Author: Jennifer Brazer

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

Unlock Cloud Computing Benefits: Enhance Efficiency and Flexibility

Cloud computing benefits transform business operations through cost-effective IT solutions that replace expensive hardware with flexible, pay-as-you-use services while providing enhanced data security in the cloud and unlimited scalability. These advantages collectively reduce operational expenses by 30-50% while improving system reliability, team collaboration, and innovation speed.

I’ve spent two decades transforming financial operations at Complete Controller, witnessing firsthand how cloud adoption revolutionizes business potential. Consider this: companies leveraging cloud technology achieve 427% ROI within three years—that’s not theoretical, it’s verified by Nucleus Research across thousands of implementations. This article reveals practical strategies for maximizing cloud computing advantages, from calculating true cost savings to implementing disaster-proof infrastructure, drawing from my experience guiding over 2,000 SMEs through successful cloud transitions.

What are the benefits of cloud computing, and how do they revolutionize business operations?

• Cloud computing benefits include cost reduction, infinite scalability, enhanced security, improved collaboration tools, business continuity, and accelerated innovation
• Cost reduction occurs through eliminating hardware purchases, maintenance contracts, and energy consumption
• Scalability allows instant resource adjustment matching demand without service interruption
• Security improvements stem from enterprise-grade protection exceeding most in-house capabilities
• Innovation accelerates via on-demand resources enabling rapid testing and deployment

Transformative Cost Savings and ROI

Cloud computing fundamentally reshapes financial models by converting capital expenditures into operational expenses. This shift immediately frees cash flow for strategic initiatives rather than locking funds into depreciating hardware assets.

The financial impact extends beyond surface-level savings. Teradata VantageCloud users report 427% ROI with payback in just 11 months, demonstrating cloud’s profit-generation capacity. My clients consistently achieve 30-50% infrastructure cost reductions within the first year through:

• Eliminated hardware refresh cycles – No more $50,000 server replacements every 3-5 years
• Reduced energy consumption – Data center cooling costs vanish overnight
• Minimized IT staffing needs – Automated updates free technicians for strategic projects
• Pay-per-use pricing – Only pay for resources actually consumed

ROI calculation framework

Calculating cloud ROI requires accounting for both direct savings and productivity gains. The formula: (Net Cloud Benefits – Total Cloud Investment) / Total Cloud Investment reveals true financial impact.

A mid-sized accounting firm migrating 100 users to cloud platforms typically sees:

• Annual hardware/software savings: $125,000
• Reduced IT labor costs: $85,000
• Productivity gains from 99.99% uptime: $60,000
• Total annual benefit: $270,000
• Cloud subscription costs: $96,000
• Net annual savings: $174,000 (181% ROI)

Unmatched Scalability: Grow and Shrink on Demand

Traditional infrastructure forces businesses into gambling on future capacity needs. Cloud scalability in cloud computing eliminates this guesswork through elastic resources that expand or contract automatically based on real-time demand.

DigitalOcean’s analysis reveals auto-scaling reduces computing waste by 73% compared to fixed infrastructure. This efficiency translates directly to bottom-line savings—you never pay for idle servers during slow periods, yet instantly handle traffic spikes without performance degradation.

Practical scaling strategies

Smart scaling requires matching techniques to workload patterns:

• Vertical scaling suits database operations requiring more powerful single instances
• Horizontal scaling distributes web traffic across multiple smaller servers
• Scheduled scaling pre-emptively adds resources for predictable busy periods
• Metric-based triggers automatically respond when CPU usage exceeds thresholds

E-commerce platforms exemplify scaling benefits. During Black Friday sales, cloud infrastructure seamlessly handles 10x normal traffic, then contracts to baseline capacity by Monday morning—impossible with physical servers.

Enhanced Collaboration Tools for Remote Teams

Cloud platforms create unified workspaces accessible from any device, anywhere. This connectivity transforms how teams operate, with Jotform reporting 41% faster project completion using cloud collaboration tools.

Real-time document sharing eliminates version control nightmares. Marketing teams update campaign materials simultaneously while sales reviews changes instantly. No more email chains with conflicting attachments or missed updates buried in inboxes.

Security-first collaboration

Modern cloud collaboration embeds enterprise security without sacrificing usability:

• Role-based permissions control who edits versus views each document
• Audit trails track every change with timestamps and attribution
• Encrypted connections protect data during transit between devices
• Automated backups preserve work history for compliance requirements

Robust Security Without Sacrificing Flexibility

Cloud platforms reduce security breaches by 43% compared to on-premise systems, according to SentinelOne research. This advantage stems from specialized security teams, continuous updates, and advanced threat detection exceeding most companies’ internal capabilities.

Major cloud providers invest billions annually in security infrastructure. Their dedicated teams monitor threats 24/7, deploy patches within hours of discovery, and maintain certifications for HIPAA, SOC 2, and PCI compliance—investments impossible for individual businesses to match.

Balancing access and protection

Strategic security configuration provides protection without hindering productivity:

• Marketing accesses social media tools without exposing financial systems
• Remote employees connect securely without complex VPN setups
• Temporary contractors receive time-limited access automatically expiring
• Multi-factor authentication adds security layers without workflow disruption

Business Continuity Through Cloud Resilience

Cloud infrastructure delivers 99.99% uptime through geographically distributed data centers. When Hurricane Irma struck Florida, Vertilux maintained full operations by automatically failing over to Oregon servers while competitors suffered weeks of downtime.

This resilience stems from redundancy at every level. Data replicates across multiple locations simultaneously. If one server fails, traffic instantly redirects to healthy instances. Complete system recovery takes minutes, not days.

Disaster recovery components

Effective cloud continuity planning includes:

• Automated snapshots capture system state every 5-15 minutes
• Geographic distribution maintains copies across multiple regions
• One-click restoration recovers entire environments within 20 minutes
• Non-disruptive testing validates recovery procedures without affecting production

Accelerating Innovation with Cloud Agility

On-demand resources in cloud services slash development cycles from months to weeks. Capital One deployed AI-powered fraud detection in just 6 weeks using cloud tools—12x faster than traditional banking competitors requiring 9-month implementations.

Development teams provision specialized environments instantly. Need GPU clusters for machine learning? Available in minutes. Require big data processing? Spin up a cluster, run analysis, then shut down—paying only for actual usage time.

Implementation roadmap for cloud migration

• Week 1-2: Migrate development and testing environments to establish familiarity
• Week 3-4: Shift non-critical workloads like file storage and backup systems
• Week 5-8: Transition core applications during scheduled maintenance windows
• Week 9-12: Optimize resource allocation and implement cost monitoring tools

Final Thoughts

After guiding thousands of businesses through cloud transformations at Complete Controller, I’ve learned maximum value emerges when technology amplifies human expertise rather than replacing it. Cloud efficiency liberates finance teams from manual tasks—our clients spend 70% less time generating reports—freeing them for strategic analysis that drives growth. This powerful combination of cloud technology benefits and financial acumen creates sustainable competitive advantages that compound over time. Ready to transform your business operations? Connect with our cloud experts at Complete Controller for personalized guidance on maximizing your cloud ROI.

Frequently Asked Questions About Cloud Computing Benefits

What are the main benefits of cloud computing for small businesses?

Small businesses gain enterprise-level capabilities through cloud computing advantages, including 30-50% cost savings, automatic software updates, enhanced data security, and scalability without infrastructure investment, enabling 26% faster growth rates.

How much can cloud computing reduce IT costs?

Cloud computing typically reduces IT costs by 30-50% through eliminating hardware purchases, reducing energy consumption, minimizing maintenance, and decreasing staffing needs, with documented ROI averaging 427% within three years.

Is cloud computing secure for sensitive financial data?

Yes, cloud platforms provide enhanced data security reducing breaches by 43% through enterprise-grade encryption, continuous monitoring, automated updates, and compliance certifications exceeding most on-premise security capabilities.

How quickly can businesses scale with cloud computing?

Cloud scalability enables instant resource adjustment—scaling up or down within minutes based on demand, handling 10x traffic spikes seamlessly while reducing computing waste by 73% compared to fixed infrastructure.

What’s the typical timeline for cloud migration?

Phased cloud migrations typically complete within 6-12 weeks, with initial benefits visible in 3 months including immediate cost savings, while full operational advantages manifest within 6-9 months post-migration.

Sources

• Accenture. (2025). “Cloud Computing Index.” www.accenture.com/cloud-computing-index
• AWS. (2024). “Six Advantages of Cloud Computing.” AWS Whitepapers. aws.amazon.com/whitepapers
• AWS. (2018). “Capital One Case Study.” aws.amazon.com/machine-learning/customers/innovators/capital_one/
• BusinessWire. (2025). “Teradata VantageCloud Delivers 427% ROI.” www.businesswire.com/news/home/20250714656892/
• CloudBasix. (2019). “Disruption Avoided During Hurricane Irma.” cloudbasic.net/aws-rds-sql-server-redshift-cloudbasic-ha-dr-disruption-from-hurricane-irma-avoided/
• DigitalOcean. (2024). “Cloud Computing ROI: Calculating the Benefits.” www.digitalocean.com/resources
• DigitalOcean. (2025). “Droplet Autoscale Documentation.” docs.digitalocean.com/products/kubernetes/how-to/autoscale/
• FEMA. (2024). “Business Implementation Guide.” ready.gov/business/implementation
• IBM. (2025). “Cloud-Driven Innovation.” IBM Institute for Business Value. ibm.com/cloud/learn/cloud-computing
• IBM Institute for Business Value. (2025). “Cloud Computing Benefits Analysis.” ibm.com/institute
• Jotform. (2025). “Cloud Collaboration Efficiency Metrics.” Jotform Blog. www.jotform.com/blog
• NIST. (2024). “Cloud Computing Basics Primer.” www.nist.gov/publications/cloud-computing-basics-primer
• Nucleus Research. (2025). “ROI Guidebook: Cloud Computing.” nucleusresearch.com
• SentinelOne. (2025). “Cloud vs On-Premise Security.” www.sentinelone.com/cybersecurity-101/cloud-security/cloud-vs-on-premise-security/
• SentinelOne. (2025). “Cloud Security Advantage Analysis.” www.sentinelone.com/research
• Teradata. (2025). “VantageCloud ROI Study.” www.teradata.com/cloud-roi

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 of the cloud computing users believe that different companies have very different needs for cloud computing. Customized cloud infrastructures and services are the only way to make the most of their cloud investments.

Gartner predicted that in 2017, half of the cloud companies would implement hybrid implementations. Cloud technologies are infiltrating organizations at all levels. It also means that cloud computing is nothing in black and white. Companies are implementing various forms of cloud solutions to meet their business needs best, organizational infrastructure, and ensuring safe bookkeeping of their organizations.

According to Steiner “There’s no magic solution that delivers the best cloud computing outcomes for your business: every organization needs to determine which data and departments can maximize the benefits of cloud solutions and have a positive impact on profits,”

Steiner further explained that while the customization and optimization of cloud deployment require several reasons, security issues are among the most critical factors. He also noted that different countries have different security rules. Companies that work in different geographical areas must recognize and respect all these rules.

There is no magic solution that delivers the best cloud computing results for your business. Each organization must determine which data and departments can take full advantage of the cloud solution and positively impact profitability. As companies create the cloud infrastructure and solutions that are best suited to them, a user must believe in the trend toward more significant growth in cloud computing is personalization.

One of the main reasons for creating the cloud is the different safety rules for companies operating in many international markets. Companies worldwide are monitoring the cloud market and including more content in customized cloud networks where they can establish security and supervisory environment.

For highly regulated industries, such as financial services, government, or administrative services, solutions often get configured according to national and industry compliance standards, such as portability and liability in the Health Insurance Act (HIPAA), Frame Safe Harbor or Sarbanes-Oxley. (SOX).

Customized Clouds

Customized clouds also provide companies with complete control over their data, rather than giving third-party energy providers and potential access. With the growing concern about the impact of the cyber-car, companies are reluctant to provide commercial materials reserved for external parties. By offering data not saved to the public cloud, companies can create a hybrid cloud that best fits their data security

Mobile Clouds

The mobile domain is the third aspect that is in cloud computing. The use of mobile-based cloud computing among the higher number of users, including employees, the more significant security risks are due to the greater access to the data. However, cloud computing integrates mobile-based cloud computing as simple and easily manageable. Every person can interact and operate with mobile clouds. The individuals’ productivity and performance get enhanced using mobile domains incorporated into cloud networks.

It is evident from the case of many famous cloud computing companies, such as Google and Microsoft. These companies have implemented innovative features and free storage on their cloud networking platforms. This implementation keeps its customers independent and safe, rather than providing the ability to configure the cloud infrastructure with multiple users and service providers.

This trend in user cloud computing continues to grow. Vendors that do not offer customized options for customers will begin to see revenue decline. By moving to cloud computing, an organization can benefit from the latest IT resources and many redundant servers without having to worry about a large amount of initial investment or technical knowledge. Because all data is stored in the cloud, it is much easier to back up and restore than store it on a physical device with all customized options.

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

Carefully Identify Job Specifications

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

Pay Attention to Job Advertisement

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

Enhance the Interview Session

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

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

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

Make Use of Bookkeeping Process

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

Maintain Contact with the Applicants

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

Review the Recruitment Process Regularly

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

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 shortage of physical space and the expense of maintenance related to each individual has changed the workplace dimensions from physical to virtual companies. Virtual companies’ concept is based on the strategy that makes the employees work from home through telecommuting. However, the thought of working from home is not something very acceptable to everyone in the world. There are different opinions on the idea of working from home. The advantages of working from home would be understood by the one who wants to have a flexible working environment.

The task of managing virtual teams can be one of the most challenging things when the employees do not have basic knowledge of technical matters. The performance of the virtual teams would become difficult to measure. A 100% virtual team can be managed by adopting ways to match the nature of the work in which the virtual teams are involved. There are several ways companies based on virtual teams can adapt to manage the workforce efficiently.

The design of the policies and procedures should not be based on the conventional business style. Virtual companies are one of a kind. The formality of the companies must go hand in hand with the advanced technology adopted by the company. This means that each procedure, including the recruitment process, code of conduct, and resignation, should be based on virtual communication methods. The virtual teams should have a portal through which each member can communicate with the other members.

Virtual companies should go for the right professional that can be a good fit for them. A 100% virtual company must avoid involving in business that deals with the exchange of products and services. There are several options, such as digital marketing, content writing, programming, and logo designing. Such opportunities do not add any physical products, and this is what gives the business an edge to survive in the market.

The next in line is the choice of employees that are chosen by the virtual companies. It is easy to find people who can do specific jobs in a specialized field. However, not everyone can have the ability to understand the technicality of the operations of virtual companies. Furthermore, virtual companies cannot train the employee in the same ways as compared to conventional companies.

Another feature of the virtual companies is related to the flexibility of the timings. A virtual company does not bind its employees to work daily in a routine. Virtual companies are concerned with the total hours and tasks assigned to the virtual teams. As the virtual teams work from home, there are no restrictions on the break timings or the total number of hours to be served daily. The teams coordinate with each other and complete the tasks assigned to them. This is the reason why virtual companies do not have any defined policies and procedures regarding attendance.

A virtual company is always proactive in its approach. This means that the company would not wait for the last moment to come up with a solution. They have to be one step ahead in terms of possible problems that occur in a routine. For the same issue, the virtual teams are involved in routine maintenance. This task of maintenance is done every month to avoid any future problems of the whole company’s network. Furthermore, there should be a margin in all the tasks done by the company. This would help the virtual company to resolve any unforeseen issue and process the operation without any significant loss.

Another thing that is done by virtual teams is related to technology. Virtual businesses are based on networks on which each member of the company is active. These companies make sure that the technology used in the system is the best and most efficient. The company saves a considerable amount on the physical office setup. Thus, that amount is invested in implementing the latest technology available in the market. A virtual company is not involved in the old method; even the most traditional tasks like bookkeeping are done through the latest technological alternatives.

The last one is related to the importance of face time. The technology has been used by so many people all around the world. However, a virtual company would understand the value of face time. A virtual company must ensure that the company’s tasks are done by the person who is hired. Meetings are one of the essential parts of any company. In a typical company that has employees available at the workplace, the conference can be done at any time. However, a virtual team would have to use face time for routine and monthly meetings.

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.

In today’s world, almost everyone has received an e-mail from somewhere with a suggestion on how to win a million dollars or a proposal to help begin a business. These kinds of doubtful opinions should be immediately thrown into the trash. But from time to time, e-mails can come from a serious sender whose intents and purposes, you will believe. For example, they can notify you that your cell phone operator has introduced a new tariff plan of which you are promptly made aware. You will probably open such an e-mail with an attachment, without thinking about a dirty trick – and you will infect your workstation with a virus that can steal your private information and financial data.

In the financial market, cyber fraud has received a “new life” with digital technologies’ progress. We are living in a digital society with a digital economy that simultaneously provides us with new opportunities in our professional activities and everyday lives and are significant causes of risks. These risks are often cybercrime, even though 7 out of 10 workers claim to understand the risk of cyber threats and how to protect themselves from cyber-attacks. In addition to this, two-thirds of workers at least became the victims of cybercrime once in their lives. On any day, there are 1.5 million cyber-attacks, which concludes about 18 victims per second with increasing yearly damage from cyber-crime of $110 billion.

 

There are two essential aspects of Cyber-Attack

• The ones against whom cyber-crime is planned such as, citizens, communal and private firms that can include financial institutes (banks, insurance corporations, several funds, exchanges, etc.)
• What are cyber-criminals stealing or destroying – money, other property, private data, etc.

 

The methods of committing cyber-crime are of two kinds:

• Social engineering
• Virus program

Cyber-crime through social engineering methods comes from the refusal to fulfill the routine requirements of the security of your system and the need to earn money without inconveniences. Bookkeeping software and processes can keep all the confidential information saved. Methods to commit fraud within the social engineering framework fall into two groups:

• Information-stealing from bank cards
• Data seizure from system carriers, also through the Internet

 

For example, you might get a text that your card is blocked, and for unblocking it, you have to call a given number. The attacker will convince you somehow and will force you to provide the passwords and PINs of the card, or maybe to even go to the ATM allegedly for unlocking it. As a result, the victim himself will transfer the money to the fraud scammers.

What to do?

It is never wise to call the phone number specified in the text message. Instead, one should only use the information written on the back of the card.

 

With the help of social engineering, cyber-criminals usually try finding out the details that are sufficient for transferring money from the victim’s card to the scammer’s card, such as card digits, validity period, CVV code (three numbers on the back of the card). It is essential to keep in mind that the bank representatives will never (either by telephone or through the mail) ask for full card information, the card’s passwords, or PIN-codes. Your full name and the last four digits of the card will be enough for them to consult.

 

Professionals specializing in the investigation and prevention of cyber-crime offer the following classification of cyber-crime:

 

• Internet banking systems frauds

• Fraudsters cheat by using confidential data such as login, bank card number, CVV- value, i.e., three digits on the back of the card and PIN code.

• Fraud in electronic money (through ATM or online transactions)

•  A piece of code or a sequence of commands that use software vulnerabilities and are used to attack a computer system.

• Anonymization (the procedure of deleting information from the database to conceal the source of data)

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.

Many employees become confused with their reporting requirements. This confusion is generally caused by the multitude of rules and regulations within the company, whether it be based on local, state, and federal laws or the rules made by the business’s governing arm. To combat this confusion, the first thing that can be done is for the company to create a manual that outlines all rules and regulations.

A successful workplace records strategy outlines compliance and agreement with the state and federal laws and regulations. Besides that, it is also practical guidance for effective and consistent records management and retention. When organizations consider forming, executing, and maintaining their workplace records policy, some key elements need to be considered.

Once the company is familiar with the concept, they can apply in all aspects of their workplace records policy management. Here are seven key elements that need to be considered when forming, executing, and maintaining the workplace records policy manual.

1. Retention Timetable

The workplace records system should precisely classify the period of retention for every group of documents. Moreover, it is common for individual accounts and records to be regulated by one or more laws. Nonetheless, the retention periods often fluctuate. This regulation makes it prudent to maintain the data for an extended period. The most important thing to remember is that laws should be consistently monitored to change the retention time if the law changes it.

2. Format and Storage

The business bookkeeping system will help to designate the location of records. Also, the format of business records for maintenance should either be automated or in a hard copy format.

3. Right of Access

There are various laws, such as data privacy rules and regulations, HIPAA, and many others that contain specific requirements for those eligible to access that information. There are also some specific requirements on how the user should use that information.  If a person does not have the right to access or handle information, they have the right to access, but others around them have no access rights. The handling of these documents has to be handled carefully.

4. Privacy and Security

It is essential to look after the privacy and discretion of workplace records and the confidentiality of the date enclosed in them. A complete workplace records policy takes account of all measures to make sure that the workplace records are physically kept safe and sound. There are privacy and security laws that must be followed, or there could be heavy fines.

5. Timely and Careful Shredding of Documents

Business records must never be shredded without reviewing the destruction requirements and record retention. You also need to ensure no litigations are pending. These business records include confidential, financial, or personal information that needs to be fully incinerated or completely shredded. This way, you will be protecting your employee privacy, and you will be complying with applicable regulations.

6. Following the Required Retention Laws in Accordance

In case any organization fails to comply with the federal and state laws related to record retention, they may have to deal with unwanted consequences. These consequences can be civil fines for discarding workplace records before the mandatory retention period has ended. If an employee files a workplace violation on the grounds of discrimination, the workplace records to help the organization defend themselves against the claim will not be available. This lack of availability can be taken as guilt by the court system or imply the documents were intentionally destroyed to hide the evidence.

7. Periodic Audits and Consistent Policy Implementation

Workplace records retention procedures and rules should be applied as a way to ensure policy and legal compliance. Organizations charged for workplace records retention requirements need to audit their practices and procedures to certify that internal necessities are existing and strictly followed.

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.

Though it may seem like a no-brainer, law firms’ actual protocols and processes to stay compliant are complicated. Especially in Trust Accounting (otherwise known as IOLTA Accounting or Escrow Accounting), individual states’ compliance and requirements are of the highest importance.

From keeping thorough records (both print and digital) to grasping the main differences between unearned and earned income, Trust Accounting brings several unique challenges. Let’s look at some of the trust accounting compliance challenges a firm is the most likely face.

Challenge 1: Shortage of Trust Specific Rules and Knowledge

Every state has made its audit programs and compliance guidelines that their attornies are responsible for grasping. Further than this, the firm’s bookkeeper(s) and accountants must understand the legal accounting and bookkeeping procedures.

We stress on this point that there are many expert accountants out there who are not familiar with the new and unique trust accounting compliance requirements, and the challenges it brings with it. You need to ask your bookkeeper or accountant regarding their expertise and experience with law firms. 

Challenge 2: Restricted Resources and Means of Smaller Law Firms

Limited resources are another reason for law firms to face challenges in document storage compliance for their attorneys. When we say resources, we mean dedicated resources, IT systems, and training. These resources are reasonably hard to manage by many small firms. Nonetheless, the compliance requirements remain the same for every law firm. Regardless of the firm’s size, the chances of an audit will be the same for everyone.

Challenge 3: Systems Operating Manually

Law firms that keep track of their client funds through manual entries on paper spreadsheets increase the chances of errors. The bookkeeping process is slower. Despite the firm’s and attorney’s best efforts, a lot of valuable time will be wasted trying to find where the five-cent discrepancy occurs.

If the law firm makes use of an accounting solution, they need to make sure that the software is set up correctly. This software is not aimed at legal practice. That is why they require extra vigilance.

Challenge 4: Trust Funds Commingled

Commingling is of two main types:

1. Losing tabs on the client trust account balances. In other words, no distinct ledger cards
2. Mixing the firm’s funds with the client’s funds needs to be tracked individually

Although you can have various trust funds using one bank account, the trust funds must be recorded separately in the books.

Challenge 5: Lack of Safety Measures to Avoid Common Trust Blunders

Some common trust mistakes consist of lack of proof of identity for every matter, commingling of funds, repeated check numbers, overdrafts, and so on. Business owners of law firms cannot fulfill the part of a bookkeeper or CPA. Therefore, it is essential to implement processes and systems that can provide proper tools to the team.

Challenge 6: Disordered Bank Reconciliation

In trust management, bank reconciliation is even more critical. Trust reconciliation has a different way of reconciling as compared to operating accounts. It encompasses the “three-way reconciliation” where the total Individual Card Balance, Bank Balance and Book Balance, and Bank Balance is broken up. It helps you to discover any errors and correct them promptly speedily. This method dramatically helps at the time of the audit.

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.

According to a study, bookkeepers are the ultimate game-changer who can turn around the company with their accurate bookkeeping records. Bookkeepers are invaluable assets who are responsible for ensuring ideal day-to-day accounts for the company. Whatever bookkeepers record becomes the sole basis for making important accounting decisions that keep the company on track. Those companies that have weak bookkeeping staff cannot maintain a competitive advantage and lose a significant portion of the market share due to weak bookkeeping practices.

What do bookkeepers do?

Often companies believe that the bookkeeper’s job is only to record day-to-day business transactions and that’s it, however, when you analyze from the strategic perspective, you will understand they have other responsibilities. That includes preparing expense receipts, payroll, invoicing and billing, and maintaining a record of other similar administrative activities. Also, bookkeepers need to regularly perform bank reconciliation to identify any unusual transactions and make sure that everything is organized or categorized correctly.

What to Expect from Bookkeepers?

Besides the daily accounting, bookkeepers identify discrepancies and deal with them promptly. The job of the bookkeeper is to solve problems and avoid disruptions that will adversely affect administrative workflow.

How Do Bookkeepers Help You?

Traditionally there used to be only one or two bookkeeping or accounting professionals in the community who used to solve everyone’s problems. Businesses often had to wait for days, weeks, or even months to acquire their assistance. Now, countless options on the internet are always ready to serve you with their bookkeeping or accounting professionalism. Hiring a professional bookkeeper can also help you in tax-reduction, which translates into company savings.

Bookkeeper’s Job Responsibilities

It is the responsibility of a professional bookkeeper to maintain a record of day-to-day financial transactions by establishing accounts and also to ensure legal requirement compliance.

Bookkeeper’s Job Description

• Comprehending and recording company’s financial data
• Framing and developing a bookkeeping system for recording day-to-day financial transactions
• Defining bookkeeping rules, policies, and procedures for optimal bookkeeping results
• Processing expense receipts, sales invoices, and payments
• Calculating and completing VAT returns
• Preparing invoices to be sent to customers
• Calculating staff hours and wages for payroll
• Reconciling bank accounts
• Processing of profits and loss statements and balance sheets
• Dealing with monotonous financial paperwork and filling
• Problem-solving attitude when dealing with new and complex financial records
• Reconciling and repairing cash flow statements
• And much more

Bookkeeper’s Skills and Qualifications

Veterans believe that it is not necessary to hire bookkeepers with excessive qualifications, certifications, or degrees. However, the right skills needed for the bookkeeping job are required if you expect things to go in your favor. However, it is sometimes included in the bookkeeper’s job description to have a specific benchmarked qualification criteria, which suggests that businesses’ top-most priority is to hire the best possible candidate. The bookkeeper’s skills and qualifications may include problem-solving abilities, interpretation of financial data, and recording accurate transactions, data entry skills, and specific bookkeeping certifications and diplomas.

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 number of cloud migrations is growing every year, and the security issues remain a serious topic. The first step to minimize the risks in the cloud is the timely identification of key security concerns. These issues also disturb the bookkeeping of the company. At a conference, CSA (Cloud Security Alliance) presented a list of 10 threats to cloud security that organizations face, which are as follows.

 

1    Data leakage

The cloud is subject to the same concerns as traditional infrastructures. Because of a large amount of data that is now often transferred to the clouds, the cloud hosting provider sites become an attractive target for intruders. Simultaneously, the severity of potential threats directly depends on the importance of the stored data. Disclosure of personal user information, as a rule, receives less publicity than disclosure of medical reports, commercial secrets, intellectual property, which causes significant damage to the reputation of a company.

 

2    Compromising Accounts and Bypassing Authentication

Data leakage is often the result of a negligent attitude to authentication mechanisms when weak passwords are used. The management of encryption keys and certificates is inadequate. Also, organizations face the problems of managing rights and permissions, when end users are assigned much higher power than needed. The issue also occurs when the user is transferred to another position or gets fired. As a result, the account contains many more features than required, which is a bottleneck in the issue of security.

 

3    Hacking interfaces and API

Today, cloud-based services and applications are inconceivable without a user-friendly interface. The security and availability of cloud services depend on how well the mechanisms of access control, encryption in the API are developed. When interacting with a third party using their APIs, the risks increase because companies need to provide additional information, up to the user’s login and password. Weak security interfaces are becoming a bottleneck in issues of accessibility, confidentiality, integrity, and security.

 

4    The vulnerability of the systems used

The vulnerability of the systems used is a problem that occurs in multi-tenant cloud environments. According to CSA reports, the costs spent on reducing system vulnerabilities are lower than other IT costs. A common mistake when using cloud solutions in the IaaS model, companies pay insufficient attention to the security of their applications, which are located in the security infrastructure of the cloud provider.

 

5    Account theft

Phishing and other fraud are often present in the cloud environment. This fraud adds concerns in the form of attempts to manipulate transactions and modify data. Attackers consider cloud platforms as a field for committing attacks. And even compliance with the strategy of “protection in depth” may not be sufficient. It is necessary to prohibit the “sharing” of user accounts and services among themselves and pay attention to the mechanisms of multifactor authentication.

 

6    Insiders-intruders

Insider threats can come from current or former employees, system administrators, contractors, or business partners. Insiders-attackers pursue different goals, ranging from data theft to the desire to revenge. In the case of a cloud, the goal may be to wholly or partially destroy the infrastructure, gain access to data, and so on.

 

7    Target cyberattacks

A developed sustainable threat, or targeted cyber attack, is, at this time, not uncommon. Having sufficient knowledge and a set of relevant tools, an individual can achieve results. The malefactor, who set out to establish and consolidate his presence in the target infrastructure, is not easy to detect.

 

8    Permanent data loss

Since the clouds have matured enough, cases with loss of data without the possibility of recovery due to the service provider are sporadic. At the same time, intruders, knowing about the consequences of permanent data deletion, aim to commit such destructive actions. Cloud hosting providers to comply with security measures recommend separating user data from these applications, saving them in different locations.

 

9    Insufficient awareness

Organizations that move into the cloud without understanding cloud capabilities face risks. If, for example, the client-side development team is not familiar with the cloud technology features and the principles of deploying cloud applications, operational and architectural problems arise.

 

10    Abuse of cloud services

Legitimate and illegitimate organizations can use clouds. The latter’s goal is to use cloud resources to commit malicious acts: launching DDoS attacks, sending spam, distributing malicious content, etc. Service providers need to be able to recognize such participants. Study traffic in detail and use cloud monitoring tools.

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 popularity of cloud storage has increased rapidly over the last few years. Almost every business large or small uses cloud storage to meet document storage needs. Cloud storage streamlines the storage of documents and saves money in the process.  But with the upcoming technology trends, experts have said that cloud storage has some significant security risks attached to it. Many companies face these security issues because they have to entrust their business’s security to third parties that may or may not be in their best interests. The following are six of the primary risks associated with the use of cloud storage.

1- None or limited control over data

When a business uses cloud storage services, it has to deal with security issues such as loss of control over some sensitive data. When using third-party file sharing, the business’s data is being taken away from the business, causing the company to lose control over the security of that data. Also, if the information is back up in cloud storage in real-time, there is a high possibility that unauthorized access can occur. The best way to avoid this would be to get relevant files/data encrypted before using cloud storage.

 

2- Leakage of data

Many businesses do not use cloud storage because they fear that it would risk losing their data or having it leaked.  This fear is because cloud storage is a multi-user platform, and most of the resources are shared. Also, it is a third-party service, leaving the data at a significant threat of being used by others or misused by the provider. Cloud storage also faces external threats because the cloud storage accounts can be compromised and fall prey to hackers or malicious attacks on the internet. The best strategy to tackle this would be too use stronger passwords and encryption methods.

 

3- Bring your device

A significant security threat that has been increasing in cloud storage as companies have given employees the option to work on a BYOD (Bring your own device). This trend increases security concerns even more because the devices can be unsecure. Although they provide a win-win situation for both the employer and the employee, using cloud storage on various devices can result in the loss of data if the devices get lost, stolen, or misused by a third party. This misuse will result in a loss of essential data of the company to third parties who may have the ability to breach the company’s security and steal information valuable to the company.

 

4- Snooping

Without proper security measures in place, online data stored and maintained on cloud storage is highly vulnerable to being hacked or attacked by malicious viruses or online threats. The transmission of data itself on the internet is a significant threat. Information is not safe from vicious online security threats until encryption for authorized access only occurs. The best way to deal with this is high-security encryption. Third parties or foreign bodies cannot access or view the data of the company or organization.

 

5- Key Management

Managing cryptographic keys have been a high-security risk for many businesses. Since the introduction of cloud storage, it has become necessary to perform improvised management processes. These processes can be done by securing the management process from the start and be automated, inconspicuous, and continuously active.

 

6- Cloud Credentials

The main attraction and benefit of using the cloud are that it allows and offers almost unlimited amounts of storage. This limitless storage means that all the business information and the customer’s data storing could lead to a potential breach of data by third parties. Even though the credentials protect the data stored on the cloud storage, they are at a high risk of getting compromised. Encryption of data is a safe way to protect all data stored on the cloud storage to avoid losing important information like the bookkeeping records of a company.

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.