Author: Jennifer Brazer

There are many advantages to buying an existing business rather than starting one. First, you avoid many of the ills associated with starting a business from scratch, such as those caused by new product development, hiring staff, and building a customer base. You also avoid going through the crucial first years that are often fatal to new businesses. It can also be an excellent way to break into areas where start-up costs are high, such as tourism and manufacturing. Ask yourself the following six questions to make sure you’re buying a profitable business.

Despite these advantages, existing businesses are rarely perfect, and ignoring their flaws can lead to a host of problems.

Here are six questions to ask yourself to make sure the proposed acquisition is right for you.

Why do customers appreciate the business?

A business with an established client base can be more expensive to purchase, but it is not necessarily bad. You inherit the company’s ” business background, “giving you easier access to cash and building on relationships already established with customers.

But to make sure a business is worth your time, you need to find out why people do business with it.

• Is it for its quality products or its excellent service?
• Is it for its experienced and professional employees?
• Is it for the relationship between the customers and the owner?
• Will a change of ownership make a difference?

Market research can explain ​​how customers perceive the company’s products, services, and overall brand.

Think carefully before acquiring a reputable business, as it can be challenging to change flawed perceptions. Ask yourself why the business is for sale and find out about its reputation and its owner.

See what people are saying about the online business. It may not represent the big picture, but you will get a good idea of ​​what inspires the company and what needs to be done to change negative feelings.

The product or service is unique in the market?

If your target business is in an industry where competition is intense, probe deep to find out how the business stands out, as this is a key reason customers are loyal (see above).

If there are no apparent distinguishing features, think about what you can do to stand out from the crowd, and the efforts and costs involved.

What does corporate culture look like?

Take a look at the company’s culture, its management style, the quality of its work, and the relationships that the seller maintains with employees and managers. Check whether these aspects correspond to your philosophy and whether it is worth making changes to them.  Rapid change after an acquisition can cause resistance from employees, suppliers, and partners.

Long-term employees are a great asset. They know the business, the products, and the processes. Also, they can provide company and sector information. If staff turnover is high, question the cause. Is it due to competition within the sector? Is it because of the corporate culture? Is this linked to the aging of the workforce? The answers to these questions will give you an overview of the challenges or needs in human resources.

Do you know enough about the company or the sector?

Do not fall into the trap of buying a business in a field that is unknown to you because it seems to you to be a “safe deal.”

It is much more challenging to succeed in a sector where you have no experience or which interest you little. Evaluate your skills, interests, and experience, then make sure the business matches this insight’s results. By choosing a known territory, you significantly reduce the risk of failure.

• Will this new business integrate with the businesses you already own?

If you want to expand your business by acquiring, you will need to seek synergy in key areas.

• Its products or services should be related or complementary to your current offer.
• Marketing and sales techniques need to fit in with each other.
• You will also need to harmonize production and distribution methods.

You will need to integrate the new business staff into your existing activities and have a plan to deal with potential redundancies.

It may be useful to start thinking about the integration plan during the due diligence process. Your evaluation must go beyond simple accounting to also take into account your strategic objectives.

Are there any hidden costs?

Hidden issues can make the business less attractive than it initially appeared. For example, if the lease for facilities or equipment expires soon, you may have to incur unforeseen expenses. By doing proper due diligence, you can uncover these problems and avoid costly oversights that can get you into unnecessary debt.

Once you have started the due diligence process, do not limit yourself to analyzing activities and financial statements. It would be best if you also spoke to employees and suppliers to assess the fair value of the business.

Finding a company to buy it can be time-consuming and costly. But, when done right, the effort can be worth it.

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.

If you are a business owner, you probably focus your efforts on the day-to-day tasks to keep it going. You may not have thought about retirement, even if it is fast approaching. Don’t worry, and you are not alone. More than three-quarters of small business owners do not have a retirement plan, either for themselves or for their employees.

While some workers benefit from a pension plan or a supplemental pension plan, this is not the case for most small business owners. It is you who must plan your future and determine how you will finance your retirement. Here are some questions to help you prepare.

How soon would you like to retire?

It is a good starting point for planning your future. Even if you have only a vague idea of ​​when you will retire, the important thing is to have a goal to achieve. This will help you think about the number of years you want to continue working, what you would like to do after retirement. It will also help you determine how much you can save by then.

There are many factors to consider, such as your physical and financial health, when determining the date that is best for you, your family, or anyone else with whom you plan to retire.

What lifestyle do you want to have in retirement?

It is essential to consider the lifestyle you want to have in retirement when determining the amount you will need to take full advantage of it. Consider how often you would like to travel and ask yourself if you would like to volunteer or stay home. Retiring does not mean that you have to stop working completely. You could delegate specific responsibilities, work part-time, or act as a consultant while your successor becomes familiar with the business’s inner workings.

How will you finance your retirement?

The good news is that you can choose from several options to finance your retirement. Government programs such as the Pension Plans, the Old Age Security Pension Plan can provide you with basic income. And during your working years, you can take advantage of the tax benefits offered by the registered retirement savings plan, and the tax-free savings account to save for retirement.

The individual pension plan and the retirement agreement are also options available to business owners who finance their retirement themselves.

If some owners count on their business’s sale to finance their retirement, this strategy is not without risks, the unknowns being numerous. An important question is whether someone will be ready to buy your business when you put it up for sale. It would help if you also had it appraised to find out its fair market value before you start looking for potential buyers.

Financing your retirement involves many important decisions. It would help if you spoke to your advisor about what to do to diversify your retirement income sources.

What future do you want for your business?

Every owner has to leave his business sooner or later. However, to be in good financial health at retirement and protect your assets, establishing a succession plan is essential.

Here are some scenarios to consider:

• Transfer or sell the business to a family member
• Sell ​​to a partner or employee
• Sell ​​to a third party

Even if you know who will take over your business, it will take time – perhaps a few years – to help them prepare to take over. Your successor may need to acquire specific skills and build relationships beforehand, in addition to having to become familiar with all aspects of the business.

It would help if you did not answer all these questions alone: ​​your advisor, accountant, and a lawyer can help you with your planning, be it estate planning, tax-efficient investments, or retirement savings plans.

Knowing that you are ready for various situations can save you a lot of worries and allow you to focus on your business. Even if retirement is still far away, having a plan means that you can cope with any eventuality. It is merely a good business strategy.

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.

Becoming your boss can be thrilling and possibly a little scary. Once you decide to strike out on your own, you have a lot to consider. While many freelancers or sole proprietors develop their business plans, how to handle taxes should be figured into the financial section of the plan. While it is suggested that you hire a professional to handle your taxes, no matter what type of business owner you are, it is still good to understand how taxes are handled for the freelancer or sole proprietor. Here are five tax tips any freelancer or sole proprietor can apply to their business.

Know the Forms

Because the business’s net profits are taxable, you will need to become familiar with a Schedule C form. It is the form where sole proprietors report income and expenses. If your business earns under a certain amount, you may file a Schedule C-EZ and check with the IRS for the current minimum income. You will also need to obtain a Schedule SE to calculate the self-employment tax appropriately. If doing your taxes, you will need to know these forms and study their instructions. Even if you hire a tax pro, your familiarity with these forms will make the job easier for you both.

If you don’t hire a professional and decide to do it yourself, make sure you have the best tax software specifically designed for the freelancer or sole proprietor. This is not the time to wing it.

Organize Your Income and Expenses

Being self-employed usually means your income is inconsistent, so estimate your tax liability during the year to avoid surprises. Unfortunately, if you’re audited, the burden is put upon the one being audited to prove the income and expenses on the audited tax return. If you are organized in your receipts and bookkeeping, this should be easy to get through. An audit is not always triggered by something the taxpayer did incorrectly; some audits are random, and if you are organized, you will not need to worry. This organization will make your taxes easy to prepare, whether you give it to a professional or prepare them yourself using tax prep software.

Know the 1099

If a client pays you more than $600, they must send you a 1099 and send a 1099 to the IRS. You need to make sure you include it with your tax preparation information. Even if the client does not pay you more than $600 or doesn’t file a 1099, you are still expected to report all income you make as a freelancer or sole proprietor. These tax mistakes are often caught years after the error is made, and the IRS not only expects you to pay the amount you should have but also charges interest. It is best if you claim income and pay taxes on it when it is due to avoid issues with the IRS down the line.

Claim Car Expenses

Even if you don’t primarily use your car for your business, there are times you can write off car expenses. If you drive to any business-related meetings or errands, you should keep an accounting of gas and mileage. You can also write off some of the car repairs if they become necessary. Check the IRS website to find out how many cents per mile you can write off for business-related car use. It would help if you kept detailed mileage accounts for business pertaining to car use to get the most out of this valuable deduction.

You can also deduct your actual car expenses, such as depreciation, licenses, gas, oil, insurance, registration fees, repairs, and tires. The car expense deduction generally is based on the total miles driven for business. If leasing your vehicle, you should check with the IRS and determine if your lease payments can be deducted.

Home Office Deductions

If you work from home or use part of it in your business, you can deduct some of your mortgage or rent and insurance, utilities, repairs, and similar expenses. You can calculate your home office deductions in one of two ways. First, figure out what percentage of square footage you use exclusively for business activities. That percentage of your home-related expenses becomes deductible. So, if your office is 10 percent of your home’s square footage, 10 percent of your rent, utilities, and other home expenses for the year may be deductible. If any repairs occur within the office area of your home, those repairs are often fully deductible.

The second way to figure home office deductions is to deduct $5 per square foot for businesses up to 300 square feet. You keep fewer records but generally get a smaller deduction, so calculate things both ways before filing. Consult the IRS website for details or the latest changes in deduction amounts.

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.

Every responsible adult should have savings in their budget, but the truth is most people don’t have anything saved, nor do they budget. There is a psychology to budgeting and finances that has people worried they would have to give up a lot or make significant changes in their lifestyle to stay out of debt and go further in the budget to save. Most hard-working adults live paycheck to paycheck with no safety net and don’t think there is anything they can do to change that without giving up what they are working hard to do. 

Making a budget is just the beginning. There are many areas where you can make changes or try new ideas that will boost savings without having to live a boring life with no fun or luxury. Here are three quick and easy ways you can boost savings without giving up much if anything at all.

Rework Your Bills

Many people don’t realize they can renegotiate some of their bills. Even utilities. What? Yes, you can negotiate almost everything. Call your utility companies and see about paying a fixed amount usually taken from an average of past bills for that address. If you overpay the actual bills by the end of the year, you get money back, or if you used more than expected, you might have to pay the overage at the end of the year. If you are diligent about keeping it within this fixed amount, this can save you big! If you are a good driver, you can get insurance companies into a bidding war to get your business. They want customers paying in premiums that are low risk ever to make a claim. They will make excellent offers to get you. You can also call your cable company and ask for the deals they are offering new customers. If they say they won’t give that to you, their loyal customer, let them know you will go to another company. You can do the same thing with your phone carrier, find out what offers they have and negotiate them yourself.

The bottom line is, you should try reworking all of your bills, getting better interest rates after you have been paying on time for a period, or getting fixed payments. The most that any company you are trying to negotiate with can say is no, but maybe they will help you save money.

Better Banking

Your banking institution will generally offer you bank accounts that will cost them nothing. Do your research and make sure you look into every type of bank account provided. Some bank accounts offer cash back for debit card usage or higher interest savings or checking accounts. Don’t settle for the plain bank account with no frills you are offered. Research and save!

The recent trend is banking institutions offering what is called a hybrid checking account. This checking account is a checking and savings account in one, and it provides a higher interest rate. This will add up, especially if you steadily deposit into this account.

Good Investments

You are thinking you barely make enough to cover bills. How can I even think about investing? There are a few ways. First, if your company offers a 401(k), contribute as much as you can. If your company matches a certain percentage, contribute that amount, so you get the most bang for your investing buck. Micro-investing is a trend that is also an easy way to invest when you don’t have a lot of wiggle room in your budget to invest. These spare change investment apps won’t make you rich or able to retire early. What they will do is give you the money you can use to pay down debt or put into more significant investments.

When you go for more significant investments, make sure you have paid down your debts and have an emergency fund first. Your priority should be getting out of debt and having the ability to cover emergencies and loss of income, then investments.

Conclusion

The truth is any changes, large or small, can help boost savings. These three ideas are simple and don’t cost you in major changes to your lifestyle or spending. Try them out, and when you see how easy it is, you can get bolder, and before you know it, you will have a great retirement nest egg.

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.

By: Jennifer Brazer

Jennifer is the author of From Cubicle to Cloud and Founder/CEO of Complete Controller, a pioneering financial services firm that helps entrepreneurs break free of traditional constraints and scale their businesses to new heights.

Fact Checked By: Brittany McMillen

5 Significant Cyber Attacks of 2020 You Need to Know

Cyber attacks in 2020 reached unprecedented levels, exposing critical vulnerabilities in government systems, supply chains, and consumer data while redefining our understanding of digital security threats.

Your business’s survival might depend on understanding these watershed attacks. When I counsel business owners about financial security, I emphasize that cyber breaches don’t just threaten data—they jeopardize the entire foundation of operations, with recovery costs averaging $200,000 per incident for small businesses.

What were the most significant cyber attacks of 2020 and why should you know about them?

• The five most significant cyber attacks of 2020 were the SolarWinds supply chain attack, EasyJet data breach, Marriott data breach, Twitter account takeover, and Garmin ransomware outage
• These attacks collectively exposed over 36 billion records and demonstrated sophisticated new threat vectors targeting remote work vulnerabilities
• The SolarWinds breach affected 18,000 organizations including government agencies, showing how supply chain compromises can bypass traditional security measures
• Social engineering remains extremely effective, as demonstrated by the Twitter breach where high-profile accounts were compromised through employee manipulation
• Understanding these attacks helps organizations implement better defenses through improved vendor security, employee training, and backup systems

How 2020 Became the “Worst Year on Record” for Cyberattacks

The pandemic-fueled digital transformation created the perfect storm for cybercriminals. As organizations rapidly shifted to remote work environments, security teams struggled to maintain protections across widely distributed networks. This massive transition exposed critical gaps in online security measures for remote work, creating unprecedented opportunities for attackers.

By October 2020, ransomware attacks alone had forced the exposure of 36 billion records, with reported breaches reaching alarming levels:

• 2,953 breaches confirmed in just the first three quarters
• $1.5 billion in global ransomware payments by year-end
• 51% increase in overall reported cyberattacks compared to 2019

According to the latest cyber attack statistics 2023, the trends that emerged in 2020 have continued to accelerate, making understanding these watershed moments essential for contemporary security planning.

The most notable pattern was the shift toward supply chain attacks, where threat actors compromised trusted vendors to gain access to thousands of downstream customers simultaneously. This approach allowed hackers to bypass traditional security controls by exploiting the inherent trust between organizations and their technology providers.

The SolarWinds Supply Chain Attack: A Global Cyberintelligence Nightmare

Perhaps the most sophisticated attack of 2020, the SolarWinds breach represented a fundamental shift in how we understand supply chain vulnerabilities. Russian-backed hackers compromised SolarWinds’ software development infrastructure, inserting malicious code into legitimate software updates for their Orion network management platform.

This approach exemplifies the evolving nature of types of cyber attacks targeting organizational blind spots. When customers downloaded what appeared to be routine software updates, they unknowingly installed backdoors into their systems, giving attackers persistent access to their networks.

The impact was staggering:

• Over 18,000 organizations compromised, including Microsoft, FireEye, and numerous U.S. government agencies
• Attackers maintained undetected access for months before discovery
• Remediation costs for affected organizations reached into the millions
• One university victim reportedly paid a $6.8 million ransomware demand

The SolarWinds attack taught us that security must extend beyond our organizational boundaries to include rigorous vendor assessment protocols. At Complete Controller, we now require comprehensive security audits for all software partners and limit privileged access for third-party applications, recognizing that our security is only as strong as our weakest vendor.

The EasyJet Data Breach: 9 Million Passengers Exposed

In May 2020, EasyJet announced a major data breach affecting approximately 9 million customers. The attack began through a phishing campaign targeting EasyJet employees, ultimately giving hackers access to customer databases.

The breach exposed:

• Email addresses and travel details for 9 million customers
• Complete credit card details for 2,208 passengers
• Personal information that enabled sophisticated follow-up phishing attempts

What made this attack particularly concerning was how the exposed data created a domino effect. Criminals used the stolen information to launch highly targeted phishing campaigns against affected customers, who were more likely to trust communications that referenced specific flight details.

For businesses handling customer data, the EasyJet breach highlights the critical importance of:

1. Regular employee phishing training
2. End-to-end encryption for sensitive customer information
3. Data minimization principles to limit exposure during breaches

The Marriott Data Breach: 5.2 Million Guests Compromised

The Marriott breach of 2020 was particularly troubling because it represented the second major incident for the hotel chain in just two years. In March 2020, Marriott disclosed that attackers had gained unauthorized access to a third-party application used by hotels to provide guest services.

The hackers exploited misconfigured database permissions to access:

• Names, addresses, and phone numbers
• Loyalty account details and preferences
• Birth dates and partner affiliations
• Airline loyalty numbers and room preferences

While credit card and password information wasn’t compromised, the breach still created significant identity theft risks. The incident demonstrates how repeated breaches often indicate systemic security weaknesses rather than isolated incidents.

What businesses should learn from Marriott’s experience:

• Implement regular vulnerability scanning across all applications
• Adopt role-based access controls for sensitive customer data
• Establish stronger governance over third-party application security

The Twitter Account Takeover: High-Profile Social Engineering

In July 2020, Twitter experienced one of the most visible security breaches of the year when attackers compromised high-profile accounts including those of Elon Musk, Bill Gates, Barack Obama, Joe Biden, and major companies.

The attack leveraged sophisticated social engineering rather than technical exploits:

• Hackers targeted Twitter employees with access to internal account management tools
• They used phone calls and manipulation to trick employees into providing credentials
• Once inside, they bypassed two-factor authentication controls
• They posted cryptocurrency scams from trusted accounts, collecting over $120,000

This incident revealed how human vulnerabilities often present the path of least resistance for attackers. Even with robust technical controls, organizations remain vulnerable to social engineering attacks targeting employees.

The lessons for businesses are clear:

• Implement strict approval workflows for sensitive account actions
• Train employees to recognize voice phishing and social manipulation
• Restrict administrative access to critical systems
• Develop clear incident response procedures for public-facing platforms

The Garmin Ransomware Outage: Disruption of Critical Services

In July 2020, Garmin experienced a devastating ransomware attack that took down virtually all company services for nearly five days. The WastedLocker ransomware encrypted critical systems, causing worldwide disruptions for users who relied on Garmin’s services.

The attack paralyzed multiple business-critical functions:

• Fitness tracking services and data synchronization
• Aviation database services used by pilots
• Customer support systems and communications
• Manufacturing operations across multiple facilities

Reports suggest Garmin ultimately paid a $10 million ransom to restore services, highlighting the immense pressure businesses face when critical systems are compromised.

The Garmin incident emphasizes the importance of:

1. Maintaining offline, air-gapped backups of critical systems
2. Segmenting networks to limit lateral movement by attackers
3. Developing business continuity plans that account for complete system outages
4. Testing recovery procedures regularly through simulated incidents

Beyond the Headlines: What SMBs Often Miss

While major breaches make headlines, small and medium businesses face equally devastating attacks with far less publicity. The statistics paint a sobering picture for smaller organizations:

• 43% of cyber attacks specifically target small businesses
• 60% of small businesses close within six months of a major breach
• The average cost of a data breach for small businesses exceeds $200,000
• Recovery times average 206 days, causing prolonged operational disruption

The impact of cyber attacks on businesses extends far beyond direct financial losses. Customer trust erosion, regulatory penalties, and reputational damage often inflict the most lasting harm.

Case study: Complete Controller’s proactive security measures

After witnessing several clients experience devastating breaches, our team at Complete Controller implemented a comprehensive security program focused on prevention:

• Zero-Trust Architecture: We authenticate all users and devices before granting access to any system, regardless of their location or network connection.
• Employee Phishing Training: We conduct semi-annual phishing simulations to help team members identify and report suspicious communications.
• Third-Party Monitoring: We continuously scan vendor APIs and software for vulnerabilities, recognizing that our security depends on our partners’ practices.

This approach has significantly reduced our security incidents while providing clients with confidence that their financial data remains protected.

How to Stay Safe: Actionable Defense Strategies

Based on the lessons from 2020’s major breaches, I recommend businesses implement these practical defenses to strengthen their security posture:

Strengthen phishing defenses

Phishing remains the entry point for most significant breaches. To counter these phishing schemes:

• Implement email filtering tools that analyze sender reputation and message content
• Train employees to verify suspicious messages through secondary channels
• Create clear reporting procedures for suspected phishing attempts
• Limit the information shared through public profiles that could enable targeted attacks

Implement rigorous patch management

Software vulnerabilities provide attackers with easy access points. Establish clear processes for:

• Automating updates for operating systems and applications
• Prioritizing patches based on vulnerability severity
• Testing updates in non-production environments before deployment
• Maintaining an inventory of all software assets requiring updates

Establish robust backup systems

When preventive measures fail, backups become your last line of defense. For effective data protection:

1. Maintain at least three copies of critical data
2. Store backups in at least two different formats
3. Keep at least one copy offsite and disconnected from networks
4. Test backup restoration procedures quarterly
5. Encrypt all backup data to prevent compromise

Adopt zero-trust security models

The traditional security perimeter has dissolved with remote work. Instead:

• Verify all users through multi-factor authentication
• Apply least-privilege access principles to limit damage from compromised accounts
• Monitor network traffic for unusual patterns indicating compromise
• Regularly review and revoke unnecessary access permissions

Develop incident response capabilities

When breaches occur, response speed significantly impacts outcomes. Create plans that address:

• Clear roles and responsibilities during incidents
• Communication protocols for stakeholders and customers
• Legal and regulatory reporting requirements
• Evidence preservation for investigation and potential litigation

Invest in how to prevent cyber attacks

Prevention remains more cost-effective than recovery. Consider these protective measures:

• Deploy endpoint detection and response (EDR) solutions
• Implement network segmentation to contain potential breaches
• Conduct regular vulnerability scans and penetration tests
• Establish security awareness programs for all employees

Jennifer’s Tip: As CEO, I prioritized replacing legacy systems with SaaS tools that automatically patch vulnerabilities. This approach slashed our incident response times by 70% while reducing our overall security management burden.

Conclusion

The cyber attacks of 2020 forced organizations to reckon with fundamental security weaknesses. By understanding these watershed incidents and their implications, businesses can build more resilient systems that withstand evolving threats.

The lessons are clear: supply chain security, phishing defenses, and rapid incident response capabilities are no longer optional. For small and medium businesses especially, proactive security investments represent insurance against potentially existential threats.

At Complete Controller, we’ve incorporated these lessons into our security practices, recognizing that financial data protection requires constant vigilance. By implementing defense-in-depth strategies and maintaining a security-first culture, we help clients navigate an increasingly hostile digital landscape.

👉 Ready to secure your business? Explore Complete Controller’s cybersecurity partnerships at CompleteController.com.

FAQ

What types of cyber attacks were most common in 2020?

Ransomware and supply chain attacks dominated the 2020 threat landscape. Attackers exploited the rapid shift to remote work, targeting VPN vulnerabilities and unsecured home networks. Social engineering tactics also saw significant growth as criminals leveraged pandemic-related fears to increase phishing effectiveness.

How can small businesses protect against phishing attacks?

Small businesses should implement multi-layered phishing defenses including email security tools, employee training programs, sender verification protocols, and clear reporting procedures for suspicious messages. Regular simulated phishing exercises help staff recognize and respond appropriately to potential threats.

What is a “zero-trust” security model and why is it important?

Zero-trust is a security framework that requires verification for every user and device attempting to access resources, regardless of their location or network connection. It’s essential in today’s distributed work environment because it eliminates implicit trust, requiring continuous validation before granting access to applications and data.

How can businesses recover effectively from a ransomware attack?

Effective ransomware recovery depends on having isolated, encrypted backups stored offline, a tested incident response plan, and clear communication protocols. Organizations should disconnect affected systems, report the incident to law enforcement, restore from clean backups when possible, and conduct post-incident analysis to prevent recurrence.

Which sectors are most vulnerable to cyber attacks based on 2020 trends?

Healthcare, finance, education, and government sectors faced the highest attack volumes in 2020. Healthcare organizations were particularly targeted due to their critical role during the pandemic, while educational institutions struggled with securing remote learning environments. Financial services remained prime targets due to their access to funds and sensitive data.

Sources

• CSIS. “Significant Cyber Incidents.” Center for Strategic and International Studies. www.csis.org
• Aria Cybersecurity. “Top 10 Data Breaches of 2020.” Aria Cybersecurity Blog. blog.ariacybersecurity.com
• Wikipedia. “2020 U.S. Federal Data Breach.” Wikipedia.org. en.wikipedia.org
• SentinelOne. “Top 7 Cyber Attacks in the U.S.” SentinelOne Blog. www.sentinelone.com
• Infoguard Cyber Security. “6 Biggest Cyberattacks of 2020.” InfoGuard Security Blog. www.infoguardsecurity.com
• FBI Internet Crime Complaint Center. “2020 Internet Crime Report.” IC3.gov
• IBM Security. (2021). “Cost of a Data Breach Report 2021.” IBM.com
• Risk Based Security. (2020). “2020 Q3 Data Breach QuickView Report.” RiskBasedSecurity.com
• ColorTokens. (2020). “Travelex Ransomware Attack Hackers Demand $6 Million.” colortokens.com/blogs/travelex-6-million-ransomware-attack-sodinokibi/
• Statista. (2024, September 3). “Annual ransomware payments global 2023.” Statista.com
• CISA. “Stop Ransomware.” cisa.gov/stopransomware
• VMware. (2020). “Remote Work Security Analysis.” Referenced via FOX13 Tampa
• Verizon. (2021). “Data Breach Investigations Report (DBIR).” Verizon.com
• Complete Controller. “Remote Work Security Post-COVID.” completecontroller.com/remote-work-security-post-covid/
• Complete Controller. “Fraud Detection & Prevention.” completecontroller.com/fraud-detection-prevention/

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 platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO 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.

Many people work hard specifically to get to financial freedom. It can take many years and lots of discipline, budgeting, and saving to achieve this hard-earned goal. Some have worked for so many years that they don’t know how to spend the extra time they have on their hands once they achieve financial freedom. Here are five things you should do with your time when you have achieved financial freedom.

1. Spend time with the people you love

Time is precious and now that you have more of it, spend it with your loved ones. Success is not only financial; it is the quality of life you have to show. Most who have achieved financial freedom have done so by sacrificing time with their family and friends, making up for lost time. Invest in quality time with your partner, children, parents, and friends because your children will grow up, your parents will grow old, and you never know how long friendships will last.

It’s time to take that money you sacrificed and worked so hard for and take some shared vacations or visited family and friends that aren’t nearby.

2. Develop a new hobby (or restart an old one)

Hobbies are proven to be morale and mood boosters. Ask anyone who has a hobby they love, and they will tell you it is equal to therapy. Therapists often use hobbies to help patients redirect anxiety and depression because of the benefits. This will be a time of spark and self-discovery if you don’t already have a hobby. You will need to ask yourself, what have you always wanted to do but didn’t have time to do? Some people pick up gardening or fishing, others golf, or do needlepoint, yet others go into extreme bucket list mode and go skydiving or snorkeling.

It doesn’t matter what you choose, pursue something that will bring you joy or soothe your soul.

3. Get Physical

Though some hobbies may include a physical aspect, this is about taking time for your health through physical activity. Chances are if you worked a lot to get to where you are financially free, you didn’t have time to go to the gym or take a scenic hike or run in the park. Now is the time to take your health in your hands and spend the extra time doing physical activity.

Physical activity could even lead to finding other things you are passionate about and trying them, like dance classes or hiking clubs. Any way you slice it, get moving!

4. Finish the things you started

Time to finish what you started. When you work hard and many hours, you may find it hard to finish anything you started that wasn’t attached to a work deadline. Now is the time to do everything you have on your honey-do list. The accomplishments you make will be satisfying, and your family and friends will benefit from it.

5. Find a new passion

Just because you reached financial freedom doesn’t mean you have to stop working. However, this is your chance to find your passion and possibly open your own business or do something outside your comfort zone. Financial freedom makes it possible for you to assess your life and see where you want it to go without the pressures of “having” to work. Now is your chance to take that leap of faith and follow a new dream or an old one you put on a shelf.

Conclusion

Time is a commodity many of us don’t have when working hard to achieve financial freedom. However, once that freedom is achieved, it’s time to show time who’s boss and take it back. Give it to people, hobbies, activities, and your passion instead of the grind. You will be happier, and so will all those in your life.

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.

Those who are self-employed face the same future concerns as those who are employed by businesses. Self-employment offers a lot of freedom, and more and more individuals are opting to branch out and be their boss. Does this mean you can’t save for retirement or have a pension plan?

The answer is that you can have all the same options that employees in corporations have, with some differences in the process. These differences can significantly impact your decision to have a plan and which one works best. Here are pension plans with some details on how to establish them and the advantages of each.

1. Traditional or Roth IRA

Both types of IRAs are great for those starting in self-employment. You can also roll your 401K into an IRA if you leave traditional employment to strike out on your own. Traditional IRAs are typically pre-tax contributions and will be taxed at the time of withdrawal after 59 1/2. Roth IRAs are contributed after the income is taxed accordingly and will be tax-free at the time of withdrawal after 59 1/2.

IRAs have smaller contribution limits than other pension plans. Therefore, the overall pension savings are lower, but the tax benefits make this option the number one option for consideration.

2. Solo 401(k)

A solo 401(k) can only be done for a self-employed individual who has no employees. If you intend to expand your business, it is not suggested that you contribute to this pension plan. But if you intend always to be the sole employee or work with a spouse (an exception), this plan is much like a larger business 401(k) plan.

This pension plan has an advantage over an IRA in that the limits of yearly contributions are much higher. Like the traditional IRA, the solo 401(k) is saved from pre-tax income and would require taxation upon withdrawal after 59 1/2. This pension plan option may be more comfortable for the self-employed as most are familiar with 401(k)s because every company that offers benefits has a 401(k).

3. Defined benefit plan

Though the defined benefit plan is similar to an IRA or solo 401(k) for the self-employed person with no employees, this pension plan is made for those making a high income. The contribution limits are based on income and have no preset limits, unlike the IRA or 401(k) contributions, which remain the same despite income.

Another advantage to the defined benefit plan is that while its pre-tax income is taxable upon withdrawal after 59 1/2, the contributions are tax-deductible. This can be a great advantage when filing yearly tax returns, lowering your taxable income while running the business and your taxes.

Should You Get a Pension Plan?

After careful consideration of all your options regarding pension plans, it is a good idea to have one. These are all set up to not only help you save for inevitable retirement when you get older but to ensure you make the most of your money. The best thing to do is to explore the idea through a professional broker. They would be able to give advice, look at your financials and goals, and give you an idea of what plan would be best for you.

Ultimately, after you’re educated and have gone over all the options with a professional, it is up to you to decide what is best for your retirement future. No one else can make that decision for you that is so crucial to your future.

Conclusion

Many self-employed individuals assume they don’t have pension plan options and don’t save for retirement. These options are only a few that a self-employed person can contribute to. Getting with a professional financial planner will give you the best idea of all the options you have while having self-employment freedom.

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.

Owning and running a non-profit organization can be rewarding. Some non-profit businesses are charities, others offer services to the community, yet others use the money made to fund investments in other businesses. The main definition of a non-profit business is any business that does not use the profits directly for its own benefit or the benefit of anyone donating money. While there is often a misconception that somehow non-profit businesses are easier to run than other businesses, it can be as challenging as any for-profit business. Here are some tips on running a successful non-profit organization.

Market Research

Because non-profit organizations are solely dependent on funding to operate, market research becomes crucial to success. Many financial contributors will also do market research before determining whether their contribution would be best used in your organization. Know who your competition is, the market fluctuations, and expected earnings according to the research.

A Clear Mission Statement

The mission statement is perhaps the most essential part of the business plan for a non-profit organization. The mission statement is the organization’s explicit goal and will be used to inform potential contributors and fund sources of what your goals are as an organization.

Good Record Keeping

Though every business should have excellent record-keeping, it is especially important for the non-profit business. Every expenditure and contribution has to be tracked meticulously for accounting, funding, and taxes.

Founding and Upholding Your Funding Sources

A non-profit organization can’t succeed without funding backing it up. Finding and then upholding legitimate funding sources is extremely important for a non-profit’s survival and growth. The best way to maintain a steady flow of funding is to have a donor database and corporate sponsors. It is also recommended that a non-profit keep donors and sponsors up-to-date to keep interested in continued contributions.

Maintaining Good Public Relations

Non-profits, being focused on funding to stay in business, will need to maintain good public relations. Public relations don’t have to be limited to the community but can go beyond depending on the organization’s reach and what it does. Good public relations will also keep the focus on the mission of the organization.

Avoid Doing Everything By Yourself

Non-profit business owners often get founder’s syndrome, which makes them overly involved in the business’s day-to-day operations. This overinvolvement can overwhelm the owner, and the overextension will ultimately harm the organization. It is essential to use some of the funding to hire support staff and a few executives to help run different organization aspects. Delegation and making the responsibilities of each staff member clear will be key. Running a non-profit is challenging, and the success will be dependent on the staff as a whole.

Installing a Board of Directors

The board of directors is as crucial as the owner and staff. The primary purpose of the board of directors is the legal support and supervision of the non-profit organization. This management system will keep everyone in check, so no one person is in charge. The board of directors makes crucial decisions on fund allocation, staff, and the organization’s overall direction.

When an organization’s main objective is non-profit maximization, it becomes even more imperative that all activities conducted by the non-profit be run through the board of directors. This is to ensure everything is done most cost-effectively and efficiently possible. This provides donors and sponsors that their money is utilized to the best extent. Doing so will grow the non-profit’s reputation and help gain further donors and sponsors who believe in its mission statement.

Conclusion

Owning and operating a non-profit business can be a big challenge with great rewards. If you focus on these tips, it will lead down the path to success.

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.

Small businesses have different short and long-term goals compared to larger businesses. The main reason for this is that they have fewer resources and less time for recruitment. Small businesses have difficulty finding and hiring potential candidates because they lack the resources of some larger businesses for recruitment. The hiring process is often expensive when looking to recruit top talent and fill out your business needs with high-quality candidates, making it difficult for small businesses to compete with larger companies. Here are some social media recruitment tips to help your small business find and hire the best candidates possible.

Share Your Business on Social Media

In today’s advanced technology world, many businesses, large and small, are utilizing what is referred to as social recruiting. This type of recruitment is done by either using different social network platforms or by employee referrals. Social recruitment gives several advantages to small businesses. These advantages are defined in understanding a candidate’s personality, employee engagement, and brand promotion.

Business recruitment depends on how the business engages with existing and potential employees and well-established social media strategy. Your business needs to post updates regularly with ongoing interaction, specifically engaging your social media followers. This will draw attention to your business. 

Current employees can also use their social media platforms to attract and refer potential strong candidates among their friends and followers. You can even offer incentives to your employees for referral recruitment if their efforts result in a candidate’s hiring and retention.

Post a Thorough Job Description

No matter the platform you use to advertise your company’s job opportunity, it is essential that you provide a thorough job description. Ensure the business objectives are clear and make concise but robust bullet points that layout the job description and requirements. It is proven that those businesses that utilize details job descriptions, regardless of size, have attracted more qualified potential candidates because they were clear on the job, and they connected to it.

Candidate Selection

Social media is not only used for advertising the organization’s vacancy, but it can also be used to screen applicants. Whenever a candidate application is assessed, the organization must review the applicant’s skills with their personal qualities and previous experiences. But this approach doesn’t allow an organization to assess candidates as per behavioral values. This is the point where social media can play an important recruitment role. Reviewing candidates’ social media profiles, including Instagram, LinkedIn, Facebook, and Twitter, will help your business know more about the candidate. This includes the applicant’s interests, hobbies, and behavior as gathered through the information they are posting on social platforms and the type of content they put out or engage in. 

Widening the Talent Pool

Social media can attract candidates, but it can also expand the talent pool by widening a small business’s reach to potential future employees. Most small businesses can’t attract high-quality candidates without incurring a great expense to compete with larger businesses. Social media levels the playing field. Because a strong social media presence doesn’t cost a lot if anything, and it is not dependent on the business size and budget, any business can attract or find great candidates and have a larger talent pool from which to select.

Conclusion

Small businesses should be able to find and hire the best candidates regardless of their business size. To be competitive with larger businesses for the best employees without astronomical costs, small businesses must use social media recruitment. Using these tips will help your small business thrive with top talent staff to support it.

 

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.

Even savvy networkers can face a decline or slowdown in networking activity. You’ll find many reasons for impulsive and unpredictable situations, for example, holidays, changes in the industry or economic climate, and so on. For instance, a recent example would be the situation caused as a result of the COVID-19 pandemic. The necessity for lockdown and social distancing led to many workers working remotely. During such circumstances, handling the daily tasks is a challenge on its own, and networking is more complicated than ever. However, irrespective of the condition, you can bounce back and gain a grip on your networking activities, and it is not as hard as it may seem.

Networking, which is also called computer networking, is the exercise of carrying and exchanging information, data, statistics, and figures amongst nodes over a shared medium in an info system. Networking simplifies everything from phone calls to text messaging to streaming videos to the IoT (internet of things). There are several benefits of networking. The most obvious ones are that it creates the structure needed for professional growth in terms of job opportunities and the utilization of professional expertise. Businesses can, therefore, enjoy a range of benefits from networking, and this is the reason why getting stuck in a networking slump is problematic. However, there are always ways to deal with is the situation.

Mentioned below are guidelines for navigating uncertain and indefinite conditions to make the most of your business and social tactics attempts.

Plan Ahead

Take time to generate a networking playbook. Spot times that are considered eventful and possibly slow. Planning ahead of time permits you to estimate and better predict your consequences. For instance, summertime, holidays, or a new (economic) year can slowdown networking or corporate progress. Find ways to be productive and competent to avoid becoming lazy or smug.

Stay Active

Keep your networking regularity up to parity. Be absorbed in staying steady by attending monthly events, having weekly coffees or lunches, arranging calls, or sending out emails. Make it a point to stay connected and available that adds value while nurturing trust for growing quality associations. It shows that you are serious and intended in your plan.

Track Progress

Although it is vital to plan ahead of time and make sure and be certain that you evaluate your progressions, observe the best methods, prevailing trends, and fruitful ways of networking and staying productive. Monitor outcomes and seek out ways to progress and expand your systems. Plus, reach out to your current networks for support and further advice.

 

Adapt, Adapt, Adapt

In the dynamically changing business world, you have to keep making progress to keep up with the latest trends. Study your industry and other industries as well. Learn and apply. You may find many great ideas that other professionals, leaders, and experts are benefiting from, so find a way to use them for your networking needs.

For example, in response to the current pandemic, some brands offer free online sessions with regular or social media celebrities. Some lawyers are offering free services and Questions and Answers sessions online. Many people are making groups or pages on social media websites to provide a platform for like-minded individuals to discuss interest topics. Such activities are suitable and possible in the ongoing situation, and those who adapt the quickest benefit the most. So make sure that you stay flexible and up-to-date with the current trends.

Use these easy and applied guidelines to overcome common networking complications. Be aware of ways to dodge inactivity and unwelcome conditions to accomplish and reach your goals. There are many other ways to advance your networking activities, and what works well for you may depend on the type of business you own or lead. While the different industries differ in their requirements, one thing applies to all: becoming stagnant does not solve any problem. Ensure that you are continually assessing what needs to be done in your line of work and finding out new and innovative ways to do it.

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.