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Business Tax Preparation - Complete Controller

No matter how big or small a company is, it is essential to file taxes. However, tax preparation costs for your company can turn out to be much more than your expectations.

For small business owners, monitoring receipts is essential. The revenues help keep the business owners’ stay organized and help them remain in their budget. Business owners can see their importance when they file for tax deductions and save vast amounts of money. Check out America's Best Bookkeepers

Not only are business owners advised to keep track of receipts. This practice is also recommended on an individual level. Saving and tracking receipts can save you from a lot of problems. Whether you need to make sure of a strange entry in the account, or if the IRS visits, you are at ease knowing you’re covered.

Now the problem for managing the bulk quantity of receipts arises. In running and managing a business, mountains of receipts get collected. It becomes difficult to manage and oversee them. If business owners cannot do so, they can feel the vast amounts of pressure weighing them down.

This is why the concept of bookkeeping is given so much importance. Bookkeeping is a great way to manage and oversee your accounting and financial records.  

Here are some ways on how they can keep track of receipts without letting the receipts get cluttered. Check out America's Best Bookkeepers

  1. Arrange and Systemize Old Paper Receipts

In this time and age, where technology and apps rule the world, use your smartphone to assist you in handling your receipts. There are many apps available for free that allow you to scan the receipts and select the required information to organize information better. Not just that, the app can store and save the data for further use.  Many platforms have qualified professionals who can take a look at your receipts.

Suppose you use Excel, QuickBooks, or any other budgeting tool for that matter. In that case, you can quickly transfer your information to that format.

  1. Simpler Expense Statements

Are you tired of safekeeping your receipts because of preparing business expense statements? You need to make your life simpler and use accounting apps that automatically form reports just by the receipt photo.

These accounting apps automatically link to the credit card or bank account. So if you don’t have a receipt, you don’t have to worry about it. The apps will directly pull out the transactions from your credit card or bank account.

Managerial costs Check out America's Best Bookkeepers

Of these administrative costs, accounting services is the most common one of all.

A small business tax preparation and recordkeeping methods conclude how costly the administrative costs can be. A business might decide on outsourcing their tax preparation obligations. The other option they have is to prepare small or daily information recording beforehand to reduce the expenditures.

 

The majority of the small business owners cater to the administrative tasks either by the help of accounting software or by employing an accountant.

  1. Accounting Software

As we have discussed earlier, accounting software and applications can be a blessing in helping businesses record their transactions. This accounting software calculates the total amount that is needed to enter in the tax forms. There are many accounting software programs available online that can be used through monthly subscriptions, which will save costs.

  1. Employing an Accountant

To manage and prepare your tax return documents and streamline your other accounting operations. Some small business owners tend to employ full-time services of their accountant. The majority of the businesses farm out their tax preparations required for the income tax returns.

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

Even though the recruitment process is essential, there are certain instances when companies may face some difficulties in structuring a recruitment process that guarantees the efficient intake of new employees. Thus, to overcome these difficulties, the following are the seven tips that can enable organizations to structure an effective recruitment process: 

Carefully Identify Job Specifications Check out America's Best Bookkeepers

Every job position holds a specific set of responsibilities and skills.  Therefore, only an individual with the knowledge of required responsibilities and skills can comply efficiently with the job demands. To recruit the most suitable applicant, it is essential for the organization to first carefully identify the job specifications required for an effective recruitment process. A spreadsheet may be structured to help develop a well-thought idea of requirements that the job specification demands.

Pay Attention to Job Advertisement

The advertisement is one of the most resourceful media in transferring a message and attracting more and more publicity towards the message. After carefully determining the job specifications, it is critical to developing a suitable job advertisement so that the message of the organization’s need for a job applicant may spread far and wide. Moreover, these job advertisements should be posted on targeted platforms to attract suitable job applicants. This posting may help boost an effective recruitment process, enabling the organization to intake most suitable employees. Check out America's Best Bookkeepers

Enhance the Interview Session

The most crucial step of recruitment, during which an organization decides about the suitability of a job applicant for the job, is the interview session. The session may begin with general questions regarding the specific position and the knowledge that the applicant holds towards the job responsibilities. However, the meeting may proceed towards a more subjective direction, dealing with the individual’s skills.

Allocate a Significant Amount of Time for Reviewing Resumes and Interview Performance

Generally, organizations tend to integrate a higher number of applicants for the interview session, and then make the final decision of recruiting the most suitable applicant for the job. For this purpose, it is critical to allocate time to review the resumes and interviews of applicants, so that the hiring decision is of a higher quality level. Thus, carefully go through the resume of every applicant and note its score along with the applicant’s interview.

Make Use of Bookkeeping Process

After assessing every job applicant’s capabilities and suitability, it isn’t easy to keep track of every applicants’ performance. Thus, for an effective recruitment process, it is feasible to utilize the bookkeeping process and maintain a written record of applicants’ suitability. This would help ensure an authentic recruiting process while eliminating risks of mistakes since it is common in organizations to confuse an applicant with the suitability of another applicant. Check out America's Best Bookkeepers

Maintain Contact with the Applicants

In most recruitment cases, there are instances when a job applicant has practical skills and inherent capabilities to be a resourceful employee. However, he/she does not possess the specific skills or knowledge required for a particular job. In this situation, it is a recommended practice for organizations to keep a record of such applicants and maintain contact with them. This would help the organization to re-contact these applicants for any other job position for which the individual may be suitable.

Review the Recruitment Process Regularly

With the progression of time, the structure, condition, and requirements of an organization change to meet the business market’s dynamic nature. Given this changing nature of organizations, the organizations need to regularly review its recruitment process to maximize the recruitment process and comply with the changing job needs.  

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

Each year, thousands of organizations worldwide face employee fraud. These frauds result in billions of dollars’ worth of loss of goods and tangible assets. Generally, frauds are perpetrated or orchestrated by highly-trusted individuals holding key positions in the organization. The increased reliance and trust on entrusted employees often leads businesses to lose a significant portion of the money, which ultimately makes companies lose their competitive advantage. So, organizations need to prevent fraud no matter what it takes. Why? Because if they won’t, then soon they will be kicked out from the competitive race. Moreover, organizations don’t always have to acquire expensive technology and highly empowered tools and gear to prevent theft. Check out America's Best Bookkeepers

Some Auditors Are Biased, Some Help Business Grow!

Most organizations depend on their auditors or accountants to protect them against employee theft or fraud. You may be surprised to know that sometimes the auditors are also biased and inclined towards acquiring auditing contracts and hence money. Under this scenario, the auditors try to trick or deceive organizations with auditing results and keep the company in the dark. Since entrusted employees watch each other’s backs, people working in the organization hire their preferred auditors and cover their colleagues. This cover reveals that favoritism exists everywhere. Organizations need to audit their bookkeeping records and business books on their own. If not, then they need to hire a credible auditor themselves. Check out America's Best Bookkeepers

Implementing Internal Control!

To prevent fraud, organizations have to be proficient and hire individuals who can identify discrepancies in business books and statements. When it comes to auditor’s role, s/he needs to make certain spot checks and review the organization’s internal controls and accounting procedures. An auditor gets a clear picture of the company’s finances by systematically confirming the existence and value of the organization’s assets and extent of its liabilities. This way, organizations identify where their employees are stealing from them and what they need to do to prevent fraud.

Undoubtedly, employee fraud exists in almost every organization, making it clear that prevention is ‘must.’ Although in some organizations, the frequency of employee fraud is more significant than a typical organization. Such organizations are mostly related to the retail sector, where stealing from shelves is easy. So, by implementing the right policies and procedures, you can expect to prevent fraud and maintain a healthy growth cycle. The point is that internal growth defines your success, and whosoever learns that leveraging the right internal control never falls behind. Check out America's Best Bookkeepers

Set Up A Reporting System!

Moreover, organizations need to develop or set up the reporting system that would make employees aware of how things are going to be tracked and monitored by the superior management. When employees know that their performance is going to be tracked daily, they would be fair in their dealings and business roles and duties. When hiring employees, it is crucial to do a reference check for evaluating an applicant’s past performance and credibility. In today’s era, organizations cannot afford to hire individuals right away. They need to cross their reputation for judging their character and drive to work.

Understand business vulnerabilities!

On the contrary, organizations need to understand their vulnerabilities and continuously improve their business processes. If organizations desire to prevent fraud, they need to create a strategy and review the company’s fraud exposure risk. If there are loopholes, then organizations should act right away!

Review Business Books—Closely!

Even if organizations have little or no bookkeeping or accounting knowledge, a close watch on books will make bookkeepers aware that they cannot commit fraud. To prevent fraud, you don’t always have to use expensive technology to monitor your employees.

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

Accounting is one of the world’s fastest-growing occupations. It has been opening doors to a vast range of exciting career opportunities. It had known to offer promising yet lucrative career paths to those individuals who are good at playing with numbers. Let’s face it, accounting is the most basic need of every business, and that’s where the actual difference gets created. From your neighborhood roadside cafés to giant conglomerates, the need for accounting is imperative, making it clear that companies rely heavily on professional accountants. This reliance is not just to ensure the right financial decisions are made but also to ensure compliance with the law and regulatory authorities.

How Does A Professional Accountant with A Qualification in Accounting Help a Business? Check out America's Best Bookkeepers

There is no denying that academic qualification plays a role in determining the capacity of a professional accountant’s worth. There is nothing more exciting than having a professional degree or certification like ACCA, CA, etc. for pursuing your career goals and ambitions. Once you have an accounting degree or certification in your hand, then there would be no stopping. You will feel in control when making important accounting decisions by reviewing bookkeeping records for the firm that hired you for assisting business with creating a corporate strategy for the firm. Moreover, a professional accountant with a degree or an academic qualification can help you in many ways. For instance, s/he can provide advice, help businesses reduce costs errors and costs, mitigate risks, and improve their bottom line.

According to a study, accounting can make or break a business’s game. Those startups that are just starting need to acquire professional accountants’ services to remain competitive in today’s business environment. The people with an academic qualification have the edge over the rest of their peers when it comes to getting hired to resolve complex accounting matters. Also, it helps them climb the corporate ladder with ease with more number of businesses hiring them for accounting expertise. Moreover, professional accountants with degrees or certification can expect to have higher salaries and compensation packages, which is remarkable in every step.

Here’s why a professional degree or academic qualification may be worth pursuing. Check out America's Best Bookkeepers

High-Demand for Professional Accountants

You can find traces of accounting back to an ancient civilization, making it clear that it has been existent for centuries, in one form or another. A professional accountant is an invaluable asset to the company that can change the fate of the entire company and brings back the original reputation it once had.  The increased demand for professional accountants is due to thousands and thousands of startups that are spring up all across the globe. Undeniably, the accountants who have a professional degree or have an academic qualification have the edge over non-degree holders. Since companies expect accountants to ensure economic growth and handle complex financial decisions, companies must hire professional accountants to get the job done.

Companies Prefer Hiring Those Who Have Academic Qualifications

According to a survey, 70% of employers revealed that the main criteria for hiring a professional accountant lie in professional certification or academic qualification and relevant market experience. This requirement clarifies that businesses desire to hire those individuals with accounting knowledge or agencies who know the art of handling complex matters of the company. Employer seeks those individuals, and accounting agencies can uphold and maintain accounting standards and quality. Check out America's Best Bookkeepers

Professional and Global Recognition

Although professional degrees and qualifications are indeed no measure of intelligence, it is a tool to filter out professionals from experience-based accountants. As per the study, 58% of parents believe that having an academic qualification is necessary for their children to achieve their life and career goals. A degree for a professional accountant means a lot more than just adding a prestigious acronym to his/her name. It will allow an accountant to earn more leads and win more contracts. 

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

Securing your servers and networks and protecting your privacy from online criminals has become an onerous task these days. Hackers and scammers have been inventing new ways to break into the company’s accounts and system, for the money. The thing is hacking has turned into a profitable business, and people from all across the globe have been trying their luck in this ‘profession’. From SMEs to big tech conglomerates, privacy has more or less become an increasingly rare commodity, and hackers are exploiting personal and business information.

According to a study, online criminals will exploit any opportunity at hand and hurt people by manipulating their identities. Typically, most cybercriminals steal sensitive data for money that would be acquired either through taking ransom or selling the information on the dark web for money, which accounts for 77% of total online security breaches. You may be surprised to know that 15% of cases were reported in 2016 against cybercriminals who went on stealing others’ information for personal reasons. Check out America's Best Bookkeepers

The Growing Use of Social Media Apps and Cybersecurity

The growing popularity of social media and tempting social apps such as Facebook, Snapchat, Instagram, Twitter, etc. where have brought people together and provided a playground to interact with each other seamlessly have also created a lot of troubles from them. The internet and social media, where are a blessing, are also a curse! How?  They have a dark side that can hurt people’s image and reputation and damage them both emotionally and physically, which is why there should not be any compromises on one’s online security. Also, people have to realize that they need to prevent shady individuals, online con artists, and cybercriminals from entering their system and networks.

The fact is the bad guys want to steal from you no matter how they are going to make that possible. Once, they had to hold on to your personal data only when they are going to be in a position to manipulate you for ransom or anything else. Giving you the reality check, never fill out your social media profile with legit or accurate information as it can lead you to real trouble. It’s better to restrict your social media activity and limit your online presence as much as possible. Or else, it can pose a threat to your online security. Check out America's Best Bookkeepers

One thing is clear; the more information you share online–it will become easier for someone to get their hands dirty and damage your reputation. So, never provide essential pieces of personal information such as contact number, email address, complete bios, D/O/B on social media platforms. Well, that’s precisely the point of providing accurate details on your profile and share everything you and your family in your Facebook profile? Come one—you need to understand the bitter realities of the internet, and if you care about your privacy, you need to change yourself!

What Else Can You Do?

Besides restricting your online presence on social media apps, you need to keep your system and networks safe from cyber-attacks. For that, you need to come up with a well-thought-out plan and clear-cut prevention strategy for protecting your data. This includes bookkeeping records and personal and business details. What you can do is create your security policy or hire an IT professional to get this right for you. By setting up strong passwords, it would be troublesome for cybercriminals to break into your computer or network. Check out America's Best Bookkeepers

Moreover, you need to be careful with software installation and keep your software, browsers, and operating systems updated. Robust anti-virus software can help prevent cyber-attacks and keep cybercriminals from infiltrating your system. A layer or layers of firewall can be a stepping stone for a greater and more robust online security.

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

During the first stages of any business, it faces specific challenges that need attention. Keeping control over your business is fundamental to its success as it will allow you to maneuver the business in your desired direction.  Financial control inefficiencies found in small businesses can cause the loss or damage of assets, resources, and a drop in revenue. These deficiencies can be fixed by slightly changing existing processes and introducing basic control procedures. Below are some key areas where a business might struggle for control.

Inadequate documentation and records Check out America's Best Bookkeepers

Your receipts, invoices, and other documents are evidence of all the transactions that your business does. These documents are then further used for bookkeeping and the maintenance of business records. All your financial documents should be assigned numbers so that they can be identified. Also, if something is missing in the series, you’ll know as the serial numbers would not be in order, and this further ensures documents are not duplicated.

The financial control for your documents should be developed to help with the review sales, customer, or vendor queries. Proper sequencing of your records will ensure that all the questions are answered satisfactorily, which means that you develop good relationships with all your partners and customers. This will also help you at the time of filing tax returns.

Undefined key business cycles

Check out America's Best Bookkeepers Small businesses often overlook the need to define key business processes. Written policies should be followed, but small businesses often overlook implementing basic flowcharts of the procedure. This might be one of the most underused financial control tools that can add the most value to your business without much effort.

Every business has unique needs, and based on those needs, certain cycles during the year may be important to them. Sales, accounts receivable, accounts payable, banking procedures, and cash management are some key areas that every business has to deal with effectively. Businesses that are involved in selling products should develop clear inventory control procedures. Documenting key controls in each of the business cycles will offer specific roles and responsibilities that can be assigned to individuals. 

Lack of financial control with authorization of transactions

Before you commit for any resources, authorization of purchases must be completed. Based on the scale and kind of business, a level of authority can be introduced to effectively carry forward with the business transactions and reduce the risk of incongruous spending. For example, you could set a certain amount under which your managers or other designated person can approve all the transactions, and anything above that must go through proper channels before getting approved. Also, when you allow the transactions before the actual order has been processed, it serves you with an opportunity to evaluate your decisions better and align it with your business objectives. Financial control in business transactions is one of the key areas that businesses must focus on as they often miss it amidst other tasks. Check out America's Best Bookkeepers

Lack of oversight and review

Small businesses often get themselves so involved in the day to day work that they overlook specific basic requirements of running a business such as review procedures. As a business owner, you must review your financial records after a defined period. You can save yourself from fraud as well as unfavorable circumstances by implementing a procedure that forces you to review your financial information regularly. Not much time is needed to assess revenues, expenditures, inventory reports, budget vs. actual amounts, and variance reports. It is also a part of the financial control that you take review procedures and take a more hands-on approach. More often than not, this will prove to be the most vital exercise. You will be able to highlight the problem areas in your business as well as will be well acquainted with the financial information to make better decisions regarding your business’s future.

Small business owners often fail to understand the criticality of having control procedures in the business. It is, therefore, advised for all the business owners to implement strict financial controls and ensure that they are followed throughout.

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

When you have tended to your obligations as a business with diligence, you certainly expect your clients to honor their payments in due time. It’s costly for businesses when customers do not meet expectations and end up defaulting the payment. As much as this is bad for their reputation and credit ratings, businesses suffer more as they do not meet their expected cash flows, which can hinder planned business operations.

Here are some ways to persuade clients to honor their payments: Check out America's Best Bookkeepers

Positive Reinforcement

When businesses are in a situation where their customers are not paying in time or at all, offering a reward in return for paying might persuade them otherwise. By offering those rewards in the form of discounts or some extra items, you will have a better chance of collecting payment on time or even earlier. Make sure that the discounted amount does not exceed what you can’t bear. It must be at a manageable level, which coaxes the client to hit the payment button without causing you encumbrance at the same time.

And Sometimes Negative Reinforcement

Check out America's Best Bookkeepers While some of your clients would make their payments when you offer them discounts, others may not respond to positive reinforcement. These customers may respond to a negative reinforcement policy in the form of a late fee or penalty. The message should be loud and clear that you are unwilling to accept late disbursements as some customers make it a habit of paying late. Setting a reasonable amount of penalty is necessary as you may start losing customers if the fee is too high.

Make it Convenient

Convenience is an important factor when it comes to ensuring that your clients are honoring their payments. We realize that certain payment types are suited to your business, but it would be better if you can adjust to payment types that customers find convenient. By doing this, you are increasing the probability of getting paid on time.

Automated Invoicing and Clients Payments

Check out America's Best Bookkeepers Paper invoices are becoming things of the past for businesses, and now most of the payments are taking place online in response to automated invoicing. The invoices can be issued to clients without any delays and followed with scheduled invoicing intervals until paid. Paper invoices can get lost, and people even forget about them, among other bills. The automated system will ensure that you are regularly updated about the status of your invoices anytime, and it will also take care of your bookkeeping needs.

Clearly State your Terms and Conditions

Your clients should be aware of the terms and conditions of the payments at the time of the deal. State the agreed due date, amount, penalties for late payments, discounts on earlier payments, and any other detail that is significant in the contract and get it signed. This will ensure no confusion regarding the terms of payment. If both parties are happy with the terms, the likelihood of getting paid on time rises.

Clients will honor their payments if you can implement these discussed tips in your business. You can also innovate and come up with something different. However, these are tried and tested methods for improving the probability of getting paid.

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

Few people can buy a car paying with cash. That is why most people finance their vehicles. There are different options to do it; your duty is to analyze them and your finances to see which one is better for you compared to your needs. Here are five ways to finance the purchase of your car.

1. Get a personal loan from a financial institution. This is the most common option. The interest and total cost vary depending on the entity with which you make the contract and your credit history. Be careful when using this option, often assets and property are used as collateral to guarantee payback of these loans, which places your possessions at risk. Check out America's Best Bookkeepers

 2. Family or friendship loan. This is a more secure option than using a financial institution. It is important to discuss the loan amount in detail and put everything in writing to avoid problems in the future. This turns out to be a good option if it is someone you trust, since you will have more time to return the money, and the interests may be lower, or even nonexistent. The only negative thing about this option is that you can put the relationship at risk. Check out America's Best Bookkeepers

3. Purchase in installments. When buying in installments, you sign a contract with the seller where you agree to buy a vehicle within a specific timeframe. You have the option of using the vehicle while paying fixed monthly installments until you pay the full price. You will be registered as the driver and person responsible for the vehicle, but you will not be the owner until after you finish the payments. Compared with flexible financing, you will end up paying more in the long term since the interest rate will be higher. 

 4. Flexible financing. Car agencies offer a flexible payment plan. It is similar to the purchase in installments, but with some differences. Contrary to the previous option, once you finish the payments, you decide to keep the car, return it without obligation or exchange it for another model that is of the same brand, and pay the difference. Occasionally, you could negotiate a discount for the other model. This option, most of the time, offers some models chosen by the brand, and not all cars available in the agency. Check out America's Best Bookkeepers

5. Savings. It is not necessary to get involved in any debt or financial agreement if you have some money saved. Savings can stem from an inheritance, selling an old vehicle, or other means of savings.  Saving up for the purchase, you will not depend on anyone else, nor will you have to pay interest. This is the most economical and stress-free option and is ideal if you can accomplish it.

Whichever option you choose, buying a car is an important life decision. To avoid paying too much and accruing debt, make wise financing choices.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Parents teach their children new life skills every day. But, when it comes to money, they often prefer not to talk about it at all. While that might seem like a wise decision at the moment, not discussing finances with your kids could rob them of future financial confidence and an understanding of critical concepts.
A 2017 Rowe Price survey showed that almost 70% of parents are hesitant to talk about money with their young ones. Also, only 23% of the kids in the study admitted that they speak to their parents about money.
For parents that think it’s too soon for their kids to know about money matters, it is not! Instead, parents would be wise to hold family meetings, with finances as the primary topic of discussion, creating awareness about how money can be earned, saved, and used. If they do, as the children age, they will have a better understanding of household and personal budgeting and financial goals. They will also be more likely to seek advice before making financial decisions and discuss financial issues openly when they arise.


Check out America's Best Bookkeepers


Tips to Initiate Money Discussions with Kids:

  1. Start Slow

Money is a sensitive and complex topic. Parents are smart to keep the pace of financial conversations slower with kids. Starting with an hour-long lecture about money is not what kids need. Instead, involve them in some everyday financial activities. Parents can include the kids when they shop online or take them grocery shopping. A fun and educational game is to have them keep a tally of how much is being spent.
  1. Be Honest

When it comes to discussing money, do not sugar coat things. Instead, be open and honest. While it is not necessary to go into detail, a poor financial decision by a parent can turn into a great lesson for the kids. By sharing your mistake, they learn that it’s good to discuss bad decisions with others so they can avoid them. They will also gain insight into how you would have done it differently. Such open and honest discussion helps the kids to become part of the solution.
  1. Talk about Value

Many parents are not comfortable discussing the financial figures with their kids, thinking it might stress them out. It is not necessary for the kids to know the dollars and cents of every household bill. It is essential for them to understand the value. A smart way to teach value is by using comparison. Compare several items that cost the same to give them a feel for any item’s value. Check out America's Best Bookkeepers
  1. Set Family Goals

Holding family meetings over financial matters encourages the kids to contribute to the discussion and planning. Make the process of setting and reaching goals a rewarding one. Be sure to celebrate success. If the family has managed to pay off a massive debt, the kids should know it and feel the pride that comes with reaching that goal. It’s very fun to see the kids sacrifice small pleasures to forward the family goals.
  1. Fix the Gender Money Gap

Often the son in a family has a better understanding of financial matters, which gives them an advantage over their female siblings. Empower your girls with participation in value exercises, goal setting for debt reduction and savings, and tallying their spending. Encourage the entrepreneurial spirit, for it is in the lemonade stands and lawn mowing services where they will learn about how creativity and hard work leads to opportunity. It is in the home where we begin to close the gender gap. You want your little girls to grow up to be ladies who are valued and paid equally for that value.
  1. Avoid Sharing Fears about Money

While it is smart to share strategies and challenges with the kids, it’s essential to approach these conversations without negative emotions. Keep the discussion rational and solution-focussed. Guilt, fear, and shame have no place in these conversations as these negative emotions can cause the kids to internalize the problems and feel personally responsible for the family’s financial struggles. Even if times are tough, keep financial conversations focused on improvement.

Key Learnings


To help kids understand the complexities of financial matters and dealing with money, provide them with short lessons through regular activities. Here is a list of the most important learnings that you will want to deliver. Check out America's Best Bookkeepers
  1. Delayed Gratification

An essential skill that parents should try to instill in their kids is the art of delayed gratification. Parents might think it is easier to just give in to their kids’ impatient demands. But the opposite is true. By delaying the delivery of much-desired gifts and experiences until a special day, they learn that life is not a daily expectation of new thrills and they learn to find joy in the smaller things. They are also much more grateful when they finally receive what they have been hoping for when their birthdays or vacations come around. Similarly, they can be taught about waiting to save enough money to buy something they want. Parents can teach their kids to save at present to get something better in the future. Rather, the opposite habit that destroys so many financial dreams, to pay later for something they want today. Delayed gratification may well be one of the most important lessons a child can be taught. 
  1. Wants vs. Needs

Children do not automatically know the difference between wants and needs. Talk about what types of items can be defined as needs and what qualifies as a want. Teach them that it is important to take care of necessities first, and once the needs have been met, wants and desires can be considered. Then save wants for special days. Reinforce those teachings, encouraging self-control. Even if your kid is obstinate, try not to give in to their demands at the checkout line. Doing so will take away the chance for them to learn about self-control. It also makes going grocery shopping a truly miserable experience for mom and dad.
  1. Working to Earn

The only way for kids to learn the true value of a dollar is for them to have the experience of earning one. Allowance is a great way to do this. Rather than having allowance be a stipend that parents pay without question each week, make it something to be earned. Better yet, create the opportunity for them to earn more based on the amount of work they put in. Parents should also take time to explain their jobs to their kids and help them understand how they can grow up and find work that they want to do so they can pay their household expenses and meet their own financial goals. Don’t be afraid to talk about money matters with your kids. In fact, embrace opportunities to empower your kids with financial intelligence that will serve them for a lifetime.
Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers

How does it benefit me to give private health insurance to my employees?

The hiring, by the company and in favor of the workers of a private medical insurance is a benefit that both the workers and the entrepreneur himself take advantage of.

How does it benefit the company to pay private health insurance to its workers?

In addition to the benefit of keeping your employees happy and reducing the time spent on medical visits (it is assumed that a private health insurance gives more flexibility to have an appointment outside working hours or, where appropriate, to make the service faster ), on the part of the employer, providing employees with private health insurance is considered a higher personnel expense (higher remuneration), and consequently a greater deductible expense in the Corporation Tax.

How does it benefit workers to have private medical insurance set by the company?

On the part of the worker, the perception of said private medical insurance supposes a remuneration in kind for the same ones, reason why it is subject to taxation (entrance to account in what it talks about during the year, and greater income received at the moment of the statement of income). The advantage that exists for employees is the exemption of the first $500 for the worker and each of their family members for private medical insurance (or $1,500 for workers or family members with disabilities). This exemption has its regulation in the IRPF Law:

The following income from work in kind will be exempt:

  1. Premiums or fees paid to insurers for sickness coverage, when the following requirements and limits are met:
  2. That the coverage of the disease reaches the worker himself, and may also reach his spouse and descendants.
  3. That the premiums or fees paid do not exceed $500 per year for each of the persons indicated in the previous paragraph or $1,500 for each of them with disabilities. The excess over this amount will constitute remuneration in kind.

That is to say, if the medical insurance costs the company an expense of $750 per year, the company can take that expense of $750 in its corporate tax, and the worker, in addition to receiving that service, will have the advantage that, at the time of making your income statement, only tax for $250 (the first $500 are exempt, so only tax applies to the remaining amount, $250 in this case). Bill age is the management program for the self-employed.

What requirements must be met to obtain this tax benefit?

It must be borne in mind that for the correct application of these tax benefits, this provision of the company in favor of the employee must meet certain formal requirements, since otherwise it could be considered a liberality and, therefore, not considered deductible for the company nor exempt for the worker. These requirements, basically consist in that this benefit is a worker’s right (i.e., as agreed to pay them, for example, $18,000 per year, that his salary is $18,000 per year plus private health insurance for him and his spouse, for example) and that is paid directly by the company to the insurance company (otherwise, income in kind would not be considered, but monetary remuneration). For this, it would be convenient to prepare a document that includes the “increase of benefits” of the worker, granting said right and specifying in said document what the new benefit will consist of and the conditions of the same, so that both company and worker can keep this document as proof of the application of the tax benefit for the case of tax verification.

Can it hurt me, as an entrepreneur, to give this benefit?

In this regard, and as a collateral comment, bear in mind that the granting of this benefit implies an increase in the remuneration of workers and, consequently, may imply a higher contribution to Social Security and greater compensation. It should also be borne in mind that, as remuneration in kind, in the part that is not exempt, income on account must be applied (withholding of income in kind), so that such deposit can be assumed by the worker (lower net salary) or by the company (higher remuneration in kind, and consequently, greater remuneration in kind). This is an issue that should also be clarified in the document in which the worker agrees to grant said benefit.

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