reduces workplace conflicts.

Learn and Enhance Performance

To make better and more informed decisions, employees need to continually learn new and advanced learning processes. This helps companies set and achieve realistic targets and further increases their performance and productivity.

Compliance with External Reports

Businesses need to produce mandatory reports such as financial statements, accounts, etc. as required by law no matter what or it can result in lawsuits. Besides strengthening corporate social responsibility, external reports help in performance reporting compliance.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, 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 and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

Business people meeting at office and use post it notes to share idea. Brainstorming concept. Sticky note on glass wall.
Small businesses must come up with innovative marketing strategies if they want to stay ahead of competitors. Although, the conventional ways of marketing a product or service are still relevant, try using new ideas to reach out to your target market. Listed below are 18 of the best marketing strategies for small businesses.

Get out of the Store

Establishing a presence on the internet, even if you have a physical store, is critical. Create an interactive, regularly updated site or blog and build informative yet informal profiles on social networking sites such as Facebook and Twitter.

Share your Expertise Freely

Let the public know what you’re an expert in and use that to boost your reliability and value. Publish tips, share your expertise through public speaking, and even try pitching to the media. Make it super easy for people to associate you and your business with excellence and expertise in your field.

Never Stop Growing your Network

Expand your network of contacts and potential clients. Ask your best, most powerful, influential friends or business associates to introduce you to the five people they think you should meet to expand your business.

Twitter Giveaways

Give away your product or promotional item on Twitter.

Network your Networks

Network with friends who then network with their friends. There’s power in numbers. Don’t spam, of course, but utilize your network to get the word out to your people who know people who know people.

Maintain Relationships with Clients

The difference between a successful company and a mediocre one often boils down to an owner’s commitment to building (and sustaining) relationships with clients and prospects.

Listen. Tweet. Listen. Listen Again.

Identify your ideal clients and find them on Twitter. Then start following them! Spend weeks listening to them; you’ll be amazed what they will tell you about their concerns, their ideal products, and their current frustrations with their vendors. It’s a great way to get open and honest market research.

Leverage Linked-In

Join as many Linked-In groups as you can that are related to what you sell and post a question or tips on a regular basis.

Facebook It!

Your Facebook friends can be your greatest free marketing tools so enlist their help! On Facebook, use the NOTES application to create a special, limited-time “friends and family”promotion.

Tweet It!

Twitter is a great place to share photos, host contests, shout out to loyal customers, have scavenger hunts, and promote events.

Blog Tour

Blog tours are like book tours, but without all the flying, cheap hotels, and fast food temptations. They’re a great way to get seen and discovered outside your usual niche, all from the comfort of your own office or home.

Inspire Customers to Call You

Do something really different. Send a monthly postcard instead of a hard copy newsletter.

Be Generous

To keep customers loyal to you, instead of a frequent buyer program, send your customers small “surprise” gifts.

Low Hanging Fruit

Turn to those in your field for the low hanging fruit. Find larger companies or older, more experienced businesses and invite them to lunch. Ask them to consider referring their smaller cases, or business they don’t have time to handle, to you.

Feed them and They Will Come

Anything involving food gets attention. Partner up with local neighborhood businesses and a restaurant (or other service providers in a complementary but non-competing industry if that’s your gig) to throw a special event.

Help Other Employees

Offer employee incentives to various big businesses or to smaller businesses in your hometown.

Online-Map Listings

Online map listings are essential for businesses with brick-and-mortar locations. They are the first thing people see on search engines.

Small Groups

It only takes one person to start a movement. So don’t hesitate to start an informal group that can provide something of value to the market in which you specialize.

 Conclusion:

To conclude, these marketing ideas will surely help you in promoting your products or services among your target consumers. You must devote time and money to reap benefits out of these strategies.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, 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 and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

A standard calculator on top of a bank statement.
Bank reconciliation predominantly refers to matching your records against the bank registers. A monthly reconciliation ensures that you are aware of any sporadic transactions, which may take place without your consent. The best way to reconcile the accounts is by going through each record individually and matching it with your bank statement. This ensures that you have not missed anything and everything has been accounted for. You may see minor differences in the ending balances due to certain outstanding checks or other reasons. Therefore, take them into consideration so that you do not see them as errors.

Why Bank Reconciliation is Important

Reconciling your bank accounts regularly keeps you out of trouble in many ways. You are able to identify the problems before it is too late as you are constantly monitoring cash flows. It is thought that business accounts do not have the same amount of protection that consumer accounts do. Therefore, you are advised to keep a close eye on these accounts yourself. Here are some reasons that may persuade you to consider reconciliation from time to time.

Catch Fraudulent Activities

One of the key purposes of reconciling your accounts is to catch potential frauds. If you have issued any checks that were legitimate, you need to ensure that they are used exactly as you thought they were to be used and that there are no duplications or alterations. If there has been unauthorized access to your account, you need to know before something really harms you.

Prevent Complications

The bank reconciliation process is also useful in identifying any potential hazards or problems in time. Sometimes, your cash flows are really down or you are having trouble recovering the accounts receivables. In such situations, reconciling everything can guide you in the right direction by identifying the problem source. Once the problem is identified, you can take measures to fix it and, along with that, fix your cash flows and receivables. It also helps you develop a bookkeeping system that is free of errors and more efficient.

Along with assisting you in identifying the balances in all of your accounts, bank reconciliation helps you to avoid bank fees due to insufficient funds and saves you from opening too many lines of credit when you don’t actually need them. You are able to keep track of outstanding checks and see if any payments by your customers have bounced.

When Should You Reconcile?

There is no fixed time to reconcile your bank accounts as you can do it anytime you want, depending on your preference. However, it is recommended to reconcile all of your accounts at least once a month so that you have an accurate picture of your current standing as a business or individual. Some high volume businesses even reconcile on a weekly basis as they are involved in many transactions daily and it can really pile up if they wait an entire month.

You can also use Positive Pay for bank reconciliation. This means that any payment in or out of your account has to be notified to them in advance. This helps save you from any fraudulent activities. 

How to Reconcile

It does not really matter whether you take a formal or informal approach to reconciliation as the main purpose is to match each transaction with your accounts balances. You will have to closely inspect your own records as well as the bank records and compare the balances at the end of a self-defined accounting period.

Your bookkeeping system is important in this regard because, if it’s properly managed, you will be able to match everything without much hindrance. However, bank reconciliation can turn into an arduous task if you do not have a well-maintained accounting system. Automating and integrating your accounting system with the bank can ease the whole process as you can have access to updated records at all times.

Check out America's Best Bookkeepers


About Complete Controller® – America’s Bookkeeping Experts
 Complete Controller is the Nation’s Leader in virtual accounting, 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 and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

Focused African-American office manager sitting at cafe table with laptop, reading important documents with puzzled expression and holding head with his hand.
Everybody makes mistakes and that’s pretty normal. However, the mistakes entrepreneurs can make have significant repercussions for a newly developed business, as it has not matured enough to sustain them. When the mistakes are related to taxes, you can get stuck in a long-term trap which is really hard to overcome. This is why it’s important to understand some of the most glaring mistakes so that you can avoid them in the future.

Tax structuring and placing your business at the right location are two of the biggest challenges faced by entrepreneurs. The common mistakes entrepreneurs should avoid at an early stage include keeping a low personal liability and set up costs. That can only happen if your business is in a vicinity that you know a lot about. In many cases, this will be where you live as you are aware of laws and regulations governing businesses in that area. Once entrepreneurs are able to structure and place their business properly, they can invest their time in developing their products and improving their services as there will then be plenty of time for that.

Not Collecting Sales Tax for Online Sales

New business ventures that are related to e-commerce often fall prey to assumptions. They assume that, because of the fact they do not have to pay sales tax for online purchases, they are not supposed to collect it. That is one of the glaring mistakes that entrepreneurs can make. The selling of online products or services is bound to local taxation laws. If the state or city has laws that govern you to collect the sales tax, then you are supposed to collect it and file the returns.

The issue of online sales tax becomes even more complicated with the passage of the Marketplace Fairness Act. According to the act, all non-exempted merchants are supposed to collect taxes from individual customers that are located in the vicinity of the law. E-commerce businesses are thriving in this digital age and the laws which govern these businesses are being optimized by the government to ensure the steady influx of tax from these business ventures. Businesses are bound to abide by these laws and being aware of them is the first step in ensuring their implementation.

Not Keeping Financial Records

Keeping accurate financial records is a tough yet mandatory job for a newly established business venture. Knowing about your financial position is critical to the success of your business as it will keep you out of issues related to taxation.

The initial focus of any new business is to up their sales one way or another and create a solid customer base for their products and services. That makes sense as well because you have ventured into a business from your personal account and your aim is to earn some profit. However, by the end of the year, you are left with a pile of paperwork and taxes that are left unattended because all of your focus has been to increase your sales. In such a scenario, you would either hire an accountant or try to file the tax returns yourself which can turn in to a pretty bad idea.

Some of the most common mistakes entrepreneurs make include the improper handling of receipts and records of the business sales and expenses that could lead to a number of problems. You could overstate your expenses or profits and end up paying higher taxes than otherwise. The point is that, if you are not careful in maintaining proper paperwork for your business on a daily basis, the result might not be in your favor. Apart from that, you would also not have an accurate understanding of the financial standing of your business which is a lot more hazardous than dealing with taxation issues.

How to fix this problem

Everyone makes mistakes, but it is your ability to fix them that makes the difference. Accounting is the basic language of business, however, you do not have to be an accountant to keep track of your financial matters. Hiring a bookkeeper and getting an online software will solve most of your issues related to organizing financial information. You just need to review the numbers on a weekly and monthly basis so that you have a clear picture of what’s going on.

Out of all the mistakes entrepreneurs make, waiting to hire an accountant at the end of a year is one of them. Involving a professional in the process earlier, rather than later, could help you avoid many undesired circumstances related to paying your taxes. Lastly, keep your business books clear of personal expenses, at least for the first year.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, 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 and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

A behind the scenes look, mid-reno
It is essential for a fix and flip investor to implement maintainable and accessible systems that help in expanding their business and improve the number of revenues they are earning. Successful fixing and flipping businesses are made up of complicated processes. An important aspect of these complicated processes is related to accounting and bookkeeping.

Accounting for all of the expenses that take place is necessary to achieve success in this field of business. Reducing the overall tax on the business by providing accurate values and accounting shows the investors and other lenders that the business is running professionally.

Developing efficient accounting systems is not hard, especially with the technological advancements in the millennial age. Efficient accounting methods can be made easy by utilizing software and applications that are specifically made for accounting and bookkeeping purposes.

However, ensure that the accounting procedures are not complicated. Keep it as simple as possible while educating your employees who are responsible for accounting. They should know the handling of new technology that you introduce in your business or organization. Below are some ways to stay organized and things that you need to show to your accountant or bookkeeper at the end of the day.

1. Introducing and Developing an Effective Accounting System

The shoebox method is a process in which all the receipts and financial records are collected, stored and handed over to the accountant at the end of the year. This is a cost-effective method and is not very common in the millennial age. Some experts do not recommend this at all.

A more profitable and time-saving method would be to use software programs and applications that cater to accounting services. An example of an application is Expensify which allows the user to scan a receipt, enter the specific amount, categorize it accordingly and then save it into the cloud. It works somewhat similarly to the shoebox method, but it is much easier to maintain and simpler to use.

Regardless of whatever method you use for developing an effective accounting system, make sure that you include the following categories of transactions:

1- Acquisition costs

2- Rehab costs (The improvements made in the household)

3- Repairing costs of the household

4- The holding costs of a property

5- The selling price of the property

6- The selling costs

2. Types of Records that should be kept as a Backup

The laws of a state do not require the records of a fix and flip business, unless there are certain specifications. Any method of recording transactions can be opted for that clearly defines your income and expenses or any other expenses that might take place.

Keep a record of all of the tax assessment cards and maintain the HUD statements alongside all receipts that are inclusive of any transactions that may have taken place. Insurance documents should also be stored along with these in your bookkeeping records.

All external expenses that take place should also be recorded with the supporting documentation. The supporting documentation should show the amount that has been paid and the amount of money that was invested for a business expense.

The expenses documents include:

1- The checks that have been canceled

2- The tapes of the cash register

3- The statements of the accounts

4- The sales slips of all credit cards that have been used in the business

5- Invoices

6- The petty cash slips that are used for small cash payments

3. Decide Whether you are using Cash or Accrual Methods of Accounting

Decide whether you will opt for cash or accrual methods of accounting. The cash method defines the income recognized after the paycheck is received and expenses are recognized after they are paid. Many taxpayers use this method to get their returns.

The accrual method of accounting identifies the income and expenses when they incurred or earned instead of recognizing them after the check or payment is received. How does this imply to fix and flip investors?

When someone deals in a property, the IRS classifies him or her as dealers. This means that, for accounting, the house that the investor is dealing with is his/her inventory. The IRS will, therefore, require the use of the accrual method.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, 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 and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

 

 

 

 

 

 

 

 

Cyber security concept businessman Lock on digital screen, contrast, virtual screen with a consultant doing presentation in the background Closed Padlock on digital, cyber security, key
Businesses are increasingly enjoying the ease and efficiency that cloud computing and server-based networks are offering in their daily operations. Whether constructed online or locally, networks enable organizational associates to communicate more effectively with each other as well as with the clients they serve. However, such convenience and efficiency come with certain disadvantages, like data insecurity.

Whether they are bank accounts or social security numbers, clients’, employees’ or business associates’ personal data, or internal corporate communications, every business deals with confidential information on a daily basis. Thus, they are responsible for protecting this sensitive data. Making even the tiniest security compromise can result in costly corrective measures that could significantly harm a company’s bottom line.

This mini guide to protecting personal information is not meant to alarm entrepreneurs and their associates. Rather, it will help them know that being vigilant about securing corporate data and information is critical for ensuring that they are not compromised in the future. In addition, it will help mitigate risks related to storing confidential sensitive data on a cloud, servers, and over networks.

1. Keep Things Simple and Stay Organized

During the hustle of everyday corporate operations, keeping data organized is one challenging task. Many organizations don’t even realize that they are susceptible to theft or fraud until it is too late. It is imperative to set aside the required quality time to review data stored on different networks and explore easy, simple, and coherent ways of organizing it.

Company owners must figure out the sensitive documents and files they store on their business servers or online. In addition, they should make sure that any confidential, sensitive information does not get mingled with the less sensitive content. Typically, organizations have necessary security solutions on hand to keep their sensitive information safe.

2. Protect All Sensitive Information

Even huge and successful businesses become prey to cyber criminals. These hackers steal their sensitive business information which could not only harm the business itself, but also their associates, employees, and customers. Passwords are a standard data and application security feature for individuals and organizations. Sadly, hackers and cyber criminals who adopt smart tactics to crack them compromise even the most diligently constructed passwords. Thus, it is critical that you change your company passwords regularly besides also maintaining the added layers of security.

3. Securely Dispose of Unimportant Information

The trash can is the worst place to properly dispose of sensitive corporate information. Using adequate methods to dispose of confidential data safely is a smart way to prevent it from getting into the wrong hands.

Several organizations dealing with sensitive data on a daily basis already leverage disposal routines. Shredding and recycling information is one of the most common ways of safely getting rid of unnecessary data. It provides dual protection: First, shredding the information makes it difficult for anyone to access sensitive elements; second, when shredded paperwork is sent to the recycling center, it is destroyed and recycled, thus, erasing the sensitive data that was once documented.

4. Cyber Security

Nowadays, it is obvious that most smart devices and personal computers feature powerful cyber security safety against malware, viruses, digital attacks and cyber breaches that could jeopardize their data’s security. In the same way, businesses also need to adopt similar precautions with their company servers and networks. Financial data is one of the most critical pieces of business information and compromising it can devastate the existence of a business in its entirety. Therefore, from bookkeeping to financial reporting, a business should ensure optimal safety of its financial aspects.

Unlike personal computers, company computers and corporate networks are often accessible to many individuals with varying levels of computer knowledge. Phishing scams are among the most common forms of security breaches. Such scams usually disguise themselves as websites or emails that appear trustworthy and reliable to a normal computer user. Consequently, it is imperative for a business to keep their employees well-educated on the threats of phishing scams as well as the necessary steps that must be taken to avoid becoming prey to cyber criminals.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, 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 and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

 

Happy couple using laptop in the kitchen
Finances play a critical and fundamental role in predicting how happy and successful your marriage will be. Lack of financial resources is one of the leading causes of stress in relationships. On the other hand, married couples who trust their spouse with financial issues most often feel more secure with less arguments and more fulfilling intimacy.

However, such level of trust and confidence is usually rare among newly married couples. Although you may know a lot about your spouse-to-be, there may still be huge gaps in your conception about his/her finances. Here are nine money tips you must utilize in order to live a happy and financially stable married life.

1. Have Open Conversation Related to Monetary Matters

Remember intimacy and confidence regarding financial matters begins with better communication. Therefore, you must begin conversations with your spouse on your personal and financial goals. Be fair and open when sharing your current resources as soon as you are married or, better yet, share them with your better half before getting married.

2. Define Shared Goals

Talk about your mutually shared goals with your spouse such as buying a home, having children, seeing them graduating from a renowned school or college, family health and life insurance, and retirement plans. Although financial planning may not be as romantic as other topics may be, you will have peace of mind in the long run if you share mutual financial goals.

3. Create a Budget

Budgeting is essential to achieve your personal and family goals, just as bookkeeping is crucial to managing your book of accounts. Most money tips explained so far revolve around budgeting. It helps us achieve financial balance between our expenditures and our savings within our means, preventing us from getting into a debt burden. A newly married couple’s family budget expenditure categories include Groceries, Entertainment, Dining Out, Shopping, Traveling, and more.

4. Track Your Budget

Making a budget is easy but that is not enough. Married couples needs to maintain their lifestyles strictly on their pre-calculated budget. They must track their expenditure and saving patterns, changes in their earnings and other financial matters and see where adjustments are needed to improve their budget. There are many great smartphone apps designed to manage personal finances such as Mint, an app that can automatically generate a personalized budget based on your income, expenses and other relevant financial activities. It also ensures easy budget tracking and improves your financial outlook by providing money tips and essential acumen.  

5. Build an Emergency Fund

If you are not a couple who keeps an emergency fund set aside for rainy days, wait no longer and start to build an emergency fund for use on a urgent basis. It is one of the most important money tips for married couples which should be your top priority if you want a stable monetary life. An emergency fund is typically money that is proactively set aside and helps you when an unexpected costly event strikes. Such events include and are not limited to loss of a job, a major home repair, family illness, or any natural disaster. Consequently, it aims to save about six month’s worth of your family expenses as an emergency fund.

6. Have Weekly Money Meetings

Having weekly money meetings with your spouse is one of the most powerful money tips to stay on track with your budget as well as achieving financial goals. This ultimately strengthens the level of mutual trust and communication in your marriage. During meetings, newly married couples should discuss what their budget looks like in the current month, how they are doing with their financial goals, if they have any upcoming bills, and anything else regarding money. Also, setting aside some time to communicate financial matters helps the married couple stop worrying about money as they know their matters will be dealt with promptly.

7. Share Expenses

From household purchases like food and groceries to home buying, married couples can qualify for lower charges on bank transactions and retirement accounts and avail mortgages with easy terms upon combining their earnings and savings. In fact, account management fees fall below one percent annually for couples with combined accounts of $250K-$500K and can be a maximum of two percent for smaller accounts.

8. Save For Retirement

Even if you are not married, you must make sure that you are financially secure for the long haul. Consequently, you should start saving for retirement right away. If your employer offers a 401k plan, then put in the maximum amount possible to benefit from any company matching. The compounding interest will grow your retirement fund. Thus, avoid being delayed.

9. Pay off Debt as soon as possible

Debt can render damaging impacts on any person. It can affect married couples more significantly as the two individuals rely on each other and are responsible for paying for their expenditures. Thus, start eradicating your debt as soon as possible.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, 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 and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

Shot of a financial businesswoman using touchpad while presenting her idea to her coworkers while on business meeting.
Partnering with outsourced services for the acquisition of the highest quality planning and strategy for a fraction of the cost is pivotal to success. Businesses–small or big–no longer prefer to hire in-house teams to manage certain tasks that can be outsourced to third-party service providers. The reason is obvious, they desire to seek specialized expertise from the gems of the industry. Moreover, start-ups and small businesses usually have scarce resources; time, labor, and money which restricts them to hire in-house accounting and bookkeeping professionals. It’s safe to say that time and cost-effectiveness are the major driving forces behind the motivation to hire business accounting and bookkeeping consultancy services for start-ups in today’s time.

The Evolving Needs of Start-ups and Small Businesses

From small business to a large company, every business establishment needs someone to promptly and effectively manage their financial accounts, pay bills, send out invoices, reconcile bank statements, and manage debtors. Maintaining separate finance departments to tackle financial matters is not only a hassle but also a huge expense. That is why most businesses outsource their financial matters. Looking at the bigger picture, most start-ups lack the wisdom to tackle difficult bookkeeping and accounting-related issues which means they cannot manage to look after their books and finances on their own. For them, hiring the professional expertise of an accountant and bookkeeper is more of a need than a desire.

Business Accounting Consultancy Services for Start-ups

Many success stories are the direct result of hard work, toiling, and commitment along with sincerity that guarantees a secure future.  An experienced and qualified accountant or bookkeeper can serve the right needs of a business with creative wisdom like no other, all the while making better financial decisions.  Beating your competitors with numbers is quite a different story which means you need to employ the right accounting tools and strategies to get ahead of others. Business accounting and bookkeeping consultancy services are the need of the hour as they provide you with valuable insights to help you improve your business’s financial health.

Whether you are starting a new business venture or acquiring an established business, the need for professional accountants and bookkeepers never dies. Many start-ups or established businesses used to feel reluctant to hire professional accounting or bookkeeping services with fear of the integrity of vital data that is highly prioritized by the business would be compromised, for example. Other concerns would be qualification or experience dilemmas that a client is not satisfied with.

What Business Accounting Consultancy Services Do On Your Behalf?

Most start-ups lack ideal cash management skills which is the biggest reason why they fail to make their mark and manage their business operations successfully. This kicks them out of the competitive race which creates room and gives a chance to others to capitalize on the vacant space. Therefore, businesses try to fill this vacuum and acquire the services of professional accounting consultants to help them understand various financial aspects for better decision making.

Accounting and bookkeeping professionals can help you in many of the following ways.

  • Financial forecasting and planning
  • Analyze financial statements on your behalf and recommend ways to overcome cash flow issues
  • Determine the profitability of your business
  • Monitor influx and outflow of cash and help you achieve the right strategic fit
  • Expand your business with critical financial insights and knowledge
  • Save a lot of time and money and help you focus on the core of the business
  • Tax reductions, debt repayments, and more

Putting the Right Business Accounting Consultancy Services and Practices in Place

Accounting and bookkeeping professionals certainly have better understanding and knowledge than most of us. They know the tricks of the trade and are masters of the game as they can solely change the entire fate of a company with better financial decision-making. When you task them with authority, they are expected to live up to expectations and carry out their duties in the best possible way to the best of their abilities.

Thus, if you are expecting to grow your business in a competitive business environment, you must have the best possible business accounting and bookkeeping consultancy services and practices in place to equip and enable your business for success.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, 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 and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

Project manager looking at AR screen with Gantt chart schedule or planning showing tasks and deadlines
The “Accounting and Small Business Software, Software Evaluation Center” continuously researches to provide it’s customers up to date guidance for their accounting needs.

According to technology evaluation centers, accounting and bookkeeping applications typically support general ledger, accounts payable, accounts receivable, payroll, project estimation, and multinational accounting. Many small to medium businesses need other functions such as inventory control and financial reporting.

Businesses looking for financing in new accounting and financial software often make lists of “must have” features long before making a decision on which software to purchase. Security, excellence of performance, customization options, and hosting choices are all frequently considered during the course of their decision making.

Accounting and financial software are computer programs specially designed for performing daily accounting tasks and business bookkeeping functions.

Features of Accounting and Financial Software for Small Businesses

The following are accounting and bookkeeping tasks that are important for a small business.

  • Inventory management
  • Sales tracking
  • Contacts management and contact history tracking
  • Account to accept credit card payments
  • Generating Invoices
  • Financial statements, cash flow statements and balance sheet
  • Budget planning
  • Payrolls
  • Taxation matters

According to a fresh study from the Technology Evaluation Centers (TEC), financial directors want accounting and financial software to go outside accounting dealings and three-monthly reports to help make tactical decisions about the business’s future.

Accounting software features that organizations value the most include the following:

  • Accounts receivable: 64 percent of respondents requested
  • Web browser access: 41 percent of respondents gave it a top priority
  • The ability to be hosted on a Windows server environment: requested by 64% of respondents

 Cost

Cost is a concern for most small to medium-sized business owners. Purchasing a costly software with highly-advanced features will not help a small business if it isn’t the proper software. However, the above-mentioned features of web browser access and connection with SQL server was a high demand from small to medium-sized business owners.

Characteristics of Financial Software Most Frequently Sought by Potential Clients

All organizations purchasing an accounting and financial software are looking for features that would support the following:

  • General ledger
  • Accounts payable (AP)
  • Accounts receivable (AR)
  • Cash management
  • Financial reporting

However, subject to the type of industry, additional features may be reflected such as the following:

  • Fixed assets
  • Cost accounting
  • Budgeting
  • Project accounting
  • Multicurrency, multi-entity and multi-national support

In current years, accounting and financial software pursuers have shown concern in the newest technological developments and innovations that have infiltrated the business software market and reduced software solutions as more affordable, user-centric, and elastic.

New Abilities in Accounting and Financial Software Wanted by Organizations

  • Vertical industry-focused solutions
  • Cloud-based software delivery
  • Subscription-based pricing model
  • Fully functional access to the software via a variety of mobile devices
  • Social media tools accommodation
  • Bring-your-own-device (BYOD) principle accommodation

The above-mentioned data about the newest choices, preferences, and interests shown by organizations are published in a report that can be obtained below:

https://www.acumatica.com/analyst-reports/what-organizations-want-in-accounting-and-financial-software/

According to TEC’s data, more than 47 % of accounting and financial software seekers wanted a software that ensures the accounting system be compatible with Microsoft SQL server database. 29 percent of the respondents wanted system compatibility with Oracle database, while 27% were appreciated if the software has the compatibility with the Microsoft Access database.

Microsoft Access follows platforms for accounting and financial software markets and indicates that many organizations seek for simple, less costly platforms that should also be compatible with Microsoft SQL or Oracle. SaaS databases were the choice of 14% of accounting and financial software pursuers.

Conclusion

The recent change in technology has also brought change in choices among organizations for their choice of options in accounting and financial software. TEC generated a report based on its research on what organizations want in the accounting and financial software that they are going to purchase. Software developers can get data to work on producing software per their clients’ requirements.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, 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 and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

 

Colorful graph drawn over tarmac and word PERFORMANCE with directional arrow, business design concept
KPI (Key Performance Indicator) -measurable values which demonstrate how efficient a corporation is at attaining key objectives of the business. KPIs are used for evaluation of success in the attainment of targets.

 KPI must be:

  • Well-defined and measurable
  • Well communicated to all departments of an organization
  • Vital to achieve goals
  • Valid to Line of Business

Financial Metrics

  1. Revenue: it is one of the most significant performance indicators to evaluate the success of the organization. Bookkeeping helps you in evaluating revenue.
  2. Expenditure: calculate cost effectiveness to find out the best methods for reduction and managing of costs. Expenses are determined from good bookkeeping practices.
  3. LOB profits vs. objective: it is an evaluation of actual profits and projected profits to identify the performance of a department.
  4. Expenditure Of supplies Sold: evaluate profit margin by calculation of production costs and assess product markup and actual profit margin.
  5. Day transaction Outstanding:  better the accounts receivable, better is the efficiency of the organization.
  6. Sale by area: analysis of sales area-wide helps in making better strategies in areas where sales objectives are failing to achieve.
  7. LOB operating expense Vs. Budget: comparison of forecasted budget and actual overheads helps in creating an effective budget for the future.

Customer Metrics

  1. Client Lifetime Value (CLV): CLV is helpful in determining the value received from a long term client of the organization. This is useful in keeping the best customers.
  2. Client Acquisition Cost (CAC): it helps in evaluating the cost effectiveness of a marketing campaign.
  3. Client Satisfaction & custody: by making customers happy and satisfied, you encourage them to become permanent customers.
  4. Net Promoter Score (NPS):  make a survey quarterly and evaluate company’s growth for long periods.
  5. Number Of clients: this is simple and straight forward KPI like Profit. Number of customers gained or lost determine whether customers’ needs are met or not.

Process Metrics

  1. Client Support Tickets: analysis of CPT helps in creating a successful customer service dept.
  2. Percentage Of manufactured goods defect: lesser the number, the better is performed.
  3. LOB effectiveness evaluates: Efficiency is measured by the number of products manufactured in specific periods.

People Metrics

  1. Employee Turnover Rate (ETR):  high ETR requires investigation and evaluation of packages and organization culture.
  2. Percentage of Response to Open Positions: large number of applicants depict that the organization is doing well and people want to work with you.
  3. Employee Satisfaction: the larger the number of happy employees, the healthier the organization.
  4. Retirement Rate: This  is important for developing strategic workforce plans.
  5. Knowledge Achieved With Training: determines the value of employee training and knowledge enhancement.
  6. Internal Promotions vs. External Hires: this metric is valuable for determining succession planning of the organization.
  7. Salary Competitiveness Ratio (SCR): used to assess the competitiveness of compensation options.

Customer Metrics

  1. Customer Churn Rate: determines percentage of customers who stop purchasing or availing the service.
  2. Contact Volume By Channel:  determines the number of customer requests and also the method adopted by customer for communication i.e email, phone or other.
  3. Percentage Of Customers Who Are “Very” Or “Extremely” Satisfied: Determines the opportunity to survey the expectations of customers.
  4. Number Of New Vs. Repeat Site Visits:  provides a differentiation of prospective clients and website traffic.

Financial Metrics

  1. Cash Flow from Financing Activities: demonstrates financial strength.
  2. Average Annual Expenses To Serve One Customer: the average sum required to serve one customer.
  3. EBITDA (Earnings before Interest, Taxes, Depreciation, & Amortization): Formula: (Revenue) – (Expenses Excluding Interest, Tax, Depreciation & Amortization) = (EBITDA).
  4. Innovation Spending:  the higher the spending figure, the more the value of innovation in an organization.
  5. (Customer Lifetime Value) / (Customer Acquisition Cost):  this value should be greater than one.

Conclusion

Periodic evaluation of KPIs is helpful in making a better strategy for entrepreneurship. It guides in making adjustments necessary for growth and expansion.

Check out America's Best Bookkeepers

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, 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 and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.