Author: Jennifer Brazer

Have you just entered the entrepreneurship world? If you fear accounting operations (which who is not?!), dig in and learn the most important aspects below. Remember, accounting operations continue to cause the revolution of information, which turns the world’s economy up and down. As an entrepreneur, you aim to have a higher return figure than the figure of the investment/capital used. The reasons that an entrepreneur needs to learn about accounting and finance are the following three points:

1. Making future predictions for the business
2. Making adequate time, cash, and energy commitments for customer attraction and delivery of efficient goods and services
3. Measuring and reassessing progress toward more profitable behavior, reporting positive progress for investors, and changing direction with critical evaluations.

Entrepreneurs aspiring to make a significant mark in their field must grasp the latest tools required for accounting operations and finances. These vital accounting tools allow you to have the following:

• A clear demonstration of the results of the company’s activity to time
• Confidence in the future for bankruptcy prevention
• Timely submissions of reports to municipal authorities
• Monitoring all available possessions: material, labor, and financial
• Proper planning for the company’s activity

Easy Eight Steps to Accounting Basics for Entrepreneurs

Best accounting for small businesses: You first need to figure out your business accounting method for efficient bookkeeping.

There are two methods: cash and accrual. The primary difference lies in the company’s recognition of economic events.

The accrual accounting method matters when money is earned and you record transactions even though your customer hasn’t paid yet. The business must use this method in the case when:

1. There are sales of more than $5 million a year.
2. There are gross receipts of an inventory of items of $1 million annually.
3. The business is a publicly held corporation.

In the cash method, you record transactions as they occur when the cash changes hands. It is the best and the most straightforward method for starting a small business.

Know what kind of records to keep

You should be aware of the type of records that you need to keep.

Legal documentation. Trade licenses, permits, sale tax licenses, DBA certificates, or any other legally significant documents for company activity. These documents should be stored somewhere safe and kept accurate and current. You should know the location of both online and offline documentation.

Supporting financial documentation:  Source documents are of great worth for a company because of all bookkeeping operations. Supporting financial documents include contracts with counterparts, receipts, payrolls, cash registers cash, and several other documents associated with the business area.

Proper record-keeping

You should maintain transactions, sales, and profits properly. Records of outgoing and incoming payments, funds movement, employees’ paychecks, liabilities, taxes, overhead expenses, and operating costs should maintain costs. Documentation of cash comes in the shape of the costs for the digit of material, products, and services you sell and when they should all be appropriately kept.

Documents management

You should organize all an entrepreneur’s documentation well to reduce mistakes. Bookkeeping should be updated and arranged. The standard rule of thumb is never to document “too much.”

Separate business account

Personal and business accounts must be separate to better understand business expenses and taxes. When the two are mixed, it is tough to discern between personal income/expenses and business income/expenses.

Balance sheet

A balance sheet is essential to determining a business’s financial health. It provides information on assets, liabilities, and equity.

Select accounting software

Every entrepreneur should have accounting operations software to manage more effectively and efficiently. Software for small businesses is available online and genuinely catered to every company.

Acquire professional accounting advice

Take support from a professional accountant and bookkeeper for the best bookkeeping practices. They will guide your business in controlling transactions and recommend changes for better growth. They are also responsible for setting up company establishment. A well-oiled bookkeeping system is a must to better understand transactions.

Conclusion

Entrepreneurs need at least a basic understanding of their business’s accounting and financial practices. Whether bookkeeping is outsourced or done in-house, effective financial management is essential to ensuring business success.

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.

Reducing overhead expenses can be tricky as modern businesses have many new aspects to handle. For any business to perform optimally, cutting costs matters. To contribute to commercial endeavors, stopping any unwanted or unnecessary costs is a key management skill. In the global markets today, being cost-effective is a necessary step since energy resources are diminishing.  Similarly, as the population booms, economies are going to be affected in different ways. Here are eight useful strategies for reducing overhead expenses.

1. IT Resources and Costs

Information Technology (IT) resources can eat up energy, so being energy efficient and reliable are two things mandatory for modern IT shared resources like printing and email. Switching to equipment that runs with low costs is advised. Large screens consume more electricity, and so does an older version of computer hardware like motherboards. The latest technology allows more cost and energy savings, so converting your business needs to cloud computing is initially costly but saves financial resources in the long run.

2. Reducing Overhead Expenses with the Internet

Using internet telephony is a way to save on business communication costs by reducing phone bills and other expenditures offered on a mandatory basis by the phone company. And, living in the 21^st century, it is wise to utilize all technology available.

3. Monitor Payment Services

Some banks deduct charges from the merchant account.  If those charges increase and daily operations do not justify the charge, then stop using it. If in-person sales are poor and the only sales that occur are online payments, then merchant services for in-person purchases will mean partial profits. To reduce overhead expenses, insist on cash wherever applicable.

4. Daily Vital Activities

The digital era has created paperless environments. Vital daily correspondences, for example, between vendor and field agents like engineers for specific material requests, can be conducted and stored as PDF on digital storage much easier than printing paper and keeping a file. Having a centralized database of correspondence would be good for this situation; however, other expenditures like electricity and heating expense must be monitored. Employees who wish to work from home are welcomed to reduce overhead expenses and cut utility charges and related in-office expenses. Even on-premises, request all equipment to be placed in standby mode to be cost-efficient. Avoid high-frequency lighting and provide energy-efficient lighting with low-energy bulbs.

5. Outsourcing

Some businesses require minimized accounting or IT services, which can easily be received by consultants or service providers. By outsourcing these departments, businesses can benefit by employing interns or freelancers. Temporary staff is effective for specific projects. Businesses like vending or merchandising eradicate the need for staff mass training and help reduce overhead expenses. 

6. Outdoor Calls

Traveling for campaigns requires cost-effective methods, like using teleconferences instead of taking a team on a three-day product introduction workshop. Using business tools for communication like Skype should be the first option for conferences. With technology and the evolution of the web, it is a convenient tool that is always an ally of a business.  When reducing overhead expenses, use the rail or book tickets well ahead of time; travel lightly and only take essential trips.  

7. Business Gatherings

It is always a good idea to make business contacts, but it is even smarter to form joint venture partnerships. Some businessmen welcome projects and, with the experience it provides, the portfolio of a business shines bright! Sharing projects could lead to consortiums which help provide an influx of revenue while sharing tasks between entities. This approach is rampant in construction, oil and gas, power generation, etc. This practice leads to win-win situations, which are of mutual interest. Carrying assigned tasks as per project description helps in reducing overhead expenses on both sides while delivering quality and ensuring a greater profit.

8. Smart Decisions – Buy Versus Rent

Some business owners must consider renting versus buying, which is better? It is always a great idea to procure small equipment like pumps that trained staff can easily handle. It is a little difficult with high-power industrial pumps, which can be rented in dire circumstances, but it is always preferred that continuously needed hardware be purchased.

Reducing overhead expenses can be tricky as the modern business must juggle many different aspects. However, for a business to perform and turn a profit, saving and cutting costs matters. To contribute to commercial endeavors, stopping any unwanted or unnecessary costs is the key. In global markets today, being cost-effective is a necessary step.

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.

 For start-up entrepreneurs, “Time Management” is how you use your time to maximize productivity in achieving your business start-up goals.

Just as bookkeeping is mandatory in making and maintaining financial records, effective time management is crucial for entrepreneurs to achieve their business goals. They are ultimately responsible for every aspect of their company. They must allocate the right amount of time to the right business tasks to keep their organization running smoothly. Here are fifteen excellent time management tips for start-up entrepreneurs.

Set Goals the Right Way

Begin by verifying your start-up goals and setting them the right way. Setting your goals will help you stay focused on them and eliminate hindrances as much as possible. On the contrary, goal setting in the wrong way will lack the proper targets, eventually forcing you to fall off the track. Make the most of the SMART goal-setting method. SMART is an acronym for S-specific, M-measurable, A-attainable, R-relevant, and T-time bound. Ensure your goals are powerful and meaningful enough to push you to achieve them.

Prioritize and Delegate

Prioritizing your personal and professional goals and delegating your routine activities to a reliable and capable person are essential time management tips. You also ensure reduced stress and outstanding productivity. 

Find a Great Time Management System

Find a sound time management system to accomplish most effectively depending on your choice, organizational culture, and start-up goals. Many entrepreneurial enthusiasts find that Covey’s quadrant time-management system is among the most suitable and effective. Time management identifies your goals as urgent, non-urgent, critical, and not essential.  

Audit Your Time for a Week Straight

Spend an entire week consistently straight to assess how you use your time right now. Monitor your activities, record them in a journal or on your cellphone app, split the duration into blocks of one or half an hour, and analyze how you worked, used your time, and wasted some of it. At the end of your seventh day, tally up all the numbers. This will help you identify areas for improvement.

Work on MITs in the Morning

Always focus on your start-up goals and begin your day by working on your most important tasks (MITs). Achieving them will give you the most significant motivation and momentum to stick with your work.

Follow the 80-20 Rule

The 80-20 rule is another crucial time management tip that states that 80% of your efforts come from 20% of your results. When working on your sales start-up goals, it means that 80% of your sales come from 20% of your clients. Consequently, you can scale that out to work smartly by identifying that 20 % of your efforts will generate 80% of the results with accurate tracking and analysis.

Adopt Good Habits

All good habits, such as self-discipline, self-initiative, efficiency, accuracy, teamwork, and office etiquette, serve as excellent time management tips to manifest your start-up goals. Thus, practice them and constantly improve on your areas of weakness.

Eliminate Bad Habits

Our bad habits are our biggest timewasters. They can include procrastination, lying, negativity, tardiness, poor communication, social media addiction, foul body language, inattentiveness, inefficiency, and temper tantrums. Thus, try eliminating them as much as you can.

Take Frequent Breaks

Breaks are essential to relax your body and recharge your mind. Keeping your physical, mental, and emotional state at peak levels by taking at least 10 minutes of a break in an hour is one of the essential time management tips. 

Exercise and Meditate

Daily meditation and physical exercise are great ways to maintain the physical and mental balance that renders efficient performance. Thus, practice them in the morning or evening at your convenience.

Make to-do Lists

Making a to-do list every evening for the next day is an excellent way to stay effective and efficient throughout the day. It also helps you stay consistent and closer to your start-up goal realization.

Seek Mentorship for Guidance

Find a mentor with excellent expertise in time management tips who has been through a similar wringer and can help you fulfill your start-up goals. Good mentorship enables you to stay on track with your time and goals.

Cut Down on Distractions

Clutter and disorder in your office or workplace will distract you, causing you to lose time by focusing on unproductive activities. Thus, distractions can be reduced by making things neat, clean, and organized. In addition, avoid checking your social media accounts during the workday. That can wait.

Turn Off Unimportant Alerts

Promotional emails, subscription updates, and app alerts distract you. Therefore, turn off social media app alerts and hire an assistant to manage your emails and other less critical tasks. They can also update you about important emails that come through while you are working.

Trust Yourself

By the end of the day, time management tips are not things that you will master overnight. You must persevere. In addition, be confident about yourself. You will learn to manage your time effectively and achieve your start-up goals with consistent practice and patience.

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.

PCI DSS is an abbreviation for Payment Card Industry Data Security Standards. It has evolved into a very mature security standard within the last few years. Considering the rise in data breaches, the rules of the PCI DSS have been updated. The previous year, the Payment Security Report published by Verizon highlighted several essential points regarding PCI compliance.

Only 50% of retailers passed their interim audit. Furthermore, the report stated that around 80% of the total security breach victims were non-compliant with PCI DSS. The data is an alarming correlation, especially for those working on the PCI security controls.

This situation raises essential questions. What does the future hold for PCI DSS? Why is there so much non-compliance with the requirements of PCI DSS? Will card payment fraud ever end?

A Brief History of PCI DSS

Previously, adopting PCI DSS was rare due to the cost associated with compliance, but the application’s intricacy was a severe problem. Long-term business planning could result in a timeline of several years. Only major enterprises could de-scope (minimize the use of card data), and even then, it took them several months to complete the project.

Current Situation of PCI DSS

Nowadays, de-scoping has become essential, primarily for point-of-sale systems. The introduction of P2P (point-to-point) encryption allows only the encrypted data, which removes store systems from the umbrella of PCI.

These advantages are obvious but may not be very straightforward to implement. The most challenging part is de-coupling the PED (Pin Entry Device) from the Point-of-Sale system. Adding to the problem is the business model of P2PE (point-to-point encryption), which creates a considerable hindrance. P2PE is usually the whole package, and the PED provider handles the payment transactions. However, this makes the procurement process significantly more demanding and more complex. Therefore, P2PE may adversely impact the PCI.

On the other hand, GDPR (General Data Protection Regulations) also poses a problem as the customer’s personal information is handled in-store. This means that additional security is required on point-of-sales systems.

The Future of PCI

With the rise in mobile phone payment solutions, many industry experts are discussing the future of PCI, especially within retail, where it is most extensively used. Due to these new payment solutions, retailers may not need any card data at all.

The main issue with PCI is that P2PE may be an effective solution to minimize the need to store cardholder data. Other mediums, such as call centers and e-commerce, are still within the scope and responsibility for card information data theft. Most card fraudulent activities originate from these channels, which is alarming.

Card cloning (a technique where someone obtains the credit card details, copies them to a duplicate card, and starts using it) also remains an illegally rewarding fraudulent technique. The increase in CNP transactions and the mechanism to prevent fraud have evolved into more delicate methods, like checking the transaction velocity (analyzing unusual transaction patterns).

The future prediction is that CNP (Card Not Present) transactions will shift towards different payment channels, rendering the card number used at the call center or website useless. Rather than getting card information from the customer, the company will directly send the payment request to the customer’s mobile device using Google Wallet or Apple Pay.

These payment methods using mobile phones are undoubtedly the future of transactions, and rightly so. This marketing method suits everyone: customers, retailers, and card companies, as the entire method is out of the scope of PCI. The cardholder’s personal information is safe with the service provider due to the one-time generated token payment system.

Since there is no direct contact in the payment process, the merchant does not regularly see card data, and card fraud minimizes the probability. The shift towards these new payment habits may take some time. Moreover, it will also affect processes like bookkeeping, internal controls, and security, which will be tailored to incorporate these new payment methods.

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.

Accounting plays a vital role in any medical office. Accounting often serves as a supporting force, allowing the organization to work at its fullest potential in an organized manner. Every type of organization needs an accounting department, for it is nearly impossible to continue working without one.

Generally Accepted Accounting Principles (GAAP)

These are a set of accounting principles, standards, and procedures used in preparing financial statements. They are the accepted methods of recording and presenting financial transactions and necessary data.

Compliance with these principles is required by law. If an organization does not comply, fines may be imposed by the United States Securities and Exchange Commission. In addition to following the general principles, each organization may have slightly different procedures regarding the nature of its operations.

Elements of Financial Management and Accounting

There are four critical elements in Accounting and Financial Management. These elements are found below.

Planning

Planning enables an organization to create guidelines and goals to ensure that the office is successful in the future. Goals also allow managers and decision-makers to track progress.

Controlling

Controlling gives an organization the ability to make sure that all departments of the organization are adhering to the guidelines and contributing their part toward achieving goals. It also enables an organization to find problems that come up and allows them to fix them properly.

Directing and Organization

The Directing and Organization element is one of the more essential elements of financial management. Furthermore, it ensures efficiency, allowing an office to work at its fullest potential. Problems may arise daily, and this element helps fix these problems by allowing an organization to work through financial management.

Decision Making

Decision Making utilizes the other three elements (i.e., controlling, planning, and directing and organizing) by analyzing the gathered information and making final decisions to improve and optimize financial management in a business.

Ethics and Accounting

Accountants are bound to the highest standards of ethics compared to any other profession. After all, the information received via financial statements and bookkeeping is used in making extremely important decisions related to a business’s financial standings. Moreover, if an organization doesn’t have an accounts department, such information would not be available to the business’s decision-makers.

Concerns regarding ethical standards, along with corporate and social responsibility, have become more important. Private and government organizations have objectives to mark and enact proper and stringent ethical standards. However, organizations are also subject to review to ensure the enforcement of these guidelines, policies, standards, and goals.

Accounting in Medical Offices

An accounting department working in and for a medical office is of immense importance because of its role in the business’s success (or failure).

First, it should follow the GAAP guidelines. This will ensure that the organization is not penalized by law enforcement. Mistakes made by the accounting department could result in legal procedures that harm the reputation of the entire medical office.

At the same time, an efficient accounts department can provide information to decision-makers, who can then streamline operating procedures to ensure the financial success of the medical office. Although one of the most important tasks of medical offices is to provide medical services, it can’t do so without an effective and successful accounting department.

Conclusion 

In conclusion, accounting is the backbone of any medical office, facilitating organization and ensuring compliance with regulatory standards. Adherence to Generally Accepted Accounting Principles (GAAP) and meticulous financial management are imperative for success. As the custodian of crucial economic data, the accounting department enables informed decision-making, fosters ethical practices, and contributes to medical offices’ overall efficiency and sustainability.

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.

For businesses that constantly work in development, contracting, manufacturing, and consultancy, job costing is essential for their bookkeeping capability. It enables them to track and predict costs for specific jobs, ensuring profitability and timely delivery. Moreover, it empowers solid project management – from directly quoting for a new business through in-life management to wrapping up the project.

Getting the Job Costing Statement Right

Sales and winning new business are essential goals of every business. As common as these goals are, each company faces problems when pricing their product. Companies strive to offer their product at a price that customers are willing to pay.

Many companies use a job order cost system. This bookkeeping system helps calculate the materials or components needed to develop the final statement. While this sounds generally simple, there are risks involved. If a project is complex, managing these risks is ideal for guaranteeing the projected profit margin achieved with job costing. The perfect approach to this, mainly when the projected profit margins are not huge, is to utilize conduct job costing.

Importance of Job Costing in Business

Controlling business activities without proper bookkeeping is troublesome. It implies that the accounting for every business activity needs more sections, from Work in Progress (WIP) to Cost of Goods Sold statements. It is not always generally clear when such issues related to costing emerge. Along these lines, there may be the absence of a proper system for cost control, increasing the risk of over-runs and extra costs that jeopardize the possibility of helping the business reach its target margin. There is a chance to have more than one job ongoing or coexisting at that point; there is a significant chance of the wrong assignment of costs and not identifying issues in costing as they occur.

The Benefits of Precise Job Costing

Without a fully detailed cost report, organizations are moving away from accounting programs like QuickBooks for bookkeeping. The setup and execution of a job cost system can appear to be dreary and useless. When done using accounting software, the entire process requires you to do everything correctly for the desired results, or else it will be invaluable to your organization’s financial performance. Job costing is immensely valuable and supportive of an organization in the following territories:

Financial stability for the company

Companies are required to maintain a certain level of credibility regarding financial lenders. When it comes to bonding operators and customers, the organization must have the capacity to oversee and forecast its projects efficiently. Organizations that cannot do this with certainty will find it increasingly complex to accomplish their performance effectively.

Job management

With information from job costing reports, business administrators and managers can better assess the progress and productivity of their business operations. This way, they can better persuade staff to decrease costs and increase returns. 

Support for claims

Job costing can help with legally binding claims. The reports must give points of interest on the actual cost of recognized varieties, and a foundation for such claims highlights the importance of job costing in business.

Improves future work

Cost reports can give important information that helps estimators bid or price out relative work. These reports feature and separate those variable costs that require unique circumspection.

Faster invoicing

The costs should be accommodated to a specific project, and invoicing during or towards the end of a project, at that point, being ready to invoice means speedier installment if there are differences in the profits.

Better control over business operations

Companies have exact spending plans against costs when using job costing for effective bookkeeping. Bookkeeping shows inconsistencies rapidly and enables them to amend. Each project is kept independent from other projects. Job costing maintains all irregularities, and it helps locate the mistakes.

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.

As an entrepreneur, you may find tax season daunting, with various rules and regulations. However, fear not! Furthermore, you can avoid costly mistakes and potential legal trouble with the right approach. Excitingly, this article delves into the most common tax errors entrepreneurs make and provides insightful tips on avoiding them. Trust us; this information will leave you feeling informed, confident, and optimistic about your tax season.

Failing to Keep Accurate Records

As an entrepreneur, staying on top of your finances is essential to avoid surprises come tax time. One common mistake is not keeping accurate records throughout the year, which can lead to headaches and even audits. Don’t let this happen to you! Take charge of your financial situation by keeping detailed records of all business expenses, including receipts, invoices, and bank statements. With a little organization and diligence, you can avoid complications and stay on the path to success!

Mixing Personal and Business Expenses

Another common mistake is mixing personal and business expenses. Keeping your personal and business finances separate is essential, as this can make it easier to track your business expenses and deductions. If you’re unsure whether an expense is business-related or personal, it’s best to err on the side of caution and consult a tax professional.

Failing to File on Time

Missing the tax deadline can be a costly mistake. Not only can you face penalties and interest charges, but you may also miss out on valuable deductions and credits. To avoid this, mark the tax deadline on your calendar and file your taxes on time.

Failing to Pay Estimated Taxes

If you’re self-employed or have income from sources other than an employer, you may need to make estimated tax payments throughout the year. Failing to do so can result in penalties and interest charges. To avoid this, understand your estimated tax obligations and make timely payments.

Failing to Claim all Deductions

Entrepreneurs may be eligible for various deductions, including home office, travel, and business equipment expenses. However, failing to claim all the deductions you’re entitled to can result in paying more taxes than necessary. To avoid this, keep accurate records of your expenses and consult a tax professional to ensure you claim all the deductions you’re entitled to.

Failing to Report All Income

Another common mistake is failing to report all income earned throughout the year. This includes income from freelance work, rental income, and investment income. Moreover, failing to report all your income can result in penalties and legal trouble. To avoid this, keep accurate records of all your income sources and report them on your tax return.

Not Seeking Professional Help

Finally, one of the entrepreneurs’ most significant mistakes is not seeking professional help regarding their taxes. A tax professional can help you navigate the complex tax code, identify deductions and credits you may be eligible for, and ensure you comply with all tax laws. While it may cost money to hire a tax professional, the peace of mind and potential cost savings can be well worth it in the long run.

Conclusion

In conclusion, tax season can be stressful for entrepreneurs, but by avoiding these common tax mistakes, you can ensure that you’re filing your taxes accurately and complying with all tax laws. Remember to keep accurate records, separate your personal and business expenses, file on time, pay estimated taxes, claim all deductions, report all income, and seek professional help when needed. Following these tips can reduce your tax liability and allow you to focus on growing your business.

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.

No matter how much one may argue about who is solely responsible for cloud data protection, experts from across the globe are unanimous on the resolution that the ultimate responsibility of data compliance lies with the organization that owns the sensitive information, not the service provider.

What is Cloud Data Protection?

Looking at the big picture, cloud data protection (CDP) is all about infrastructure security, storage management, and data integrity. Since it provides optimal data storage, preservation, and network security, businesses around the globe are trusting it to be safer, more secure, and more stable than ever. However, it protects the cloud and prevents the leakage or theft of sensitive information from the cloud. Since the ultimate objective of CDP is to protect static and moving data in the cloud and ensure various services and processes, it is critically important for you and your cloud provider to ensure its optimal functioning at all levels.

Data integrity: Data remains the same as stored, as strong encryption layers protect sensitive data from illegal editing or corruption. This indicates that your sensitive data is secure against all threats or illicit access.

Storage management: The cloud infrastructure needs to ensure the safety and security of data and provide a continuously available interface as desired or required. Primarily, it depends on the capacity of your cloud service provider and how agile or responsive they are in managing the account. However, you also need to ensure that the data is maintained correctly.

Infrastructure security: These are collective efforts, processes, measures, and policies that ensure cloud infrastructure and network security. However, most small businesses do not pay much heed to cloud data protection protocols, and that is where most problems related to the safety and security of sensitive data commence.

Why are Most Businesses Misguided?

It is a human tendency to shift responsibilities or critical tasks entirely onto someone else’s shoulders. Most of us do not want to take complete ownership of complicated things with intense and severe repercussions (if not executed properly). Then, those people are misguided about their responsibilities and entirely rely on others. No matter how much money you can afford to spend on acquiring the services of any pro cloud provider, it would help if you made efforts to secure your data yourself and not solely rely on your service provider.

Although people have different perspectives about data safety and security and whether to trust the cloud entirely, cloud data protection is inevitably the most critical aspect of the cloud. Without this, you can never expect to secure sensitive data. According to a study, 80% of businesses wrongly believe that data protection and management are solely the cloud service provider’s responsibility. The data indicates that cloud service providers are responsible for providing security protocols or encryption layers. However, the protection of sensitive information, as well as its safety and security, lies in the hands of businesses.

The study further revealed that businesses prefer to transfer their data protection responsibilities, data privacy, or data compliance to third-party cloud vendors or service providers to focus more on the core side of the business and less on its security, storage, or management affairs. Moreover, total spending on cloud technologies is predicted to increase by 20% from 2018 to 2020. However, this suggests that most businesses intend to transfer their cloud data protection-related responsibilities to cloud service providers.

Core Reasons Why Most Businesses the Choice to Hire Pro-Level Cloud Services

Businesses prefer to embrace a straightforward approach to protecting their sensitive data because they lack in-house skills, knowledge, experience, and expertise in handling cloud data protection optimally. However, you need to ensure that the cloud service provider you are acquiring for utilization has relevant skills and provides 24/7 assistance in managing cloud-related discrepancies effectively.

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.

The current cybersecurity industry, relative to organizations, generally consists of executives with a background in Finance or a Master of Business Administration (MBA). These individuals often try to make sense of explanations with unfamiliar terminologies and phrases developed by computer experts. Therefore, they can fail to realize why it is vitally important for security to have an appropriate budget.

Shifting Security Landscapes: Ransomware and Cyber Criminality

Considering that confidential data used to be stored in a secured safe or vault, it can be unsettling that this private information is now stored electronically on a server. As a result, the whole scope of security has changed radically within the last few decades. Ransomware is malware that threatens to publish a victim’s data or block access unless a ransom is paid. Because of this extortion or the ability to hack into accounts and steal funds, cybercriminals can steal tremendous amounts of money without having a significant risk of getting caught. As a result, the real danger these days comes from malware like ransomware instead of days gone by when criminals tried to break into a secured safe. 

The new security landscape has also offered a new way to be a criminal. This becomes a significant problem when executives of prominent corporations are not aware of the severity of cyber criminality. This can harm a corporation when finances are not allocated to cybersecurity and information and systems become compromised. Not only will this negatively impact the company financially, but public trust can also be lost and the corporate reputation tarnished. 

Unveiling Cybersecurity Illusions: Risks and Realities

Sensitive data online is handled by thousands of companies, including small businesses and local governments. As a consumer, one wants to believe and trust that their information is kept safely and securely. However, assuming that these companies’ servers are secure and impenetrable is entirely incorrect. Likewise, the general population lacks knowledge and awareness of cybersecurity and how it works. As a result, people tend to put more faith in existing cybersecurity than they should and are blissfully unaware of the looming threat cybercriminals pose to servers.

More severe threats include zero-days and social engineering. Zero-days is a software vulnerability, and until it is addressed, hackers can take advantage of the gap, adversely affecting programs, data, or networks. Similarly, social engineering is manipulating people into doing something or providing confidential information. It is unsurprising, then, that companies that do not have awareness programs for cyber security or potential threats or training sessions detailing how to handle cyber security breaches become victims of such attacks.

These are a few examples of the numerous methods of attack a cyber-criminal can utilize to gain access to a network or a computer. Examining these potential vulnerabilities and the fight between good and bad in the cyber world is frightening.

Securing Against Cyber Threats: Strategies and Challenges

Because the threat of cyber criminality is real and present, the question becomes: what can be done about it? An effective cyber security system should be well-planned and layered. One layer is a cyber patch, which changes a computer program or system designed to update, fix, or improve it. Patching helps fix security vulnerabilities but should only be just one of the security layers. Unfortunately, even if patching is done accurately, regularly, and quickly, the server is still at risk of attack because a cyber-criminal has various other routes to take. 

Corporations must deal with numerous aspects, including budgets, ignorance, fear of the unknown, training end-users, training themselves, and so on when battling cybercriminals. Cybercriminals have multiple outbreak vectors and opportunities to exploit a company or individual, and they only need to succeed once to create a feeling of violation and instability. It is no surprise that cybercriminals often become victorious in this fight. 

Conclusion

In conclusion, the cybersecurity landscape presents multifaceted challenges that demand proactive strategies and heightened awareness. As ransomware and cybercriminality evolve, executives must recognize the critical importance of allocating resources to cybersecurity. The illusion of impenetrable servers and the lack of awareness among the general population underscore the urgency for robust security measures.

Despite the daunting array of threats, implementing layered security systems and comprehensive training programs can mitigate risks and bolster defenses. However, the battle against cybercriminals requires ongoing vigilance and a concerted effort to stay ahead of emerging threats. With diligent planning and investment, organizations can fortify their defenses and navigate the complex terrain of cybersecurity with resilience and adaptability.

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.

Not so long ago, the e-commerce platforms exploded and took the industry by storm, forcing more retailers to initiate online operations. It seemed as though the excellent and lucrative days of brick-and-mortar retail stores were numbered. A global shift towards online stores has been dramatic in every sense.

However, it has forced many multinational retail brands to leave, raising serious concerns for the entire industry. E-commerce giants such as Amazon and eBay were a viable threat to physical stores, which is why so many multinational retail brands such as Walmart and Macy’s began closing physical store locations.

Stats Reveal An Exciting Story

The retail sector has had many ups and downs, especially over the past decade when e-commerce shook the industry. There is no denying that online stores have captured a significant market share and become a direct competitor to brick-and-mortar stores. However, you might be surprised that the brick-and-mortar retail business model still leads the retail industry at the front.

According to a Harvard Business Review, 92% of retail sales worldwide are still accumulated through brick-and-mortar store channels. According to the study, with a staggering 14.5% increase from 2016, total retail sales worldwide are estimated to be $26.29 trillion by 2019. 

How Can Retention Of Shoppers Be Made Possible?

Despite the significant increase in online shopping, most customers prefer the brick-and-mortar business model. Stats indicate that the doom around the retail industry is temporary and that the brick-and-mortar setting will continue to thrive and prosper.

One thing is clear: physical stores must enrich their customers’ buying experience and offer more than just their products to survive. In the era of unlimited opportunities and buying options, it’s your temperament to deliver the best to your clients that matters—not just a physical store.

The truth is that shoppers expect to visit brick-and-mortar retail stores that offer a unique overall experience to them. Retaining shoppers is only possible when you provide them with what they want under the shades of exceptional servicescape and ambiance. It’s safe to say that the future of traditional brick-and-mortar retail stores is safe, predictable, and secure. Here is what you can do to future-proof your brick-and-mortar store.

Create an Experience-Rich Servicescape

Today, the retail world has realized the significance of providing an enriched shopping experience to its customers. Every retail store aims to convert first-timers into regular visitors and turn them into brand loyal. This is the sole motivation behind creating an experience-rich brick-and-mortar store. In older times, physical stores were more or less used to hold inventory and a dumping house for stocking non-essential items. Now, display and theme-based customization of a brick-and-mortar store setting, coupled with providing an exceptional shopping experience, has become the tools of the retail trade.

Suppose you successfully create a dynamic and experience-rich shopping culture. In that case, you can grow and expand your business operations in other cities and countries incredibly. You must provide a unique shopping culture to empower and keep your customers returning. Attracting shoppers to your store repeatedly requires you to build a healthy relationship with your customers, perhaps by thinking beyond the typical scale.

Bottom Line

In the ever-evolving retail landscape, resilient statistics and strategic adaptations have challenged the narrative of brick-and-mortar stores facing extinction. While e-commerce has undoubtedly altered the retail paradigm, the enduring appeal of physical stores remains evident. Retailers now recognize the imperative to cultivate immersive shopping experiences, leveraging the tangible advantages of brick-and-mortar spaces. Traditional retailers can survive and thrive in an increasingly digital world by embracing innovation and prioritizing customer engagement.

As the retail industry continues to evolve, the future of brick-and-mortar stores appears promising, grounded in the enduring appeal of personalized service and experiential shopping environments. Brick-and-mortar stores are here to stay. Retail businesses around the globe are investing significantly to future-proof their businesses. It’s time for the retail industry to do something unique and develop ways to sell things differently to ensure the longevity of brick-and-mortar stores.

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.