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Accounting and Bookkeeping Software - Complete Controller

No matter the business’s size, accounting and bookkeeping are considered the most important aspects of business operations after-sales and revenue generation. Larger corporations have entire departments dedicated to accounting and bookkeeping tasks. However, small businesses cannot afford to hire accountants or bookkeepers and become reliant on accounting and bookkeeping software. There are many excellent choices for accounting and bookkeeping software for small businesses. It is a matter of you researching them to assess which one will work best for you and your business. It isn’t easy to know what kind of software to get when it comes to business operations, especially bookkeeping and accounting. Here are five of the best accounting and bookkeeping software packages and some features and descriptions to help you decide what you need before purchasing.   Check out America's Best Bookkeepers

GnuCash:

GnuCash is considered an extremely simple and user-friendly bookkeeping software. Here are three of the best features of GnuCash:

  • Handles multiple currencies
  • Flexible software and user friendly
  • Attractive payroll features

GnuCash is an alternative accounting software to Intuit’s Quicken, specifically to provide efficient accounting services to individuals and corporations. It is also open-source software and can be operated over different operating systems, including Linux, OpenBSD, macOS, Windows, and GNU. The GnuCash is mainly used to provide credit notes, invoices, accounts payable and receivable, payroll, and employee expenses. Check out America's Best Bookkeepers

TurboCASH:

TurboCASH is the perfect accounting tool to manage financial activities specifically for small and medium businesses. Also, this application helps to provide the following best features:

  • Handle accounting application of multiple corporations at a time
  • A huge online community
  • Easy to understand features

TurboCASH is an open-source accounting application mainly used to provide financial management services to debtors, purchase orders, creditors, VAT, and financial businesses. These accounting and financial services are also provided to several users and home business organizations; therefore, it has a large online community that provides support.

NCH Express Invoice:

The NCH express invoice software is used to generate quotes, invoices, orders, and forms in just seconds. It is used mainly to provide the following best features:

  • Generate different sets of reports
  • Provide support to a wide range of platforms
  • Generates invoices quickly Check out America's Best Bookkeepers

Wave:

Wave is an accounting application integrated to run home business bookkeeping and is mainly used to provide cloud-based services specifically to cater to accounting activities. This accounting application is used to manage the finances of small and medium businesses. Also, it is best known for having a user-friendly design and is used by several users due to the following best features:

  • High –quality service
  • User-friendly interface
  • Delivers basic functionality for the small and medium-sized businesses

Wave is declared the most efficient accounting software that is free to deliver top-quality services, including accounting, receipts, and invoicing. But if a person needs some technical support, that individual needs to pay some amount to avail of the services.

Money Manager Ex:

It is designed to manage accounts and finances of household and small businesses efficiently and effectively. Use of Money Manager Ex will provide the following best features to the user:

  • Accounting Features
  • User-friendly interface
  • Can be used via USB port

Money Manager Ex is an open-source tool designed particularly to deliver the best accounting services. It is because several great features are integrated to help the user by providing potential accounting features. It is an application with a user-friendly interface, making it easier for the user to understand the application. Furthermore, transactions are conducted and managed within a short period. It is a portable accounting application used specifically to save users’ time using a USB stick without even undergoing the installation phase. To help users manage accounts better, an android application is also provided to run financial activities.

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
Small Business Struggles - Complete Controller

There are mistakes that many people make when starting a small business. These mistakes can even occur when the business is up and running but can generally be avoided. Some of these mistakes can be unique to the business type or the individual owner, but many small businesses’ mistakes are quite common. When opening a small business and even in later stages of operations, there are missteps you want to avoid to have a lucrative business. Here are eight common mistakes small business owners make and how to avoid them. Check out America's Best Bookkeepers

No Business Plan

Business plans are essential to every business, whether large or small, or whether it is just beginning or has been around for many years. While writing a business plan can be a challenge, it will pay off if you have a well thought out business plan to utilize for investors, new staff, or even for you to refer to through the year to keep you on track. You must understand what your business plan needs for your specific business.

No Market Research

Researching the market you are in is of the utmost importance and should also be included in your business plan. It should also be something you constantly research as time goes on to remain competitive in your chosen market. It is also used to determine your target customer and should be done as often as you need to reassess your business to maximize profits and a competitive edge. You should also need to do research anytime there is a shift in your business.

Building the Wrong Team

A small business’s success will be dependent on not on your products or services, but it will also revolve around your staff. When employing staff, you must make selections that will work well in the business dynamic and with other staff members. It is also important that the team members have talents to serve your business the greatest and fill different positions needed for your company. Check out America's Best Bookkeepers

No Website

In today’s primarily digital world, not having a website for your business can be a serious mistake. Every business must be searchable by individuals who don’t know about your business but may launch a search that will bring them to you. Most small businesses don’t have a site because it is thought that the cost will be too expensive. However, having a website created is not as costly as you think, and there are even sites that you can develop your site for not a lot to free. However, you make it happen; creating a business website from the start is crucial.

No Financing

Many small business owners don’t get the right financing in place before starting. This lack of financing can trigger problems that become impossible swiftly and destroy the business. The way to prevent this mistake is to go back to the business plan. It should contain a detailed financial outline of your business, let you know how much capital you will need, and give investors an idea of your financial plan.

Mispricing Your Products or Services

Some small business owners have trouble coming up with the value of products and services. The fear is that people will not give you what you sell is priced too high. Your first step is to do research and set a price comparable to the market to face this issue. Another rule to follow is to figure out what the bare minimum is you need to make to pay bills and staff and do what needs to be done in the business and set your prices to match this need. Check out America's Best Bookkeepers

Failing to Invest in Marketing

In today’s digital world, marketing is not as expensive as it used to be. In many cases, marketing is free when using social media platforms to market. If you have the solid foundation of a business plan, marketing, and costs are built into the plan, there would be no surprises regarding planning and costs.

Ignoring Accounting and Bookkeeping

There are a lot of reasons accounting and bookkeeping needs focus. The main reason you need to focus on accounting and bookkeeping is to be aware of your business’s financial health. Whether you use a professional (recommended) or use a bookkeeping or accounting software and do it yourself, it is essential to control your business’s accounting and bookkeeping.

Conclusion

Starting and running a successful small business is not for the faint of heart. It requires dedication and intelligence. These are common mistakes, new or small business owners make. If you know what they are and have a plan, you can avoid these mistakes for your business’s lifespan.

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
Small Business Challenges - Complete Controller

Small businesses face challenges that may not necessarily be unique to them as businesses overall. In comparison to larger businesses, these challenges can overwhelm, overtake, and destroy a small business. The most intelligent small business owner will know what these challenges are and how to beat them into submission and make them turn from a challenge to a success. Here are four areas of focus to help you overcome small business challenges. Check out America's Best Bookkeepers

Staffing

Medium businesses and larger corporations have issues with attrition; however, their size absorbs this attrition. Therefore they can afford to make staffing mistakes in the hiring process. However, a small business cannot withstand a lot of staff turnover, depending on how small it is. The other issue that small businesses face when staffing that larger businesses don’t is that you can’t only focus on the skills of the person you hire; you have to consider how this employee gets along with others on the staff fits into the flow of the business. In a small business, you are often working closely together, and if there is one cog in this well-oiled machine that is not functioning, the entire machine ceases to function properly.

You can overcome this by being selective and engaging questions in the interview process that will give insight into the personality and work with others in the office. Another step you can take is to have more than one person on the staff conduct interviews when narrowing the candidates. These interviews should be independent, thus keeping the opinions separated until the staff comes together to discuss each candidate. Though these approaches don’t guarantee that the person hired will work out, it increases their chances. Check out America's Best Bookkeepers

Technology

Small businesses aren’t archaic just because they are small. Most small businesses that aren’t up on technology are so simply because they can’t afford the latest and greatest advancements or upgrade existing technology.

There are several ways a small business can face this and obtain all the technology or upgrades they need to be effective in their market. First, you need to get someone who is an expert in business technology (not a salesperson) to evaluate your needs. Once you know exactly what you need, you can seek free and reliable versions of what you need. Another way to overcome it is to approach your investors if you have them and give them a presentation of what you need and the costs. If you don’t have investors, you can do the same with a lender or use some of your equity to invest in new and upgraded technology.

Operations

Operational costs can be overwhelming if the costs are more than your profits. There can be a multitude of reasons this is occurring. These reasons include underpricing your services and products, overpaying for supplies and materials, overstaffing, or even something as insidious as embezzlement or fraud, to name a few. If your operating costs are consistently outdoing your profits, you should hire an impartial business consultant to evaluate. It is suggested that it be an impartial consultant because they will not insert emotions and get to the core of the matter. They can also give you solutions that aren’t candy-coated but blunt and, again, free of emotion. Check out America's Best Bookkeepers

Competition

Competition is always going to exist, and in most cases, it is healthy to have or maybe undermotivated to succeed or seek out growth and change. While a little competition can be healthy, there are cases where the competition is trouncing you and killing your business.

If this is the case, you can do a few things to overcome this and come out on top or at least be enough of a contender that your business will thrive. You can research what your competitor is doing that leads to success and find out their weaknesses. Whether a best practice or weakness, you will be armed with what to do and what not to do. You can also find a niche in the market that makes you stand out among your competitors. It could be one original product or service you offer that no one else does. You can also use their weaknesses as your strengths, which will bring customers to your door more often than not.

 

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
Successful Small Business - Complete Controller

When starting a new small business, there are several areas of the startup process that an entrepreneur must execute to ensure the business launch’s success. Starting a new business can be a challenge. In light of this challenge, here are eight steps entrepreneurs can take that will help avoid making mistakes that will hurt a new small business.

Create a Business Plan

A well-written business plan with all the components needed for potential lenders, partners, and investors is essential for every small business to have. These components include an executive summary, company brief, organizational structure, market analysis, marketing plan, sales strategy, and financial plan. Your business plan will be upgraded and changed as your business develops and grows. However, the initial business plan should be focused purely on the needs of the startup. Check out America's Best Bookkeepers

Do Market Research

Though market research is included in the business plan, it cannot be stressed enough how important it is that a new business owner is aware of its market. Knowing your ideal demographic, the geographic advantages, competitor best practices and weaknesses, and other information that market research reveals will be essential at startup and beyond.

Build the Right Team

While a successful small business needs to have a strong and knowledgeable owner, it is equally important to have the right staff. When hiring for your new small business, you must consider skills and experience, but you also need to consider how your staff will function as a team. As opposed to a larger corporation, a small business is dependent on the team getting along well, so aspects of potential employees beyond skills and experience will also need to be factored into the hiring process. Check out America's Best Bookkeepers

Create an Optimized Website

When the Internet first started, having a company website seemed like an expensive and complicated dream. In today’s digital world, it is an assumption that any business has a website. A small business must have an informative website and lets potential customers know what your business offers. It also has to be optimized with keywords and other data so your business will show up in search engines. Many sites offer free website templates, or you can hire a professional to build and host a website for you.

Obtain Solid Financing

Financing your new small business will be essential. It may be impossible to even launch without it. There are many types of financing to consider if you are unable to finance your startup yourself. Some of the financing types include investors, friends or family loans, bank loans, and grants. The most crucial aspect of the financing is that you have plenty of capital to operate while working to profit. Most businesses that fail do so due to poor finances.

Pricing Your Products and Services

Pricing your products and services may seem like a difficulty. If you price too high, people may not even give you a chance, but if you price too low, you may risk not covering costs and not making a profit. Pricing is another area where research is key, and knowing the market you are in and what others in similar businesses in your area are charging will be vital to setting your prices correctly from the start. Check out America's Best Bookkeepers

Invest in Marketing

Many small business owners believe they can’t afford marketing. The idea that you have to run ads or slap your product or service on a billboard may seem overwhelming or expensive. In the digital world, when it comes to marketing, you can spend little to no money and drive a lot of business your way if you know what to do. Using social media and some low-cost advertising strategies will make marketing not only inexpensive but easy to accomplish.

Focus on Accounting and Bookkeeping

Since the entire purpose of having a business is to make a profit, every company’s main focus is financial. From the beginning of your small business, you should have an accounting and bookkeeping plan in place. Whether it is employing an accountant or bookkeeper or using accounting software, do not start your business without this in place from day one.

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
Hire a Bookkeeper - Complete Controller

Every organization and business, irrespective of its size, keeps a record of its business transactions such as sales, expenses, and other financial transactions that occur every day. The recording of financial transactions is called bookkeeping, and the individual responsible for the recording is called a bookkeeper. A bookkeeper is responsible for recording day-to-day transactions and presents the data to the accountants who use them to create financial statements, including an income statement, balance sheet, profit and loss statement, and more, as needed. However, some entrepreneurs and small businesses prefer doing the job themselves, which can lead to mistakes. Here are five signs you need to hire a bookkeeper and stop doing the books yourself. Check out America's Best Bookkeepers

When the Workload Increases

At the beginning of a business venture, a small team can manage the workload, and different tasks can be assigned to each member. However, as the business grows, the responsibilities grow as well. This increases pressure on the team members, which may affect the work’s quality; therefore, the tasks must be reassigned to ensure efficiency. Bookkeeping requires attention and accuracy, as the financial management and projections depend on the company’s revenues and expenses. When a person has various tasks to look after, some expenses may go unrecorded, making it difficult to track the company’s efficiency and profitability.

When the Expenses are Not Categorized Accurately

It is important to track expenses accurately. The business must know when the expenses were incurred and the nature of expenses incurred. If the expenses are not categorized properly, the company may pay more tax credits or face several other business deductions. A person who does not have a proper understanding of bookkeeping is likely to make mistakes in categorizing expenses that will lead the company to pay more. Often the extra amount paid is more than the expense of keeping a bookkeeper.  A bookkeeper will ensure that all expenses are categorized properly to avoid any further expenses. Check out America's Best Bookkeepers

Lack of Organization

A growing business for an entrepreneur means a lot of chaos and hassle until one develops a team to manage different tasks. The work can be overwhelming, leading to unorganized work and unfinished tasks. Also, a new business must maintain a good reputation amongst stakeholders and ensure timely payments to vendors. This can be a problem for entrepreneurs and small businesses because various tasks are designated to one individual, and the pressure may lead to errors. To avoid unorganized behavior in the business, a bookkeeper must be hired to record financial transactions. This will help keep the business organized and manage the work well.

Moving Towards a Bookkeeping Software

There is bookkeeping software that allows entrepreneurs and small businesses to practice bookkeeping without any hassle. Some people may struggle with this software as they use technical terminologies that may not be easy to interpret by people who do not understand finance. Also, the software may seem confusing to one if he is not familiar with finance. The business may consider hiring a bookkeeper when the business grows, and the need for formal and organized bookkeeping merges. Instead of involving yourself in the software, hiring a bookkeeper would be a great idea. Check out America's Best Bookkeepers

When Bank Statements Need Reconciliation

Bank reconciliation is integral for ensuring accuracy to eradicate all errors in the financial data. Therefore, it is important to have accurate data in hand. Accuracy in the data ensures that the company is paying the right amount in taxes. However, suppose an entrepreneur or a small business is struggling with bank reconciliation and does not find the time to do it regularly. In that case, hiring a bookkeeper for the job is the only option left. A bookkeeper will take care of all these matters to keep the financial data accurate and updated.

Hiring a bookkeeper can reduce costs that the company would otherwise due to financial errors. Is it time for your company to hire a bookkeeper?

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
Small Business Loans from Banks - Complete Controller

There are plenty of options available when considering a loan for your business. The most common are bank loans. The following are some advantages and disadvantages of taking out business loans from banks: Check out America's Best Bookkeepers

Advantages

  1. Easily available

Being an established customer of a bank and the personalized customer service that comes with this may make it easier to ask for a loan. Banks are always available to help you apply for loans, as this is quite a common occurrence. Getting a bank loan may be an easier and smoother process than securing investors in your business.

  1. Reasonable Interest Rates

Banks are constantly competing for customers and may offer deals that are similar to those of market competitors. There will always be interest rates attached to business loans, but these rates may also come with healthy profit rates. Nevertheless, the interest rate that you will get from the bank is better than that of a personal loan or other leading agencies. In some cases, the interest that you pay is deducted from your taxes, though this is not always guaranteed. Check out America's Best Bookkeepers

  1. Nonprofit sharing

The most common reasons for taking out a business loan are to grow a business or to take it in a new direction. Both reasons share the common goal of wanting a business to prosper and gain more profit. If you borrow money from an investor, they will demand or expect some percentage of the profit that you make, along with the original money that was loaned. This does not happen when you take out a loan from a bank. The return amount is fixed. The bank does not care about your profit; all it wants is the original sum of money, plus interest.  

  1. Flexibility of Use

Unlike investors, a bank does not care how you spend the money that you are loaned, nor will it interfere with how you should run your business. Unless they are only silent partners, investors expect to have a say in how you spend their money on the business. A bank pays no attention to what you do, just as long as you return the money with interest. Business owners usually opt for bank loans in order to make sure that their business stays autonomous. 

Disadvantages

  1. Not All Businesses Qualify for a Loan

There are strict criteria that banks follow in order to approve business loan requests. Not all businesses are able to meet these requirements. It is crucial that you read the application thoroughly before applying for the loan. Do not waste your time applying if you know your business has no chance of being approved. Additionally, banks often prefer businesses that are already running, as there is a guarantee of profit, which ensures the money being returned on time. Check out America's Best Bookkeepers

  1. Loans secured against insurance

Most banks secure loans on the real estate owned by the business. Therefore, there is always a risk of your property being seized if you fail to repay your loan. This becomes a big problem when your business is not making as much profit as you had hoped for and you are unable to pay the interest on time.

  1. Lengthy application process

The bank verifies all credentials and details in order to make sure that the applicant and their business are eligible for the loan. Therefore, the whole process is very lengthy and exhausting. Banks may have a long list of requirements and conditions that are not always fulfilled by most businesses.

  1. Entire amount not permitted

Banks often grant part amount of the money that is requested, as they may think it is unnecessary for the business to get the full amount. More often than not, banks approve only seventy or eighty percent of the required amount. This becomes frustrating for business owners who have already budgeted for how they are going to use the money. This forces them to reduce some expenses and make their plans fit within the parameters of the new amount.

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
Successful Small Business - Complete Controller

If a new entrepreneur is like other entrepreneurs, then that person already has a business idea and is looking to make that idea into a successful small business. Now it is time to implement your idea in the best way possible to generate some revenue. However, it is important not to get stuck with the idea and get all tangled up. Create a product or service that is efficient yet inexpensive. That way, any excited entrepreneur can generate a successful business.

Starting a business can be tough, and it can be difficult to be focused on narrowing the business’s approach. Be sure and dedicated to the implementation of the business idea. Build something simple and easy to use. It can be a service or a product. A successful business is always focused on fulfilling the promises made to consumers and always exceeds their expectations. Check out America's Best Bookkeepers

Cut down all the pointless features that put the business under stress and take more costs than necessary to run. There is no need to follow all the bells and whistles of a giant firm as a small business. All of it can be focused later on once a business grows.

Identify All of Your Expenses

On getting done with the business idea, it is time to add up all the business costs. It is time to include every single expense needed to run and operate the business. Few necessary costs to remember are rent, supplies, location, and marketing, etc.

When evaluating all the costs associated with running a business, don’t forget to add a personal budget. It is crucial to include everything that how much is required to live, including food, gas, healthcare, rent, etc. Make a priority list about things that are necessary to be paid at first, and then from there, go to what can stay on hold if the cash runs short.

Once everything is in place, make a business budget. It is time to get capital to get started with the business, but it is necessary to consider all options before initiating it. Check out America's Best Bookkeepers

Think from a Zero Balance

You should always be thinking from an empty account because an account can be at a zero balance within days when it comes to a small business. Suppose you continuously operate as though you are building your account from a zero balance. In that case, you will never get too comfortable and allow your business to suffer when it comes to business having an unsuccessful idea. It is quite common. Many new businesses fail as soon as they start because there is no one out there who can run a business without any source of income.

It is always good to have a backup plan when everything gets out of hand. An individual might have to go on without all the luxuries of life or even find a temporary job once a business gets tough to run. Always keep a backup plan for the times when the business gets out of hands. 

Identify the current sources of revenue. How much money is being gathered from the present job? How much longer will the savings last if the job is lost? What unexpected causes can become trouble later? Always keep a backup plan when it comes to financing what will happen if the business fails. Check out America's Best Bookkeepers

Build Your Business While You Earn

To proceed with initiating a business, don’t leave the current job for it. Instead, make a successful plan for building a revenue-generating business. Take the first step and then slowly progress towards success and become an entrepreneur from an employee.

For a new business owner, it won’t be easy to get some income averagely. Stay on the nine to five job and deliver the best possible after job hours, which is easy to earn in the starting ages of business. Once a person starts getting a healthy amount of cash from his company, he can easily convert to full-time business from 9 to 5.

A lot of people are focused on spending more than actually saving it for revenue generation. The path towards building a good net worth starts with a single step. The step doesn’t necessarily have to be a big leap. It can be a small step but taking the step is important.

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
Small Business - Complete Controller

Small businesses refer to companies whose yearly profits and number of workers fall below a particular level. How is it possible that companies having less than 500 employees and less on average yearly receipts include such a sizeable fraction of the corporate populace?

There is a great possibility that financial technology, also known as fintech, is to credit for the increasing role in small businesses’ increase. Traditionally, one of the most common explanations for small business failure is cash flow challenges, such as poor expenditure supervision or unpaid invoices. But the modernization of fintech services is shifting how small businesses handle matters with cash flow. Fintech offers resolutions that improve the effectiveness of financial methods, allowing small businesses to simplify their operations. Check out America's Best Bookkeepers

Maximize Your Finances With Online Banking

Since small businesses have a small number of employees, therefore a lesser payroll, and less yearly profits than larger companies, it’s not unusual for small business owners to use their bank account for their company’s finances. But a key part of effectively handling the finances of a small business is organization, and fintech can assist.

Before any bookkeeping, owners should open a split bank account solely for their company’s finances and be choosy when doing so. Many small businesses select bank accounts with mobile apps to handle finances in real-time and benefit from what seems to be a progressively cashless culture.

Although, as a business owner, you might want to manage your money with second chance banking. Your credit score can play a significant role in establishing your company’s credit score, so having a bank account that doesn’t perform credit checks can significantly help your small business in terms of your capability to secure a business loan or get proper funding for your business. Check out America's Best Bookkeepers

Use Crowdfunding to Get Funding

Technology helps businesses handle their finances. It also helps them obtain financing. Crowdfunding is a common approach for small business owners to start, develop, and maintain their business. Instead of seeking money from investors, crowdfunding platforms provide small businesses with the needed resources to kickstart their enterprise.

As an alternative to taking on debt, paying high-interest rates, and possibly harming your credit rating with a small business loan, crowdfunding can act as a more viable way to acquire funding for your business when starting your business. In the digital age, many programs can provide small businesses with financial subsidies to fuel their efforts when launching.

Crowdfunding also offers secondary economic benefits by growing your business profile, particularly if you have a tight marketing plan. Some platforms offer marketing and design resources from their core teams that your small business can use.

Automate Your Billing Processes

Electronic billing, online payment procedures, and invoicing software are additional ways fintech reduces economic hurdles for small businesses. Collecting payments promptly is vital as you grow your small business. Businesses often experience problems with late payments from customers, affecting their cash flow and hindering financial operations.

Applying financial technology that automates your billing process helps better understand and keep track of accounts receivable. Instead of mailing paper statements or waiting to get an invoice paid, automation allows you to generate and issue invoices electronically. Check out America's Best Bookkeepers

Besides improving the tracing of your business’ outstanding or paid invoices, handling invoices online enables faster payments by permitting consumers to pay anytime using mobile devices or their computers. You can also opt to generate recurring invoices with a credit card on file, set auto-reminders, and send receipts via email or text. Technology also reduces human mistakes, creating stronger customer relationships.

Simplify Your Business’ Tax Preparation with Software

Despite their limited size, small businesses are not exempt from taxes. As a small business owner, you might no know where to start when tax season begins. Fintech can also assist during tax season.

There is a lot of information you must review when it comes to business taxes. It can be tricky to interpret the various taxes, including income tax, estimated tax, self-employment tax, employment tax, and excise tax. To lessen the opportunities to file your taxes incorrectly, minimize tax obligations, and maximize tax reduction, take advantage of inexpensive tax software created for small businesses.

This specialized software will help with tax-related computations for your business. It will also help you gather and manage tax documents and automatically prepare and file your tax returns. Some also offer features such as access to tax specialists’ support and the capability to track your business’ tax filing status for added peace of mind.

Technology is ever-changing to make our lives simpler by automating simple processes. Fintech is one of the key ways that business owners can use technology to ensure economic success. Fintech allows you to automate different aspects of your business, like invoicing and general financial tracking.

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
Business Invoicing Mistakes - Complete Controller

If you are a small business owner, you may not recognize just how important the invoice is to getting paid. Here are seven small business invoicing mistakes start-up owners make and how to avoid them.

Hesitating to Send the Invoice

Forgetting to send an invoice is one extremely obvious mistake you should not be making. If you don’t send your customer an invoice, you will never get paid. Despite it being obvious, not sending an invoice is caused by one common mistake that owners make, leading to forgetting to send an invoice. That is waiting to send the invoice. Maybe for some reason, you think it’s best to wait to invoice at the end of the month, or you like to send all of your invoices out simultaneously. This method can cause endless delays in getting paid and is a mistake waiting to happen. Check out America's Best Bookkeepers

To avoid forgetting to invoice, you should immediately send your customer an invoice or generate one in person on the spot. This instant invoicing practice will increase your chances of getting paid.

Neglecting to Create a Contract

Small businesses and sole proprietors rush to close a deal with a new client and willingly move ahead on the venture before signing a contract. However, a handshake type of deal is a mistake you should not be making. A contract permits you to set the project’s considerations, guaranteeing that you’ll be paid irrespective of whether your client changes their mind. You can also use the contract as an opening to set the rate and payment terms.

No Automation

Generally, if you can automate a task, you should do it today and in the age of technology and automation. Invoicing is no exclusion. Automating your invoicing using accounting software takes the human factor out of the situation. It makes it more probable that your invoice will be sent immediately and increases the chance of prompt payment.

Clients who regularly use your services ask for their authorization to set up an automated invoicing where they are billed repeatedly for your services. Most customers enjoy not having to think about remitting payment and will agree. Check out America's Best Bookkeepers

Omitting Details

An invoice is not only a payment request, but it includes important information. All invoices should include the following information:

  • The company name and phone number
  • The company headquarters address
  • Client name and address
  • Invoice number
  • Invoice issue date
  • Payment owed
  • Payment due date
  • Payment terms
  • A detailed list of products or services provided
  • Applicable tax numbers

Unclear Invoice Terms

Every invoice and contract should include clear payment terms. The client should already be aware of the payment terms, but you should ensure that they are also included on the contract and invoice and every subsequent invoice in the future. Most invoice terms are 30 days to pay the invoice, but you should set your terms to whatever works best for your company. Check out America's Best Bookkeepers

Not Following Up on Unpaid Invoices

If you don’t have a recurring payment system in place with your customer, you will have to depend on your customers to pay by your terms. You may have to levy a late fee if they don’t comply with the terms. You may also decide to give your client some space to pay. Either way, you must follow up with the client to ensure payment is made. If a client is not meeting the terms, it is a mistake costing you money if you don’t follow up.

Including Hidden Fees

You should never include any charges on the invoice that the customer is unaware of, such as added processing fees or extra hours or services provided that were not agreed upon prior. Adding un-agreed upon fees will lose you clients and could lead to legal issues if you have a contract or agreement that you are breaking by adding these fees.

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
Successful Entrepreneur Qualities - Complete Controller

Some essential characteristics or qualities guide entrepreneurs on the road to success if they know how to master them. Although each person is unique and incomparable, some common factors are among those who achieve success as entrepreneurs. It does not matter if you do not share all these characteristics; many can be acquired with practice and a positive attitude.

Successful entrepreneurs have many traits in common with others. They are confident, optimistic, disciplined, and self-starters. They are creative and open to new ideas that cross their path and work independently or collaborate with ease. Here are ten more qualities of a successful entrepreneur. Check out America's Best Bookkeepers

Investing in Themselves

The most successful entrepreneurs buy and read books, magazines, newspapers, websites, and publications in their industry, knowing that these resources will improve their understanding of the business. They also network with other successful entrepreneurs, attend seminars, and take courses. They do this because they know that learning is continuous and never stop investing in their growth.

Highly Organized

The key to staying organized is not what type of files you have or how clean your desk is, but how you manage your business. Organization is needed to establish a routine through which you can get as much done as possible during the workday. You must develop systems and routines for all your tasks. Little things like having an updated plan or a list of pending ones can help you.

Always Honest

Being honest with your customers, suppliers, employees, and being honest with yourself is the most important quality. Do not establish goals and deadlines that you cannot reach. The best way to bring people to your business is to decide what your company can do for them and then do it with integrity. Check out America's Best Bookkeepers

Deeply Passionate

Having passion is a very important and common trait of all successful entrepreneurs. They love their work and bring that passion for what they do every day. They are willing to do any amount of overtime as long as the business is successful because there is an enjoyment in their business that goes beyond money. Whether they are passionate about the tasks or activities they perform daily, the area or field in which they work, or simply the fact of the undertaking or creating businesses, a common quality in successful entrepreneurs is the passion with which they do things.

Tolerance to Uncertainty

An entrepreneur is never afraid to assume risks, tolerates uncertainty, and contemplates the possibility of failing. They know that every business opportunity carries a risk for more analysis or planning to be done. Before an opportunity, they try to minimize all possible risks and then act despite the risk that may still exist.

Forward Thinking Vision

Another quality that is usually found in successful entrepreneurs is the vision for the business. They can detect business opportunities that others cannot see and differentiate true opportunities from simple business possibilities. To undertake the business’s needs, it is necessary to have that ability to discover an opportunity where others have not and always think towards the future. Check out America's Best Bookkeepers

Self-Confidence

Besides having self-confidence, a great entrepreneur has the assurance that their product or service is necessary for the world, which will help them resist concerns over the detractors’ ridicule, who never fail to criticize. They are convinced that they will achieve success regardless of the problems or difficulties that may arise along the way because they trust in overcoming them and moving forward.

Strong Leadership

Entrepreneurs can always identify and bring the right people to their business and team. They are strong leaders and inspire everyone around them. Their employees follow with enthusiasm, while the entrepreneur directs and motivates them to fulfill the objectives and their future goals.

Adapts to Change

A great entrepreneur is always attentive to what happens in the market. As soon as they detect or anticipate a change that could mean a threat or an opportunity, they have enough flexibility to take advantage of it or face it. They are always ready to adapt to changes as needed.

Perseverance

Successful entrepreneurs have enough perseverance to overcome any obstacle or unforeseen event that may appear along the way, keep going no matter what happens, and not surrender until all possibilities have been exhausted. This perseverance is necessary as every business has its ups and downs.

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