Author: Jennifer Brazer

In most of the cases, small businesses begin their work using Excel. However, Excel is a practical choice, but up to certain limits. Therefore, organizations are required to evolve their software and grow. Excel is effective software and provides a large number of functions quickly. This ease is the main reason that in the world of business, Excel has great significance. However, whenever the application becomes sturdy, the spreadsheets created while no one using it. Therefore, most of the company is moving to accounting software for swift processing and working. Accounting software provides a large number of options for dealing with the financial information of an organization in the current age.

Business accounting associated with Excel’s Problem

There are specific problems with excel for business accounting, discussed below:

1. Most of the small businesses forget this aspect of excel. The use of excel is quite common, and almost every individual using it; therefore, its usage does not restrict up to only experts. Moreover, the number of excel users made false judgments concerning their expertise in excel.
2. It is a lengthy process to create excel spreadsheets that fulfill all the financial needs of the organization. The setting of invoice tracking and expense report also takes time. The employee often gets stuck in the situation of consistent making changes in the information set on the spreadsheet.
3. Excel requires appropriate plan and knowledge, prior beginning work on it. Moreover, there is no flexibility in excel for later configuration. The individual should know that which cell be working for which part clearly. 
4. It is quite easy to make changes in Excel spreadsheet without tracking the individual, who made changes. Therefore, it is not reliable. It can make a significant loss as well, for instance, if an employee replaces $1,00,00 with $10,000.
5. While working with a large number of spreadsheets and data, excel often show performance issues. The system of excel becomes overload. Excel does not integrate with other business applications, which help make the business run.
6. Another issue with excel is that it does not recognize double entries. Hence, it further makes trouble for its users.

Reasons for Betterment of Accounting Software than Excel

Specific reasons make accounting software better than excel.

Accounting software gives confidence to the user because its dashboard is quite easy to use. The individual will have a clear view of their financial status that makes it easier to make informed business decisions.

1. There is a central place in accounting software for real-time financial data of the organization in the online cloud. All the lines of the bank statements are fed into the software automatically and rectify double-entered data and potential mistakes of the user.
2. It turns longer waiting time for reports into shorter and provides most of the reports in just a few clicks. Additionally, it is quite easy to share and view budget and real-time reports. Similarly, many tasks, such as returning sales tax, could be accomplished in minutes.
3. It creates information that investors can notify immediately. The small business of an individual will be well-equipped for the management of its finance accurately. This software is especially significant during tax hours when exchanging data with financial advisors or accountants. Information on business taxes is always up to date and ready to provide at any time.
4. All the historical data that your investors might need will be at their fingertips. The appropriate control documents ensure that the data are not affected. Accounting software also records every transaction. This record includes sales contracts, payments to employees, and much more. A complete audit trail allows investors to understand the company’s effectiveness and meet the needs of tax authorities.
5. Cloud-based software allows sync of financial data. Invoices, inventory management, and others would take time and avoid problems with a small business.
6. It allows any member of the team to work from anywhere on its online data system. This software enables the user to share financial information with a financial advisor, account, and bookkeeping.

Accounting software makes the Business Grow

Although it is often difficult to change the way of doing business and accept the intervening changes; however, in such situations, the potential rewards are quite vast. Excel is not designed to replace accounting software. There is a particular drawback of the consistent use of excel that resolves by moving from Excel to accounting software. Therefore, it would be slightly better to move and make the business processes easier than going for a redundant option.

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 most cases, online accounting software will not do everything you want. There will be things you cannot do (such as inventory) or things that could do better (maybe tax reports). Some of them can get resolution, and others can be added through third-party add-ons. The growing number of online applications for small businesses will be evaluated according to their ecosystem, not just immediately (or more precisely in cloud computing).

This evaluation is similar to how you choose your phone and operating system (Android, iOS, Windows Phone, Blackberry). They can have many essential features that are already built-in, but you can add apps and add features. Often there is less time available. Therefore, the software of online accounting software offers smaller businesses more benefits than the desktop accounting tools used traditionally. Following are some of the benefits of online accounting software:

Reduce Complexity

Cloud computing software for small businesses is easy to use by design. It is ideal for experienced or inexperienced business owners and more experienced professionals. Access books from anywhere, if you have an Internet connection. Most systems also support mobile devices, which provide access via tablets, smartphones, and PCs.

Multiple users can interact and process system data at the same time. All changes are saved immediately in the cloud. And because of the inherent fluidity of this accounting software, you can invite your accountants, financial advisors, and others to access your books remotely. This access will help when bookkeeping and leave the accounting notes in the system and collaborate more effectively with those who will help you succeed.

IT Simplified and Hassle-Free

Because the software is stored and managed in the cloud, IT activities (repair, update, and data backup) are managed by the suppliers.

How to Evaluate Online Accounting Software

Several options are available for choosing online accounting software. Business owners need to know where to start. Your accountant is the ideal starting point for valuable advice based on your budget and making sure you get the right features.

The typical characteristics of the online accounting software are:

• Evaluation and formation of an invoice
• Multiple payment options for online payments
• Statement of income on wages and salaries
• Warehouse monitoring
• Tools for importing and tracking costs
• One-click financial statements: seniority, losses and profits and tax ratios, balance sheet formation, etc.

Control panel reports provide a window for your business and also provides alerts and critical operations. Also, please focus on the software developer community (identify it as an accounting world equivalent to smartphone apps), described in detail below. Finally, if you decide to change supplier, find out how easy it is to transfer it from the platform. In the same way, what happens to your data once the contract ends?

Insufficient Spreadsheets

Theoretically, the budget and the initial plan can be completed in the table. During work, however, tables and documents can quickly lose control. Tables are almost impossible to navigate and are easily lost, and only one person can watch changes. If you have a shared disk to share a file, more people can edit or enter data, but the wrong move can be devastating. You should also not add documents that your company should follow. In terms of space, money, time, and organizational issues, it is worth investing in online software for small business accounting.

Economic Efficiency

Only traditional meters can receive real-time updates based on their financial situation, which may be more costly than real-time using online software. In fact, during the billing period, you can also calculate the time for selecting all physical files contained in traditional accounting.

Also, an average employee employs approximately 10,000 sheets of paper each year, equivalent to $ 80 ($ 52) per person per year. It not only generates significant losses for your business, but it also creates enormous environmental damage. By switching to online accounting to reduce the amount of paper used in your office while being more environmentally friendly, your business can save £ 100 each year (if not £ 1,000).

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.

Since the purpose of online business is to obtain revenue by selling goods or services to the public, most rules protect the population and tax collection. This includes obtaining a business license, several permits and territorial permits, consolidating and training LLC for their legal business leadership, protecting their assets, preventing fines and sanctions, and increasing your business’s reliability.

Most Companies Require a License

The type of license required depends on the activity and its structure, the number of employees, and the geographic location of activity. The following licenses are not family-specific: they are only part of the start-up costs. Bookkeeping is a significant point when managing a business; therefore, besides getting a permit, companies need to ensure that accounting is done smoothly by the business owners.

General Business License

The power of your home may require a general business license. This license has two purposes. First, the permit protects residents of the city or region by identifying companies operating under their jurisdiction. Secondly, it makes it possible to increase the revenue of local authorities. For this reason, the most common commercial licenses must renew annually.

Business Tax Registration

If you sell physical goods, even on the Internet, you may need to pay the sales tax. Also, many states have different services on which there are already tax imposed. So if you are in a service industry, you may need to pay the sales tax. If you need to collect tax on sales, you must apply for a tax license. (In most countries, you must register before you can sell them for the first time.

Professional/Professional License

In addition to license requirements for state-owned enterprises, some professionals (such as lawyers, architects, stylists, and tattoo artists) also require national licenses or certificates. Each state has its list of licensed professions, so it is essential to understand your state’s laws.

Compensation of Worker and Unemployment Registration

In some countries, you have to register even if you are a single employee.

Registration of Weights and Measurements

If you weigh products for sale, your condition may require you to have this type of license.

Notification License

If you plan to install a commercial fire alarm system, you may need permission from a “fire zone” or local government. If you provide childcare services, you may need to get a check from the local fire service before you get a work permit.

Certification of Health Validation

If you cook any type of food, you may need to get permission and check it. You may need state and local permissions.

Company licenses

The list above refers to any business. However, when doing business from home (or in the range displayed in a residential area) operating license standards and special considerations for common types of licenses.

Career License at Home

Many city and provincial governments require companies to have a “residence permit.” The purpose of these licenses is to ensure that the company is not involved in environmental and commercial factors that may interfere with the use of a property that surrounds the owners. Therefore, most local laws and regulations determine the types of professions or companies adopted and business restrictions. These limitations usually include the amount of space used at home, the number of customers who can access the house, and the number of changes allowed for the company’s ownership.

Signage

In most places, signals are limited. However, suppose your business is in a residential area. In that case, the size, number, and location of brands on your property may have restrictions. Before you request any designation, you must make sure either it is possible or impossible to show it.

Restrictions and Differences in Zoning

If you plan to do business in an area labeled “Residential,” you should familiarize yourself with the zoning rules. Some commercial activities are not allowed in residential areas. For example, you may be entitled to run a website, but a car repair shop may ban you. Your first step is to contact the office in your district. Only small adjustments in the business plan may meet these limits. However, if your company is not part of the county law, you may need to change to open the door.

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.

These are some key points related to the licenses and permits required by the small business owners to consider for their business. Contact a commercial licensing office for information on how to obtain a commercial license that grants you the right to do business in the city (of course, after payment). When you apply for permission, the Spatial Planning or Spatial Planning Authority will verify the division into the areas you want to use. There, sufficient space is available to match the code.

Suppose you have not previously obtained a license for difference or conditional use. In that case, you cannot work in an area that is not classified by activity type. To get the difference, you need to send the case to the city commission. It’s easy to make a difference in many cases if you prove that your business will not put a strain on the area on which you are about to focus.

When planning your business at home, read the layout rules carefully. Habitats often have strict zoning rules to stop commercial housing. However, it is possible to obtain a license to use different or conditional uses. In many areas, the attitude towards national companies is becoming more and more favorable, making it easier to get the difference.

Permit for Fire Department

If your company uses flammable materials or if your site is open to the public, you may need permits from firefighters. In some cities, you must acquire this license and permit before starting a business. No license or permit is required in other areas. Regularly check your activity to see if it meets fire safety. If you cannot verify the fire safety, then a meeting should be arranged with the concerned individuals. Firefighters carefully scrutinize restaurants, nursing homes, nursery schools, and many other businesses you meet.

Permit for Water and Air Pollution Control

At present, many cities have a department responsible for combating air and water pollution. If any material gets burned, the item goes into a sewer or the water or a gas-generating product (for example, a paint sprayer). It may be necessary to obtain a special permit from that department in your city or county.

Sign the license

Some countries have rules that limit the coverage, location, and size of brands and types of characters that can be used outside of their business. To avoid costly mistakes, read the rules and make sure that the owner has a written consent (if the rented house or apartment) is for the design and installation of the logo.

District licenses

The regional government generally requires the same type of license and as is required by the city government. If your business is outside the jurisdiction of any city or city, these licenses apply to you. It is important to note that marginal rules are generally not as strict as those of neighboring cities.

Status of License

In many countries, some professionals must have a license. In general, they have to pass state exams to obtain these licenses for their business. States often require mechanics, plumbers, electricians, construction contractors, collectors, insurance agents, real estate agents, and certain other employees to be licensed. This licensing is also the case for those who provide personal services such as hairdressers, beauticians, doctors, and nurses. 

License to sell

There are two reasons for selling the certificate (in other countries, it may be called “license vendor” or “copyright certificate”). Firstly, every domestic company that sells goods and services subject to taxes must pay the sales tax on the products it sells. The definition of a taxable service varies from state to state. According to the results of government decisions, part of your account and employee may pay taxes. This point is necessary because bookkeeping is an essential part of any business. Sales tax percentage differs from state to state and levied at the retail level. It is necessary to understand the rules of the state and the regions in which you work because if you are a vendor, you must collect sales tax at each sale.

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 an era where personal financial information is increasingly vulnerable online, personal data security is no longer optional—it’s a necessity. This guide breaks down the essential steps to protect your data from cyber threats and prevent identity theft, ensuring your online interactions remain private and secure.

Key Takeaways

• Personal financial data security is crucial for protecting individual integrity, preventing identity theft, and maintaining trust in digital interactions. It necessitates robust data security strategies and policies.
• Sensitive financial information is highly susceptible to cyber threats such as malware, insider risks, and emerging sophisticated techniques, making understanding and protecting against these threats essential.
• Preventive measures include strong password management, effective use of privacy settings on social media, adopting secure browsing habits, consistent device security practices, awareness of laws and regulations, and being prepared to respond to data breaches.

The Importance of Personal Financial Data Security

Data security is integral to protecting data, our personal integrity, and upholding our fundamental rights in this data-driven society. It’s about more than just preventing data breaches. It empowers us with autonomy over our data, allowing us to control its collection, use, and sharing. A robust data security strategy, including a well-defined data security policy, also builds trust, which is essential in fostering digital interactions and enhancing business reputation.

Yet, the importance of data security extends further. It’s a bulwark against identity theft, which has become a widespread concern in recent years. By having robust data security management in place, we ensure our online safety and protect our digital information from unauthorized access, corruption, destruction, modification, theft, or disclosure. Implementing a reliable data security system makes data security important for individuals and businesses alike.

Types of Personal Financial Information at Risk

The first step in forging a robust data security strategy is understanding the types of personal financial information at risk. Sensitive Personal Information (SPI) and Nonpublic Personal Information (NPI) are highly sought after by cybercriminals due to the harm that their exposure can cause. Personal Identifying Information such as names, home addresses, and phone numbers are often compromised and used for identity theft and doxing.

Even more worrying is that your credit card numbers and financial account details can be targeted through interception and SQL injection attacks, posing risks of financial fraud. With the increasing use of biometric data and government-issued identifiers, these are also at risk of theft through malware and social engineering.

Common Personal Financial Data Security Threats

With the types of data at risk in mind, let’s turn our attention to the threats that pose a risk to our personal financial data security. Malware, including viruses and Trojans, can infect personal computers through email attachments or software vulnerabilities, sometimes demanding a ransom to unlock encrypted files.

However, threats aren’t just external. Insider threats stemming from employees who may inadvertently or deliberately compromise sensitive data are also a significant concern. As technology evolves, so do the threats. Emerging threats now include specialized techniques and malware such as spyware, fileless malware, and SQL injections that can surreptitiously gather or corrupt data.

Protecting Personal Financial Data Online

Given the myriad of threats lurking in the digital world, protecting our personal data becomes imperative. This involves using various security tools and measures such as Virtual Private Networks (VPN), email masking, and data masking. Deleting unused accounts, adopting secure browsing habits, managing passwords, and adjusting social media privacy settings are essential.

Password Management

Creating strong, unique passwords for each online account is vital in the realm of online security. Here are some tips for creating a strong password:

• The recommended password length is at least 16 characters
• Use a mix of mixed-case letters, numbers, and symbols
• Consider using a memorable passphrase with creative spelling to ensure randomness and complexity

Beyond creating strong passwords, managing them properly is equally important. Password managers help users create, store, and manage strong passwords, offering secure storage and advising against using a web browser’s password-saving feature.

To enhance data security across various platforms, it is highly recommended that data security measures such as multi-factor authentication, which requires additional verification methods, be implemented.

Social Media Privacy Settings

Given the pervasiveness of social media in our lives, ensuring privacy on these platforms is crucial. Regularly reviewing and updating privacy settings is a good starting point, especially given the frequent changes implemented by social media platforms.

Some tips to enhance your privacy on social media platforms include:

• Limiting the sharing of sensitive personal information such as birthdays, full names, and addresses, even with strict privacy settings in place.
• Being cautious about location tracking.
• Controlling who can tag or mention you in posts.

Following these tips can help enhance your privacy on social media platforms.

Secure Browsing Habits

While adopting secure browsing habits might seem like a given, it’s surprising how often this aspect is overlooked. Using a VPN to encrypt data and protect personal information, especially on public Wi-Fi networks, is becoming increasingly essential.

Keeping web browsers up to date, using privacy-focused search engines, and avoiding suspicious links are also crucial in maintaining secure browsing habits. And let’s not forget the importance of regularly clearing browser cookies and using ad blockers to prevent tracking and limit personalized advertisements.

Safeguarding Personal Devices

While we’ve discussed protecting our personal financial data online, we must not overlook the importance of safeguarding our physical devices. After all, these devices are often the gateway to our most sensitive information.

Let’s delve into device encryption, mobile device security, and computer security measures.

Device Encryption

Data encryption is a vital security feature that makes data unreadable to unauthorized users. It converts readable data into an encoded format, thus preventing unauthorized access. Authorized users need encryption keys to decrypt the encrypted data for reading. These encryption keys are required for security and protection purposes.

The management of encryption keys is a critical aspect of data encryption, which involves both lifecycle management and access management of cryptographic keys. Using hardware security modules (HSMs) to generate and manage encryption keys and establishing dual controls can prevent a single individual from subverting security mechanisms.

Mobile Device Security

Given our increasing reliance on mobile devices, their security is of paramount importance. This starts with strong passwords and biometric features like fingerprint authentication that can significantly reduce the risk of unauthorized access.

Regularly updating the mobile device’s firmware is essential for closing security vulnerabilities. Moreover, using a Virtual Private Network (VPN) is crucial when the security status of a network is uncertain, as it secures the connection and shields browsing activity from prying eyes.

Computer Security

Computers, like mobile devices, house a wealth of our personal information, making their security equally critical. Using antivirus software and ensuring it is up to date is crucial to prevent, detect, and remove malware effectively.

Regular software updates are critical to patch security vulnerabilities and should be set to manual or automatic to ensure timely installations. Moreover, protecting personal information online involves controlling the amount of personal information shared and managing who has access to that information through proper access controls.

Recognizing and Responding to Data Breaches

Despite our best efforts, data breaches can still occur. Recognizing and responding swiftly and appropriately to these breaches is therefore crucial. Initially, monitoring accounts for unusual activity and confirming the validity of data breach notifications to avoid phishing are critical first steps.

Following a data breach, it is critical to take the following steps:

1. Report the incident to the Federal Trade Commission for an official identity theft report.
2. Regularly check credit reports and bank statements for signs of identity theft.
3. Consider using identity theft monitoring services for alerts on the misuse of personal data.

Personal Financial Data Security Laws and Regulations

Laws and regulations significantly influence personal financial data security, including data loss prevention. Data protection laws like the General Data Protection Regulation (GDPR) ensure that organizations process personal data securely and comply with individuals’ privacy rights.

In the U.S., states have enacted their own data privacy laws, with California’s CCPA, Colorado’s CPA, and Virginia’s VCDPA offering varying levels of consumer rights and controls over personal data. At the federal level, the Gramm-Leach-Bliley Act and the Privacy Act of 1974 are foundational components of the nation’s data security framework.

Educating Yourself and Others on Personal Financial Data Security

Education is the key to enhancing personal financial data security. Creating lesson plans about data privacy ensures that the topic is given the necessary focus and depth in an educational setting. By teaching students the importance of accessing data securely, we can help them better protect their personal information.

Utilizing free, high-quality online resources from websites like:

• Teaching Privacy
• Media Smarts
• Student Privacy Compass
• Common Sense Media

Incorporating cloud access security brokers can help effectively teach data privacy and enhance data discovery processes. Additionally, informal discussions or ‘coffee chats’ with colleagues in various industries can offer diverse perspectives on addressing common security challenges.

Summary

From understanding the importance of personal financial data security to recognizing and responding to data breaches, we’ve explored the multi-faceted nature of data security. We’ve identified the threats, understood the types of data at risk, and learned about the measures we can take to protect our data. By educating ourselves and others, we can ensure that our personal financial data remains secure in this increasingly digital world.

FAQ

What are the three types of data security?

The three types of data security are hardware security, software security, and legal security. Hardware security involves restrictions on accessing data, software security detects and removes threats, and legal security deals with prosecuting criminals.

What is data security and privacy?

Data security involves safeguarding information from unauthorized access, use, and disclosure and protecting it from disruption, modification, or destruction. On the other hand, data privacy refers to the right to control who has access to personal information like financial details.

What is personal data security?

Personal data security involves safeguarding digital information from unauthorized access or theft at all stages of its existence. It is vital to protect your personal data to prevent any potential misuse.

Why is personal financial data security so important?

Personal financial data security is crucial because it protects your integrity and fundamental rights, prevents identity theft, fosters trust in digital interactions, and maintains online safety.

What are some common threats to personal financial data security?

Common personal financial data security threats include malware, phishing attacks, insider threats, and emerging techniques like spyware and fileless malware. It’s crucial to stay vigilant and protect against these 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 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.

Every business requires capital to run business operations effectively. An entrepreneur wants investors who can invest in their business to earn a return on their investment to obtain money. In the current market, investors want stability and growth over a long-term period, enabling them to generate significant capital gains. Business startups give an excellent platform to an investor who wants higher capital returns in much less time. However, an investor will require some answers to the question. What are the objectives of the business? What vision has that startup carried on their business journey? What is the anticipated return on investment? What is the future of the company and the shape of sales growth? An Entrepreneur would need to answer all the questions to boost their confidence and make their startup an attractive investment prospect.

• Define your business mission and vision

The first thing an entrepreneur should do is formulate a mission, vision, and organizational objectives. The concept will convey a message to investors what are the company’s aspirations and where Entrepreneurs want to see their company over the long term. The vision indicates the investor, how focused the Entrepreneurs are. Furthermore, the entrepreneur should also clearly define the company’s mission because the mission determines the business objectives and purpose of the company. By identifying the company’s mission, an investor can have an idea of how the company will treat its customer. They will also know how employees will serve the customer and how management will manage their operation etc. Perhaps the mission and vision statement is the starting point for any Entrepreneur to make their startup attractive in front of the investors. Formulating mission and vision is part of strategic planning. An Entrepreneur guides its employee to achieve objectives and vision of the organization. The entrepreneur should maintain continued engagement in the organization and repeat its mission and vision of the organization to its investors.

• Define a Clear business plan

The second step an Entrepreneur should do is effectively present their business plan. The entrepreneur should jot down every aspect of business planning in which the company operates. An investor will be interested in business plans that are comprehensive and complete and want to know how the business will work in the market.  They will also need to understand the company’s core competencies, marketing strategies, and how they will manage their human resources. Investors will also want to know how a company is unique in the market. Entrepreneurs should define their marketing plan by providing information regarding the plan. By identifying the marketing plan, the investor will have an idea if the business has the future or not. Therefore, the company should define marketing plans with details so that investors can see the startup an attractive prospect.

Furthermore, the investor will be interested in the supply chain and operation of the company. Therefore, entrepreneurs should clearly define the strategies, which he is going to adopt in business. Therefore, business plans help an entrepreneur increase investor confidence so that they can invest in the company. 

• Show Future Trend Projections

There are various types of investors. Some want to learn every single detail regarding the business, while some want quantitative projection. An Entrepreneur should research a macroeconomic level and consider various environmental factors to show future sales and market share projections. When a business starts to operate in the market, the company’s management will have an idea of what market share they can capture in the next 4 to 5 years. The company should give a quantitative trend projection of business by showing the current standing of the business and the extent to which management is looking in terms of sales growth and market share. When an investor sees that market share will rise in the next 4 to 5 years, it will give them the confidence to invest in the business.

• Offer a Rationale Return on Investment

The investor has a single objective in their mind while investing is the return on investment. The company should conduct detail and comprehensive assessment, which can show how profitable a company can be in the next 4 to 5 years. Return on investment is profitability ratios, which gives investors an idea of how much they are going to earn on their investment. Therefore, an Entrepreneur should provide financial records through accurate bookkeeping process according to international accounting standards. Providing investors with assurance that financial records are prepared according to standards and considering all the ethical prospects will eventually boost their confidence.

 

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.

Presently, data security management is a serious concern due to the higher chances of cybersecurity attacks. All industries ranging from financial to healthcare, have faced this issue. The national markets, healthcare sectors, and educational and even information technology companies face the problem of security of health information and data. The confidential data and documents must be transmitted in a safe way to avoid unauthorized access to information. Identity Theft Resource Center (ITRC) has revealed several cases of security breaches each year, and only a few cases get reported. In this regard, it is crucial to find a safe way to transmit documents and confidential data. The question, which arises in such a case, is whether it is an effective way to safely exchange confidential and sensitive data and information in the present time.

Some of the methods used to transmit confidential data safely and maintain cybersecurity are demonstrated below.

Email

Email is a commonly used method to transmit confidential data and information and considered safe by most. However, there are different threats associated with this mode of passing sensitive data. When sending an email, it travels from the server to the sender. However, the message passes through many servers during this process. This process is why confidential information such as social security numbers, debit, or credit card numbers should not be transmitted through email.

 

Encrypted Email

The message can be encrypted to make the message private before sending it to the recipient. A message remains encrypted until reaching the recipient. For encrypted emails, different methods are available in the market with varying levels of security. The importance of this approach is high-level security, but this process also has an issue. Encrypting email server connection and sending an email via encryption protocols, the problem occurs if the recipient does not have the same security practice. Thus, one may use a safe way to send documents and data, but it is not sure that these are delivered safely and secured.

 

Traditional Fax

Transmitting confidential documents and data through traditional fax is another way to send information; however, it is not safe. Nevertheless, classic fax machines are not reliable and susceptible to human error and hacking chances. The questions to its safety are dialing the wrong number or chances of documents received by any other person. Also, fax is an image form of a document, which is easy to forget.

 

In-Person Hand Off

The most secure document and data exchange is the in-person hand-off; however, in the digital age, this method is outdated. Despite its safety, it cannot be used extensively due to increased time consumption.

Online Fax

Presently, an approach used for exchanging data and documents is fax over internet equipment. This method is associated with an increased level of security used by companies. Some of the examples are online fax solution, which is cloud-based. Using this approach leads to the storage of documents or data in the cloud, and thus, the chances of data loss, fraud, or deletion is less likely. This information can then go directly to the recipient with the use of a fax machine. The transmission of bookkeeping data can also use this method.

Some companies are concerned about using a safe approach to transmit confidential documents and information. Training of employees to avoid suspicious opening attachments can be useful in meeting security needs to some extent. Keeping updated software can build security and prevent the breach of confidential data and documents. The privacy and security of sensitive documents are susceptible to threats. Each transmission method has its pros and cons and should be considered while deciding which process to use. 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.

Perhaps one of the primary concern in investors’ mind is regarding the uncertainty in the market. Various types of investors use multiple methods and approaches to evaluate the business to find a good investment option. Still, numerous investors suffer losses due to uncertain and volatile market conditions, which affect their attitude and behavior towards investment. Investors are becoming risk opposed day by day. They want to invest in those security options, which gives them a stable income stream. This attitude and behavior affect businesses operating at much higher risk and promise to provide higher returns. Companies are required to adopt strategies through which they can earn the trust of their current and potential investors and enable them to increase confidence. The company can adopt various policies in boosting the investor’s confidence, which is as follows:

Keeping Investors Updated Through Open Communication

The business should formulate a communication strategy in which management gives updated information regarding the companies and developments in the market. When investors get information continuously, it allows them to make investment decisions with ease. The company should use the website as a platform to provide current and potential investors with updated information. The site should show vital financial figures to the investors to give a quick overview of the financial position. Secondly, the website should provide a company snapshot by mentioning its brief history, core values, mission, and vision. Some companies even offer their business units to break down, and customers break down. Through such information, investors will have an overview of the revenue segment. Various investors ask, what are the sources of revenue for the company? Also, break down of business units, and customer segments will include business to answer the question. In this way, investors can have an overview regarding the business segment how stable these segments are. Such information boosts investor confidence and guides them to invest more in the business with free will.

Furthermore, investors want to know where the company is going and in what direction. Companies should adopt a clear communication strategy and define the purpose of the strategy to align with investors’ objectives. Therefore, investors can have confidence in the company’s managerial decisions.

Create Diversified Assets Class within the Business Portfolio

 Investment is not secure because the market keeps fluctuating. Investors are required to consider various factors before investing in security. To boosts investor’s confidence, businesses are required to create a diversified investment portfolio within the company. In this way, the business can spread its risk over the entire business portfolio. Companies can invest in bonds, stocks, real estate, foreign currency, commodities, and cash, ensuring a diversified business portfolio. In this investor way, they will get a steady return from the company and encourage them to invest in it.

Long-term Investment Perspective

 The business should convey the strategy to its investors and get assurance that the company wants to maximize wealth by adopting policies that can provide significant capital gains.  Management should provide the pros and cons of a short and long-term strategy to gain investors’ confidence. Eventually, the investor will understand that long-term strategy gives gains that are beyond expectations. Short-term gains provide the company with a financial advantage on a short-term basis. In the long-term, it can costs business millions of dollars. Investors typically have a long-term approach, which will align with over organizational strategy.

Consider Broader Scope

 The financial market always remains volatile and fluctuates due to economic and financial factors. The business should have a strategy on the much broader scope to formulate a better plan. To increase an investor’s confidence, the company should consider current financial factors instead of past performance because stock markets or financial markets’ history is full of ups and downs. Similarly, the business should convey a similar approach to investors to increase their confidence.

Preparation of Financial Report with Full Compliance

Investment decisions are based on the results obtained through the financial reporting process. The businesses are required to maintain accurate bookkeeping process under the General Accepted Accounting Principles (GAAP) or under International Financial Reporting Standards (IFRS). A financial report gives information regarding the business’s financial position on which investor can make the investment decision. If there is any change in accounting policies and booking procedures, the business should update the investor regarding such change. Making reports transparent and accurate enables the company to boost its confidence in the 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.

Virtualization is a processor acts to create virtual machines or versions on the actual machine, including virtual hardware, software platform, computer networks, and storage devices. Virtual acts as a real computer system with a separate operating system; for example, a personal computer currently running a Microsoft operating system can support a virtual machine with Linux and Ubuntu. Virtualization helps businesses in various ways, which allows the company to expand in the current business environment.

• Businesses are trying to improve their operation to reduce costs to improve profit margins. In this way, a company can quote a better price option to its client and customers. Therefore, virtualization helps the business to achieve cost objectives by lowering down hardware-related costs. Such cost savings optional enable the company to invest the money in business expansion strategies. The business can invest in saved costs in marketing strategies and enhance the operations of the business. When a business saves money, it develops a favorable market position, which gives the company a straight competitive edge over other competitors. Cost-conscious is the characteristics of the business. The virtualization of the server will enable small, large, and mid-tier companies to run their software and applications instead of outsourcing to a third party. When a business has its server, then they own their data too. However, in the case of outsourcing, there will be a consistent outflow of cash in the fee’s shape. Paying these fees will be a burden because businesses have to pay them before the due date. If not, they would not be able to use third-party services such as cloud services. Secondly, maintaining data on a virtual system enables the business to implement more enhanced security mechanisms due to data storage on their databases. Traditionally, if management wants to focus on its primary functions, then outsourcing strategy considered an effective strategy. However, virtualization is an alternative option with a cost-effective IT solution for management.
• System administrators have various benefits from virtualization. With the help of virtualization, administrators can have an infrastructure that supports smooth and fast communication because all the servers’ operating systems get installed on one piece of hardware. Furthermore, virtualization gives flexibility to the system admins because the admin can move servers from one virtual device to another. It is possible because virtualization is a simple data file, which can move to another machine. When a business expands, it requires much bigger storage capabilities. A system admin can transfer data files to another system with much bigger storage capabilities. For example, when a business expands, it requires more storage capacity for bookkeeping purposes. With the help of virtualization, the company can expand its capacity by adding just more memory. All the process is only from the one single click of a mouse.
• When a business expands, they create more clients, vendors, and customers. There is a situation where old stakeholders might use older software and application platform to coordinate with your business. Therefore, virtualization becomes more helpful because it allows the company to use early software applications, which gives them flexibility and better support options for the stakeholders. You can create an image of sold servers with the help of virtualization. Furthermore,
• The primary concern for expanding business is the data. When a company centers in the growth stage of the business cycle, it generates more data, which is crucial for business when it reaches the maturity stage. Therefore, virtualization is useful for expanding business in the disaster recovery process. Virtualization gives system administrators the capability to move a virtual machine from one system to another safely and quickly, which enables the company to backup data in much less time.
• Perhaps one of the compelling advantage of expanding business it is Faster Server Provisioning and Deployment. With the help of virtualization, system deployment and provisioning is possible within minutes. The cloning process allows you to copy an existing virtual machine in a few minutes compared to installing a new operating system that would take hours.

Overall, virtualization provides business a cost-effective option with flexibility and adaptability features. A company can focus on its core objective while leaving IT-related issues to virtualization. When processes become straightforward, businesses focus on other vital functions and goals of the 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.

Virtualization is a significant revolution within the information technology field as it helps create virtual division within any computing device and then enable these different divisions to perform separate tasks all at a time. This function is achieved by using different software varieties that work on the internal workings of these devices and then create separate areas within the device, enabling these areas to take on its own set of functions. In this regard, server virtualization plays a vital role in creating virtual divisions within the server, expanding their operability without demanding an increase in hardware devices. The use of this server virtualization is primarily seen in companies and different organizations, which aim to enhance their technological operations without increasing the burden on its budget. Thus, the following are the top 5 ways in which businesses benefit from server virtualization:

Maintenance of Hardware Budget

Given the expansive operational fields of organizations, there is a need for these organizations to carry out each function through computational operations, each of which fulfills the different areas of work. However, this may require a vast number of hardware devices to keep these operations from merging and prevent overcrowding. Nevertheless, this may put up an increased financial strain on the organization. A higher number of hardware devices directly means a more significant amount of budgets. In this situation, server virtualization can play an important role that may enable a single hardware device to conduct multiple functions, under the separate virtual servers created within these devices.

The convergence of Focus of IT Staff and Greater Productivity

As the physical servers have fewer numbers, they form multiple virtual servers within a single hardware device. This convergence helps to reduce the burden on IT staff, after which they can converge their attention towards limited hardware devices. As a result, the productivity of IT staff becomes enhanced. They have the means of starting newer business projects instead of directing their focus only on the issues of hardware devices.

Cost Saving

The third most important way through which businesses tend to benefit from server virtualization is the cost savings. With a higher number of hardware devices, companies need increased space to accommodate these physical devices. In addition to this, these hardware devices also demand more significant energy use, all the while, implicating an increase in the company’s expenses. In this situation, server virtualization enables companies to cut on their energy consumption, thus helping the company display a socially responsible policy. Moreover, this allows companies to cut on their expenses and use them on other productive aspects.

Easy Portability of Servers

The virtualization of servers allows companies to make their servers portables, which can transfer from one place to another. When companies are required to shift their location, it is a nuisance to move such a significant number of hardware devices and ensure that no harm occurs. In this regard, server virtualization plays a considerable role that helps companies to limit the count of their hardware devices and integrate their maximum servers on a single hardware device. Cloud hosting can incorporate increased benefits from virtualization servers that may enable these companies to enhance their ability to facilitate users’ storage of an increased amount of data. 

An Easy Way of Protecting the Company from Data Loss

Companies must protect their data as there are various number of potential threats that may pose harm to the valuable data. Bookkeeping is an essential way of protecting the data. However, a large amount of data demands more efficient protective means. There may be instances when, due to system errors, the data may get corrupted, and the company may face a considerable loss. In these circumstances, server virtualization can help transfer physical devices to virtual servers readily, integrate all of the valuable data in a single hardware device, and ensure increased protection of data from any form of threat.  

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.