Author: Jennifer Brazer

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

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

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

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

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

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

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

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

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

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

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

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

 

There are two essential aspects of Cyber-Attack

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

 

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

• Social engineering
• Virus program

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

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

 

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

What to do?

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

 

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

 

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

 

• Internet banking systems frauds

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

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

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

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

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

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

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

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

1. Retention Timetable

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

2. Format and Storage

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

3. Right of Access

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

4. Privacy and Security

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

5. Timely and Careful Shredding of Documents

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

6. Following the Required Retention Laws in Accordance

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

7. Periodic Audits and Consistent Policy Implementation

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

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

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

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

Challenge 1: Shortage of Trust Specific Rules and Knowledge

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

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

Challenge 2: Restricted Resources and Means of Smaller Law Firms

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

Challenge 3: Systems Operating Manually

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

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

Challenge 4: Trust Funds Commingled

Commingling is of two main types:

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

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

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

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

Challenge 6: Disordered Bank Reconciliation

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

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

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

What do bookkeepers do?

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

What to Expect from Bookkeepers?

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

How Do Bookkeepers Help You?

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

Bookkeeper’s Job Responsibilities

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

Bookkeeper’s Job Description

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

Bookkeeper’s Skills and Qualifications

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

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

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

 

1    Data leakage

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

 

2    Compromising Accounts and Bypassing Authentication

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

 

3    Hacking interfaces and API

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

 

4    The vulnerability of the systems used

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

 

5    Account theft

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

 

6    Insiders-intruders

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

 

7    Target cyberattacks

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

 

8    Permanent data loss

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

 

9    Insufficient awareness

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

 

10    Abuse of cloud services

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

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

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

1- None or limited control over data

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

 

2- Leakage of data

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

 

3- Bring your device

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

 

4- Snooping

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

 

5- Key Management

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

 

6- Cloud Credentials

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

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

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.