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Modern server and connect cloud
In the world of internet security, virtualization of services such as storage for cloud computing is set as a high priority. Cloud computing, itself, for an IT infrastructure is the ability to use, for example, computing power and storage like databases or network assets. While it is a highly versatile solution offering almost-limitless benefits, it is, at the same time, a complicated and highly complex affair of a business. Especially applications, the cloud can refer to the browser-based SaaS applications in which users have to pay for the services. This has led to technological advancement by breaking traditional models of proactive technology.

The best database for your organization is deployed for cloud computing assistance and many options are available. With so much out there, it can get confusing as all solutions are based on enterprise scenarios. Security, performance, and compliance are the top three most critical keys to focus on for all organizations that are centrally prioritized. The best practices are essentially required to manage the priorities of the database strategy for the enterprise model. Without implementing this, even the best database for your organization would not provide the optimum level of functionality.

Private Cloud Solution

Due to the customization ease towards business-specific needs, a private cloud solution allows more control over the enterprise environment. It is also a part of the IT infrastructure that has enhanced security which boosts confidence in the security of the solution, as the IT system owns it. Due to the geographical position of a user, latency is an issue as the legacy application is impacted due to the data and user relatively located. Especially when using mobile devices yielding the remarkably poor experience of users. Also, the company offering the data, if remotely located, would also contribute to a greatly frustrating usage of the service. The best database for your organization cannot let users shed tears over the poor performance that may be critical for their assigned tasks.  Other concerns are industry-specific regulations compliance issues that are severely strict. Some countries have set implementation policies and regulations which do not always match the business in other countries, creating a policy nightmare.

Hybrid Cloud Solution

Hybrid cloud solutions are very flexible and more customizable than the previous solution. This solution allows managers to select and opt elements needed from private or public clouds if the need arises. Cloud bursting is the largest benefit of this solution that helps when more users suddenly show up and request services. The burst can help handle the system’s intake of extra users without downing the system. Its self-managing features allow more flexibility to be able to handle workloads according to business requirements. The cons are that it’s highly complex, integration can take long periods of time and connecting with public clouds increases potential security threats. It also may lead to overuse of services whereas users are scarce, a result of auto-management.

Public Cloud Solutions

The scalability of public cloud solutions is phenomenal. The cost models let users’ select pay-as-you-go benefits that are an added advantage. With faster performance capability and new application induction into services offered, using legacy applications are challenging. Sprawling here is also a major issue like hybrid and lead to advanced security threats. Without strategizing for proper management and control, costs sometimes rocket, resulting in negated savings and lower efficiency of the system. Another shortcoming is data visibility where the location is hard to determine where it resides once inducted into the database cloud. By its nature, the public cloud solution is homogeneous in that it works on different enterprise needs. Latency can be an issue depending on the enterprise architecture and the way it is implemented, deployed and utilized. In order to choose the best database for your organization, dependability is a high concern.

Appliance Database

The data center takes care of an appliance database management, which is either self or vendor based. There are thousands of vendors out there who provide this solution but performance and support facilitation are greater if one is selected for the whole set up. It can be disadvantageous to use a single vendor creating a limiting monopoly while applications databases can become niche and seldom used. This solution is also expensive but can be cost-effective with the right settings over a period of time.

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.

Close-up Of A Businessperson's Hand Checking Invoice On Computer At Workplace
An accounting system is an assemblage of interconnected processes intended to amass, organize, and account for an organization’s transactions. The ultimate goal of this bookkeeping system is to engender informative reports to sustenance an organization’s decision making. Managers can make well-informed decisions based on the knowledge they gather from these reports, which are generated through an automated system.  

In order to assimilate a novel and efficient system of accounting into your business, you should follow a step-by-step approach.  The implementation of this approach for your accounting system includes a series of steps that must be undertaken before you are ready to go digital and say goodbye to your old ledgers.

The following list of steps is a theoretical impression for the implementation process in a standard organization. Factors such as the proficiency of your IT department, available resources, and ability to adapt to change will influence the design and related implementation stages that are essential to achieving the go-live plan.

Plan for Implementing an Accounting System

Before you start with anything else, it is imperative to devise a proposal in the form of a project plan and perform a cost-benefit analysis of the whole project. Rest assured, the benefits far outreach the costs if you are serious about running a professional business. The plan should include the timelines, key milestones to be achieved, and a list of all required resources for the project. Planning is the most critical phase of the whole implementation because key details need to be kept in mind for everything to go smoothly.

Hire a Project Manager

An implementation of an accounting system has to be managed carefully. You must designate an individual who serves as a project manager. The job of the project manager is to lead the entire process and form cross-functional teams. Members of the team represent all of the departments that have a vested interest in the system who will be using it in one way or another. Since these departments will eventually be the end users, it is vital to have their input in the implementation process.

Tidy Records in the Previous Accounting System

Bad data is one of the main reasons for nuisances when you move over to a new system. If you know there is imprecision in your books, bad transaction coding, invoicing issues, and other areas that need to be fixed, you should always prioritize this.

Trying to start fresh without getting rid of old mistakes can result in a huge blunder. Even the best system in the world would not be able to help you if you have issues related to the credibility of your data. The project manager is responsible for designating a special team with the sole job of removing bad clusters of data and repairing them for reuse in the new accounting system.

Data Migration and Pilot Testing

As most of your old data needs to be transferred to the new system, a data conversion plan must be devised. Mapping the data according to the new format is the key highlight of a conversion plan. Depending on the format support of both the old and new systems, the conversion can vary from being relatively simple to highly complex. Therefore, before you choose the new system, it is important to gather all of the technical details about it in order to avoid complications later on.

Once all data is transferred, the accounting system needs to be pilot tested in order to ensure that it is working perfectly. Apart from being technically sound, you need to acquaint the key people in your company with the new system so that they can efficiently work with it. Arrange a conference room pilot testing for everyone so that they can learn about the key features from an expert hands on. You may need to hire someone for the training session or you can do it yourself.

Configure and Generate Reports

Once everyone is on the same page and your employees understand how to work with the new system, it’s time to configure it to their devices and reap all of the benefits. The new accounting system will be able to generate better, more detailed financial reports such as balance sheets, income statements, cash flows and other reports that can greatly assist you in making key decisions for your 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.

Cup of hot cocoa or chocolate with marshmallow and notebook with to do list on turquoise vintage table from above, christmas planning concept. Flat lay style.
When companies are understaffed or putting their accounting to-dos on the back burner, they can make certain errors in reporting their finances. Overstatement of expenses, revenue miscalculations, and inaccurate debt changes are some of the most prominent errors that are common in companies at the year-end. These mistakes can not only lead to potential financial fallout but also damage your reputation by labeling you as disorganized.

The growth of your company is hindered because of these miscalculations and errors. These errors have significant implications on your general taxes as well as payroll taxes that can further lead you to pay costly penalties by the IRS. Establishing a solid year-end accounting to-do checklist will ensure that your business does not face any extreme circumstances that can hamper your reputation or burden you financially. Below are some of the guidelines to keep everything in order.

Keep a Check of Internal Operations

The amount of control you have over the internal operations determines if your business will be able to maintain accurate bookkeeping records for the financial year. Look for minute errors. To do this, you have to narrowly inspect each procedure that is currently being implemented. It has been researched that businesses lose more than $100,000 annually due to internal deceptions. Therefore, your accounting to-do list should prioritize the efficiency of internal operations.

Comply with Payrolls

Non-filing of payroll taxes can be a blunder to make for any business. The IRS has hard and fast rules for the filing of taxes related to employee payroll as it is not your money and you are only acting as a caretaker for the money until it is paid to the IRS. Also, the end of the fiscal year is a critical time for your employees as well because they are expecting increments and promotions. Giving them bonuses along with their payroll motivates them which will ultimately show in their performance.

Collect the Receivables

Research shows that 29% of start-ups fail due to a cash crisis. Therefore, your accounting to-do list for the year-end must focus on collecting all of the accounts receivables, which will also reflect positively on your balance sheet. You will have to push your clients to pay their remaining invoices as soon as possible so that you can clean up any reconciliation issues. Maintaining control over the cash flow of your company is key.

Conform with the GAAP

If your books are clean and everything is clearly mentioned according to the GAAP principles, you will attract more investors and your clients will be comfortable working with you. This is something you must follow all year long but, if you haven’t, consulting a professional accountant or bookkeeper must be on your accounting to-do list. Doing everything according to the rules will ensure that your company stays out of any trouble with the IRS, which is also an achievement in itself for your end of the year goals.

Plan for Income Tax

This is an important time for you to identify your tax needs and hire a professional so that you can minimize your tax payments in compliance with the rules. Many small businesses do not consider tax preparations to be a significant task and end up paying fines and penalties. Although you have quite a few things on your plate, filing your tax returns is not something to be ignored. Keeping your business out of trouble is important for successfully pursuing your business goals and objectives.

Budget for the Future

Most small businesses fail because they run out of cash. This happens because they have not planned in advance for their expected expenses that are related to hiring new staff, buying new equipment, or any other things that come up in the future. Your accounting to-do list at the year-end must include your budgeting for the next year. With assistance from all of your stakeholders, you must compile a budget for the next year so that your business stays out of trouble and all of your plans to expand and grow your business are recognized in time.

Review

The end of the year is always a time when you are filled with many tasks that need to be completed urgently. However, this sense of urgency must not elude you from reviewing the performance of the previous year. All successful companies in the world set measurable benchmarks which can be tracked at the year-end allowing them to review their performance instantly. Your accounting to-do list must implement certain measures to ensure that all of the objectives are being met and, based on the results, you can now plan for the upcoming fiscal year.

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

 

 

 

 

 

 

 

 

 

 

 

Businessman drinking coffee on abstract city background with business screen. Finance and analytics concept. Double exposure
It is exciting to initiate a start-up business. Nonetheless, your business adventure can turn into a scary reality if you lack the creative wisdom to read the market and manage your small business finances well. Developing a unique business strategy and dealing with all of the admin involved is surely an intimidating task. For entrepreneurs who are good at numbers and have expertise in accounting, it may be easy to manage and maintain their financial books. However, most entrepreneurs may be good at conceiving a creative idea for a start-up business but lack accounting knowledge, skills, and experience which restricts them to manage their business’ books and finances accordingly.

The Success Lies In Accounting

Undoubtedly, accounting is the most crucial aspect of running a business. It doesn’t matter whether your start-up is of small scale or large, the core of business success lies in accounting. In the early stages of small business development, it is most essential to keep your start-up on track. You can only expect to give your start-up an ideal kick start if you have the know-how to track and manage your money effectively. Entrepreneurs usually lack money-management skills which pushes them to either outsource their accounting activities to a professional or automate their accounting systems using advanced bookkeeping and accounting tools and techniques.

A small business needs a lot of attention right from the very beginning, especially in the accounting and finance domains. For that, you need to come up with a comprehensive money-management plan or else your start-up will fail like the majority of start-ups usually do. The fate of the business solely relies on your efforts on the accounting side of the business  as well as epic judgment based on current and future accounting projections. Therefore, if you expect to get your start-up on track or put your small business on the road to success, you need to do following things.

Open a Bank Account

Manual recording and cash management of all accounting transactions will land you in a deep mess, if not now, then inevitably. It’s best to open a business bank account for the ideal management of money. Keeping your personal and business account separate will make tax season far less complicated. Moreover, it will give you a clear picture of your finances, i.e. the influx and outflow of cash, which is healthy for a small business in each and every sense.

Co-mingling your personal and business accounts will probably land you in deep trouble for mismanagement of finances, which may even lead you to a point where it would be better off to close the business rather than continuing it further. You need to play the right card (opening a bank account) in the initial phases of business development for getting your start-up on track.

Track and Monitor Your Expenses

Tracking your expenses for a defined accounting period is probably one of the most important steps in accounting. For a small business, tracking expenses is not an alien job. All that you need to do is record all business transactions right away for avoiding accounting discrepancies. A small business usually qualifies for unique tax breaks or deductions. If you expect to claim those tax deductions, it is the requirement of the IRS to keep records of everything you spend such as bank and credit card statements, bills and receipts, invoices and proof of payments, previous tax returns(if any), canceled checks and any documented evidence that support your claim expenses.

Establish a Bookkeeping System

In business terms, bookkeeping is the day to day process of recording transactions. For a small business setup, you likely have three options to manage your business transactions; you can do it yourself, you can hire in-house support or you can outsource this activity to an outside party. The bookkeeping decision usually depends on your business’s structure, size, and accounting needs.

Continue Refining Your Methods

By embracing strong accounting tools, techniques and practices, you can expect to turn your small business adventure into a big success. You need to modify your systems and methods in order to manage your accounting tasks effectively. For ensuring the long-term success of your business, you need to create a system and upgrade it constantly for helping you to maintain your profitability and improve your bottom line. Staying on top of your game will allow you to streamline your processes that will not only get your start-up on track but will also help you grow and expand your business operations.

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 using a digital tablet to discuss information with senior leadership in a meeting. Business partners discussing plans. Mature boss and young business man working together in office.
Have you just entered the entrepreneurship world? If you’re scared of accounting operations (which who isn’t?!), dig right in and learn the most important aspects below. Remember, it’s the accounting operations that continue to cause the revolution of information, which turns the economy of the world up and down. As an entrepreneur, your aim is to have a higher return figure than the figure of the investment/capital used. The reasons that an entrepreneur needs to learn about accounting and finance is explained in the following three points:

1.  Making future predictions for the business

2.  Making effective time, cash, and energy commitments for customer attraction and delivery of efficient goods and services

3.  Measuring and reassessing the progress for a more profitable behavior, reporting positive progress for investors, and changing direction with critical evaluations.


Entrepreneurs that aspire to make a big mark in their field need to grasp the latest tools needed for their accounting operations and finances.  These vital accounting tools allow you to have:

  • A clear demonstration of the results of the company’s activity to time
  • Confidence in the future for bankruptcy prevention
  • Timely submissions of reports to municipal authorities
  • Monitoring all available possessions: material, labor and financial
  • Proper planning for company’s activity

Easy 8 steps to Accounting Basics for Entrepreneurs

1. BEST ACCOUNTING METHOD FOR SMALL BUSINESS

The first thing you need to figure out is your business accounting method for efficient bookkeeping.

There are two methods: cash and accrual. The primary difference lies in the recognition of economic events by a company.

In the accrual accounting method, it matters when money is earned and you record transactions regardless of the fact that your customer hasn’t paid yet. The business must use this method in the case when:

  1. There are sales of more than $5 million a year
  2. There are gross receipts of an inventory of items of $1 million a year
  3. The business is a publicly held corporation

In the cash method, you record transactions as they occur, when the cash changes hands. It is the best and the simplest method for starting with a small business.

2. KNOW WHAT KIND OF RECORDS TO KEEP

You should be well aware of the type of records that you need to keep.

Legal documentation. Trade licenses, permits, sale tax licenses, DBA certificate, or any other documents which are legally significant for company activity. These documents should be stored somewhere safe and be kept accurate and up to date. The location of both online and offline documentation should be known.

Supporting financial documentation:  Source documents are of great worth for a company because all bookkeeping operations are based on them. Supporting financial documents include contracts with counterparts, receipts, payrolls, cash registers cash, and several other documents associated with the business area.

3. PROPER RECORD KEEPING

Transactions, sales, and profits should be maintained properly. Records of outgoing and incoming payment, funds movement, paychecks of employees, liabilities, taxes, overhead expenses, and operating costs should be maintained. Documentation of cash that comes in in the shape of costs for the digit of material, products, and services you sell and when should all be properly kept.

4.   DOCUMENTS MANAGEMENT

All documentation of an entrepreneur should be well organized to reduce mistakes. Bookkeeping should be updated and arranged.  Common rule of thumb is that you can never document “too much”.

5. SEPARATE BUSINESS ACCOUNT

Personal and business accounts must be separate to have a better awareness of business expenses and taxes.  When the two are mixed, it is very hard to discern between what are personal income/expenses and what are business income/expenses.

6. BALANCE SHEET

To determine the financial health of a business, a balance sheet is a must. It provides information of assets, liabilities, and equity.

 

7. SELECT ACCOUNTING SOFTWARE

Every entrepreneur should have accounting operations software to manage more effectively and efficiently. Software for small business are available online and are truly catered to each and every business out there.

8. ACQUIRE PROFESSIONAL ACCOUNTING ADVICE

Take support from a professional accountant and bookkeeper for the best bookkeeping practices. They will guide your business to control transactions and recommend changes for better growth. They are also responsible for setting company establishment. For building a better understanding of transactions, a well-oiled bookkeeping system is a must.

CONCLUSION

It is vital for entrepreneurs to have, at least, a basic understanding of the accounting and financial practices of their business.  Whether your bookkeeping is outsourced or done in-house, it is crucial that effective financial management is practiced to ensure the success of your 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.

 

Open Cash Register Drawer Close up with Money.
Cash registers are in almost every store around the world. Today’s modern POS systems are fairly powerful and do just about everything. But, still, you need a process to handle and account for all of the store’s cash. To prevent mishandling and implement other safeguards, these internal controls are vital. This crucial process must be reliable and create an environment of operational efficiency along with bring assurance of reliable accounting records. Not only does mishandling of cash cost the business, it is one of the main contributors of shrinkage and loss in the store. Theft is the second common cause and it is made possible through an improper procedure of controls.

Cash registers play an important role in the process of counting money, reconciling receipts, and balancing the drawer which accounts for all of the day’s transactions. Modern POS systems even offer step by step instructions that will balance the cash drawer for employee guidance. Many store policies are created to further facilitate a cash management system that would ally in many areas. Cashiers have to make sure that everything adds up, otherwise things can go downhill quickly.

How to Balance a Cash Register

At the start of each shift, individuals are given the responsibility of counting the contents of a register to make sure of the exact amount of cash that is present, as the cashier will be held accountable at the end of their shift. At the end of their shift, the contents must be counted again and given a comparative glance to make sure everything is balanced. The register is balanced at the end of each shift to ensure that money has amounted correctly, none has been stolen, and no mistakes have occurred. In some stores, another employee must be present when the cash register is balanced. When all of the proper checks and processes have been accomplished, the cash will then go to the person who will deposit it into the bank.

Why is it Important to Balance a Cash Register?

Not only does balancing the cash register bring equilibrium to the cashier, it also gives further insight into how the money flows in or out. The cash register acts as a monitoring system of money movement and. if any is missing unexpectedly, it may indicate theft or carelessness. The key to success is being precise and providing accurate data regarding the cash flow. Regarding safety, a huge amount of money is never kept in the register. A minimum amount is kept to ensure safety in case of burglary or theft. Avoid keeping too much cash on the floor as it can be dangerous and prone to larceny. 

In addition, an entire sales report can be pulled up in an instant during any part of the shift. Documentation makes the cash drawer safe from mistakes and maladministration, so it always works in favor of the 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.

Business team meeting and discussing project plan. Businessmen discussing together in meeting room. Professional investor working with business project together. Finance managers task.
An accounting professional is the secret weapon for faster growth of any company. Sketching a clear picture of finances and cash flow is an intimidating task for most business owners as it requires vast accounting knowledge, skills, perseverance, and wisdom to manage your finances seamlessly. Moreover, a qualified individual will help you nurture your start-up with better decision making, minimizing your tax bills, and saving you a ton of time on administrative work. A professional accountant or bookkeeper has the capacity to change the entire dynamic of a business with better financial rulings and projections for the future.

Why Hire an Accountant or Bookkeeper for a Start-Up?

Hiring the right person for the job is always a challenging task for most organizations. In the beginning, entrepreneurs may feel reluctant in hiring professional accounting services as they consider them costly. However, hiring a top-notch accountant or bookkeeper can change the entire fate of a company in a very positive way. Time and time again, it always pays off in the course of a business’ journey. Since most entrepreneurs lack in depth financial knowledge and skills, it is ideal to hire professional services so that they can focus more on running their business and less on the accounting side of it.

Accounting Professional—The Need of the Hour!

According to studies, most start-ups fail to make their mark in their first year of business. When you examine the core of failure, you find accounting and financial inefficiencies along with poor financial management, planning, and forecasting cash flow and resources. Certain inabilities restrict organizations in managing their internal and external managerial affairs which further confines them in making an impact in the market. This indicates that cash, borrowing, and resource management have their own unique significance and must be managed professionally.

Entrepreneurs may lack the financial wisdom to tackle complicated issues such as debt and tax requirements, debt repayment, filing income tax returns, managing financial books, credit accounts, etc. However, that doesn’t mean that they cannot understand and comprehend the financial standing of their company with help from a professional.

Here are few of the reasons why all entrepreneurs and business adventurists should work with an accounting professional.

They Help You Find Work-Life Balance

Whether it’s a new business start-up or an established business, the need for finding the perfect work-life balance never dies. It is the job of a professional accountant to provide you with peace by taking on certain finance-related tasks that you are less than passionate about handling. Delegating some of the responsibilities to experienced and qualified accountants is ideal for ensuring faster growth and success.

They Help You Focus on Achieving Your Strategic Goals

Hiring a seasoned accounting professional is absolutely necessary for managing your business’s finances effectively. Entrepreneurs usually have a certain state of mind that keeps them passionate about their business, which means they will be more than excited to see their business grow at a significant rate at any cost. Businesses can only expect to grow at a massive speed if they share some of the responsibilities with specialized third-party service providers.

A Professional Reputation

Start-ups can only expect to grow if they keep all of their stakeholders, clients, employees, accountants, promoters, distributors, financiers,etc. happy. This indicates that building and retaining a strong relationship with your stakeholders can help you achieve success within no time. By maintaining integrity and upholding standards, an accounting professional will not only earn a name and positive rapport for themselves, but also represent your company in the best possible way.

They Understand Accounting Matters More

From developing a new financial perspective to providing you a safe method for saving more time and money, an accounting expert has become the need of the hour for handling core financial matter. Plus, they know the legal tricks to minimize your tax bills, which is huge in each and every sense. They help you make better financial decisions for your business which is vital to business success. An accounting professional is an ultimate game changer as they can put a business on the right track to succeed and grow.

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.

working investor with hand ordering trade stick market with laptop and paper chart on table
As an owner of a small business, there undoubtedly a lot on your plate…maybe even more than you can handle. From generating ideas to executing them and from following up and organizing meetings, there are a lot of things that you have to take care of. There are professional accountants and bookkeepers that you can find to take control of your business finances. However, it is very important that, as a business owner, you too understand the accounts of your company. Following are 5 business accounting tips for business owners to run a successful business that is financially secure.

1. Review the Accounts on a Regular Basis

When you leave your finances to be handled by your employees, you will start trusting the account handler blindly. That being said, it is not advised to leave your accounts solely on any one person. As the business owner, you should have a clear picture of what is going on in your accounts department to make sure you know everything and can pull strings, when needed.

2. Cash Flow

In today’s fast-paced business world, as a business owner, you must be aware of your cash flow. This should be taken care of both annually and seasonally. In-depth knowledge regarding the highs and lows of your cash flow cycle is going to help in providing you with a clear understanding on whether or not you need to expand and when to do it.

3. Tax Details

The tax details are something that you should definitely keep a check on. When it comes to small businesses, the business tax is sometimes also your personal tax. This is why you should be well aware of the details and amounts you have to pay in taxes. This helps you understand the expenses which you can and should deduct along with all of the various different types of taxes you are paying. When you have a clear knowledge of your annual taxes, you will have a better understanding regarding how you can file advance taxes and the number of resources that need to be set aside in order to cover the government taxes.

4. Frequency of Bookkeeping

Oftentimes, if you are the one who is undertaking the accounting for your business, bookkeeping might be the lowest on your priority list. However, it is very important that you maintain your books on a day to day basis. By doing this, you ensure that the accounting of your business does not pile up and that the important data is not lost or forgotten.

5. Accounting Checklist

The business books along with the accounting details can sometimes seem very difficult to understand and maintain. This is why it is very important that you keep in mind the numerous things which need to be included. For this, you can always design an accounting checklist for yourself.

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

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In order for small businesses to manage and run their business expenses smoothly, it is essential to keep tabs on your cash inflows and outflows. No question about it, the significance of proper expense administration for any magnitude of business is huge. The execution of the best businesses practices is a giant factor towards the revenue, growth, and, eventually, success and achievement of the business.

Bookkeeping is an excellent way for small and medium-sized businesses to manage their business expenses. The concept of bookkeeping cannot be stressed enough, be it in any kind of occupation or any kind of management. By efficiently handling and keeping tabs on business expenses, owners can gain a multitude of advantages:

Block Unseen Sinkholes

At times, your money is lost in places it should not be. By managing your business expenses well, you will easily be able to find those unseen sinkholes.

Maximize Income

By getting rid of wasteful expenditures and making the best use of items that are considered tax deductible, business owners have a chance to achieve a noteworthy aggregate of revenue.

Generate Prospects For Growth 

For businesses owners, it can be a huge deal if they are aware of where their money is being spent. Not just that, it also makes a big difference in finding out how effectively that money is being spent. These two aspects are a big factor in the preparation and accomplishment of future growth of the business.

In order to improve your business expense tracking technique, business owners should implement the below practices in their business:

Be Certain That Business Expense Policy Is Firm, Clear, And Fair

The business expense policy of your company needs to be well-founded, fair, and unambiguous. If there are any exceptions, they should be set aside for exceptional situations. The organization should make sure their managers, employees, and clients are familiar and well-aware of the policies set in place.

When formulating a business expense policy, the one thing that should remain a priority is ease of communication. After all, you don’t want your employees to go through the company textbook every time they have a question just to understand the business expense policy. The key here is simplicity.

Keep Your Business Expense Reporting Procedures Clear And Simple

Keeping the importance of simplicity in mind, we will further elaborate with the next point. When we talk of simplicity, it has its benefits and advantages. The first point is, the simpler you keep your business process and procedures, the more your employees will be able to comply. The more simplified the procedure is, the more your employees will stick to it.

Secondly, if the procedures are complex in nature, it will increase the chances of inaccuracy in managing the business expenses. The more administrative boxes and excel spreadsheets you have that need to be entered, the more chances there will be a blunder made somewhere. These are blunders that could possibly end in forfeiture of an expense entitlement.

Finally, and most significant of all, simplicity means speed and swiftness. If the system is simpler, your clients and employees will spend less time on the business operations.

Gather Relevant And Required Information For All Business Expenses

When it is time to file tax returns, the one factor that can immediately kill the likelihood of you getting your hands on any money is non-compliant invoices.

Whenever a reclaimable expenditure is incurred, the associated invoices and receipts will guarantee you of getting your money back. This is why it is extremely important to save those invoices and receipts so that they can be accepted for a tax refund by the appropriate taxation office.

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

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We live in a time where technology changes faster than fashion trends. Every other day, we hear about the demise of a certain technology and the birth of another. From email to QuickBooks, people are quick to say that a certain tool or platform doesn’t work or isn’t relevant anymore.

The question is – does technology ever die? Not if it evolves.

QuickBooks is one of those rare tools that has survived the test of time by staying up to date and even ahead of the times. There may be some firms that are now switching to fancy accounting software, but that doesn’t mean QuickBooks is obsolete or in any way less advanced.

The fact of the matter is that QuickBooks is still used by more than 500,000 small businesses across the world. The main reason behind its success is its simplicity and ease of use, two things that have only improved over time. Accountants and bookkeepers, who aren’t up for making their clients pay an excessive fee, actually swear by QuickBooks. They only recommend an upgrade to a more complex system when the businesses have grown beyond a certain size.

5 Good Reasons you Should Stay with QuickBooks

QuickBooks is Scalable Enough for Your Business

QuickBooks is good enough for an enterprise with up to 30 users. Some upgrades allow businesses to keep their accounting expense within their budget while scaling their accounting software per their needs. If your accountant or bookkeeper is telling you to pay for a fancy tool while your business is still in its infancy, the only thing you should consider changing is your accounting service provider. QuickBooks delivers scalability without compromising data integrity.

QuickBooks Can Be Industry Specific

Don’t let anyone fool you into investing in a tool that claims to be more industry specific. You will end up paying for nothing but a generic product with a fancy mask. QuickBooks has come a long way and there is a huge community that supports this tool. There are numerous modules and add ons that can help you enhance the capabilities of QuickBooks without breaking your bank. Some of the most popular modules include retail, manufacturing, contractor, and non-profit.

QuickBooks Can Be Seamlessly Integrated

Integration is crucial to the efficiency and performance of any tool or software. QuickBooks Enterprise can now be integrated with a number of enterprise systems including CRM and inventory management systems. This seamless integration promises better workflow, but a bit of custom development is required. A reputable accounting service provider or bookkeeping service will help you make the most out of QuickBooks.

QuickBooks Helps with Tracking and Reporting

Essentially no tool can be of any real benefit unless it can provide insightful reports. When it comes to accounting, tracking and reporting are extremely important. QuickBooks allows you to generate charts and reports per your firm’s need. The enterprise version even allows creating of consolidated reports from multiple files. There is a complete customization option to meet the reporting requirements of your company.

Last, but not the least, QuickBooks simplifies the whole process of tracking inventory and managing accounts over various locations. There is a whole range of third-party software and systems that are designed to work with QuickBooks in order to enhance it’s capabilities according to your needs.

The Bottom Line

Advanced accounting tools are not only complex, but they are also costly. QuickBooks is a trusted option, however, it all depends on your accounting service provider or bookkeeper. For any business owner who thinks their company has outgrown QuickBooks, the safest bet is to contact professionals who are well aware of the proper utilization of the tool. You will be surprised to know how much more it can offer.

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.