Author: Jennifer Brazer

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.

Even in small companies, a significant number of security measures should get put in place. These measures are necessary to monitor commercial activity, personnel work, bank statements, and other operations.

When determining the period of storage of documents in your business you should consider and the need for further work with the documents. If documents are no longer needed depending on the document type destruction may require unique regulatory materials to apply to the document destruction process.

Also, document management at each business should include instructions on record-keeping, rules of work with documents, regulations on structural subdivisions of the enterprise, and job descriptions.

Who is responsible for organizing the storage of documents at the enterprise? 

The owner of the business or the person authorized by the owner is responsible for the safety of documents. The chief accountant of the business performs control over compliance with the schedule of document circulation. Therefore, management should first create conditions for the storage of documents and authorize other employees (in particular, the chief accountant) to perform the appropriate actions. If necessary, also appoint the head of the archive. 

Terms of storage

The terms of storage of documents (including primary documents) should get approval in terms of cases – a mandatory for each institution; a systematized list of names of cases formed in its office work. In this case, the requirements of the current legislation should have consideration. For the primary documents, registers of accounting, financial accounting, and other documents related to the calculation and payment of taxes and fees, the maintenance of which is specified by the legislation.

On the other hand, the primary documents for tax report submission will need storage for at least 1,095 days. The primary documents related to the audit of the tax notice-decision should have safekeeping in case of an appeal.

Storage in accounting and other structural division

All documents are kept according to the terms. The security in the structural subdivision is set up by its manager or employees responsible for organizing office work. 

There are many ways to choose a secure document storage company. 5 top tips while selecting a reliable document storage company are:

• The best way to choose a secure document storage company is to consider access to your essential documents and files. It is necessary to select the right solution for your document storage that offers legal and controlled access to the
• The environment and people should be trustworthy and requires monitoring for privacy and security purposes, and you can trust it with your sensitive files.
  
  
• The document storage company should be able to respect the privacy and security of your offsite histories.
• While choosing a security company for document storage, keep in mind that it should never undervalue the cost-effectiveness of your document’s storage.
• The document storage company should have the policy of insurance for your file and document archiving.

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.

Most people think that saving money requires extreme bookkeeping and giving up things like going to the movies, out with friends, or out to dinner. While you will need to cut expenses to save money, you don’t have to sacrifice fun. Here are six clever techniques to trick yourself into saving money while still having a life outside of work.

1    Do not withdraw cash with a credit card

The bank takes a fee plus interest when you withdraw cash with a credit card. Having withdrawn $1,000 using a credit card, a person can pay the bank anywhere from $100 to $300 in fees and interest. Also, when withdrawing cash using a credit card, there is no interest-free grace period.

 

2    Workout for Free and Save

It is not necessary to go to an expensive gym to get a good workout. A person can work out for free by doing physical activities throughout the day. Extra activities such as walking in your neighborhood or taking the stairs cost nothing, and a person’s body and wallet will thank them.

 

3    Drink more water

Water increases energy, suppresses the appetite, and cleanses the body. Drinking water is good for maintaining your health but can also save you money. Soft drinks, juice, alcohol, coffee, etc. are costly, especially if you buy them in a café or restaurant. Water, in most cases, is free, and the savings will add up.

 

4    Find alternative entertainment for the kids

Instead of taking your kids to expensive amusement parks, restaurants, or shopping centers, try inexpensive or free options.  Parents and children can watch movies online together, organize a picnic, ride a bike, take a walk, play board games, practice sports, etc. All these options are fun and far less costly, saving hundreds of dollars and creating great memories for you and your family.

 

5    Pay your children for housework

There is no better way to explain to children that money does not grow on trees than to pay a housework allowance. This income is an ideal tool for teaching the value of money and saving and spending wisely.

 

6    Entertainment

Invite friends to the house and prepare dinner instead of going to a restaurant. A bottle of wine and a delicious steak dinner will be far less expensive at home, and the time spent with friends will be priceless.

To save money, you don’t have to sacrifice fun and entertainment. If you use these six tricks, you can still have a great time without breaking the bank, and your family, friends, and wallet will thank you!

 

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.

It’s already too late when most home-based companies realize they could claim and enjoy certain tax deductions in the tax season. So, awareness about tax laws is essential when it comes to filing taxes at the end of an accounting period. If you expect to save money and bring that money back into your business, you need to learn about tax laws. Unfortunately, most small business owners who like to play solo are generally late filers, so they miss out on maximizing tax benefits.

According to a study, approximately half of taxpayers wait until the last 30 days to file their business taxes. Tax deduction awareness is key to thriving capital for an entrepreneur. The government allows small and home-based businesses to claim and avail certain tax breaks. These breaks encourage entrepreneurs to play their role to boost the economy and feel positive about their country and its opportunities.

Get Organized

Getting your business organized is the first step towards proper tax planning. This planning is where you track both your records and business performance. Gone are those days when home-based businesses do everything manually or record transactions and daily expenses on registers. This approach has changed, and companies take advantage of the tax situation by citing everything clearly on an advanced bookkeeping or accounting software. From there, they can track business expenses and know the exact status of their company. Even home-based businesses are embracing superior software to create a clear picture of their business finances.

Choose the Right Entity For Your Business

According to studies, home-based businesses contribute to 70% growth in the American economy and help drive innovation. This innovation indicates that small-scale businesses operating from homes play a crucial role in developing an economy. When economic activity is on such a massive scale, then companies need to abide by tax laws and regulations set forth by the country. So, small businesses need to register their business under the entity type supporting your business and its short and long-term tax goals.

Audit-Proof Your Business

It means saving your receipts and having a back-record of all your business transactions. This back-up includes keeping a record of your business expenses or expenditures. Besides that, audit-proofing means saving more than your receipts that cover your costs, car mileage bills, etc. Before filing taxes, you need to tax professionals about how they can reduce their tax bills.

Get a Home-Based Business Tax Professional

Without a doubt, a tax professional understands the intricacies of almost every type of business. It is hard for small business owners to find the right tax professional with in-depth knowledge and expertise in saving taxes. Not all tax professionals have to be expensive as generally perceived. With little market search, you can find an affordable accounting professional fit for your type of industry. Home-based businesses can expect to save thousands of dollars on taxes if they are serious about protecting their hard-earned money. So, a company can hire a specialized tax professional with tax-saving knowledge and skills to reduce their tax bills.

Start a Retirement Plan

Home-based businesses can avail of an exciting opportunity to contribute regularly to their retirement plans. Doing this will ultimately result in saving taxes and is the best savings strategy to help businesses get their money back into the business. There are several 401k or IRA plans, which can help you save more money.

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.

It is difficult to imagine modern employees working without the Internet. For many, it has become a useful and convenient tool for accomplishing important tasks and reaching production goals. With the Internet today, it is possible to conduct financial transactions, communicate and solve business issues, and much more. Unfortunately, cybercriminals can use these Internet opportunities for criminal purposes.

The following are the kinds of cyber fraud and the ways to recognize and fight them.

Phishing

The most common type of cyber fraud in recent times is phishing, which is essentially a kidnapping of a user’s data. This stealing of confidential information (passwords, personal information, and much more) gets carried out through various viruses and malicious programs. That’s why you should not open attachments in emails from unknown recipients or go to unfamiliar sites. Also, secret information should not become disclosed to strangers disguised as bank employees or law enforcement agencies trying to obtain the confidential information they need.

Today phishing is considered one of the most common types of fraud. In this case, the primary purpose of scammers is to get your bank card data. To do this, they send emails, apparently on behalf of the bank.  This scheme does not mean that money will disappear instantly from the card, but the attackers will have all your data, which they can use in the future.

To protect against phishing, owners should use the same methods to inform users that they have come to a suspicious site that may belong to scammers.

Fake online stores

It all starts with a group of scammers. It places a copy of a well-known online store or a commercial offline network that has already gained a positive reputation among consumers. Next, scammers distribute information on the system with links to the store, after which users go to the appropriate site. Of course, as a result, customers of such a store do not receive any goods. Real organizations, whose reputation in this case suffer, have to spend a lot of time and money restoring consumer confidence. For recognizing this fraud, one should never open the website of a well-known store that is not official.

Internet begging

Different requests to help someone on the Internet are no longer surprising. Of course, it is not uncommon when help is needed. They will probably ask you to fill a form that requires your account details. The data can be fake, or the cheats might have changed the bank details already in the very form of the request for help. One should never provide their bank details unless they double-check the document that needs your account information.

Content blocking

This method is considered primitive, but unfortunately, it works. In the course of this method, a strict design gets selected for the “blocking” of the blocking notification. Targeting and localization are made directly by the user’s IP with the posted text. A lock gets made because the user used the prohibited content. The document indicates an excerpt from the relevant law and data to pay for the “unlock” of the system.

In order not to “pick up” malicious software of this kind, you should never click on links to websites of banks or other financial organizations. It is necessary to enter the address manually. Otherwise, there is a risk that you can get on a fake page that looks exactly like the original.

Trojan Encoder

The Trojan Encoder program is considered one of the most malicious ways. Such an application gets to the computer of gullible users from sites with built-in malicious code. After that, it encrypts all files on the computer and then harms the system. It can also damage the bookkeeping data on your system.

For protection, always monitor the account and connect to it SMS-banking. Do not leave personal information about yourself and your card on Internet sites, regularly update anti-virus protection, especially with the function of secure payments.

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 companies are being encouraged to store their files electronically, some organizations still prefer archiving individual vital paper records.

Many organizations retain paper-based files because they prefer it and because sometimes it is a legal requirement. Some documents require being kept as a hard-copy for a certain amount of time. These types of documents include patient records, accident reports, and occupational health records

However, it can be problematic to store a large number of documents onsite. It can significantly decrease the amount of office space and your company may not have adequate security measures to ensure the confidential materials are protected and kept safe. Offsite storage services provide a more secure storage facility for relevant records and documents. Here are some of the reasons why you should be storing your company documents offsite:

1 – Space

Even if you have a specific warehouse or filing cabinets, storing documents onsite can use up a large amount of space. Utilizing a secure archive facility can save you a lot of space in your office premises, ensuring the work environment is less cluttered. 

2 – Security

It can be a considerable risk to store your company’s documents and records onsite. It makes them susceptible to getting stolen, lost, or damaged. 

There is a chance of confidential financial information falling into the wrong hands if stored onsite. When it comes to finances, security is just as important as confidentiality. For this reason, it is good to use offsite bookkeeping to make sure your data is safe. The payroll is not only on time but also completely confidential.

Specialized storage services can ensure that your essential records and sensitive files protect against incidental and natural disasters.  

An off-storage is protected by the most up-to-date security and technology, generally with 24/7 CCTV cameras monitoring everything, an entry that requires a biometric fingerprint, and a building surrounded by a safe perimeter fence.

3 – Cost

Storing documents onsite comes with a hidden cost. Though you will not have to pay an invoice every month, it is easy to fool yourself into believing that storing your file onsite does not cost you anything. However, you will be required to pay rent for space to store the files in your office. You will pay employees to search for the documents when you need them. Having unnecessary, old files around means, they will spend more time searching for the relevant material. 

You will also have to pay for equipment used for the storage of the files. They can break sometimes, and you will face additional costs when the time comes to replace them. Moreover, unless you have a way of determining and destroying documents that you don’t need anymore, the buildup of unnecessary files will also increase your costs further.

Storing files offsite is simpler. You will receive a fixed monthly invoice every month for the organization’s files stored offsite. When you need a file, you can request it using an online system and receive it within a few hours.

You can also examine every cost associated with the offsite storage and adjust the services accordingly.  

4 – Improved Employee Efficiency and Workflow

It can take a lot of time to file, sort, and locate documents, which wastes the time and money of your company. You will be required to employ additional staff to search through the records and documents.

Storing your documents offsite will benefit your company as your staff can focus on their actual job rather than spending their time looking through and filing papers. The majority of the offsite storage services scan and send the documents you require digitally generally within a few hours, this can save your employees a significant amount of time. Moreover, sharing your files online is more convenient and straightforward and ultimately improves the workflow.

5 – Archive Management

It can be a hassle to search for your files, but trying to identify and manage the documents you have can also be frustrating.

The majority of offsite storage services offer an online archive management system that enables customers who opt for archive storing to manage the lifecycle of their documents. They can request a physical file, arrange deliveries and collections to archive additional documents and get the materials they do not need any more destroyed. This connection means that you will always be the one in control of your documents.

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.

Human Resource professionals have so much to manage in the organization. In the information and records management world, employee files have to be appropriately kept and guarded tightly. It needs to be guarded to such an extent that the employee files are securely locked up. Human Resource professionals have to face a tremendous challenge to keep the files confidential and protected.   

The most common difficulties they face is when they need to share the employee files with the other departments or external organizations. Employee files can be digital or paper, and this is why the Human Resource department has to ensure a system for self-auditing the employee files to guarantee it is complete.

As per the federal guidelines, when the headcount of the employees in your organization reaches 15, it becomes your duty to maintain employee files for a specific duration of time. After you have landed yourself in this position, you need to keep in mind, some critical compliance risks:

1. Missing Or Incomplete Documents
2. Noncompliant record keeping
3. Risks connected with sharing and passing employee documents

With the right technology and practices, these compliance risks can be evaded.

For this reason, the concept of bookkeeping is encouraged. Bookkeeping helps you understand how to manage and control your accounts. The idea of bookkeeping is not just limited to accounting and finance. It can be used in other fields as well.

Human Resource Technologies

In recent years, it has started to become a trend for businesses to adopt recruiting or onboarding software as a form of information management tool.

We must address and implement Human Resource technologies in today’s world, just as other Human Resource practices are implemented. Many businesses have an HRIS (Human Resources Information System), an external service provider, or a module of an ERP (Enterprise Resource Planning) system.

Document Record-keeping

It has been estimated that, on average, a sizeable Human Resource department utilizes a minimum of seven different systems, excluding those used for attendance and time. Every technology has its purpose in serving.  The same information or documents can be present in one or more systems.

It can be unimaginable to get a comprehensive assessment of an employee. Thanks to these technologically designed systems, people can easily print documents from any one of the methods and place the information in the other.

Records Incomplete can get challenging for the Human Resource Department and Increase Compliance Risks

Gathering all of the necessary documents, both digital and paper, can become quite nerve-wracking for the Human Resource personnel. It all comes down to the Human Resource personnel who have to deal with the responsibility of completing their personnel files. The fact that records are submitted to multiple systems can become quite perplexing to locate and maintain them.

HR and Legal experts say that having up-to-date, complete employee files is a company’s powerful defense against litigation. But suppose the records are incomplete and miss crucial information, such as unsigned acknowledgments, performance reviews, or the incorrect version of the employee offer. In that case, it can be disastrous to the organization.

Noncompliant and Unmanaged Record Keeping

It can indeed be challenging to cater to the criteria and retention requirements for different documents. The state regulations of USCIS (the United States Citizenship and Immigration Services) and other state employment acts (OSHA, ERISA, FMLA, and ADA) have set specific document retention guidelines that need to be followed.

Nowadays, all companies need to maintain a record retention schedule and policies in black and white.  The policies should include which documents are formed and maintained, by whom, and the location. Companies need to implement a policy through which the employee records are preserved in litigation or audit until the issue gets resolved.

For the Human Resource members to manage their compliant record-keeping program, they need to organize and control all documents and data during that employee’s life cycle, from the time of hiring till the time of their retirement. If there comes a time when new forms, regulations, and policies are changed and implemented, that employee’s files ought to be updated, along with the out-of-date forms and documents revised and deleted. You will notice a decline in your compliance risks.

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.

For every operating industry and business today,   Document Security is a basic need in the millennial age. Numerous cases result in the loss of relevant, valuable data faced by companies daily. Many fresh entrepreneurs who do not possess sufficient knowledge and fail to recognize the importance of document security and management cannot manage their data. As a result, they often end up losing vital data to third parties and malicious hackers.

Bookkeeping records, employee records, and relevant financial information like bank records are examples of data that can fall prey to severe online threats. If you are a business owner facing a document security issue or are only looking to opt for document security and management, make sure that you gain some insight on document security and control, as discussed in this article.

1-Document Security-What it is

Document security is the method in which vital data like critical records of a business are documented, saved, handled, moved down, conveyed, and in the end, discarded if they are not of use anymore.

Document storage and management require much more than merely finding a cabinet or a data storage platform. It involves considering the storage capacity, the security level it has, and how easy accessibility and retrieval of data is. Alongside, a significant issue that many businesses face while choosing a document security platform is the question of whether third parties will have control or access to the data once it is uploaded to the storage platform.

A cost-effective method used by many businesses for document storage is hiring companies offering document storage services, in the form of document storage and management platforms, instead of having to pay a lease for more space. Another primary reason that document storage should be a top priority for any business is document security.

Document security is a highly sophisticated service for document storage that requires a secure, safe facility and has individuals who have the expertise of handling, retrieving, and storing documents on behalf of other businesses/companies.

There are, although, some mistakes related to document storage and management that should be avoided at all costs:

1. Documents that are not labeled or packaged in an organized manner are often tough to locate. Most facilities complete the task for businesses as they mostly provide their packaging, retrieval, and storage system.
2. One major factor that many businesses are concerned about is the security of document storage. Most documents stored online are not as safe as they are likely to fall prey to malicious attacks on the internet. Documents are easily accessible to third parties and can be hacked despite having security. Therefore, the lack of an effective encryption method can prove to be fatal for a business.
3. If not appropriately managed daily, document storage can get jumbled up, resulting in a troublesome and time-consuming

2- The importance of document security

Although document storage seems to be a bit costly and proves to be a little time consuming, it saves the document from vicious threats if they are adequately encrypted, alongside providing the ‘make life easier’ benefit.

With the use of document storage platforms, effective document management can quickly be executed as all the documents can be placed in one place in an organized manner. Businesses can store all essential documents like bookkeeping and employer records that can easily be accessed when needed.

Secondly, employees working in document storage facilities are highly trained and have security clearance to protect them by placing them in damage resistant areas.

Document storage facilities are undoubtedly the best option for effective document security and efficient management, especially for businesses that have essential data they want to secure. A cost-effective, secure, and easy to use document security system is a must for your business for executing effective management strategies.  

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.

Digital bookkeeping is one of the best account management practices for business owners. It doesn’t just let them manage the numbers efficiently but also cost them less than maintaining the accounts on papers. Keeping track of documents in an office requires too much effort and maintenance hassles. From designating separate files for separate subjects to placing them in the cabinets categorically, there is so much to handle for the business owners, which ends up making them stressed about the bookkeeping and the cost it takes to manage. Management hassles and expenses are two of the core reasons why companies buy the idea of having an electronic document management system for the company data.

Having an efficient document storage system installed in a company is not sufficient to deal with the accounting and document management hassles. It still would need a professional accountant or a finance professional to look after the system. Companies with large-scale operations and a higher workforce might need an entire team of accounting professionals to manage the documents electronically.

Electronic Document Storage is an excellent alternative to paper documentation that has a treasure of hidden benefits that you only explore once you start using it yourself. Out of all the fantastic advantages of electronic document storage, some of the best are listed below.

Condensed Document Storage

The conventional document storage is much more of a hassle. Paper-based data storage occupies a larger space in the office. It is considered to be a wasteful cost to the company as no organization can keep all of the paper-based documents secured in their best condition forever. The pages tarnish, worn out, and eventually are discarded.

Easy Data Retrieval

Data retrieval becomes easier with electronic document management. With automated data management, businesses enjoy finding the most vital information from the electronic data with just a click. The right keyword helps you fetch the exact data for which you are looking.

Documents are not lost

Paper-based documents are more likely to get misplaced. If your business moves from one state to another or your office doesn’t have ample space to keep the files properly stacked, you would probably face the struggles of finding the required files or data while taking the least time. These struggles become even more stressful if you eventually fail to find the correct file and consider it lost. With an electronic document system, you don’t just find your required files conveniently, but you never lose them. Even if you accidentally delete or crash all your electronic data, information technology always offers you ample data recovery options that can help you retrieve your lost or misplaced data.

Electronic Document Storage is Safe

The system of Electronic Document Storage is safe and secure than paper-based data handling practices. It occupies less space. It is also the most reliable option for managing a large amount of data for any company, especially the most critical and sensitive data. This data includes the clientele, finances, and other disclosure information that shall ideally remain between the company’s higher management.

Disaster Recovery Management

Unfortunately, many companies do not think about the action plan of recovering the data in case of any natural disaster such as fire, flood, storm, or any other “Act of God.” In such an emergency, paper-based documents are primarily destroyed. However, the electronic document can be very conveniently put on different servers in multiple locations with being cost-effective, too, so that you can recover it immediately whenever required.

Electronic document storage is one of the most excellent bookkeeping practices that almost all companies follow to manage their data. As mentioned above, electronic document storage comes with numerous advantages. The only thing that is likely to be referred to as a drawback of electronic document management is how to decide which system is technically sound to be adapted for your company’s data management and where to get the right professionals to manage them.

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.

Accounting is a significant aspect of administration and management in business. It is essential to have an accounting team accurately track the transfer of assets into and out of an organization that comprises numerous moving parts. This will ensure both profitability and transparency. When it comes to finances, contractors and firms related to the construction industry encounter distinctive challenges. This article will take a look at the challenges and determine what differentiates construction accounting from regular practices to help you manage your finances in a way that suits your business.

What is different about construction accounting?

It is necessary to realize that construction accounting is not the same as regular accounting. A usual business, such as a grocery store or restaurant, utilizes the ordinary principles of accounting. They work flawlessly for firms like these as it involves selling from a fixed position. The business recognizes the cost of every item sold, and any expenses/overhead are somewhat constant. However, when it comes to construction, the company is mobile and involves customized work in a different location daily.

For this reason, it is required for construction companies to monitor completely different cost categories: mobilization costs like equipment and packing tools, travel time, material delivery to the job location, and also removing any excess materials from the job site once the work is done. In a way, construction business does not have any fixed location, and it requires moving to wherever needed by the customer, including the materials essential for the job. The Percentage of Completion Method is also utilized by construction businesses, which considers revenue based on the contract’s estimated profit and the completed percentage of the project. Thus, it is even more critical for construction companies to make use of cost-accounting methods that would track expenses accurately to calculate profit and loss precisely.

Significant Differences between Construction and Regular Accounting 

• Sales: Typical accounting involves taking sales into account, and the services and products offered by regular accounting can be classified into one to five categories. Whereas, a wide range of service categories are provided by construction businesses such as consulting, service work, labor, engineering, physical products, design, and materials.
• Cost of Goods Sold: Regular accounting involves simply recording the cost of the sold product. However, in the construction business, it is not that simple. Every job involves direct and indirect costs that are further divided into various categories.
• Expenses/Overhead: Expenses and Cost of Goods Sold are distinguishable when it comes to regular business accounting. However, this is not the same when it comes to construction. A lot of items that would be considered “Overhead” when accounting, for instance, a grocery store, maybe categorized as “Cost of Goods Sold,” but when it comes to construction accounting, they may be connected to the client’s project director.
• Break-Even: It is easier to calculate break-even points in regular business accounting due to the direct relationship between expenses and income. However, when it comes to construction, it can get difficult to determine the break-even on a project as there is a wide range of item categories. Moreover, the majority of the projects are exclusive customized jobs, with specific detailed requirements and a variety of costs associated with them.

Accounting for a construction business is significantly more complicated as compared to other regular businesses. It is essential to be able to track, record, and classify costs and expenses in construction business accounting to understand bidding on projects, determine profitable projects for the business, bill clients fairly and accurately, and make most of your firm’s resources.

Improving the accounting of your construction business begins with understanding the various costs you can face on a specific project. After that, it is essential to effectively categorize these costs, taking into account the nuances between the cost of goods sold and expenses.

One of the best ways to make sure the accounting is accurate is by implementing a software solution that enables your employees to effortlessly provide data related to cost from a platform integrated with the software you use for accounting.

This can not only save a significant amount of time but will also ensure that your relevant data never gets lost, which will, in turn, make your business more profitable.

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.