Keyboard with key for payroll
There are two kinds of payroll software you can use in your business – standard and certified. Certified Payroll Software is used when contractors are government funded and public work construction projects are being paid.

A request for Certified Payroll Software may seem to be a problematic and confusing demand from any client. However, here is a short guide describing the basics of what you need to know.

Certified Payroll Software: What is it?

Certified payroll software is usually needed to maintain the payroll for workers of public work projects. In publicly funded projects, there is a requirement for contractors to pay their workers something that is called a prevailing wage. The contractors also have to make a proper payroll report which should show the exact wages that each worker was paid. 

Certified payroll software makes making such reports easy. A good example of a certified payroll software is QuickBooks Certified Payroll. Certified software works as a substitute for the WH-347 Federal Form. They will also work as a substitute to WH-348. WH-348 is the Statement of Compliance which is required after the submission of WH-347.

The following information is required on the WH-347 form:

  • A description regarding the project and the company
  • Name of the employee
  • Employee’s Social Security Number’s last four digits
  • The job classification of the employee
  • Employees’ work
  • The rate of pay for the employee in addition to any deductions and the net pay

Most of this information is already stored in a payroll software. This is the reason why it is easier to create a payroll report with a certified payroll software.

After the creation of the report, it needs to be printed and signed to certify accuracy. This is known as Statement of Compliance. The completion of these steps marks the successful creation of a certified payroll report.

There are certain misconceptions about reporting certified payroll including the fact that many believe they require a certification to become a payroll professional before being able to file a payroll report. However, that is not true.

There is another misconception about the standards and filing procedures for certified payroll being the same across the entire United States.

Regardless, you can use certified payroll software to be able to make and submit payroll reports easily.

QuickBooks and Intuit Online Payroll

QuickBooks Certified Payroll and Intuit Online Payroll are the best options available for making Certified Payroll Reports.

Intuit Online Payroll allows you to have all of the information relevant to creating a certified payroll report in one place. Intuit has a lot more to offer. Once you create the weekly payroll and time sheets, the software’s time tracking can be used to pay employees and workers.

Once you need a report, you just need to go to the “Reports” menu and click on the “More Payroll Reports in Excel” option under “Employees and Payroll”. You’ll see a button labeled “Certified Payroll Report”. From there, onward, you have to follow the on-screen instructions to get your report.

You can get Intuit Online Payroll at 3 different prices. The price is basically the sum of a base rate and per employee charge. The 3 packages are:

Basic: This the cheapest Intuit Online Payroll plan. You get the paycheck generation feature but do not get the payroll tax submission feature and you are unable to electronically file a W-2. This plan is priced at a base rate of $20 and $2 per employee every month.

Enhanced: This plan is one of the most used. You get all of the features of the basic plan plus other features including electronic W-2 form and payroll tax forms submissions. Being the most popular plan of Intuit Online Payroll, it is priced at a base rate of $31.20 plus a per employee rate of $2.

Full Service: This is one of the most innovative plans offered by Intuit. It provides an actual Intuit employee to handle your payroll related tasks. This plan also provides a guarantee against any kind of tax penalties which, if incurred, would be paid for by Intuit. The plan is priced at base rate of $79 plus a per employee rate of $2.

Other Certified Payroll Software are also available, such as:

  • Certified Payroll Solution- This is an add-on for QuickBooks.
  • Construction Partner- This is a bookkeeping alternative to QuickBooks but it costs a hefty $6000 and is particularly meant for large construction firms.

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.

 

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.

 

Businessman sitting and using laptop while his colleague standing and helping him
In today’s modern world, an accountant needs more than simply a brick and mortar office. Accountants now need to constantly expand their knowledge while keeping up with the latest, most modern industry insight. They should also be able to share this knowledge with those looking for financial advice. The same stands true for start-ups as well. In order to help your business expand financially, you should constantly keep up with the best accounting practices.

The following seven websites for small business owners offer the best accounting advice for those new to the market.

  1. Accounting Coach

This website was initiated in 2003 in order to allow students, small businesses, and bookkeepers to learn new accounting skills and also increase their present knowledge. The goal of this website is to make educational material available without the expense of books, tuition and all the other costs of formal education. The single requirement is a working internet connection. The Accounting Coach, furthermore, offers a professional version of the program which features interactive tests along with visual tutorials.

  1. Sleeter

The Sleeter Group was created in 1994 in Pleasanton, California. The goal of Sleeter is offering various educational resources to accountants along with small business owners. Sleeter has also assembled a group of more than seven hundred accounting professionals who will serve as consultants for the members of the group and will also offer implementation services. Sleeter organizes annual conferences along with trade shows where the most modern accounting services and software programs are highlighted. Those who are members of the Sleeter group have access to webinars, reference guides along with twenty-five QuickBooks assessments. The members will also have access to the annual conference.  

  1. Skoda Minotti Blog

Founded in 1980, Skoda Minotti has the vision to offer a comprehensive accounting service which helps their users grow and prosper. They recently expanded the services they were offering in order to provide to their client’s litigation services, business valuation, strategic marketing services along with financial services. The blog has a gamut of information on each of these topics. There were significant changes made to the accounting industry by permitting non-CPA ownership along with investments in the CPA Firms.

  1. The Blunt Bean Counter

The author of this blog that offers income tax advice is Mark Goodfield. This blog is not just for small businesses or start-ups. Any individual can benefit from the blog. Nevertheless, most of the lectures available on the blog are relevant to those who own private companies with a high net worth. Goodfield has experience of more than 25 years in accounting and finance and is a chartered accountant by profession.

  1. The Economist

The arena of accounting is a dynamic facet in the world of business but it is only one aspect of the huge field of economics. The Economist accounting blog took this brilliant idea and made numerous entries covering the world of politics, finance, business and also culture to help facilitate it’s users.   

  1. Evergreen Small Business

Evergreen Small Business is a blog site which offers advice for those who own small businesses. There is a section of the blog which has been dedicated to answering questions regarding management, financial planning and tax accounting for small business owners.  Examples of their expertise can be discovered in the recent posts which include “Using the Delphi Method for Small Business Problem Solving and Index Funds and Asset Allocation Even Better for the Wealthy?” Founded by Steve Nelson, who has thirty years of experience and specializes in the field of accounting, the blog is dedicated towards helping small business owners flourish. 

  1. Dear Drebit

Accounting professionals now have an active forum which they can use to discuss and get answers to a number of different accounting and financial issues. Dear Drebit allows all of it’s site visitors to submit numerous questions concerning accounting as it applies to a business evaluation, healthcare improvement, and other financial topics as well. Dear Drebit was produced by Rea and Associates, an Ohio certified communal accounting firm. They have been in existence since 1938 and currently have more than eleven offices across the state of Ohio.


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.

finance business calculation with chart and Euro banknotes
Effective budgeting refers to the optimum allocation of resources in order to operate several functions of an office in a well-organized manner, whereas bookkeeping refers to the record keeping of all transactions which take place in a workplace. As illustrated by the above mentioned definitions, the two  can be related in a simultaneous order. Budgeting requires the allocation of resources, while bookkeeping requires the record keeping of the transactions which take place from the allocation of funds-from the scratch to the finishing line. Both terms belong to the genre of accounting, where auditing comes under the perspective of bookkeeping. Effective budgeting leads to the promotion of an efficient business which conclusively provides maximum returns at minimum cost. Bookkeeping helps in carrying out effective budgeting tasks and aids in identifying weaknesses, strengths, limitations and savings of a business. Following are certain wonders of effective budgeting:

  • Utmost Expenses of a Business can be Planned through Effective Budgeting:

As stated by James LeMay-the director of Daigle and Associates with an accounting firm in Boston,” This helps you to be honest about what is coming so you can plan for it beforehand”. Budgeting plays a significant role while planning the transactions which are most likely going to take place in an enterprise in order to plan about the expenses of the company in a systematic manner. However, the technique is beneficial as it allows the allotment of resources while keeping the budget in mind as well as the estimated expenses.

  • Enlists Accurate Documentation of the Deposits made in a Business:

The technique can be applied through various accounting softwares which can be easily downloaded through online accounting websites present such as GnuCash or QuickBooks. These softwares help accountants in recording all transactions easily. Keep in mind that wrong entries can lead to incorrect results ultimately affecting the whole scenario of accounts in a business. This allows the keeping of accurate records of a business to avoid any inaccuracy in budgeting performed.

  • Ensures the Welfare of an Office:

Optimal budgeting and proper allocation of all resources and funds available in a particular business ensures the well-being of a work place so that management can say that their resources are being used for the proper welfare of their own business. Moreover, budgeting helps in reviewing a business’ profits where it can be explored through the resources left out of the ones allotted for the running of a business. These resources usually come from the profits earned by a business association.

  • Helps in Increasing Efficiency of Employees:

A certain amount of budget available can be appointed for the employees with high productivity.  This drives them to accomplish a company’s targets on time. A highly qualified and experienced team of accountants must be appointed to perform budgeting tasks in order to enhance the effective working of a business corporation. It’s employees must be treated with great care in terms of high bonuses for those that have proven their work.

Final Note

With the advancement of technology since the industrial revolution, people have moved towards the making of tools as well as softwares in order to make their lives easier in all perspectives. The field of Accounting & Finance has also progressed in an optimistic manner in order to make businesses run smoothly as well as efficiently. Budgeting and Bookkeeping are two important terminologies which can be used in order to maintain the order of balance in a company’s accounting department. The two terms are interrelated and useful in the cloud of accounting & finance.  Budgeting proves to be a wonderful aid in promotion of a smooth and successful business.

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.

Queenstown: Social Media logotype popular collection printed and place on wood scrabble game pieces isolated on white wood planks
Beginnings are tough for start-ups, more so for start-ups trying to make their presence felt on social media platforms. While it is a fact that social marketing can help fast-track the growth of your start-up, damaging your online reputation is easy if you don’t do it correctly. If you are trying to get your start-up company off the ground, one of the things you absolutely need to invest your time and money into, apart from developing a great service or product, is marketing.

If you’re planning to use social media to take your start-up to new heights, here are 10 mistakes that you should avoid at all costs.

  • Not Having a Plan

Social marketing is not about getting online and posting all you can about yourself and your start-up. Before you make your attendance felt online, it is imperious for you to have a social media strategic plan in place. Your social media efforts need to have a solid foundation and a strategic plan that outlines your objectives and details your services. Get in touch with your lead sales and marketing members and identify your target audience.

  • Not Being Devoted to the Plan

If you’re not dedicated to your social marketing plan, your social media accounts will end up being inactive, which will, in turn, create a bad impression. Your social marketing plan is not a sprint; think of it as a marathon. If the results are making you impatient, tweak your performance by analyzing metrics, adapting to audience behaviors, and tracking competition.

  • Selecting Random Platforms

Given the rise in the number of social media platforms, you might think it necessary to market your brand everywhere. Though, all social media platforms have a different purpose and a different set of users. Consequently, you’ll have to have a different social media marketing plan in place for each platform. The key to marketing effectively on social media platforms is outlining your target customers.

  • Being All over the Place

As mentioned, all social media platforms have a different purpose and, as such, require different marketing plans. Being a start-up, you might not have the time and energy to come up with appealing content for several platforms. Furthermore, you don’t need to post on platforms that won’t get your desired results.

  • Posting at Inappropriate Times

Simply knowing who your target customers are isn’t enough; you also need to know what time zones they live in and at what time they are most active.

  • Posting Too Often

While not posting constantly can be bad for your business, posting too frequently can also be a deal-breaker. Get the balance right: posting something once or twice in a month can cause your brand to become invisible and sharing a dozen posts a day is way too much. Find out what works for your brand and stick to it.

  • Boring Your Audience

It is possible to bore your target audience without even knowing it, so be cautious of what you’re posting at all times. Talk with your spectators and get them engaged in a conversation, attract eyeballs, use humor, and ask genuine questions and give intelligent answers.

  • Self-Promoting

If you only talk about yourself and your company, people are bound to unfollow you. Instead of putting your start-up in the spotlight, focus on your target audience. Talk about things that interest your end users and you’ll end up engaging them in interesting conversations.

  • Giving Users a Reason to Laugh

The worst thing you can do for your brand is to give your target audience a reason to laugh at you. Avoid blunders by thinking about your posts and taking the time to analyze probable outcomes.

  • Not Understanding your Marketplace

Before you even spend your first dollar on creating an ad, you need to first understand your marketplace. Thoroughly analyze your customer demographics or buyer persona’s psycho-graphics.

Conclusion

Social marketing mistakes have the potential to put a company out of business. As a start-up owner, you can never be too cautious about what you post online. So, put adequate thought into your social marketing plans and ensure you don’t end up making the mistakes mentioned above.

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.

Worried mature couple calculating home finances. Man and woman are sitting on sofa, in brightly lit home.
No one considers filing for bankruptcy to be a great idea and even top attorneys would suggest you consider it as a last resort. For most, the disgrace, guilt, and fear of bankruptcy are enough to find alternate solutions and, to top that, it literally puts your credit score in tatters. Avoiding bankruptcy is the priority of many people, even if they have to take extreme measures.

It might be easier to overlook the repercussions of bankruptcy as a bystander; ask anyone who has had to face this situation. Therefore, you should seek all possible solutions before taking such an extreme step. Here is a list of certain possible alternatives that you can explore before taking that route.

Avoiding Bankruptcy

Sell your Assets

Selling off assets is one of the most utilized options to save oneself from bankruptcy. You can try to pay your debt by selling whatever assets you can quickly dispose of, as debt payments must be made in time. If you take too long to make your payments, it might already be too late.

All of your assets, including land, furniture, jewelry, electronics, etc., could possibly help you in paying debt. Some people are very attached to their things. However, they must realize that these things are temporary and, if you live to fight another day, they will eventually come back. Right now, the priority is avoiding bankruptcy at all costs because that may leave you with nowhere to go.

Settle your Debt

One way to avoid bankruptcy is settling your debt with an IRS payment plan. You may have to live hand to mouth for a certain period of time and cut out the majority of your superfluous expenses, and even some essential ones. You can live without a cell phone, satellite TV, and expensive meals for a while if it helps to avoid the ignominy of going bankrupt.

You will have to sit down with the IRS and devise a payment plan or hire an expert for the same purpose. You may have to endure the pain of working an extra job or two to make ends meet and pay your debt. However, this may be the only way forward for you.

Request your Creditors

You need to let your creditors know that you are in a distressful situation financially and hope that they are willing to help you in any way possible. You need to tell them about your plan for paying off the debt. If they are convinced, they might reduce your interest rate or monthly payments significantly.

You could be enrolled in a hardship program designed by banks and credit card companies to deal with similar situations. Before enrolling in a hardship program, ensure that the interest rates will actually go down or you could end up with an even higher minimum payment.

Seek Professional Help and Consumer Credit Counseling

Some people are not so good at convincing others. Seeking professional help is the only way forward for some as there are experts in the field that can guide you in the right direction. Even the new bankruptcy laws require you to seek credit counseling before filing for bankruptcy. The professional will meet with you and work on a possible payment plan within your budget. Avoiding bankruptcy means taking extreme measures as there are always holes in your budget that can be found and utilized.

As a last resort, you may turn to your family or friends to borrow money, but be wary. Depending on the situation, you may decide to choose this option, however, proceed with extreme caution.

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.

Businessman being depressed by accounting in his office
Accounting and bookkeeping are the key jobs in any business. Accounting is the systemic and complete recording of financial operations in a business. Business bookkeeping is the recording of financial dealings as a part of the accounting process.

Small business accounting errors range from minor errors to big accounting and bookkeeping errors which cause grave danger to the business. Accounting problems start with irregular bookkeeping and accounting. This will not give a true picture of the business and no good decisions can be made. Entrepreneurs/owners often do not realize that common small business accounting errors are a major threat to the growth of their business in the long run.

Here are some common accounting errors that actually damage the businesses.

NOT USING AN ACCOUNTING SOFTWARE

Manual work is always the toughest and is at risk for errors. A small accounting error can lead to big damage in businesses. Small and medium-sized businesses should use an appropriate accounting software according to the type of business they run. Cloud accounting is an emerging technique in accounting software and has its benefits in small to medium-sized businesses. 

Manual accounting is time-consuming and the chances of errors are much higher. While using an accounting software not only diminishes the chances of errors, the software also take much less time for accounting operations.

Choosing an appropriate software is an important and challenging step in business according to your needs. You should consider its cost, usability, and extra features when choosing a suitable software for your small business.

Features of an accounting software must include

  1. Inventory management
  2. Sales tracking
  3. Contacts management and contact history following
  4. Account to accept credit card payments
  5. Producing invoices
  6. Financial statements, cash flow statements, and balance sheet,
  7. Budget planning
  8. Payroll
  9. Taxation matters

INFREQUENT BOOKKEEPING

Bookkeeping and accounting statements must always be kept up to date in any business. Running behind in bookkeeping and submission of entries of the expenses or sales will not produce an up to date picture of the business and allow you to make timely decisions. It can lead to a negative balance if expenses are made but an income statement is not updated. Invoices that have not yet been paid by the company may go unnoticed and it can lead to a bad reputation for a company. It can end terms with your suppliers. Business growth is ceased or significantly reduced. Not producing financial statements monthly is common in small business accounting problems.

MIXING PERSONAL FINANCES WITH THE BUSINESS ACCOUNTS

  • Business owners combine their personal cash with business expenses. It is of utmost importance to keep the personal finances and the business finances separate. If these two finances are not isolated then it cannot be known what was planned for business and what was consumed personally. The amount of profit that was produced out of the invested capital cannot be assessed properly.
  • A business credit card is operated for personal expenditures during a holiday trip or other payments. Later on, this sum will be funded from the company’s income which is a bad idea.
  • During purchase orders for inventory of the company, procurements are also made for private use.

COVERING SMALL EXPENSES IN A BUSINESS OUT OF POCKET

Business owners take it upon themselves to pay small expenses for the business out of pocket as it saves their time. However, these expenses are not listed in the business bookkeeping. The business looks stronger in income when this accounting error is done. While in reality, the business is not that strong.

INTERESTS ON DEBTS FOR MANAGING PAYROLL

Small to medium-sized businesses get loans at the time of monthly payroll. The income of the business ends up paying back the loans with interests. Sometimes, the debts increase as well as the interest on those debts. Businesses, instead, can get the services of payroll companies to avoid heavy long term loans.

CONCLUSION

Small business accounting errors range from minor errors to big accounting and bookkeeping errors which cause grave danger to the business.Accounting problems start with irregular bookkeeping and not using accounting 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.

 

Finger print Scanning Identification System. Biometric Authorization and Business
When a small business owner plans to create a website, use cloud accounting tools, or even just creates a business email, they must plan for cyber security as well. The increase in online business operations has also increased the theft of digital information. Cyber theft has now far surpassed physical theft.

Every business must ensure enough measures are taken to protect the business information of cyber theft.

Online Security Basics for Small Business Websites

The following cyber security strategies will protect your small business websites from cyber crimes. These strategies follow security basics to prevent digital information theft of mailing and bookkeeping information of the business. Cyber security is essential to protect not only business information, but also protect the customer information and data.

1. Train Staff in Security Principles

Establish policies and rules of conduct for employees. They cannot misuse or leak out any customer’s data to any other person. Ask them to keep strong passwords of their user accounts on their small business websites and company database.

2. Shield Information, Computers, and Networks from Cyber Attacks

Use an updated version of antivirus on your computer system. Always keep your computer-based machines free of malware, viruses, and online threats.

Popular antivirus, anti malware, and registry programs that will keep your machine safe and running smoothly include AVG FreeSpybot Search & DestroyMicrosoft Security EssentialsMalwarebytes Anti-Malware, and Piriform CCleaner.

3. Provide Firewall Security for your Internet Connection

Ensure a firewall is always on your internet connection. A firewall blocks outsiders from accessing your data on a private internet connection. If an employee works and accesses the business website from his/her home, make sure the firewall is on his/her system.

4. Make a Plan on how to Access Website from Mobile Device

Mobile phones create security issues as mobile phones can be stolen or misplaced easily. Mobile phones must also be installed with firewalls and antivirus programs. Install security apps on your mobile devices.

5. Always Keep Backup of all the Important Business Information on Website and on Cloud Accounting Software

Backup all accounting and bookkeeping data for your small business on all computers. Regularly backup the data. Also backup customer data and databases. 

6. Control Physical Access to your Computers and Create User Accounts for Each Employee

Do not give your passwords to your employees. Make user accounts for each user separately. Give them a limited access to data from their accounts. Administrative accounts must be reserved only for administrative staff or key personnel. Laptops can also be stolen. So, always log out of your website account before getting up from your work space.

7. Secure your Wi-Fi Networks

If you have wi-fi, then secure it with a password. Periodically change the password if there is any fear of a stolen wi-fi password. Your wi-fi must be secure and encrypted. Hide your wi-fi network.

8. Surf the Internet Separately

Use a separate computer for internet surfing. Business bookkeeping, accounting, and banking functions should be done on separate computers.

9. Passwords and Authentication

Change passwords every three months or as frequently as possible. Place a further authentication system after entering a correct password to your small business website.

10. Beware of Spam Emails

Do not open links provided in emails which are not recognized.

You can useSpamKiler, a web-based program which encrypts email addresses. Even then, do not open unrecognized links in emails.

11. Protect Digital Assets from Cyber Theft

You can protect yourself from customers who want to steal your downloads by using DL Guard.

12. Avoid Over Payment Scams

Sometimes small business owners receive emails on their website emailing account on how they have paid extra somewhere and they are offered a way to pay the fee by clicking on the links or sending their information to some third party.  Do not fall victim to this scam. 

13. Avoid Lucky Draw and Lottery Scams

If any email says your business has won an award or lottery, for which you had never paid, do not open the links.

Conclusion

Digital information theft has increased more than physical theft in today’s era. Cyber security measures must be adapted to protect business information as well as customer information from the potential perpetrators. Strict policies and measures should be taken to ensure cyber security in small business websites and systems.

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.

 

Man holding smart phone and paper stand with coin stacking up and high building city on white background. start up, business, real estate, property, financial concept.
According to research, more than half of all entrepreneurial ventures close their operations within their first year. Shortage of funding options has been recognized as a major contributor. The importance of cash cannot be denied for all kinds of businesses. Therefore, your priority should be to find the right channels for funding your business. Whether you are expanding your business or sustaining the current business model, you must have a consistent cash flow along with an optimized strategy for acquiring financing.

Whatever your business needs may be, getting the money at the right time will exponentially enhance the chances of your business success. The use of innovative technology is encouraged among new businesses as they have to compete with other players who are already using it to great effects. Here are some of the tips that will help you reach your potential.

Innovative Tips for Funding your Business

Bootstrapping

Bootstrapping, or self-funding, is one of the most efficacious and suggested means of funding a business. It is hard for new business owners to obtain capital as they are novel and may not have a financial history. Convincing someone to finance your business can be a tough job. Therefore, it could be better to save up enough money to start your own business.

Ask family and friends or find a potential partner who shares the same views as your. These are the people that you trust the most, therefore, it’s wise to ask them first before looking at other options. You can put your idea out on the internet, find someone who is interested in your idea, and agrees to finance or partner in your business. You can offer shares in the business for their investment. Bootstrapping also allows you to own your business from day one. Gathering and organizing all of your financial resources is key to bootstrapping and funding your business.

Crowdfunding

Crowdfunding is an innovative way of acquiring finances for businesses these days. The funds are collected and contributed by many people who are interested in your business idea. You set up a comprehensive narrative of your business plan on a crowdsourcing platform. The account contains all details about the potential business or project: its product offerings, goals, how it plans on making revenue, and many others. Visitors on these crowdsourcing websites make their own judgments about the plan and decide to invest. They then become the stakeholders in the business with privileges.

Funding your business through crowdsourcing is an inordinate way to access capital and promote your business. It is like free marketing for your business as everyone that sees your idea acts as a potential marketing tool. The response you receive shows if your business idea is sustainable and is going to attract an audience. Essentially, it offers you a wider viewpoint that can be utilized to formulate your future business strategy. Crowdfunding, however, is fairly competitive. To generate interest, you will have to come up with a very worthy business plan.

Angel Investors

Angel investors are individuals with surplus cash and a profound interest in financing lucrative business ideas. They usually operate in groups as it narrows down the risk by sharing it with partners. These people are experienced businesspersons who are adept at what they do and have a keen eye for market trends and innovations. Alongside their resources, they offer mentoring and counsel to businesses, which is of enormous value as it is based on years of experience.

Finding angel investors is an innovative option that has helped successful businesses today. They offer their capital and advice in return for a percentage of equity in the business. It is fundamentally a win/win condition for both, making it one of the most rewarding ways of funding your business.

Keynote

While the plethora of financing options has made it easier than ever to get started, smart business owners should ask themselves how much monetary support they actually need before reaching any conclusions.

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.