Author: Jennifer Brazer

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

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

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

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

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

Here are some ways on how they can keep track of receipts without letting the receipts get cluttered.

1. Arrange and Systemize Old Paper Receipts

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

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

2. Simpler Expense Statements

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

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

Managerial costs

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

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

 

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

1. Accounting Software

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

2. Employing an Accountant

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

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.

To state we are living in fascinating circumstances is a modest gross representation of the truth. Expanding populaces, globalization, and environmental change have expanded interest for land. While showcase powers have raised costs to levels unreasonably expensive to many. Urbanization has been the motor of financial advancement. However, traditional techniques for overseeing urban development have neglected to address the issues of transcendently low-pay transients and the indigenous urban populace. The difficulties are most prominent in the peri-urban territories.

Land management has some fundamental challenges attached to it. Therefore, managers must maintain essential records like bookkeeping records, land information, and relevant financial records. The following are the five major challenges faced by land management in our changing world.

Security of residency

Clashes over land are the most widely recognized type of suit in numerous nations, obstructing social and monetary improvement. Multiple lawful land residency frameworks introduce both policymakers and occupants with significant difficulties. Various sober-minded reactions have developed which summon social authenticity, regardless of whether they need a full legitimate specialist.

Cases that property proprietorship can enable lift to individuals out of neediness have been misrepresented. They have not just raised land costs to levels that many would like to manage yet have rendered them helpless against relocation. Considerably more genuinely, unless all resulting land exchanges are formally enrolled, the sureness given by titles ceases to exist. The lesson is evident; for the youthful, poor people and the elderly, proprietorship can be a weight instead of an advantage, so governments need to advance the scope of residency alternatives to address different issues.

Administrative hindrances

Arranging measures, directions, and managerial techniques for enrolling, creating, and exchanging land have a significant impact on the value and effectiveness of land markets.

Experts figure out these standards, but they have not met the needs of many countries. Creative methodologies, for example, ‘One-Stop-Shops,’ have enhanced land administration and should be more broadly received.

Land use arranging

Blended land uses social association, and monetary advancement is a critical component of effective urban areas. Be that as it may, numerous all-inclusive strategies look to restrain this for shallow types of requests. Arranging ought to likewise boost the extent of land in private, income creating use. Satellite urban communities have expanded transport costs and infringed on extensive regions of the profitable country arrive, proposing that more prominent concentration ought to be given to growing more minimized poly-driven urban communities.

Creative ways to deal with adjust the interests of open and private areas have produced numerous cases of inventive association. In any case, individual interests have expanded with arrive commercialization, debilitating impact.

The ascent of neoliberalism

Any discourse of land administration should be founded on an appraisal of the political and financial setting that decides results. Following the crumple of the Soviet Union and the confinements uncovered of communist state arranging, the impact of entrepreneur types of market-driven advancement or neoliberalism quickened universally. Neoliberalism was imagined as harmony between state arranging and traditional progressivism. Notwithstanding, it turned into a more backward monetary kind of hypothesis and applied a capable impact over the arrangements of Reagan and Thatcher, also the World Bank and IMF. Despite the worldwide retreat of 2008, land and property remain a key resource class of decision for those with assets to contribute and arrive now turned into an item like some other, drastically diminishing its social esteem.

The commodification of land advanced by neoliberalism has expanded imbalance in nations at all levels of financial improvement. It has prompted social, monetary, and political instability.

Political Economy

Given the degree to which rivalry for arriving has escalated, it is unavoidable that it now commands open talk and media consideration internationally. Interests have turned out to be intense, to the point that those battling for land rights have even been executed.

But basically, the test is to influence markets to work for society, not the other path around. Luckily, land and lodging markets are means for accomplishing this more extensive objective since the government applies significant immediate and aberrant impact over land costs and are along these lines supported in guaranteeing a sensible extent of the surplus created for distribution in people in general premium. There are numerous significant cases of creative methods for accomplishing this. Nevertheless, personal stakes restrain their appropriation and execution at the speed and scale required.

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.

EA vs CPA: Choose the Right Path for Your Career Goals

EA vs CPA comparison reveals two distinct professional paths: Enrolled Agents (EAs) are federally-licensed tax specialists who represent taxpayers before the IRS in all 50 states, while Certified Public Accountants (CPAs) hold state certifications allowing them to perform audits, prepare financial statements, and provide comprehensive accounting services beyond taxation. The fundamental difference lies in scope—EAs focus exclusively on tax matters with unlimited IRS representation rights, whereas CPAs offer broader financial expertise, including auditing, business consulting, and financial planning services.

After 20 years as CEO of Complete Controller, I’ve witnessed firsthand how choosing between these credentials shapes careers dramatically. With only 63,203 active EAs compared to 671,855 CPAs nationwide, EAs command premium rates for specialized tax resolution work while CPAs dominate corporate finance roles. This guide breaks down certification requirements, salary expectations reaching $100,000+ for senior professionals, career trajectories from tax preparer to CFO, and real client scenarios where each credential shines, giving you the clarity to invest in the path that matches your ambitions.

What is the EA vs CPA comparison about?

• The EA vs CPA comparison examines two accounting credentials: tax-specialist Enrolled Agents versus broad-practice Certified Public Accountants
• Enrolled Agents are federally licensed tax professionals authorized to represent clients before the IRS in all matters
• Certified Public Accountants hold state licenses enabling auditing, financial reporting, and comprehensive accounting services
• The key distinction centers on specialization—EAs focus purely on taxation, while CPAs handle full-spectrum financial services
• Career paths, earning potential, and certification requirements differ significantly between these two prestigious credentials

Understanding the Core Credentials: EA and CPA Defined

The accounting profession offers multiple pathways to success, but none generate more debate than the EA versus CPA decision. An Enrolled Agent represents the highest credential awarded by the IRS, granting unlimited practice rights before the agency. These tax specialists handle everything from routine filings to complex IRS disputes, operating under federal authority that transcends state boundaries.

Certified Public Accountants occupy a different space entirely. State-licensed and broadly trained, CPAs tackle financial statements, conduct audits, provide business valuations, and yes, prepare taxes, too. Their 150-hour education requirement and rigorous four-part exam equip professionals for C-suite roles, public company audits, and strategic financial consulting. The distinction matters because each credential opens specific doors while closing others.

Certification Pathways: Speed vs. Comprehensive Training

Becoming an enrolled agent

The EA path offers accessibility without sacrificing rigor. Candidates pass the three-part Special Enrollment Examination covering individual taxation, business taxation, and representation procedures. No degree requirement exists—just demonstrated tax knowledge and clean compliance history verified through IRS background checks.

Once certified, EAs maintain their status through 72 hours of continuing education every three years, including mandatory ethics training. The entire process typically takes 6-12 months for dedicated candidates, with exam fees under $1,000. This streamlined approach attracts career-changers and tax professionals seeking federal recognition without returning to university.

The CPA journey

CPA certification demands a significant upfront investment. Most states require 150 semester hours of education—essentially a master’s degree—with specific accounting and business coursework. The Uniform CPA Examination tests four areas: Auditing and Attestation, Business Environment and Concepts, Financial Accounting and Reporting, and Regulation.

Beyond passing scores, candidates need 1-2 years of supervised experience under a licensed CPA. State boards impose varying requirements, but expect $3,000-$5,000 in exam and licensing fees. Annual continuing education averages 40 hours, keeping CPAs current on evolving standards. The 2-4 year timeline deters some, but survivors join an elite professional class.

Career Trajectories and Opportunities

EA career paths

Enrolled Agents thrive in tax-centric roles that leverage their IRS expertise. Tax resolution firms eagerly recruit EAs for handling audits, collections, appeals, and offer-in-compromise negotiations. Many establish independent practices specializing in expat taxes, cryptocurrency reporting, or industry niches like real estate.

Government positions abound too. State revenue departments value EA credentials for enforcement roles, while nonprofits seek EAs to navigate complex exemption rules. The recent surge in remote work expanded opportunities—EAs can serve clients nationwide without geographic constraints. Brian Prucey’s historic achievement as the first non-CPA partner at his firm proves EAs can reach executive levels when tax expertise drives value.

CPA career diversity

CPAs enjoy unmatched versatility across industries and functions. Public accounting firms—from Big Four to local practices—hire CPAs for audit, tax, and advisory services. Corporate paths lead to controller, treasurer, and CFO positions where financial reporting expertise commands premiums.

Specialized roles emerge constantly: forensic accountants investigating fraud, valuation experts pricing businesses, blockchain CPAs auditing cryptocurrency holdings. Government agencies tap CPAs for financial oversight, while nonprofits need them for compliance reporting. The breadth means CPAs rarely face career ceilings, though specialization often determines earning trajectories.

Salary Realities: Comparing Earning Potential

Enrolled agent compensation

Entry-level EAs earning $30,000-$50,000 might seem disadvantaged, but context matters. These figures reflect part-time practitioners and those building client bases. Full-time EAs with 4-7 years of experience average $50,000-$70,000, while seasoned professionals commanding $70,000-$100,000 rival many CPAs.

Location and specialization drive variations. California EAs average $71,000 due to high demand and cost of living. Tax resolution specialists charging $200-$400 hourly for IRS representation often exceed salary surveys. The entrepreneurial path rewards EAs who build practices around referrals and expertise rather than credentials alone.

CPA salary advantages

CPAs start stronger at $59,000-$68,000, reflecting their broader skill set and employer demand. Mid-career professionals earning $68,000-$82,000 benefit from corporate advancement opportunities. Senior CPAs routinely surpass $110,000, with partners and executives reaching $200,000+ in major markets.

Industry matters significantly. Public accounting offers clear progression but demanding hours. Corporate CPAs trade variety for stability and benefits. Consulting CPAs commanding $150-$500 hourly demonstrate the credential’s earning ceiling. Geographic premiums in New York and California push experienced CPAs past $140,000 base salaries before bonuses.

Making the Choice: Aligning Credentials with Goals

When EA makes sense

Choose the EA path if taxation fascinates you more than financial statements. The credential suits professionals who value federal authority over state limitations, prefer focused expertise over generalist knowledge, and want faster entry into lucrative tax work. Small firm owners, career-changers, and those serving multistate clients find EA credentials particularly valuable.

Consider your learning style too. EA preparation emphasizes practical tax knowledge over theoretical accounting concepts. The lower barriers—no degree requirement, affordable testing, flexible study options—accommodate working professionals. If helping taxpayers navigate IRS complexities motivates you more than corporate financial reporting, EA aligns with your passion.

When CPA fits better

Select CPA certification for maximum career flexibility and prestige. The credential opens doors closed to EAs: public company audits, SEC filings, and high-level corporate positions. Business owners needing audited financials require CPA services, creating steady demand. The educational investment pays dividends through diverse opportunities and higher lifetime earnings.

Personality factors matter. CPAs often thrive on variety—tax season, audit busy season, consulting projects. The profession rewards those comfortable with ambiguity, continuous learning, and client service across industries. If leadership aspirations include CFO or partner tracks, CPA credentials provide an essential foundation. The broader knowledge base also enables pivoting between specialties as interests evolve.

Final Thoughts

The EA versus CPA decision shapes your professional identity for decades. Both paths offer rewarding careers serving essential business needs. EAs provide focused tax expertise with lower barriers to entry, while CPAs command premium compensation for comprehensive financial services. Neither credential guarantees success—your dedication, specialization choices, and business development skills ultimately determine outcomes.

At Complete Controller, we’ve built successful teams incorporating both EAs and CPAs because clients need both skill sets. Tax complexity demands EA expertise, while growing businesses require CPA-level financial strategy. Rather than viewing these credentials as competing options, consider them complementary tools for different career objectives. Ready to maximize your financial career potential? Contact the experts at Complete Controller to discover how our team leverages both EA and CPA expertise to transform business finances.

Frequently Asked Questions About EA vs CPA Comparison

Can an EA perform the same services as a CPA?

EAs can handle all tax matters, including preparation, planning, and IRS representation, but they cannot perform audits, reviews, or compilations of financial statements, which require CPA licensure. Both can prepare tax returns and provide tax advice.

Which credential is harder to obtain, EA or CPA?

The CPA typically requires more time and education, demanding 150 college credits and passing four comprehensive exams, while the EA requires passing three tax-focused exams without degree requirements, making CPA generally more challenging overall.

Do I need to choose between EA and CPA, or can I have both?

Many professionals hold both credentials to maximize their service offerings—the EA for specialized tax expertise and federal representation rights, plus a CPA for broader accounting services and state-specific requirements.

How do EA and CPA credentials affect billing rates?

CPAs typically charge 20-40% higher rates ($150-$500/hour) due to broader services, while EAs command premium rates ($100-$400/hour) for specialized tax work, particularly IRS representation and complex tax planning.

Which credential offers better job security during economic downturns?

Both maintain strong demand during recessions. EAs see an increased need for tax resolution and IRS negotiations, while CPAs experience higher demand for cost-cutting consulting, restructuring advice, and compliance work.

Sources

• Accounting.com. (2024). “CPA Salary Guide.” https://www.accounting.com/careers/cpa/salary/
• Becker Professional Education. (2024). “Enrolled Agent vs CPA: Which Certification is Right for You?” https://www.becker.com/enrolled-agent-vs-cpa
• Bureau of Labor Statistics. “Occupational Employment and Wages.” U.S. Department of Labor. https://www.bls.gov
• EA Journal. (2024). “Are Enrolled Agents Finally Having a Moment?” National Association of Enrolled Agents. https://eajournal.naea.org/2024/06/are-enrolled-agents-finally-having-a-moment/
• Internal Revenue Service. “Enrolled Agents.” U.S. Department of the Treasury. https://www.irs.gov/tax-professionals/enrolled-agents
• Internal Revenue Service. “Maintain Your Enrolled Agent Status.” Circular 230. https://www.irs.gov/tax-professionals/enrolled-agents/maintain-your-enrolled-agent-status
• NASBA. (2024). “CPA Statistics and Demographics.” National Association of State Boards of Accountancy. https://nasba.org/statistics
• National Association of Enrolled Agents. (2023). “EA Benefits.” https://www.naea.org/join/
• NCS Global. (2024). “Accountant Shortage USA.” https://ncscorpglobal.com/blog/accountant-shortage-usa/
• Turbotax. (2025). “EA vs CPA: Understanding Tax Professionals.” Intuit. https://turbotax.intuit.com/tax-tools/tax-tips/general/ea-vs-cpa/
• Wikipedia. “Certified Public Accountant.” https://en.wikipedia.org/wiki/Certifiedpublicaccountant
• ZipRecruiter. (2025). “IRS Enrolled Agent Salary in California.” https://www.ziprecruiter.com/Salaries/IRS-Enrolled-Agent-Salary–in-California

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.

Is your business ready to move one step ahead of the game and hire a tax professional in the tax season? Or is the DIY model still working strong for you? These are a couple of questions and other things that you need to ask yourself before making the right choice. Perhaps tips from a seasoned yet successful business owner can help you decide.

As an entrepreneur, it is easy to think you can do everything on your own. After all, you may have learned from books that entrepreneurs know everything about their businesses and possess insight knowledge as no other does! When it comes to business’s tax-side, things change and so do opinions of veterans. Launching a company may be relatively easier than managing and maintaining its bookkeeping, taxes, and finances. Thus, administrative work plays a predominant role in the success of any business. Those who manage their managerial yet administrative work well can expect to reduce bookkeeping, tax, and financial errors and witness significant economic gains.

Hiring A Tax Professional Seems Like A Smart Choice!

It is essential to understand that not every professional accountant is a tax professional as well. So, you need to identify your business needs and play sensibly to save more money for your business. The point is, filing taxes on your own can be daunting. On the other hand, hiring a professional tax agent comes at a price, which most businesses fear affording. But with the availability of low-cost DIY tools and software, most entrepreneurial companies are still wondering whether hiring a tax professional is healthy for their business. The thought of filling taxes goes two ways around; most business owners lack trust in tax professionals, so they consider DIY tax software quite useful. On the contrary, there are business owners who consider DIY tax software ineffective and prefer hiring tax professionals instead. 

Should A Business Owner be His/her Own Tax Professional?

In the light of saving money, naturally, entrepreneurs prefer to handle their finances and file tax returns themselves instead of working with tax professionals as they are perceived as expensive. They also fear delegating control to third-party vendors, especially in the initial phases of business setup, as the first two years are essential for defining the success patterns of any entrepreneurial venture. Hiring a tax professional is a good option for owners just starting their business. Besides fulfilling your tax-filing needs, a tax professional will save you a lot of money and time.

What’s more?

According to a study, on-average entrepreneurial ventures can use accounting or tax software for the first five years. After the first five years, it may be time to change its approach and should consider hiring a tax or accounting professional when bookkeeping, tax, or financial needs grow. Managing everything on your own is both time-consuming and confusing. Hiring a tax professional for catering to accounting and tax needs makes sense, especially when you are expecting to grow your business operations.

“The cost of handling your financials could be higher when you choose to handle these things yourself when you take into consideration penalties, your knowledge gap and the time it takes away from actually making the money you’re desperately trying to track.” Said, Brian Clayon, owner, GreenPal

This difficulty tracking indicates that the businesses should likely go for hiring a tax professional instead of using DIY tax or accounting software. The thing is, spending a little portion of your money on hiring a tax professional always pays off in the long run of your business’s journey. Hiring gives you peace of mind and helps reduce catastrophic financial errors. Also, it enables you to save money by better capturing of financial deductions and depreciation.

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

Cybersecurity: Past & Future Insights on Evolving Techniques

Cybersecurity has transformed from early experiments with viruses to sophisticated AI-driven defenses, shaping how we protect digital environments today. What began with ARPANET and the first Creeper worm in 1971 has evolved into complex zero-trust architectures and quantum-resistant encryption methods that safeguard our increasingly connected world.

I’ve spent two decades guiding businesses through technological transitions, and the cybersecurity landscape has never been more critical or dynamic. Organizations that implement robust security frameworks see 72% fewer breaches and save an average of $3.05 million per avoided incident. Throughout this article, I’ll share practical strategies that have protected thousands of our clients’ financial data, explain how the human-AI partnership strengthens defense systems, and provide a roadmap for implementing scalable security measures even with limited resources.

What is the past and future of cybersecurity techniques?

• Cybersecurity techniques have evolved from basic antivirus programs to AI-powered threat detection, zero-trust architectures, and quantum-resistant encryption methods

• Early cybersecurity began with ARPANET experiments and simple worms, developing into commercial antivirus solutions as internet adoption grew

• Modern threats include AI-powered malware that mutates to avoid detection and deepfakes that enable sophisticated social engineering attacks

• Future cybersecurity will focus on quantum-resistant encryption, human-AI collaboration for threat analysis, and continuous validation frameworks

The Birth of Cybersecurity: From Experimental Worms to Global Defense Systems

The foundation of modern cybersecurity traces back to 1971 when Bob Thomas created the first computer worm called Creeper. This experimental program displayed a simple message: “I’m the creeper: catch me if you can!” While harmless by today’s standards, it demonstrated how code could move between connected computers on ARPANET, the precursor to today’s internet.

Ray Tomlinson—the same pioneer who invented email—responded by creating Reaper, the world’s first antivirus program designed specifically to hunt down and remove Creeper. This simple chase between digital predator and prey established the fundamental pattern that cybersecurity would follow for decades: threats emerge, and protective countermeasures develop in response.

The critical 1980s watershed moment

The theoretical concerns about network security became painfully real in 1988 when Robert Morris, a Cornell University student, released what became known as the Morris Worm. This self-replicating program quickly infected approximately 10% of all computers connected to the internet (about 6,000 machines), causing widespread disruption and an estimated $10-100 million in damages.

The Morris Worm incident triggered several pivotal developments:

• The formation of the Computer Emergency Response Team (CERT) at Carnegie Mellon University
• The first federal computer crime prosecution under the 1986 Computer Fraud and Abuse Act
• A fundamental shift in how organizations approached network security

By the 1990s, personal computers and internet connectivity had expanded dramatically, creating fertile ground for malware proliferation. This decade saw the emergence of commercial antivirus companies like Symantec and McAfee, which developed tools to combat increasingly sophisticated threats like polymorphic viruses that could change their code to avoid detection.

Emerging Threats: How AI and Quantum Computing Transform the Battlefield

Today’s cybersecurity landscape faces unprecedented challenges from technologies that were purely theoretical just a decade ago. Artificial intelligence has created a double-edged sword in the security realm—both empowering defenders and arming attackers with new capabilities.

Criminal organizations now deploy machine learning algorithms to:

• Create polymorphic malware that constantly mutates to avoid signature detection
• Analyze network traffic patterns to identify valuable targets
• Automate credential stuffing attacks across thousands of sites simultaneously
• Bypass sandbox environments by recognizing virtual testing conditions

According to Secureworks’ 2024 Boardroom Cybersecurity Report, these advances have contributed to the projected $9.5 trillion global cost of cybercrime this year—a figure that exceeds the GDP of most countries.

The quantum threat horizon

Perhaps most concerning is the looming threat from quantum computing. While still in development, quantum computers will eventually be able to break much of the encryption that protects today’s digital infrastructure.

Organizations face two critical quantum-related challenges:

• Harvest now, decrypt later attacks – Nation-states are already collecting encrypted data with the expectation of decrypting it once quantum computing matures

• Cryptographic agility requirements – Systems must be redesigned to quickly implement post-quantum cryptography once standards are finalized

These threats have accelerated the development of quantum-resistant algorithms and zero-trust architectures that assume compromise rather than trying to prevent it entirely.

Human Intelligence vs. Artificial Intelligence: The Perfect Cybersecurity Partnership

The rapid advancement of AI tools has sparked debate about whether human security analysts will become obsolete. However, my experience leading a company that manages sensitive financial data for thousands of clients has taught me that the most effective security approach combines human and machine intelligence.

AI excels at specific security functions:

• Processing vast amounts of log data to identify anomalous patterns
• Automating routine threat hunting across complex environments
• Correlating seemingly unrelated events across different security tools
• Accelerating incident response through automated playbooks

Yet AI systems still face significant limitations that human experts must address:

Critical areas where human expertise remains essential

Human security professionals bring irreplaceable capabilities to cybersecurity operations:

• Ethical judgment – Determining appropriate responses when facing ambiguous situations or potential collateral damage

• Contextual understanding – Recognizing when legitimate business activities might trigger false alarms

• Creative problem-solving – Developing novel approaches to previously unseen threats

• Stakeholder communication – Translating technical risks into business-relevant terms for leadership

At Complete Controller, we’ve implemented a hybrid security model where AI systems handle continuous monitoring and anomaly detection, while our human experts focus on risk assessment, strategic planning, and client communication. This partnership approach has successfully prevented numerous attacks while maintaining the high-touch service our clients expect.

Case Study: Preventing Ransomware in a Cloud-Based Accounting Firm

In 2023, a mid-sized financial services provider utilizing cloud-based accounting systems faced a sophisticated ransomware attack targeting their client data backups. The attack began when an employee clicked a link in what appeared to be a legitimate email from a tax authority.

The initial compromise went undetected for 48 hours as the attackers mapped the network and identified critical backup systems. However, the organization’s recently implemented endpoint detection and response (EDR) system flagged unusual data access patterns before encryption could begin.

Their response showcased several best practices:

1. Immediate isolation of affected systems to prevent lateral movement
2. Implementation of real-time encryption monitoring on sensitive databases
3. Engagement with third-party forensic experts to validate the containment
4. Transparent communication with clients about the attempted breach
5. Post-incident improvements to authentication systems and backup architecture

The organization restored full operations within 72 hours with no data loss or ransom payment. Their investment in advanced detection capabilities and regular security training saved an estimated $250,000 in recovery costs and prevented potentially devastating reputational damage.

Key Takeaway: The success of this response hinged on both technological controls and human factors—especially the organization’s culture of security awareness and their preparation through regular tabletop exercises that simulated breach scenarios.

Cybersecurity for Small and Medium Businesses: Practical Frameworks That Scale

Small and medium businesses face a particular challenge: they’re increasingly targeted by sophisticated attacks yet typically lack the resources of larger enterprises. This disparity creates significant vulnerability, especially considering that 93% of SMB leaders understand cyber risks, but only 36% invest in new security tools.

This gap between awareness and action often stems from perceived complexity and cost barriers. In my work with businesses across various industries, I’ve helped develop scalable approaches that provide meaningful protection without enterprise-level budgets.

Essential cost-effective security tools

SMBs should prioritize these high-impact, affordable security measures:

• Cloud-based endpoint detection platforms that provide AI-powered protection without extensive infrastructure

• Multi-factor authentication for all remote access and critical systems

• Automated patch management tools that keep systems updated against known vulnerabilities

• Security awareness training platforms with phishing simulation capabilities

• Managed detection and response (MDR) services that provide 24/7 expert monitoring

These solutions offer considerable protection at a fraction of the cost of building an in-house security operations center.

Implementation roadmap for resource-constrained organizations

For businesses looking to strengthen their security posture systematically:

• First 30 Days: Conduct a basic risk assessment to identify critical assets and vulnerabilities
  • Deploy fundamental protections like firewalls and VPNs
  • Implement secure backup solutions with offline components

• Days 30-60: Focus on authentication and access controls
  • Roll out multi-factor authentication for all users
  • Develop and document basic security policies
  • Conduct initial security awareness training
• Days 60-90: Enhance monitoring and response capabilities
  • Deploy endpoint detection and response tools
  • Create incident response playbooks for common scenarios
  • Establish relationships with security vendors for emergency support
• Beyond 90 Days: Continuous improvement
  • Implement regular vulnerability scanning
  • Conduct tabletop exercises to test response procedures
  • Consider engaging with managed security service providers for specialized expertise

This phased approach allows businesses to spread investments over time while addressing the most critical vulnerabilities first.

Cybersecurity’s Next Frontier: Zero Trust and Human-AI Defense Systems

The future of cybersecurity centers on two transformative approaches: zero trust architecture and the integration of human-AI collaborative defense systems. These paradigms reflect fundamental shifts in how organizations conceptualize and implement security.

Zero trust architecture replaces the traditional “castle and moat” security model with a framework that trusts nothing and verifies everything. This approach recognizes that threats often originate inside the network perimeter, whether from compromised credentials or malicious insiders.

Essential components of zero trust implementation

A comprehensive zero trust strategy incorporates:

• Micro-segmentation: Dividing networks into isolated zones to contain breaches

• Least privilege access: Granting users only the minimum permissions needed for their roles

• Continuous validation: Verifying identity and security posture before and during sessions

• End-to-end encryption: Protecting data both in transit and at rest

• Comprehensive logging and analytics: Maintaining visibility across all systems

Organizations implementing zero trust security frameworks report 50% fewer breaches and 40% lower security costs according to recent industry analyses.

Human-AI security integration

The most advanced security operations now leverage human-AI partnerships where each component handles what it does best:

• AI systems continuously monitor vast datasets, automate routine tasks, and identify potential anomalies

• Human analysts investigate complex alerts, make nuanced decisions, and develop strategic responses

This partnership model has proven particularly effective for preventing cyber attacks by combining the speed and scale of machine learning with human intuition and creativity.

Organizations implementing these next-generation approaches report significantly improved metrics across detection time, containment speed, and overall security posture—all while reducing analyst burnout and improving retention of skilled security personnel.

Final Thoughts: Building Cyber Resilience for an Uncertain Future

Cybersecurity has evolved from simple antivirus programs to sophisticated, multi-layered defense systems. Throughout this journey, one truth remains constant: technology alone can’t solve security challenges. Effective protection requires a combination of advanced tools, well-designed processes, and security-conscious people.

The historical lessons from early worms to modern ransomware attacks teach us that threats continuously evolve. Organizations must develop adaptable security frameworks that can respond to emerging challenges rather than static defenses that quickly become obsolete.

I’ve guided hundreds of businesses through digital transformation and security modernization, and the most successful share common traits: they treat security as a business enabler rather than just a cost center, they invest in both technology and people, and they build security awareness throughout their organizational culture.

As we face an uncertain future with quantum computing, AI-powered attacks, and increasingly sophisticated threat actors, the organizations that thrive will be those that embrace security as a continuous journey rather than a destination. At Complete Controller, we’re committed to helping our clients navigate this journey with practical, effective strategies that protect what matters most.

Need guidance on implementing cybersecurity best practices for your financial operations? Contact our team at Complete Controller for expert advice tailored to your business needs.

FAQ

What were the earliest cybersecurity threats and how did they shape modern security?

The earliest significant threats included the 1971 Creeper worm and the 1988 Morris Worm. Creeper established the pattern of threat and response that still defines cybersecurity, while the Morris Worm (which infected 10% of internet-connected computers) led to the formation of CERT and the first federal computer crime prosecution. These early incidents demonstrated the need for systematic security approaches rather than ad-hoc responses.

How will quantum computing impact current cybersecurity measures?

Quantum computing threatens most current encryption methods by potentially breaking RSA and ECC algorithms that secure everything from financial transactions to confidential communications. Organizations face “harvest now, decrypt later” attacks where adversaries collect encrypted data today to decrypt once quantum computers mature. This drives the development of quantum-resistant algorithms and cryptographic agility in existing systems.

What’s the most effective division of labor between AI systems and human security experts?

AI systems excel at continuous monitoring, pattern recognition across vast datasets, and automating routine security tasks. Human experts provide critical ethical judgment, contextual understanding, creative problem-solving, and stakeholder communication. The most effective security operations center models use AI to handle volume and speed while allowing humans to focus on complex decision-making and strategic planning.

What are the essential first steps for small businesses with limited security budgets?

Small businesses should first conduct a basic risk assessment to identify their most critical assets and vulnerabilities. Immediate priorities include implementing multi-factor authentication, developing secure backup solutions with offline components, deploying basic endpoint protection, and conducting security awareness training. These fundamental controls address the most common attack vectors while requiring minimal investment.

How does zero trust architecture differ from traditional security approaches?

Traditional security relied on perimeter defenses (firewalls) that created trusted internal networks. Zero trust architecture assumes breach and verifies every access request regardless of source. It implements continuous validation, micro-segmentation, least privilege access, and end-to-end encryption. Unlike perimeter models, zero trust acknowledges that threats often originate inside the network and focuses on protecting individual resources rather than network boundaries.

Sources

• Maryville University Online. “The History of Cybersecurity.” 24 July 2024. https://online.maryville.edu/blog/history-of-cybersecurity/
• Future of Tech. “The History of Cybersecurity.” https://www.futureoftech.org/cybersecurity/2-history-of-cybersecurity
• Monroe University. “Cybersecurity History: Hacking & Data Breaches.” https://www.monroeu.edu/news/cybersecurity-history-hacking-data-breaches
• SentinelOne. “10 Cyber Security Trends for 2025.” 25 Jan 2024. https://www.sentinelone.com/cybersecurity-101/cybersecurity/cyber-security-trends
• NIST. “Cybersecurity Program History and Timeline.” https://csrc.nist.gov/nist-cyber-history
• Secureworks. “Boardroom Cybersecurity Report 2024.” Nov 2024. https://www.secureworks.com/centers/boardroom-cybersecurity-report-2024
• Morgan Lewis. “Historical Global Cybersecurity Spending.” Jun 2021. https://askwonder.com/research/historical-global-software-cybersecurity-spending-d7s6w5mfz
• L.A. Times. “Cyberattack Cost Maersk $300 Million.” Aug 2017. https://www.latimes.com/business/la-fi-maersk-cyberattack-20170817-story.html
• Statista. “Time to Identify and Contain Data Breaches 2024.” Sep 2024. https://www.statista.com/statistics/1417455/worldwide-data-breaches-identify-and-contain/
• CrowdStrike. “2025 State of SMB Cybersecurity Report.” May 2025. https://www.crowdstrike.com/en-us/press-releases/crowdstrike-unveils-smb-cyber-report-highlighting-protection-gaps/
• FBI. “Cyber Investigations.” https://www.fbi.gov/investigate/cyber
• Wikipedia. “Zero Trust Security.” https://en.wikipedia.org/wiki/Zero

trustsecurity 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.

In today’s fast-evolving digital landscape, cyber fraud has risen as the dominant form of theft across the United States, surpassing traditional theft by a significant margin. The swift progression of sophisticated technology has empowered cybercriminals with inventive methods to capitalize on vulnerabilities. Everyone must uphold heightened vigilance in response to this threat. This article explores cyber fraud, offering compelling details, intriguing statistics, and undeniable facts. Buckle up!

The Prevalence of Cyber Fraud

Cyber fraud, in its various forms, has become a widespread threat, impacting millions of Americans annually. According to the Federal Trade Commission (FTC), there were over 1.4 million reports of identity theft in 2020, which was double the number from 2019. This astonishing increase underscores the growing sophistication of cybercriminals and the widespread impact of their activities.

Moreover, the FBI’s Internet Crime Complaint Center (IC3) reported that losses from cybercrime in the U.S. exceeded $4.2 billion in 2020, highlighting the massive financial impact on victims. These numbers only represent a fraction of the actual landscape, as many incidents go unreported due to fear, embarrassment, or lack of awareness.

The Most Common Forms of Cyber Fraud

Cyber activities involve deceptive practices, including identity theft, phishing scams, and online marketplace fraud.

It’s crucial to stay vigilant as phishing scams are on the rise! Those sneaky scammers won’t get the best of us as long as we are protected!

The creativity of these scams knows no bounds, from fake IRS emails demanding tax payments to counterfeit banking alerts tricking individuals into handing over their login credentials.

Identity theft is another colossal issue, often serving as a gateway for various forms of financial fraud. Stolen personal information is utilized by cybercriminals to open fraudulent accounts, make unauthorized purchases, or even assume someone’s identity entirely. The consequences for victims can be devastating, impacting their credit scores, financial stability, and peace of mind.

The Impact on Businesses

Businesses, especially small and medium-sized enterprises (SMEs), are not spared from the brunt of cyber fraud alongside individuals. Cyberattacks will cripple a business’s operations, leading to significant financial losses, erosion of customer trust, and long-term reputational damage. Ransomware attacks, where cybercriminals encrypt a company’s data and demand a ransom for its release, have become particularly prevalent. The cost of these attacks goes beyond the ransom paid, including downtime, lost productivity, and post-attack restoration efforts.

Strategies to Combat Cyber Fraud

Combating cyber fraud requires a multifaceted approach involving individual vigilance, corporate responsibility, and robust legal frameworks. On an individual level, adopting basic cybersecurity best practices, such as creating strong, unique passwords, enabling two-factor authentication, and approaching unsolicited communications with caution, can effectively lower the risk of becoming a victim of cyber fraud.

On the other hand, businesses need to invest in comprehensive cybersecurity measures, including employee training, regular security audits, and advanced threat detection and response systems. Moreover, fostering a culture of security awareness among employees can go a long way in mitigating risks.

Legislatively, there have been efforts to strengthen laws around cyber fraud, with various states enacting laws aimed at protecting consumers and businesses. Nevertheless, the rapidly evolving nature of cyber threats necessitates continuous legal and regulatory adaptations.

The Role of Technology in Fighting Cyber Fraud

As cybercriminals leverage technology to perpetrate fraud, so too can technology be harnessed to combat it. Artificial intelligence (AI) and machine learning (ML) are at the forefront of this battle, offering powerful tools for detecting and preventing fraudulent activities. AI algorithms can analyze vast amounts of data to identify patterns indicative of fraud, enabling proactive measures to be taken.

Blockchain technology also offers promising solutions, particularly in the realm of identity verification. Blockchain technology offers a secure and immutable ledger, which can effectively prevent identity theft and guarantee the integrity of online transactions.

Conclusion

Cyber fraud is undeniably the most common form of theft in the United States today, affecting countless individuals and businesses. The statistics and facts paint a clear picture of the challenges posed by cybercriminals. However, they also highlight the importance of collective action in addressing this issue. We can make significant strides in combating cyber-fraud by staying informed, adopting good cybersecurity practices, and leveraging technology. The ongoing battle against cybercrime requires sustained effort and investment to safeguard our communities from digital threats. 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.

Are you struggling with whether to pay off your debt or to save for a retirement plan? Logical reasoning is provided in this article while supporting both thoughts. Now, it’s up to your financial condition to pay off your debt or save money.

In most cases, the money you make through interest by saving money in the bank is lower than the rate of interest you pay on the debt, and thus, you lose your wealth this way. If you want to expand your financial plans, you need to make attempts to make more money. Not repaying debt has many drawbacks and can have severe consequences in the future. Saving extra will help you turn your goals into a reality where you can live a debt-free life. If you are struggling to find the answer to whether you need to pay off debts or increase savings, the solution is simple. Before you plan to save, pay the debts off, including your mortgage. Many people have more debt than the amounts of their savings. Even if they spend all their savings to pay off the outstanding debts, they will still be left behind with remaining debt. So, it would be best if you got rid of the most expensive debts first. Here are some guidelines that will help you decide whether you should pay your debts or save your money.

When to pay the debt?

If you have a high-interest rate of consumer debt, then you need to pay it down first as it will solve many of your ongoing financial problems. After cutting down all your interest payments, you will get a guaranteed “return.” Identify your resilient income and create a budget as per your income; mark a significant portion of your income you will pay against debt. Paying traditional loans such as student loan or mortgage it only reduces your associated interest costs.

Save before paying the debt?

Several reasons support the concept of “to save first and pay later,” but the top-most reason is to re-generate your emergency fund. For instance, your debt has a low-interest rate, making sense to save first instead of paying debt first. But if you do not have any savings, then you need to focus on paying debt first and putting off on savings until, and unless you become debt-free, it will provide a precious advantage and peace of mind. Financial stress develops when you have mounting debt. If you have no savings and no debt, you are still far better off than most. Saving for your retirement is essential. Making small contributions towards your retirement plan while having compounding interest can make your savings grow more significantly without impacting your ability to pay back the debt.

Many of us have more financial goals rather than having the cash to spend. So it becomes difficult to choose whether to pay off debts or to save that particular amount. If you have insufficient savings, it will put you in a position of getting more debt. If you decide to save the money instead, you will only end up paying more in the long run due to interest rates. The trick is to ensure that you save a proportion of excess income and use the rest to pay off accumulated debt.  So, the best possible solution is to maintain a balance between paying off debt and saving. Also, having enough savings amounts provides peace of mind. Many people adopt this strategy, no matter how complicated the financial situation is. They make sure that they have maintained a proper balance between savings and paying off debts. 

Having a balance between debt repayment and savings is the ideal way to grow your wealth and better manage finances. If your financial condition isn’t allowing you to save, make sure that whatever extra cash you get, you pay off debt with it. Eventually, your debt will diminish to a point where you can save and improve your financial situation. 

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.

The HR department of any organization is responsible for a set of assigned tasks including but not limited to recruitment, sourcing, scheduling, payroll, employee benefits, and any queries regarding HR policies and practices. The most significant role that HR representatives play within an organization is how they source for new potential employees. Even though many platforms assist in sourcing for potential employees, it is still a challenging and time-consuming ordeal. Finding a candidate that best fits the job position requirements and work environment can not only be challenging but often extremely time-consuming and expensive.

The department responsible for managing all resources related to employees is referred to as the Human Resource department. HR comprises of all those activities associated with the management and development of employees in an organization. HR professionals have a significant role in sourcing, shortlisting, interviewing, and selecting candidates during the hiring or recruitment process.

Sourcing

Sourcing is the first step of the recruitment process and the primary responsibility of a professional and proficient HR representative. The HR manager and his team are responsible for sourcing ideal candidates using a variety of different means. Along with social media platforms like LinkedIn and monster.com, HR professionals need to be proactive when it comes to developing a strong professional network and various headhunting candidates who might be an ideal fit for the organization. Developing newspaper ads and generating job posts on social media can help in sourcing several potential candidates for any job position.

Short Listing & Screening

Short-listing is the act or process of narrowing down candidates from an applicant pool that best meets the desired position requirements and who the organization would like to see it the next phase of the recruitment process. No organization has the time, resources, finances, or ability to meet or place an interview with each candidate that applies to the organization. This is why selecting candidates from a large pool of applicants falls under the responsibility and job description of an HR Professional. 

A shortlist criterion should be based on the experience, qualities, and traits of top-performing employees who are currently in that role. This is perhaps the most time consuming and challenging task of an HR representative. Adhering to a well-formulated screening process is the key to accomplishing this part of the recruitment process most effectively and efficiently.

Background Check & Interview

Once potential candidates are shortlisted through the screening process, it is time that they are called in for an interview. Most organizations mandate a background check either prior or post-interview to ensure that the employee has no criminal record and is, in fact, an upstanding citizen. This also falls under the job responsibility of HR as determining appropriate background checks can help narrow down the list and make hiring decisions much more straightforward. HR managers are also responsible for conducting interviews with potential candidates. They often follow a set of questions prepared by the organization that is specific to the job in question while also consisting of general questions to get a sense of the person’s personality and character.

Conclusion

HR professionals play a vital role in the recruitment process, but apart from this, they also have many other responsibilities. They are responsible for the well-being of employees in the workplace, ensuring that their needs are fulfilled, and they have a work environment that is both productive and enjoyable. HR is all about managing the driving force of any business, its employees. An organization with a strong HR department operates at a higher efficiency rate. It tends to have lesser employee turnover and better retention, which results in long-term employees that are extremely beneficial to the organization.  

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.

The use of credit cards has sent the youth of America into debt that most fear they can never payback. This debt is because credit is being made available to young individuals who don’t fully understand good financial discipline. Overspending at such a young age mounts up debt that most have to pay back once they have graduated from college, often along with substantial student loans. This pile of debt at such an early age can be a significant setback for most and ends up in an endless spiral of more and more accumulated debt. It is highly advisable to seek financial advice at an early age so that one is well-informed about their financial responsibilities. This financial advice is the first step towards understanding financial management.

Are you someone who has piling credit card debt and wanting to pay it off quickly? Here are some easy steps that you can take to eliminate that debt as soon as possible.

Cards with higher interest rates should be paid off first

If you have multiple credit cards and all of them have balances, begin with paying off the one that is associated with the highest interest rate. Most credit card companies offer different interest rates on credit cards, depending on your credit score and past purchase history. Understanding what interest rates are attached to what card is essential and will help in paying off the highest cost debt first. One should invest all their extra cash on credit cards with the highest interest rates while paying the minimums on the other cards. This structuring of payments would help ensure that interest charges are kept at a bare minimum, with the most costly debt being eliminated first.

Stop using your cards and maintain a stringent budget

Not using your credit cards makes it much easier to manage expenses and stick to a pre-set budget. This is because paying in cash restricts impulse buying, leading to better purchase choices and cost savings. Setting a budget and having only limited money available at any given time reduces unwanted expenditures. Also, since the card is no longer in use, paying even the minimums will see your overall debt reduce much faster. It is never easy to stick to a budget, but by using cash only, it makes adhering to it much more manageable. Not having the liberty to spend more than one has can often lead to much smarter purchases and result in more disposable income left to pay off accumulated debt.

Negotiate better credit terms

Requesting a lower interest rate from your credit company can result in lower monthly payments and fees. It is recommended to push for better interest rates from your credit company as they often consent to such requests. Credit companies will discount the total amount of the bill if you stick to a payment plan. Balance transfers are another method that can be recommended for debt saving. Debts with high-interest rates can be transferred over to best balance transfer cards that offer perks such as 0% APR for up to 18 months. This can help pay off your debt much faster as you save quite a lot on interest payments.  Another recommended method is to consolidate debt by borrowing money from the bank. The bank loan can be used to pay off all accumulated debt of varying interest rates. Once this is done, you can focus on paying off the bank’s large loan payment per month.

Eliminating credit card debt

By following the above methods, one can speed up their debt repayment goals. Financial management does not only require financial knowledge but rather, and more importantly, it requires discipline. Consulting a financial advisor to understand how debt elimination works is also something that most people should consider doing. This may save you from a lot of pain later down the road.

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.

When it comes to investments, one has to be very careful about where to invest and when. Saving money is not easy, and when those hard-earned savings are invested into assets that don’t pay dividends, it can be a catastrophic financial setback.

For an average investor who does not live and breathe stocks, making money in this market can be extremely challenging, especially if one is looking at short-term growth. The risk factor with stocks is high, and most people buy on high and sell at the bottom as they are unable to hold investments for a prolonged duration. This article looks at various reasons as to why it may not be such a wise idea to invest savings into stocks even though many around you might encourage you to do so.

1. You are not an expert on the stock market

 

Investors who make their living trading stocks know much more about the market than you can ever hope to know. Stock prices can fluctuate due to so many factors that unless you have an idea of what is transpiring, your chances of making any money are next to none. Everyone gets lucky once in a while, but just like in a casino, the house will always win. It’s the same case with stocks. You might get lucky and have a particular stock rise 1000% over a matter of days. However, this is just a way to pull you in, and soon you will realize that all that was made by the trade of that stock has slowly been eater away by the losses of other shares on your portfolio.

 

2. The entire stock market, in many ways, is rigged and can even be called a ‘scam’

 

Top players in the stock market have many methods of acquiring information that you could never hope to uncover because the stock market is their domain, and they know all the tricks of the trade. Even these top investors earn an average return of 15% annually, which is reasonable, but remember this is what they do day in and day out. To expect that the average Joe would be able to make even close to that is hysterical unless that person proves to be unbelievably lucky. Stockbrokers out there are always pushing to get your money by saying whatever it takes to invest. It is up to you to understand that not all that glitters is gold.

 

3. Only invest in stocks if you can hold forever and not diversify

 

The only successful long-term solution of making a reasonable sum of money investing in stocks is to purchase blue-chip shares and hold them for as long as possible. Instead of diversifying your portfolio, invest in one well-recognized company, not likely to be going anywhere anytime soon. Invest periodically in the company’s stock when prices are low and hold for as long as possible. Buying low and holding is the only way to make good money in the long-term, investing in stocks.

 

4. Other investment avenues

 

Before investing in stocks, one should look at all other potential investment avenues. Sometimes if you have money saved up, it may be a good idea not to do anything and keep it on the side when a perfect opportunity arises. The investment game is all about timing, and most average small-scale investors only invest when they have funds available. When funds are available, investments should be made regardless of whether it’s in stocks or any other commodity or asset. A wise investor holds funds until an opportunity arises that is worth the investment opportunity. Just because you have a sizeable amount saved doesn’t mean you should go ahead and invest it in stocks. Hold the money until you are sure of your investment and never rush a buying decision regardless of external pressures.

 

If you invest in stocks in the past and know what you are doing, then investments in stocks can be a worthwhile enterprise. However, if you are a novice when it comes to stocks and the stock market in general, our advice is to stay well clear of investing in stocks and instead look at less risky and more secure saving platforms. 

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.