Author: Jennifer Brazer

By: Jennifer Brazer

Jennifer is the author of From Cubicle to Cloud and Founder/CEO of Complete Controller, a pioneering financial services firm that helps entrepreneurs break free of traditional constraints and scale their businesses to new heights.

Fact Checked By: Brittany McMillen

Unlocking Public Investment: Proven Strategies That Attract Capital to Your Project

Why do some infrastructure projects receive abundant public funding while others with similar potential get overlooked? The answer lies in strategic positioning. After years of working on both sides—pitching for private firms and evaluating proposals for government entities—I’ve identified the exact framework that makes projects irresistible to public sector investors.

Public investment isn’t random; it follows patterns, priorities, and proven approaches that align with government objectives. To secure funding in today’s competitive landscape, you need more than a good idea—you need a comprehensive strategy built on trust, policy alignment, and demonstrated long-term value.

The Role of Public Investment in Economic Development

Public investment serves as the backbone of economic development, building essential infrastructure that private markets often can’t or won’t fund alone. When strategically deployed, public capital doesn’t just create physical assets—it triggers economic multiplier effects that benefit entire communities.

A recent study by the Biden administration confirmed that carefully designed public investment can actively crowd in private capital, particularly in emerging sectors like clean energy and advanced manufacturing. This impact of public investment on economy extends beyond immediate job creation to long-term structural improvements.

Public sector investment delivers multiple economic benefits:

• Creates immediate jobs across skill levels while building future employment capacity
• Closes critical infrastructure gaps in transportation, energy, and communication
• Provides stability that attracts private entrepreneurs and investors
• Funds high-impact projects with significant social returns but lower financial yields

Smart investment in infrastructure strategies can transform communities. Consider the historical comparison: the massive public investments in the Interstate Highway System during the 1950s and 1960s fundamentally transformed American commerce, mobility, and regional development, proving that strategic infrastructure spending delivers decades of economic benefits.

Forging Powerful Public-Private Partnerships (PPPs)

Public-Private Partnerships have evolved significantly from their early applications. According to the World Investment Report 2023, PPPs have become central to modern public investment strategies because they effectively share risk and foster innovation while maintaining public oversight.

The PPP model brings distinct advantages:

• Combines public accountability with private sector efficiency
• Distributes financial risk across multiple stakeholders
• Accelerates innovation in project design and delivery
• Improves long-term maintenance and operational outcomes

Government investment strategies through robust public-private partnerships demonstrate how complementary strengths create winning combinations. For example, the Golden Gate Bridge construction utilized an early PPP model where private companies collaborated with public entities, dividing responsibilities according to expertise.

When pursuing a PPP, focus on the unique value your private entity brings to public objectives. The most successful partnerships arise when each party contributes distinct capabilities toward shared goals.

How to Leverage Government Incentives (Without Drowning in Red Tape)

Navigating government incentives can seem complex, but understanding the main types helps you identify which ones apply to your project. The federal government’s production and investment tax credits have sparked remarkable growth in renewable energy by effectively reducing investor risk and upfront costs.

Key government incentives to consider:

• Tax Credits: Direct reductions in tax liability, often available for renewable energy, affordable housing, and historical preservation
• Matching Grants: Programs where government funds match your investment based on specific metrics
• Performance Incentives: Funding tied to achieving measurable milestones
• Preferential Procurement: Advantages in bidding for vendors with strong public benefit alignment

These government investment strategies work by targeted design, not accident. For instance, the federal tax credit system for clean energy has systematically built the solar and wind sectors by creating predictable investment returns while serving public policy goals.

The key to success? Start early, understand eligibility requirements thoroughly, and build relationships with the agencies administering these programs before you need funding.

What Infrastructure Projects Get Funded (and Why)

Not all infrastructure projects receive equal attention from public funders. Those that address multiple public needs simultaneously typically rise to the top of the funding queue.

Projects most likely to attract sustained public funding include:

• Regional transportation solutions that reduce congestion and emissions
• Water and wastewater systems with measurable public health benefits
• Broadband expansion that addresses digital equity concerns
• Clean energy installations with local job creation components

The CLSG Interconnector Project exemplifies successful public infrastructure investment. This landmark initiative connecting energy systems across Côte d’Ivoire, Liberia, Sierra Leone, and Guinea demonstrates how cross-border cooperation can attract funding by addressing regional energy security and economic integration simultaneously.

When presenting your project, highlight multiple benefits streams—economic, environmental, and social. Strong proposals quantify long-term return on investment across all three dimensions.

Get Your House in Order: Public Finance Management

No one gives money to organizations they don’t trust. Strong public finance management best practices form the foundation of successful public investment proposals.

Effective finance management includes:

• Transparent reporting frameworks with clear audit trails
• Resource allocation systems aligned with stated priorities
• Comprehensive risk management protocols
• Real-time monitoring systems that track both spending and outcomes

The 601 City Center in Oakland demonstrates how smart financial management supports innovative infrastructure. This building implemented an AI-powered variable air volume system designed by Siemens that optimizes HVAC performance. During the pandemic, the system’s ability to dynamically adjust air quality settings protected public health while maintaining energy efficiency—showing how good governance enables technical innovation.

Remember: governments fund execution capability as much as they fund ideas. Demonstrate your financial governance strengths before asking for capital.

Sustainability Isn’t a Bonus—It’s a Requirement

Sustainability has moved from nice-to-have to must-have status in public investment decisions. Projects without clear environmental and social benefits face increasingly steep funding challenges.

Sustainable public investment initiatives typically feature:

• Green infrastructure components (renewable energy, conservation elements)
• Inclusive access provisions that serve diverse populations
• Health-promoting design features
• Low-carbon transportation connections

These projects secure funding not just because they’re environmentally responsible, but because they align with ESG mandates, climate policies, and growing public expectations. Data shows that sustainable projects often outperform traditional alternatives on long-term cost metrics when all benefits are properly valued.

To position your project effectively, build sustainability into the core design rather than adding it as an afterthought. The most competitive proposals integrate environmental and social benefits into their fundamental value proposition.

The Role of Government: More Than Just a Checkbook

Government’s role in public investment extends far beyond simply writing checks. Understanding how government shapes the investment landscape helps you position your project more effectively.

Key government functions in public investment include:

• Setting national and regional investment priorities
• Creating regulatory frameworks that reduce market uncertainty
• Providing land, technical assistance, and other non-financial resources
• Ensuring alignment between projects and broader development goals

Successful proposals speak government’s language by clearly connecting project benefits to established policy priorities. This means researching not just funding programs but also strategic plans, executive orders, and legislative priorities that reveal what governments truly value.

Conclusion: Make Public Investment Work for You

Attracting public investment capital requires strategy, preparation, and alignment—not luck. By building strong partnerships, leveraging government incentives wisely, practicing transparent financial management, and emphasizing sustainability, you can position your project for success in the competitive public funding landscape.

The most successful projects don’t just meet minimum requirements; they demonstrate how public investment can achieve multiple policy objectives simultaneously. When you show how your project delivers economic growth, environmental benefits, and social equity, you create a compelling case that stands out among competing proposals.

Ready to take your public investment strategy to the next level? Visit Complete Controller for expert guidance on financial management strategies that build trust with public sector funders and position your projects for success.

FAQ

How does public investment affect job creation and economic growth?

Public investment creates jobs directly through project construction and operation, and indirectly by creating conditions for private business growth. A dollar of strategic public investment can generate up to $1.50 in economic activity through multiplier effects, particularly when targeting infrastructure gaps that constrain private sector expansion.

What makes public-private partnerships successful for infrastructure projects?

Successful PPPs clearly define responsibilities, fairly distribute risks, establish transparent governance, and align incentives between all parties. The most effective partnerships leverage each sector’s strengths—government’s long-term planning horizon and private sector’s operational efficiency—while maintaining mutual accountability.

How can I identify which government incentives apply to my project?

Research federal, state, and local economic development websites, consult with industry associations, attend government funding workshops, and build relationships with program officers who administer relevant grants and tax incentives. Many jurisdictions offer free consultations to help match projects with appropriate funding streams.

What documentation do public funders require for infrastructure project proposals?

Most public funders require detailed feasibility studies, environmental impact assessments, cost-benefit analyses, financial models showing long-term sustainability, community engagement evidence, and risk management plans. Projects with comprehensive documentation addressing technical, financial, and social dimensions consistently outperform competitors for limited public funding.

How important is community support for securing public investment?

Community support is increasingly critical for public funding success. Projects with documented community engagement, transparent public input processes, and demonstrable local benefits receive priority consideration from most government funders. Opposition from community stakeholders often delays or derails otherwise viable projects, making inclusive planning essential from the earliest stages.

Sources

• Biden White House Archives. (2023). The Economics of Public Investment. https://www.whitehouse.gov/briefing-room/statements-releases/2023/
• Complete Controller. Efficient Business Finance Management. https://www.completecontroller.com/efficient-business-finance-management/
• Complete Controller. Creative Investment Ideas to Add to Your Portfolio. https://www.completecontroller.com/5-creative-investment-ideas-to-add-to-your-portfolio/
• Complete Controller. Merger Finance Strategies. https://www.completecontroller.com/merger-finance-strategies/
• Contruent. (2023). Top 7 U.S. Megaprojects Under Construction in 2023.
• Digital Journal. Smith, A. (2020). Digital Revolutions: From Internet to Social Media.
• Global Infrastructure Hub. Project Case Studies. CLSG Interconnector Project.
• Neuroject. (2025). 4 Case Studies of Successful Smart Construction Solutions.
• U.S. Treasury. (2023). FY 2023 Capital Investment Summary. https://home.treasury.gov/resource-center/faqs/capital-investments
• UNCTAD. (2023). World Investment Report 2023. https://unctad.org/webflyer/world-investment-report-2023

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 restaurants, food costs are an essential component similar to bookkeeping records that will help you make financial decisions for your restaurant. Restaurant owners usually do not calculate this metric for individual menu items because, for many, it is a time and energy-consuming process.

To calculate base food costs and keep track of wastage, you need an inventory management system that has been optimized for restaurants.

A restaurant owner must clearly know which recipe components are profitable and which are not. They also must determine whether the combined effect of each element results in a profit, ensuring that their business is on the right track.

Talking numbers, on average, high-end restaurants have a food cost percentage of 35%. Meanwhile, quick-service restaurants usually maintain an average food cost percentage of 25%. You must look at your weekly inventory by following the steps below to find your percentage.

Step 1: Make a list of the Food Supplies you have at the beginning of the Week

Your inventory software may support the feature of being used on tablets, allowing you to check the inventory at the beginning of the Week.

Step 2: Valuate the Inventory for Each Item

Calculate or note the price of each item. Suppose a carton of milk: sum up the price you paid for all milk cartons, and do this for all items. Finally, sum them up to mark the total value of your inventory. You’ll need these values in your calculations later on.

Step 3: Keep Track of Purchases made During the Week

If you made any purchases after that, you should note them.

Step 4: Valuate the Inventory Again at the Beginning of the Next Week

Follow the same valuation process you followed in step 2.

Step 5: Sum up the Sales you made Per Shift

Your restaurant POS system will be able to help you get this value automatically.

Step 6: Calculate the Weekly Food Costs using the Following Formula

Food Cost Ratio = (Opening Inventory + Purchases – Closing Inventory) ÷ Food Sales

Food Cost Percentage = Food Cost Ratio x 100

TIP: If your food cost comes out too low or high, you must ensure you’ve valued the inventory correctly, put the correct values into the formula, and sum up each sale and purchase invoice.

The Ideal Food Cost Percentage for Your Restaurant

Calculating your food costs once doesn’t mean your work is done. You will need something to compare your food costs with, and therefore, you will need to calculate your restaurant’s ideal food cost percentage.

The ideal food cost percentage is also called the recipe food cost. It doesn’t take into account any wastage or theft. You can calculate it using the following formula.

Recipe Food Cost = Sum of Costs of Ingredients x Weekly Sales

Ideal Food Cost Percentage = Recipe Food Costs ÷ Total Sales

The Importance of Food Cost

Restaurant owners usually don’t consider the ideal and actual food cost percentage values. This is probably because these figures don’t directly affect their bank account. However, restaurant owners should realize that optimizing the value to make it closer to the ideal value can help your business maximize profits and succeed.

Successful food businesses understand the importance of food costs and make it a part of their decisions related to wastage and theft. Big food chains must care for actual and ideal food costs, as tiny differences can become massive on a bigger scale. Suppose a multi-national food chain sells 50 million meals a day. An offset of a small value, suppose 5 cents, can lead to losses of about $2.5 million in a single day.

Conclusion

In conclusion, understanding and managing food costs is vital for restaurant success. Restaurant owners can optimize profits and ensure long-term sustainability by implementing proper inventory tracking and calculating food cost percentages. Paying attention to actual and ideal food costs can make a significant difference, even for large food chains, preventing potential losses and maximizing revenue.

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.

How do you feel seeing your company’s progress and all the profits you receive after much hard work? Let me tell you one thing. Profits are one of the main elements that affect your company’s progress.

To maintain your company’s progress, key performance indicators (KPI) help you assess your business’ success and build strategies for achieving your goals. As a business owner, you must keep track of your KPIs as they affect your company’s progress.

We have listed seven critical KPIs for small business owners to help you identify your business progress.

Gross Profit

The main element for every business is its profit. If your business spends more on suppliers and netting less in customer sales, it is time to change your business strategy. Furthermore, to determine your company’s profit margin, multiply your gross profit by 100 and divide it by your sales.

 Keeping track of this KPI is essential as it will tell you how much profit you generate, contrary to the amount paid to suppliers. If your business’s profit margin increases, continue with your strategy. However, if you see a decrease, you need to reduce your company’s extra costs like utilities or wages or increase the cost of goods.

Flow In and Flow Out

This is one of the most important key performance indicators for small businesses. Flow in and out helps business owners assess whether their sales and margins are appropriate. The first step is to estimate your sales for each week and month. However, once you have an idea of what your sales history looks like, estimate your payment timings and likely costs.

Generally, this process covers 12 months, called Cash Flow Forecast. It also helps in tax preparation, new purchases, or identifying any cash surpluses. For example, if you plan to purchase equipment for your business, you add the cost to your forecast. Therefore, the new statistics will tell you whether buying the equipment will help your business make profits.

Revenue Ratio

A company’s revenue depends on the company’s profit or sales growth. If your business income or sale is increasing, it is evident that the revenue rate is also growing. To ensure your company is progressing well, check the difference between the current and previous year’s revenue growth rates.

Inventory Gross

Inventory gross tells the company how much inventory it has sold over time. Furthermore, keeping track of your inventory is essential, as it will help you plan any adjustments. 

Funnel Analysis

Funnel analysis lets you see how users move through a series of steps. It is a great way to track where users drop out– the funnel drop-off rate. Therefore, it tracks the number of visitors who left the conversion process (the funnel).

The conversion process depends on what type of business you run. Examples of conversion could be a shopping cart, subscriptions, and more. Once you identify where customers are dropping out, make strategies to boost your sales. Overall, many businesses rely on the internet as a sales tool in this technology age, so funnel drop-off rates have become a key performance indicator to track.

Accounts Payable Rate

If you want your business to continue operating, ensure you have paid all your suppliers. Accounts payable measures the cost given to suppliers. Moreover, it is hard for most business owners to track all their financial transactions.

Hiring someone to oversee your bookkeeping will make your life easier and ensure no errors in your company’s accounts. Overall, this key performance indicator will help you identify whether you must reduce the spending on suppliers to boost the company’s future profits.

Market Share

This KPI assesses a company’s success and position in the market. How is your business performing compared to your competitors? This is the only KPI that needs regular tracking. If you do not know what your company’s progress looks like compared to others, it is impossible to change the strategies and policies.

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.

Nobody likes rejection from someone you love, a job interview, or a bank loan. As a small business owner, the feeling is relatable as only half of all small business loans are approved. Even though small businesses have many lending options, it is still arduous to acquire any credit. The high number of lending options might make things worse rather than better.

Surveys reported that almost 45% of small business loan appeals had been rejected more than once, and about 23% had no idea why. Here are the most common reasons for rejecting small business loans to clear the dilemma.

Bad Credit Scores and Financial History

A credit score is one of the most imperative measures of a person’s creditworthiness. Banks heavily rely on credit scores to make decisions regarding approval. Therefore, they set interest rates accordingly. Credit bureaus are responsible for keeping track of credit scores.

A bad credit score is often due to several reasons, including late or missed payments on credit cards, loans, vendors, or others. Banks will approve small business loans after reviewing credit history to minimize risk. If your business has a bad credit score for any reason, you should immediately take measures to improve it.

Some small businesses are too new to have any credit history. Such a situation is harmful when it comes to scoring a loan. To elevate their personal and business credit scores, business owners must make payments on time, spend well under their credit limit, and keep their credit accounts open. However, this requires business owners to make intelligent financial decisions, eventually leading to higher credit scores.

Lacking Collateral

Banks and other lending associations require collateral, typically a fixed asset such as property, to guarantee that the loan is repaid. A start-up venture often does not have resources to put up as collateral and might not risk its assets for the purpose. The amount approved as the loan is equivalent to the value of the collateral.

Homes and cars are the most popular options for collateral among new businesses. However, that can be a significant risk and must be thoroughly analyzed before advancing. Online lenders are a better option for securing small business loans without collateral. However, the interest rates are significantly higher.

Weak Cash Flows

Lenders want to see businesses with enough money to sustain their daily business operations and make monthly loan payments. A healthy cash flow is vital for the survival of any business, and lenders know that. However, small businesses often struggle to keep a steady balance in their bank accounts because they must make advance payments to vendors.

If the amount of money going out of your business exceeds what’s coming in, it can be hard to acquire a small business loan. Business owners need to implement changes into their current business model to improve the cash flows. Lowering expenses and looking for ways to grow your business are the only ways to improve cash flow and eventually qualify for a loan.

Pursuing Small Business Loans

Small businesses often look for loans that amount to less than $100,000. On the other hand, banks want to approve larger loans because they are more profitable. The cost of processing a $20,000 loan is the same as processing a $1 million loan. Therefore, the predisposition. It does not mean you cannot get a loan approved. Merely suggesting the way banks look at small business loans.

Small businesses, however, can acquire a loan from other sources, such as online lenders and personal contacts, if the amount is relative to the size of the business. You also have a better chance of getting a loan approved from a community bank, provided you have good relations with them. Having a banker who recognizes your business can be a blessing as your chances of approval rise significantly.

Avoiding the scenarios mentioned above will ensure lenders approve your small business loans. Always ensure the applied loan amount fits your business’s needs and requirements. Don’t go for a higher amount just for the sake of it. Instead, calculate the amount you need to maneuver your business toward its mission.

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.

Running a business can be overwhelming due to the numerous responsibilities that come with it. From managing finances to promoting products and services, business owners often struggle to find enough time to do everything efficiently. However, outsourcing can be a game-changer in such situations. Hiring trusted professionals to handle some of the workload allows you to streamline the business processes, reduce stress, and focus on your best work. It is an effective tool to help you keep up with the competitive market and grow your business exponentially.

Outsourcing Overview 

Outsourcing is when you hire a third-party company to handle specific business processes. This can include anything from accounting and HR to customer service and IT support. While outsourcing has pros and cons, it’s worth considering if you’re overwhelmed or need time to focus on other aspects of your business.

Advantages 

One of the most significant benefits of outsourcing is cost savings. Hiring an outside company can be more cost-effective than hiring and training new employees to handle specific tasks. Plus, outsourcing companies often have specialized knowledge and expertise in their field, which can lead to more efficient and effective processes.

Another advantage of outsourcing is flexibility. You can outsource specific tasks as needed, which can be especially helpful during busy seasons or when you need to scale your business quickly. It can also help you access a wider talent pool, as you’re not limited to hiring locally.

However, outsourcing isn’t always the best choice for every business. 

Disadvantages 

One potential downside is the loss of control. When you outsource a process, you’re essentially handing over control to a third party. While this can be a relief in some ways, it can also be nerve-wracking if you’re not used to relinquishing control. Another potential downside to outsourcing is the risk of communication breakdowns. If the outsourcing company isn’t clear on your expectations or there’s a language barrier, it can lead to mistakes or delays. Communicating clearly and regularly with your outsourcing partner to mitigate this risk is essential.

Best Outsourcing Candidates 

So, which business processes are the best candidates for outsourcing? Here are a few examples:

1. Accounting and bookkeeping: Unless you’re an accountant yourself, outsourcing your accounting and bookkeeping tasks can save you time and money. Plus, an experienced accounting team can help you identify ways to reduce expenses and improve your bottom line.
2. Marketing and advertising: If you’re not a marketing expert, outsourcing your marketing and advertising tasks can help you reach a wider audience and generate more leads. From social media management to email marketing, there are plenty of options.
3. Customer service: Providing excellent customer service is crucial for any business but can be time-consuming. Outsourcing your customer service tasks can help you provide 24/7 support, improve response times, and free up your team to focus on other tasks.
4. IT support: As technology becomes more complex, keeping up with the latest trends and security protocols can be challenging. Outsourcing your IT support can help ensure your systems are up-to-date and secure while freeing your team to focus on other tasks.

Conclusion 

Are you seeking to streamline your business operations, reduce costs, and leverage specialized skills? If so, outsourcing could be an ideal solution for your business needs. However, before you take the plunge, it’s important to weigh the pros and cons of outsourcing carefully. By carefully identifying the business functions best suited for outsourcing, you can make a well-informed decision that aligns with your business goals and delivers long-term rewards. You can trust that this approach will help you achieve your desired results and gain a competitive edge in the market.

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.

From personal expenses to business costs, life is expensive. It may seem like you must open your wallet wherever you go. One way to save more money every year is to identify and deduct legitimate tax write-offs, which intersect your personal and business expenses.

Dental and Medical Expenses

You may be able to deduct dental and medical costs for yourself, your partner, and any dependents when the total costs exceed 10% of your adjusted gross earnings. In addition, when you or your spouse is 65 years old or over, you can deduct all medical costs that exceed your adjusted gross income of 7.5%. 

Home Renovation

Home renovation expenses are not typically deductible on an individual’s tax return. However, when you make specific improvements to your house mainly for medical purposes, such as lowering cabinets for better accessibility or adding wheelchair ramps, you can deduct such home renovations as medical costs. However, when the upgrades specifically improve your home’s value, one cannot claim them as medical expenses.

Tax Preparation Charges

Whether you pay someone to prepare your taxes or do it yourself, you can write off charges on your miscellaneous tax deductions using a tax calculator and bookkeeping concepts. Expenses can include electronic filing and tax return preparation fees. However, the preparation charges should exceed two percent of your adjusted gross income to qualify for such a deduction.

Moving Expenses

When you satisfy the IRS time and distance test requirements upon your relocation for new employment, you can deduct moving expenses from your taxes. In this regard, the movement of military personnel due to service obligations does not require them to meet any time or distance qualifications.

Jury Duty Pay

When you return your jury pay, as you also received your paycheck while serving on a jury, you can deduct such pay from your overall taxable income.

Job Search Costs

Looking for employment can cost you money. You should add these expenses to the list of your write-offs. Itemizing them can help you deduct costs that occurred during your job search. It would help to remember that your job search must be most relevant to your current or most recent employment. Moreover, the search expenses that you may deduct include:

• Preparation, printing, and sending your resume
• Transportation that provides for a deduction of tolls, cab, parking, and 54 cents per mile fees
• Employment agency fees
• Other fees related to job searches

Investment Fees and Costs

Certain charges you pay for your investments’ management qualify as miscellaneous deductions. Such fees and expenses can include: 

• Investment counseling charges
• Custodial charges paid outside of the account
• Safe-deposit rental fees
• Online and software services you utilized to manage your investments
• Legal costs you paid to collect taxable income
• All transportation expenses to and from a financial or investment advisor’s office
• Costs needed to replace your lost security certificates

Airline Baggage Fees

If you are an entrepreneur, freelancer, or simply a self-employed individual, always deduct your baggage fees for the travel you do for business purposes. Your mind might be blown to see how they add up and cost you.

Home Appraisal Charges

One can deduct home appraisal fees as a miscellaneous itemized deduction when the real estate property is integral to a charitable donation. 

 Mortgage Points

When you itemize your mortgage points or prepare interest you paid to buy or construct your primary house, you can deduct them. Typically, when you can deduct the entire interest paid on your mortgage, you can deduct all the points.

Charges to Collect Dividends and Interest

Any charges you pay to a bank, trustee, broker, or similar agent to collect taxable dividends on shares of stock or interest on bonds are deductible. However, the actual securities, bonds, or stocks are not deductible.

Home Sale

When you sell your house at any profit, you can deduct up to $250k of profit from your income. Remember, if you are married or filing jointly, you can exclude a maximum of $500k.

Casualty, Theft Loss and Disaster

It is a significantly painful experience to suffer damage or loss to your house, household items, and vehicles. If your insurance coverage does not pay for them, they are, at the very least, tax-deductible.

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

Many small businesses do not consider falling prey to a sale made with a stolen credit card until they become victims. It makes you vulnerable to losing money and trust. As a business, you want to minimize the risks and cut losses regarding fraud.

Even though credit card fraud is rare, it is something you can’t neglect if your business accepts it. It is estimated that such activities cause losses amounting to $16.31 billion worldwide; almost half of these are reported in the United States.

It can happen regardless of whether your business operates online or offline and can be conducted on a massive scale. A particular group was caught and charged with conducting a credit card fraud that had caused losses of around $13 million over 16 months.

Usually, holiday seasons are good times for all kinds of business owners. Sadly, the profits can fade away if such a loss occurs, resulting in additional liabilities for the business or the owner. It is seen that many businesses start placing preventative measures only when credit card fraud hits them. It is suggested that owners take proactive measures to prevent such losses from affecting them in the first place.

Spotting Fraudulent Orders

If your business takes orders online or over the phone, there are a few things you can do to screen suspicious orders. One of the most common methods is to ask for AVS or CVV verification methods. These methods are valuable for transactions in which the credit card isn’t physically present.

Other things that you can look for are:

• Large or expensive orders placed online, especially if they require things like same-day shipping or overnight shipping
• Buyers who claim they will place a large order and ask for a catalog or list of what you sell
• Customers who are hesitant to provide personal information, such as phone numbers or full name
• Shipping to foreign countries paid by a US card or orders with different billing and delivery addresses

Labeling a transaction as fraud is not feasible if it fits only one condition. However, several reasons could be reason enough to be suspicious. It is suggested that you investigate the matter to avoid losses.

What Should be Done to Investigate the Order Further?

If you find several of the above things applicable to the order, you have legitimate reasons to be suspicious. To thoroughly analyze whether it is fraudulent, you can do various checks to ensure that the order is being placed by the cardholder or someone authorized by the credit cardholder. These are:

• Request complete information on the cardholder, such as name, address, phone number, and zip code.
• Make CVV a compulsory requirement for transactions.
• Verify the provided information through the bank or another verification system practiced in your area. If the information doesn’t match up, decline the order.
• Block transactions through a service that intercepts the order based on the region of origin and other things. These services are available easily for a fee.
• Attempt to call on the contact information of the cardholder. Decline the order if you can’t reach the cardholder.
• Look up local orders and match them with phone numbers and addresses in the phone book.
• Utilize an address verification service to mark suspicious sales and block them.
• When you ship the product, it is wise to send a reminder message. Sometimes, people forget what they have ordered. A letter to the billing address may also help you verify the order.

If you take these steps to cut losses, your business will do all possible to avoid credit card fraud.

Conclusion

In conclusion, small businesses must prioritize fraud prevention to safeguard against credit card scams. Proactive measures and thorough order scrutiny are vital to mitigate risks and protect finances and trust. By implementing robust verification processes and remaining vigilant, businesses can significantly reduce the likelihood of falling victim to fraudulent transactions, ensuring long-term stability and security.

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, sometimes serving as the supporting force that allows the organization to work at its fullest potential in an organized manner. Every type of organization needs an accounting department, for it is impossible to continue working without one.

If you are a smaller practice, you may not have the ability to have an entire department or a person dedicated to the business’s accounting.

Generally Accepting Accounting Principles (GAAP)

These principles, standards, and accounting procedures are used to compile financial statements. They are the accepted methods of recording and presenting financial transactions and necessary data.

Compliance with these principles is required by law. An organization may be fined by the United States Security and Exchange Commission for non-compliance. Other than 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 concise guidelines and goals to make sure that the office is successful in the future. Goals also allow managers and decision-makers to track progress. Planning can be done by management, the accounting department, or a third-party accounting firm, depending on how your business handles the accounting.

Controlling

Controlling allows an organization to ensure that all departments adhere to the guidelines and contribute to 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. It ensures efficiency, allowing an office to work at its fullest potential. Problems may arise daily, and this element helps to fix these problems by giving an organization a chance to work through financial management.

Decision Making

Decision Making utilizes the other three elements (i.e., controlling, planning, directing, and organizing) by analyzing the gathered information and coming up with 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 to make critical decisions related to a business’s financial standing. If an organization doesn’t have an accounts department, such information would not be available to the business decision-makers.

Concerns regarding ethical standards, along with corporate and social responsibility, have increased in their importance. These days, private and government organizations have objectives to mark and enact proper and stringent ethical standards. 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/for a medical office holds immense importance for 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 would 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 accounting department that is effective and successful.

Conclusion

In conclusion, accounting is vital to any medical office, facilitating organized operations and ensuring compliance with Generally Accepted Accounting Principles (GAAP). It encompasses crucial elements such as planning, controlling, directing, organizing, and decision-making, all of which contribute to the office’s financial health and success. Ethical standards in accounting are paramount, with accountants holding the highest ethical responsibilities due to the critical role financial information plays in business decisions. For medical offices, adherence to GAAP guidelines and efficient accounting practices are essential for maintaining legal compliance and optimizing financial management, ultimately supporting the office’s ability to deliver quality healthcare services.

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.

Circumnavigating the tax season might become rough for all companies; nevertheless, small businesses become very vulnerable when discussing tax issues and making optimal decisions regarding the company’s financial health. The time to think regarding the tax season is not at the start of the year. It is throughout the year. The following five strategies will help numerous small businesses plan for an elementary tax season.

Invest In Your Retirement Now

If you are a small business owner, you must create a retirement plan that takes complete advantage of the tax deferral rules to maximize your tax savings now and save all your retirement savings for later. Rather than trying to tackle all the various ins and outs of setting up your retirement plan on your own, it is advised that you consult a professional in this field. There are various options available, which you could choose from. Let a professional make this choice for you. A professional would help you with your business finances and your finances as well.

Make Balancing the Taxes Your Priority 

Traditional tax planning comprises having to accelerate the deductions and the credits. This will occur alongside deferring the income. Numerous taxpayers are cash taxpayers, meaning the users can deduct the expenses when all the expenses are paid and declare the income once the payment is received. 

Thus, expediting the expense payments while deferring the income payments might improve the current year’s tax position. You also need to bear in mind that the inverse also rings true. If the business anticipates significant revenue in the next year, it is wise to collect the income this year and delay the expenses until the next year.

Find Silver Lining in Loss as Well

Numerous small businesses finish off with a net operating loss during the initial years of the operation. The net operating loss leads to a tax deduction bigger than the taxable income, mostly when all the various business expenses exceed the earnings. Even though this appears to be very bad news, NOLs might be used to recuperate all the past tax payments and reduce the tax payments in the future. NOLs can create tax relief by applying the loss to the payments and receiving credit by applying the net loss to the future income tax. The rules will vary based on the business; therefore, understanding how to work with them will have a huge impact.

Understanding the Taxable Versus the Untaxable Fringe Benefits

For instance, all the fringe benefits, such as a company car and subsidized meals and insurance, are an amazing way to pay for all the services and decorate an even more appealing employee package. Nevertheless, all these various fringe benefits are taxable most of the time. An in-depth knowledge of which fringe benefits lie outside the taxable demand might ease each year’s tax burden. When small businesses appreciate the benefits, you will save money on payroll taxes. The tax rules for every user are somewhat different. Therefore, selecting the correct fringe benefits for your company is essential.

Invest in the Counsel to Benefit Small Business 

Planning all your taxes should never be an end-of-the-year scramble. Alternatively, it should involve a reliable and yearlong conversation with a tax lawyer or a professional accountant. The business’s continued health should work with a professional who has been in the industry for a long time and knows the industry’s ins and outs. You will also save a lot of money working with a professional.

Conclusion

In conclusion, navigating the complexities of the tax season is crucial for small businesses’ financial health. Small businesses can streamline their tax processes and optimize their financial strategies throughout the year by investing in retirement plans, prioritizing tax balancing, leveraging net operating losses, understanding fringe benefits, and seeking professional counsel. Working with experienced professionals ensures compliance and maximizes tax savings, leading to long-term success and stability.

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.

Cloud computing services for resource accounting establish, host, and manage services rented out to a remote consumer (individual or business). The scope of services ranges from offering essential computational assets like bandwidth, storage, and computational power to sophisticated enterprise applications such as SaaS.

The commonly used business model to charge for these services is a pay-per-use base, where the consumers use resources according to their needs and are then billed for the used resources at the end of a defined period. Idyllically, the consumers should be offered an explicit resource accounting model to identify all factors considered for calculating the consumption charges.

Giving the consumer access to their resource usage data can help them in IT budget planning, making them aware of billing applications and automating the assortment of services according to their specific needs. Also, it is to the benefit of the cloud service provider to make this data available to consumers. It would help them come up with specifically designed user-centric services. Most providers already offer their clients their usage data. However, there are concerns regarding accountability.

Accountability Concerns

An issue that concerns the resource accounting model for such services is the accountability of the resource usage data, whether it is the provider who does the measurements of this data, the consumer, or some other trusted third party.

A combination of these players to measure accountability is also an option. However, like other traditional utility services such as gas and electricity, provider-side accountability is the norm in the cloud services industry. But unlike the consumer-trusted metering for traditional utilities, there is no such metric for consumers to measure data usage. Therefore, they have no choice but to accept what the provider offers them.

Consumer Side Proposition

Continuing the above discussion, we propose a customer-centric resource accounting model to resolve the concerns of all parties. A customer-centric accounting model will allow the customer to programmatically calculate billing charges from the service provider. They will be obliged to respond to the request.

Subsequently, a customer-centric solid accounting model will measure the cloud services billing charges independently by the customer or a trusted third party. This will allow consumers to measure their billing charges, which is only fair. It is proposed that the providers adopt the customer-centric models to perform regular checks and raise alarms when there are apparent contradictions in the consumption data.

Inspecting Consumer Centricity of the Resource Accounting Model

Many service providers provide or publish details of their billing information. However, it must be examined if the detailed information is based on a customer-centric notion. We will start with a basic example and see if there is room for improvement.

S3 Amazon

We take a simple S3 cloud storage service from Amazon to investigate the notion. It is an essential pay-per-use base service. It is marketed as a fast, reliable, and low-cost service, yet, upon examination, researchers found a few ambiguities in the model that cannot be programmatically queried from Amazon.

This suggests that even the simplest resource accounting models cannot match a robust consumer-centric model’s standards, which are relatively loosely coherent with the weak model. However, specifically for S3, the uncertainties can be easily fixed internally by paying little attention. However, it is recommended that a cloud service provider opts for assembling the third party as a measurement service to access and measure their data usage efficiently.

Limitations

Time Zone

One of the ambiguities was the lack of reference to the time zone upon listing the price concerning geographical location. The start and end days of the billing cycle cannot be determined for sure. However, it can be inferred from the provided Amazon developer’s guide that S3 servers are synchronized to GMT.

Data and Metadata

Another concern of S3 is regarding the measurement of user data. In addition to its data, the S3 resource accounting model has system metadata and user metadata. System metadata is only used by S3, while user metadata is only used by the consumer and has a maximum size of 2KB. However, Amazon fails to clarify the storage space acquired by data and metadata.

Checkpoints

Amazon states that they check the user’s storage space at least twice daily. However, they fail to mention the exact time these checkpoints take place. Upon further investigation, it has been observed that they do not check the cloud storage usage twice every day, and the event randomly takes place anytime in a Zulu time zone.

Therefore, it is concluded that the resource accounting model for the cloud still needs to define specific operation parameters before they become trusted consumer utilities.

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.