Cloud service icon with options and devices
Small business owners who have recently stepped into the marketplace, which is raging with cut-throat competition, are actively seeking ways to improve their accounting methods to achieve a stronger footing. Technology has made the lives of many giants, like Walmart and JC Penny, effortless and convenient. Not only have they improved their vendor and distributor relationships using ERPs such as SAP and Oracle, but they have also attained greater accessibility to their business operations world-wide. This kind of accessibility is useful in order to provide consistent service to customers throughout the world. For small businesses, it is therefore essential to get in line with these giants in order to remain competitive. Cloud-based accounting tools, such as QuickBooks, can bring a few of the benefits that these big organizations enjoy.

1. Centralized Database

One of the most important outcomes of using cloud-based accounting tools is the centralization of data across the organization. This enables small business owners to keep track of operations at all times. Real-time updates are available on the go. Not only does this centralization help with being up to date, but data or any significant information may be procured easily from anywhere around the world through a smartphone application. This reduces the effort of having to be present in the office for all important updates around the clock. You have your workflows and statistics accessible for monitoring, even while on a family vacation in Hawaii!

2. Improved Relationships with Vendors and Distributors

Cloud-based accounting tools leverage the opportunity to improve relationships with vendors and distributors. Failing to settle vendor obligations can lead to a delay of services from the supplier’s end. This may eventually result in lower customer satisfaction if orders are not processed well in time. Hence, keeping both entities happy and satisfied is of critical importance, especially for small business owners as they have fewer alternatives available. Moreover, switching costs may be higher for small business owners if any of their suppliers decide to discontinue service. Unhappy customers may as well be problematic, provided the existing competition in the market and the dire need to survive.

Cloud-based accounting tools enable the settling of invoices as well as making payments through the online portal accessible to both entities involved in the transaction. Moreover, with this real-time collaboration between stakeholders, communication is quick, two-way, and more efficient. Late payments can no longer be backed by irrelevant excuses – ‘I failed to keep track of your payment deadline owing to my busy work schedule’.

 3. Paperless and Eco-Friendly Environment

With the help of cloud-based accounting tools such as QuickBooks, bookkeeping has become paperless. For small business owners, the need to maintain accounting records in paper form seems like a hectic job. Traditional bookkeeping became obsolete centuries ago. Keeping paperwork alive means adding to the workload. With a little extra cost, the workflow can be automated using cloud-based accounting tools that are both eco-friendly and time-saving.

Moreover, this automation leads to reduced manual errors and risk of losing data. Losing a vendor’s invoice can turn out to be quite detrimental to any business – small or big. Cloud-based accounting tools ensure a secure digital space for all of your useful business data.  Cutting down on the use of paper means lesser deforestation and a greener, cleaner air to breathe. Who’d have thought automation through cloud-based accounting tools could lead to higher levels of oxygen in the environment.

Conclusion

Cloud-based accounting tools can bring about these aforementioned advantages to small businesses and help with streamlining various accounting activities in an efficient and cost-saving manner. This type of efficiency allows small businesses to grow and secure a standing in the market alongside big organizations.

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.

 

 

 

 

Group of young business people have meeting in office. New plan discussing. Four persons. Intentional lens flares
Setting budgets, saving money, and regularly contributing a tiny portion of income to your retirement account can not just help you meet your financial emergencies but also allows you to secure a safe and healthy post-retirement life. It is true that saving money on a regular-basis is a tough job for most millennials as they lack money-management and budgeting awareness. Creating an ideal budget for the month is not an alien job, all that you need to do is to stick to the devised budget the way you have planned or intended it to be.

Money-related issues can cause you a great deal of stress, especially when you have to support your entire family with many mouths to feed. To stay on top of your budget, you first need to have a well thought out brainstorming session for sorting things out like your monthly income, monthly expenses, anticipated saving benchmark and other similar things. Budgeting doesn’t have to be that hard. It all depends on the motivation level of a person; whether or not they truly want to save money for hard times. Setting your monthly saving targets can help you save a significant portion of your money which could further be invested somewhere useful or help in financial emergencies and difficulties.

Look At the Bigger Picture

For ideal budgeting, you need to learn the art of the game first for staying on top of your cash flow. Millennials who are already exposed to various ways of spending money now need to plan sensibly and make a budget wisely or else, they will never be able to save money at all. It doesn’t matter what tool or technique you consider to use for ideal budgeting, as long as you know the significance of making a budget—you are never in the ruins.

Let’s suppose you are using a budget spreadsheet. You will have a better understanding of your finances and where your money is going each month. Also, you will feel more in control of your finances which will ultimately get you one step closer to meeting your financial goals. According to studies, most millennials face financial traumas early in their professional careers because they fail to manage their finances properly. A lack of money-management skills begins with lack of planning and motivation to save money for meeting financial problems. Those who regularly contribute to their retirement, 401k, or IRA account can enjoy their post-working life more than anyone else because they will have the financial security and safety to make the most out of it.

Create a Budget

Creating a budget plan for the month allows you to live comfortably within your means. You need to precisely know your current financial status and how much you can afford to spend in a month. For that, you need to set both short and long-term goals for creating the right plan for ideal saving and budgeting. This indicates that planning and budget forecasting is critically important for creating a successful budgeting plan. According to research, those who have the habit of saving can have a healthy, more stable, and secure future.

Stick With Your Budget Strategy

Once you have a clear picture of the ins and outs of your cash flow, you need to refine your budget strategy. Tightening and cutting your extra expenses will help you save more which means that sticking with your budgeting strategy and plan is ideal in every sense. First things first, always pay your debt. After that, you need to set your priorities. There are certain unavoidable expenses like utility and household bills which cannot be avoided and that cannot be controlled. However, you can cut back on grocery and shopping bills by limiting your spending habits.

Get Help from a Budgeting Expert

If you are not good at numbers or setting up a proper budget, you can hire the professional services of budgeting experts or planners. From bookkeeping and inspection to planning, they will have the creative vision to provide you a workable monthly budgeting plan.

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.

Two Architect man working with compasses and blueprints for architectural plan,engineer sketching a construction project concept.
The key performance indicators of a company include quantitative measures that use an instrument for measuring the performance of the company. This performance indicator is used to identify the contribution of operational activities for attaining objectives and vision. Specifically, the key financial performance evaluates financial elements of a company for making a comparison with other competitors in the industry.

Key performance indicators are essential for attaining success in an architectural business. There are many firms operating in the architecture sector. In this aspect, the focus of most of the medium firms emphasizes on reducing the cost of the business. Through evaluation of financial performance indicators, businesses compare their standings with other similar businesses. The business maintains all financial records through practices of bookkeeping to record the financial aspect. Analysis of key financial performance indicators by the architect helps to identify the quality of operations and its overall impact on business performance. Financial performance indicators are divided into a different form based on the nature of the business. The main financial KPI’s for an architectural engineering firm are presented below.

  1. Utilization Rate

The important element of an architect’s business is to identify utilization rate. This includes the proportion of time that is spent on development of different projects with an actual number of hours worked. This reflects the relation of direct labor and total hours worked. This financial performance includes the time that is provided by the client for completion of a specific project within a specified time. This does not measure overall productivity, which is difficult for architectural firms. Moreover, utilization rate neither specifies the level of profitability through maintaining an optimal rate the enhance the profit potential. The financial key performance indicator of utilization rate measures overall efficiency and effectiveness with efficient utilization of primary utilization in the business. The ideal range of utilization ratio is for the company to attain 60-65 % for the professional and technical staff of an architecture firm.

  1. Overhead Rate

Overhead Rate is the ratio of indirect expenses to the direct labor costs of a company. This is an important financial performance indicator for identifying profit and loss based on development of appropriate rates. This is made by comparison of the company’s actual and projected financial performance that includes non-projected costs. This is a complicated aspect in comparison to other financial indicators. It is not possible to measure the actual rate for overhead in an architectural firm to identify expected returns. In this aspect, lower overhead rates result in higher profit margins. Generally, architecture firms tend to maintain a rate between 150-175% of direct labor. This rate can be maintained through controlling overhead rate. An increase in this rate requires the business to take appropriate action.

  1. Break Even Rate

The break even rate is varied across different employees with certain costs. This rate represents the actual cost that is incurred by each employee of the company. It is measured in architecture firms on the basis of actual overhead rate and employee salary per hour. This rate is measured on the basis of actual work that is done by the employee with utilization of different resources. This makes a comparison of actual labor costs per hour, an employee’s salary, and their working hours.

  1. Net Multiplier

Net multiplier is the comparison of net operating revenue with direct labor costs. If the architecture firm considers the direct labor as capital investment, this means that the net multiplier is presenting the return on investment. This rate identifies the amount of a company’s earnings from spending on direct labor. If the result of the net multiplier is greater than the break even rate, the company is earning profits or vice versa.

  1. Profit to Earnings Ratio

Profit maximization is the aim of every business. This ratio measures the amount that is left after all spending. This ratio measures the effectiveness of architecture for completing different projects. The higher ratio reflecting greater profits of the business at the end of completing the project. This ratio measures the net earnings with operating revenue that identify the efficiency of the firm for performing different activities.


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.

 

 

 

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Overhead Multiplier

Overhead costs are costs that cannot be attributed directly (without artificial distribution) to a specific object (product, division, sales channel, region, customer, etc.). Thus, there is no absolute overhead. The classification of multipliers for direct and overhead is always relative to the selected object. For example, if several products are produced in the shop,  costs for things such as lighting the workshop, repairing equipment, cleaning the room, etc. are invoices to an object such as “Products”. However, these same multipliers are direct to an object such as “Units” (these costs directly relate to the workshop without any diversity procedure). Therefore, there is not any one classification of the courses of multipliers for direct and invoices. Such classifications can be numerous because they are relative to the selected object.

The object can be a product, division, sales channel, client, branch, store, region in which the company operates, etc.

The overhead multiplier is the indirect multipliers of the enterprise that arise in addition to the main costs of the enterprise for the production and sale of products, works, and services. Overhead multiplier includes:

  • Rent for office, warehouse products
  • Costs incurred in connection with idle time and the appearance of defective products
  • Deductions for social insurance and various compulsory payments
  • Costs associated with the operation and maintenance of fixed assets
  • Costs for advertising and consulting services
  • Maintenance of the office and payment of utilities
  • Main production service
  • Costs for communication services (telephone, internet, etc.) 

Payment Costs

Payment costs are the costs that are not directly related to the production of a particular product or type of work and are attributable to the entire output. These include the costs of maintenance, operations, upkeep of building, structures, and equipment; deductions for social insurance and other mandatory payments; the content, salaries of administrative, and management personnel; costs associated with losses from downtime, etc. In the trade to the overhead multiplier, it is usual to refer costs associated with the storage, packaging, transportation, and marketing of products. In this process, bookkeeping is used extensively.

The logic of the classification of multipliers for direct and overhead (with respect to a particular object) seems to be understandable. The purpose of this classification is to calculate the economic efficiency of the analyzed objects. 
If you allocate direct costs, for example, you can calculate how much each company, unit (if sales are occupied by more than one department), sales channel, customer, branch or store (if it is a retail network) gives the company. 

Obviously, the profit of any object on direct costs is easy to calculate. However, then the question of how to determine, so to speak, the overall efficiency of the object. This automatically leads to another question – how to properly allocate overhead multipliers for objects. It seems that there is no right answer to this question. Yes, there are techniques for spacing indirect costs, but, before using them, you need to understand why it should be done at all. Each management report should help make decisions. The implementation of which will increase the efficiency of the company and ultimately improve its financial and economic state. If the spacing of indirect costs allows a decision to be made, the implementation will reduce the company’s expenses (without causing any harm) and increase its efficiency. Then, in the spacing of indirect costs, it makes sense.

Like any other function, the spacing of indirect multipliers for any object in each particular company should have a very clear practical meaning. Before you deal with the choice of diversity techniques and the development of a specific scheme for each specific case, you need to decide what to do in general.

If a company manages to come up with the correct method for spacing indirect costs, a certain management report containing information on the financial and economic efficiency of the relevant accounting objects will be obtained.

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.

Restaurant Chilling Out Classy Lifestyle Reserved Concept
For restaurants, food costs are an essential component similar to bookkeeping records that will help you in making financial decisions for your restaurant. Restaurant owners usually do not calculate this metric for individual menu items because, for many, it is a time and energy consuming process. In order to calculate base food costs and keep track of wastage, you need an inventory management system that has been optimized for restaurants.

A restaurant owner must have a clear idea of which recipe components are profitable and which are not.  They also must determine whether the combined effect of each component results in a profit, ensuring that their business is on the right track.

Talking numbers, on average, high end restaurants have a food cost percentage of 35%. Meanwhile, quick service restaurants usually maintain an average food cost percentage of 25%. In order to find your percentage, you need to look at your weekly inventory  following the steps below.

Step 1: Make a List of the Food Supplies you have at the Beginning of the Week

Your inventory software may support the feature of being used on tablets, allowing you to check the inventory at the beginning of the week.

Step 2: Valuate the Inventory for Each Item

Calculate or note the price of each individual item. Suppose a carton of milk: sum up the price you paid for all cartons of milk, do this for all items. Finally summing them up to mark the total value of your inventory. You’ll need these values in your calculations later on.

Step 3: Keep Track of Purchases made During the Week

If you made any purchases after that, you should take note of them.

Step 4: Valuate the Inventory Again at the Beginning of the Next Week

Follow the same valuation process you followed in step 2.

Step 5: Sum up the Sales you made Per Shift

Your restaurant POS system will be able to help you get this value automatically.

Step 6: Calculate the Weekly Food Costs using the Following Formula

Food Cost Ratio = (Opening Inventory + Purchases – Closing Inventory) ÷ Food Sales

Then

Food Cost Percentage = Food Cost Ratio x 100

TIP: If your food cost comes out too low or high, you need to make sure whether you’ve valued the inventory correctly, put the right values into the formula, and sum up each sale and purchase invoice.

The Ideal Food Cost Percentage for Your Restaurant

Calculating your food costs once doesn’t mean your work is done. You will need something to compare your food costs with and therefore you will need to calculate the ideal food cost percentage for your restaurant.

The ideal food cost percentage is also called the recipe food cost. It doesn’t take into account any wastage or theft. You can calculate it using the following formula

Recipe Food Cost = Sum of Costs of Ingredients x Weekly Sales

Then

Ideal Food Cost Percentage = Recipe Food Costs ÷ Total Sales

The Importance of Food Cost

Restaurant owners usually don’t pay much attention to the ideal and actual food cost percentage values. This is probably because these figures don’t have a direct effect on their bank account. One thing that restaurant owners should, however, realize is that optimizing the actual value, in order to make it closer to the ideal value, can help your business maximize profits and succeed.

Successful food businesses understand the importance of food costs and make it a part of their decisions related to wastage and theft. Big food chains have to take care of actual and ideal food costs as tiny differences can become massive on a bigger scale. Suppose a multi-national food chain sells 50 million meals a day. An offset of a small value, suppose 5 cents, can lead to losses of about $2.5 million in a single day.

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.

 

 

 

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A trademark typically protects brand names and logos used on goods and services. It is very important that a business owner choose and register a trademark which can be registered federally and protected legally. Though it is not obligatory to register a trademark federally, it has various benefits. The benefits include notification to the public of the registrant’s entitlement of possession of the mark, lawful assumption of possession countrywide, and special right to use the mark on or in linking to the goods/services listed in the registration.

Though not compulsory, most aspirants use private trademark attorneys for legal guidance concerning the use of their trademark, applying for an application, and the probability of accomplishment in the registration procedure since not all submissions continue to registration. A private trademark attorney may help you avoid many potential pitfalls.

Now the question arises on when the right time may be for a new business to get a trademark of its own. When a new business is started, everything is not accomplished at once. It takes time to introduce the products or services to the market. It takes time to accumulate customers. It takes time to do marketing at a scale where potential customers are attracted to a level that they become permanent customers. Especially for small businesses, when everything has to make its space or place in the market, it’s hard for business owners to determine the right time to obtain a trademark of their company that can be used on their products and services for their identity.

In the United States of America, a company acquires the common law right to a label as soon as it is used in trade. That means that as soon as the product or service begins to be sold, the business owner can get entitlement common law proprietorship of that trademark without official registration of it with the U.S. Patent and Trademark Office (USPTO). Though, these common law rights are restricted to the specific graphics where the mark is used and will be of limited help in court if you ought to bring to trial another business using a similar or same name or mark.

It is best for any new business to register their trademark rights for the company as soon as possible. In most cases, it is likely a business will file to register a trademark application as soon as its LLC or corporation is filed.

Comprehensive Trademark Search

When business owners want to register and apply for a trademark, they, along with the guidance of attorneys, must make sure the name or symbol is not already in use by any other company/business. When it is for an LLC or a corporation, make sure the name is not already in use by any other corporation in the same state. Perform a comprehensive search to ensure that a similar name is not in use in every other state as well because you can be asked to stop using the name immediately.

“Intent-to-Use” Trademark Applications

While it is best to register a trademark as soon as possible, there is another side too. Having a trademark means your service is ready to be introduced to the market. Now, what if your product or service is not ready for the market yet? 

In this case, the USPTO allows you to go for filing an application called an “intent-to-use” trademark application. When the USPTO allows your intent-to-use application, you must start using the trademark within 6 months. But, if your products or services are not ready yet, you can request an extension. The USPTO will see if there is a good cause for your extension of the intent-to-use application request. USPTO can allow you an extension for four months. You can file applications for 4 times to extend your 4 months every time. The advantage of this application is that your date of filing application will be considered the date of the first use of your trademark. 

Conclusion

A trademark is the logo or name that must be obtained by every business as soon as possible. It is a must for any business to register a trademark at the earliest time possible. It shows that a business is ready for the market. If your business is not ready yet, then you can use the intent-to-use trademark application.

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.

 

Cash flow on black blackboard with businessman
Among the most crucial concerns of an SME, cash flow management is a major one. SME is a small or medium sized organization which employs less than 250 people who tend to produce a revenue of less than 20 Million Euro. Such enterprises have to face a number of strategic as well as tactical challenges which cover up the cloud of cunning challenges. It faces challenges in terms of technology, communication, finances, human resource and marketing. Such enterprises also focus upon the relationship of marketing as well.  Following are the certain steps which can be implemented in order to conquer issues related to cash flow management.

 

1. Cash Flow Measurement should be Accurate

Cash flow management is a large task, therefore it is necessary to take care of how to overcome cash debts. Cash flow must be recorded accurately through several available bookkeeping softwares such as QuickBooks. This helps in scheduling the return dates of the cash flows. This also aids entrepreneurs in alarming scenarios when the returning time of cash is near. Larger investments are made in order to drive larger profits which ultimately flourishes an enterprise. Therefore, cash flow measurements are important to overcome issues encountered with cash flow management.

 

2. Improvement of Awaiting Payments

An enterprise must try to return their cash flows rapidly. The following are certain techniques which can be used to clear all payments:

1.  Discount to customers must be offered in reward to their efficiency in paying their bills.

2. 
At the time of order placement, customers must be asked to make payments.

3.  Customers unable to pay cash can use checks or credit cards to pay their bills.

4.  Keep updating your inventory system in order to improve payment methods to make larger payments easily.

5.  Transactions must be clearly observed and tracked through issuing invoices regularly and bookkeeping software.

6.  O.D is an efficient tool which refers to the cash on delivery in order to overlook payment delay.

 

3. Not Enough Total Margins

Economists talk about the supply and demand of goods and services and portray certain rules and regulations for efficient supply and demand of goods and services for the exact determination of price. A similar rule goes for SMEs who face cash flows due to wrong determination of prices where they sell goods and services for a low price ultimately falling into debts. Companies must go for appropriate determination of prices to avoid cash flows.

 

Final Note

SMEs are enterprises which deal with having less employees which generate less revenues. This ultimately leads a company to take debts from other companies resulting into cash flows. The term is given to the state where management of cash is required when a company spends more than its earnings resulting into debts which then must be returned through appropriate scheduling of cash returns. These transactions are to be recorded through bookkeeping software.

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.

 

 

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QuickBooks is an accounting software that allows you to manage and organize a wide range of accounting activities such as bookkeeping, the creation of financial statements, and much much more.

In QuickBooks, accounts can be listed into different categories according to their nature, i.e. assets, liabilities, income, and expenses. Coming across a situation when you’d like to look into the information regarding a line item in QuickBooks, you will have to set up a separate account for that particular line item. Similarly, when you need to report financial information on a tax return, you have to create an account to collect and report the required data.

Account Creation: How to Create A New Account?

In QuickBooks, if you want an expense account to be assigned to a tax line, you will have to create a new account. In order to do so, first open the menu called “Chart of Accounts” and then click on the button labeled “Account”. After that, click on the “New” button. This will now open a menu where you can choose between multiple account types. Choose the “Expense” account option and then click on the button labeled “Continue”. You’ll be prompted to enter the name that will be used to identify your new account. You’ll then be given the option to make this account either a sub-account or the main account. After checking the appropriate box, you can click on the button labeled “Patent Account”. With this, you will have created the expense account that you will later assign to the tax line.

Add Additional Information to the Account

Once you’re done with the creation of the expense account, you’ll be able to record information that is relevant to your account. For example, if you just created an expense account that relates to a particular utility, you can mention the name of the utility or the service provider, your unique customer number, and any particular dates such as the billing dates. There are different drop-down menus available to allow you to enter and sort the information relevant to the expense account you just created.

Assigning the Particular Expense Account to a Tax Line

In order to do this, you first select the “Tax Line Mapping” menu in QuickBooks. Here, you’ll be able to see a drop-down menu which will include multiple tax lines, allowing you to select and choose the one that you think is relevant to the expense account you created. Once you’ve selected the tax line, you’ll be given a list of expense accounts to choose from. Here, you can choose the particular account you want to assign to the tax line.

Alternatively, you might want to assign a preexisting account to a tax line

In QuickBooks, if you want to assign an expense account that exists beforehand, you first need to go to the “Chart of Accounts” menu. Once there, you can right-click the specific expense account that you want to assign to a tax line. Once you see the right-click menu, choose the edit account option. Next, choose the particular option that allows you to change the “Tax Line Mapping” data. The drop-down menus that you will see next can be used to select the relevant tax line and tax form.

What your Accountant can do for You

If you have given your accountant or bookkeeper access to the data you enter into QuickBooks, then the best possible decision is to let them handle the assignment of any expense account to the respective tax liens. This helps in ensuring the accuracy and consistency of bookkeeping and other activities. If you think you have to adjust any expense accounts and their relevant tax line, then it is recommended that you consult your accountant before making any kind of changes to the mapping in QuickBooks. This prevents any kind of hassle in the future where you might need to backtrack through incorrectly entered or calculated data.
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.

 

full of color image for middle age woman working freedom at laptop outdoor in the terrace, plants and nature in the background for independence concept
Working from home is becoming more mainstream because it is a good and cost-effective way of earning extra income every month. A home-based business is an excellent option for those who don’t want to continue their 9-5 job and want to test their business skills with a low-cost means.

A business needs determination, patience, and perseverance. Using your money wisely and saving money each month can go a long way. Keeping your investments with a bank is not a good choice; instead, invest that money into a low risk with a low return project, initially.

Every business has some risk but starting a small business from home will not be as risky as investing in a major market that you know nothing about. Here are some home based business ideas for kick-starting your business dreams.

Blogging

One of the best home-based business options is to start blogging about a niche topic. Blogs are successful and they are increasing in popularity. Many people have turned their hobbies into major profitable businesses. Blogging takes time to gain momentum while working from home, but the process can be sped up by using google analytics and other paid services for search engine optimization (SEO).

If the blog is successful and you have a large number of readers, the smart idea is to go ahead with Vlogging, the video version of a blog. YouTube and other video sharing websites offer the best opportunity for vlogging. YouTube has a policy to monetize videos once they exceed 10 thousand views. The more ads a channel has, the more money it can generate.

Selling Products Online

Today, social media platforms are bringing people together from around the world. The popularity of these websites has created a very lucrative market for selling items online. Facebook marketplace, eBay, and Amazon are some of the best platforms for selling products. Another useful method to enhance your income from online sales is to drop ship products. That way, you will not need to maintain an inventory. This is one of the best home-based business ideas for beginners.

Registering as an Uber Driver

Uber is a becoming popular for people who are looking for a small business that they can run from their home. With Uber, it’s possible to make over $20 per hour. Uber is technically a taxi service that relies on people to register their vehicles with the company. The best option for registering your car with Uber is that it is possible to earn more by giving it more time.

Uber allows you to work on a schedule that suits you, there are no fixed times to follow, and the rules are straightforward. The more you drive, the more you make. The good thing about Uber is that when there is a surge in the service, you can earn almost double than the rate initially meant to be paid. Depending on the time you devote, you can work at Uber as a part-time or full-time home-based business.

Child Care Service

Childcare services are one of the most sought after services for anyone who has the patience and care to handle children. Babysitting or a childcare service is one of the most profitable businesses that you can start from your home with no or very minimal investments, allowing you to have the option of working from home. If you have a large pool of friends, you can tell them to recommend your services as a babysitter for anyone who is looking for one.

Another way to get more clients is to make a small investment in maintaining a social media website. The website will be helpful in assisting you with highlighting your skills and talents as a babysitter. Encourage your regular clients post actual reviews about your services to attract more clients. Positive referrals from your friends and family will be extremely useful in increasing your clientele for a successful home-based business.

Freelance Services

Freelancing is a very profitable and popular way to start your own business. Highlight any skill that you possess and create a social media outlet to display your skills and expertise. A plethora of websites for freelancing are available that can highlight any skill set that you possess. Some of the most popular freelancing websites are:

  • Fiverr
  • Toptal
  • Elance
  • Up work

Photography, content writing, application development and logo designing are some of the best freelancing options for anyone who is interested and has the talent.

Direct Selling

If you can put aside a small fund and invest it in a direct selling venture online that makes working from home possible, over time it could prosper into a thriving business. Websites that offer direct selling opportunities through their portals provide their services for a small start-up fee.  A few companies offer you similar services without any charges. However, the best option is to choose the websites that request membership or start-up fees; a small payment could be the difference between a safe and risky online portal.

Using these direct selling portals, you can sell services or products that you create. For example, selling candles, bakery items, skin care products, handmade shoes, jewelry, clothing, pillows and other souvenirs. Some of the favorite websites for direct selling are:

  • Country Scents: candles, melts, and home décor
  • Nu Skin: health and beauty
  • Teespring: graphic t-shirts, bags, pillows, and mugs
  • Fibi & Clo: sandals and homemade shoes
  • Mayvenn: hair care products
  • She Anna Bella: homemade jewelry, handbags, and scarves
  • Linen World: handmade products
  • Do You Bake?: food for sale items
  • Kaeser & Blair: offers promotional products

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.


 

 

QuickBooks
When you hear “small-business bookkeeping software,” you possibly think of QuickBooks. Since Intuit launched its leading product over 20 years ago, the financial management platform has conquered the accounting software marketplace. Presently, QuickBooks software holds more than 80 percent of the small-business market share. If you’re exploring small-business accounting solutions, clearly QuickBooks is on top of the list. QuickBooks has a product for nearly all of your bookkeeping needs, but sorting through the options can feel like an insurmountable task.

If QuickBooks is usually believed to streamline accounting, then QuickBooks Pro is thought to polish and perfect the procedure. There are two products available: QuickBooks Pro and QuickBooks Pro Plus, both full of advanced functions and perceptions. The Desktop Pro version simplifies accounting and helps companies stay organized despite of the large amount of data they have to collect and analyze.

Inter-Company Transactions

Once in a consolidated file, use journal accesses in QuickBooks to cancel out intercompany transactions that throw off the accuracy of the consolidated statements. These are transactions where related subsidiaries may sell inventory or services to each other. Each subsidiary’s balance sheet records the transaction accurately, but when consolidated, the transaction is double counted, throwing the consolidated balance sheet out of balance. Accountants use a journal entry to correct the imbalance.

QuickBooks Enterprise

QuickBooks Enterprise, an upgrade to standard and professional versions of QuickBooks, combines data from several company files and exports them into a Microsoft Excel file. Once in Excel, you consolidate the totals as needed. Access the feature by selecting “Combine Reports from Multiple Companies” under the “Reports” menu. Select the reports you wish to combine, including balance sheet, profit and loss, cash flow and trial balance.

Advantages of QuickBooks

No matter what the nature of your business, keeping an accurate set of books is essential. Without accurate business records, it will be difficult to attract the funding you need because business records are generally the first thing potential lenders and investors want to see. Inaccurate or disorganized business accounts can also make it difficult to file your taxes or even land you in hot water with the Internal Revenue Service. Using QuickBooks to keep your business records lets you avoid those potential problems.

Ease of Usage

One problem with bookkeeping programs is that many of them are difficult to use and cumbersome to learn. QuickBooks, on the other hand, is intended to be intuitive and easy to understand, even for business owners who lack an accounting or financial background.

Incorporation

The ability to assimilate with other programs is a big advantage of QuickBooks. After using the product to input all of their business income and expenses, business owners can easily export that data to their favorite tax preparation program to make filing income taxes at least a little less painful. QuickBooks also integrates well with Microsoft Excel, making it easy to import data from other sources and use it in QuickBooks.

Customization

QuickBooks provides a number of ready-to-use templates that business owners can use to create invoices, spreadsheets, charts and business plans. The software also makes it easy to customize the look and feel of those documents, giving them less of a cookie cutter appearance and helping them to stand out in the crowd. The ability to customize invoices can be particularly useful and business owners not only can add their company logo, but detailed information about each line item as well.

Check Signing

If you sign a lot of checks for your business, using QuickBooks can save you a lot of time. QuickBooks permits business owners to scan and upload their signatures and use those signatures to prepare the checks for the business. This automated process is much simpler and easier than writing hundreds of checks by hand each month.

Final Note

QuickBooks is the ideal business bookkeeping software for small to mid-sized business owners. You can save time on bookkeeping and paperwork because many simple bookkeeping tasks are handled automatically making it easier to run your business. You can easily generate the reports with the information you need and you save money because QuickBooks is so affordable.

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.