Companies increasingly use the best practices in cloud computing to expand their services internationally. Cloud computing helps businesses tap into new markets. However, the economic aspect is only one of the factors of demand. Improving performance, including data speed, service uptime, and enhanced security, are equally essential elements.
Any business can be uniquely positioned in the cloud computing ecosystem to meet its goals. Cloud computing enables a company to reach its fundamental needs, and it helps manage the global network of any business.
For cloud services to be efficient, they need to provide consistent and reliable data networks. Speed is the essential element of cloud computing. Efficient cloud computing services require cohesive and fast data networks, especially for applications that handle large graphics and require low latency.
Benefits of Cloud Computing
Interconnected Business
The cloud is a platform that offers remote services. These services are used to store information and run applications. It enables online services and data on demand via simple internet access. The idea is to deport the processing on an outsourced infrastructure.
Installing the software locally on each user station or company server becomes redundant. A significant benefit of cloud computing is that all systems are online. When the systems of a business are online, they are well connected. This makes the business more productive as a whole. IT departments only need to implement these solutions and their administration.
Easy Accessibility and Mobility
The best practices in cloud computing allow easy access to data across an organization. Cloud computing services make it easier to improve the mobility of data. Gone are the days when data and information about clients and an entire business were stored locally. A cloud computing service allows online storage. This makes the data available even if a desktop computer or laptop is shut down. Cloud computing prevents data loss if servers fail, as the cloud server always has a backup. Some of the leading services that have been successful in cloud computing are:
Email/calendar messaging
Office 365
Google Suite
Zimbra ERP/CRM
Salesforce
Sage Oracle
Infrastructure as a Service (IaaS) services
Flexibility
The best practices in cloud computing offer flexibility. The services have become very flexible and can be altered according to a company’s business needs. A cloud service helps businesses change their resource allocation in the production line. The best thing about a cloud service is that you are charged what you consume.
Another benefit of cloud computing is resource and file sharing in real-time, anywhere in the world. Your business becomes agile and gains flexibility, something that was impossible before. The implementation of cloud computing requires proper infrastructure for smooth operations.
Scalability and Update
A cloud computing service provides maintenance for all your company’s servers. It offers regular service updates, making your business information safe, secure, and free from cyber threats like ransomware. It gives a chance for you and your employees to focus more efficiently on your business. Cloud computing optimizes a company’s productivity. The updates are automatic, do not cause service interruption, and regularly bring new optimizations and features.
Optimized Security
A cloud computing service protects a company’s traditional and internalinfrastructure. Keeping the cloud secure requires time, expertise, and an extensive budget. The best practices in cloud computing take care of the needed security measures. A cloud service provider provides regular updates related to essential security patches.
A wonderful benefit of cloud computing is that it ensures security because it has better safety features and service assets. Some of the security services are:
Data replication
Disaster Recovery Plan (DRP)
Business Continuity Plan (BCP)
Defense from cyber attacks
Latest technologies in security
The confidentiality of the data is guaranteed
The observed security standards for data are more rigorous and stringent in your cloud service provider’s environment. Security of your business data is the priority, as a fault or alteration of customer data would cause irreparable damage to a business. It is considered one of the best practices for cloud computing to ensure the cloud is safe.
Cost Control
Cloud Computing allows better control of the costs related to your IT infrastructure. Your company adjusts the resources allocated to its support according to its needs by increasing or decreasing available resources.
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.
Despite the economy’s growth, hundreds of retail stores and shopping centers are closing. The last two years have been disastrous for the retail industry, and it touched everyone – from small shops to large shopping centers. Moreover, more than twice as many boutique retail shops have closed this year compared to last year.
The reality is that total retail spending continues to grow steadily despite a slight slowdown. However, several trends, including the growth of e-commerce, the excess of shopping centers, and the unexpected consequences of the revival of other businesses, have led to the fact that boutique retail shops are not doing well. Fashion and boutique retail shops face several challenges. Five of them will be discussed below.
More Interest in Online Shopping
The most common reason for the demise of retail stores is that online shopping eats retail. Between 2010 and 2016, the sales of online e-commerce companies rose from $16 billion to $80 billion. The total revenue last year was about $22 billion. So, you could say that e-commerce companies have grown double in these past six years.
But the problem of retail is much more profound. Simple return policies made online shopping cheap, light, and risk-free when selling clothes, which is currently the most prominent e-commerce category. The success of start-up e-commerce businesses forced retailers in physical stores to offer similar conditions and aims for the same convenience as found online.
Previously, people made several shopping trips before buying an expensive dress. On each trip, they probably made many other small purchases while they wandered around. But, today, many consumers can ask for and look at all the options, meaning there are fewer walks into shopping centers and fewer random shopping trips in neighboring stores.
The growth of e-commerce transfers some purchases to the online network and creates new behavioral habits. As a result, consumers gradually see the online network as a good substitute for their local shopping center.
A Shift in Spending: Retail Shops to Food
E-commerce and an overabundance of retail space are the main reasons for thousands of boutique retail stores closing. The number of clothing stores decreased as consumers spent more on travel and restaurants. Before the Great Recession, people bought many things, such as houses, furniture, cars, and clothes, and the retail trade grew dramatically in the 1990s, but much has changed. Clothing costs are declining – its share of total consumer spending in this century was reduced by 20%.
Secondly, while wage growth is significant for workers and the economy, it does not affect companies with low margins that rely on cheap retail stores. Cashiers and sellers are the country’s two largest categories of jobs, employing more than 8 million people, and the average income for both professions is less than $25,000 per year. But recently, new minimum wage laws and a tight labor market have pushed up the wages of the poorest, creating problems for retailers already under pressure from the e-commerce industry.
Consumerism
In the modern world, consumers hold great power. Fashion and boutique retailers are forced to be updated on the needs and wants of the customer. The boutique’s retailers are pressured to offer similar e-commerce services, and it isn’t easy to fulfill them with profit. The most common problem with fashion and boutique retail shops is that the customers demand a wide variety of new products, which is not always possible.
Brand Name is Impacted
The brand’s name will be affected if the supply chain department fails to deliver or fulfill its services. Most retailers and fashion brands involve a long and sensitive supply chain. Many factors can impact the brand’s name and quality. For example, if the items are out of stock, people will go to another store.
Sustainability
Famous fashion brands display their sustainability and responsibility. These famous brands need to be seen implementing a sustainability strategy to improve their products’ quality. If the name of a brand is related to any negativity, it will be badly impacted. Customers know how fashion and boutique retail shops operate, and the brand should never compromise on these, which is a challenge.
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.
Filing for bankruptcy is the last resort people and businesses want to be reduced to. There are several reasons for this. On the other hand, some view this as a way out of a sticky situation. We will discuss the debate on whether bankruptcy is an instrument of liberty or not. The answer to this can vary widely based on your situation. So, let’s look at both sides before coming to any conclusions. However, first, let’s understand what bankruptcy is.
What is Bankruptcy?
In the eyes of the law, bankruptcy is a legal process in which the liabilities and assets of an individual or firm are weighed to decide whether the individual can still pay off their debt or if they should be legally exempt from this. However, an individual or business must file for bankruptcy before the court considers their plea. This can be done in two ways. A person can file for bankruptcy on their own, or they can hire an attorney to do it.
If the court does declare you bankrupt, they will take control of all or most of your assets to pay off your creditors. Not only will your creditors be unable to contact you to ask for what you owe them, but you will also be declared debt-free. The only dues not cleared on your behalf are the loans you co-signed with someone, student loans, alimony, child support, or money you owe to the government, such as unpaid taxes, penalties, and fines. You will further have to pay for the case of bankruptcy to be filed in court.
Pros of Filing for Bankruptcy
In some cases, it is a good idea to file for bankruptcy due to the following reasons:
You will legally become debt-free
Lenders will no longer pester you
You will get a fresh start
Cons of Filing for Bankruptcy
Filing for bankruptcy has a lot of disadvantages as well that need to be taken into consideration, such as:
Your property, bank accounts, and other assets might be sold off or seized to pay off your debts
Your bankruptcy will become public domain that can be easily accessed through the court records
It will become harder to secure a mortgage
Is Bankruptcy an Instrument for Liberty?
In our opinion, bankruptcy can sometimes be an instrument for liberty. If you are under a ton of debt, your assets aren’t sufficient to pay them off, and lenders filing for bankruptcy are constantly nagging you, it is the right option. However, even after declaring bankruptcy, your creditors are not guaranteed to stop bugging you. Secondly, you will have no assets to fall back on after filing for bankruptcy. You will have to rebuild your life from scratch unless it is in the case of huge multinationals that will just need some restructuring, cost-cutting, bookkeeping scrutiny, and a few tough decisions made in the ownership.
On top of this, your bankruptcy will become a matter of public record that can easily be accessed by potential lenders, landlords, and employers. You might have a more challenging time renting or getting a loan. Landlords and banks may assume you are a liability and will have difficulty paying your dues. Yet, are these issues a problem compared to your mounting debt? If you have nothing left to lose and no way out, the only option to free yourself may be declaring bankruptcy.
Will You Be Free after Filing for Bankruptcy?
Filing for bankruptcy is just the tip of the iceberg. Not only will you have to pay to file the case, but if you aren’t filing the case yourself, you will also have to hire and bear attorney’s fees, which will cost you a decent amount of money. Going to court and simply stating that you’re broke isn’t enough. As ironic as it sounds, you must pay to declare that you don’t have money.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud 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.
It’s on every entrepreneur’s mind. This question has them thinking hard. How exactly does one measure how much stock to have available and ready for delivery, and how much is too much? Having stock is essential in any business and depends on the activities necessary to run your business.
Any business will first have to cater to the demand for an item and then start selling to grow. Many companies need a specific stock level to keep up with that demand. Here are some examples of businesses that need to keep inventory available, supply without delay, and deliver to meet demands.
These examples will better show what inventory levels must be kept. The whole concept of this question is what to have on hand to keep up with demand and not fall short of supply. By having enough, one is cost-effective and efficient.
Planning out budgets, finances, and expenditures would be rendered meaningless if the proper stock is not maintained. Without stock, deliveries cease, which translates to business cessation. This, however, is foreseen in all business plans, and precautions are taken well in advance. With hard work and planning, results are guaranteed.
Restaurants
If you sell edible products at a restaurant, then specific quantities of raw stock and semi-cooked items will be needed. Let’s say it’s a fast-food restaurant, and the burgers are trendy. Buns, sauces, raw veggies, patties, garnishes, etc., must be purchased on priority in a daily stock straight from vendors.
You must coordinate daily with the bakery, meat market, and vegetable vendor to ensure smooth functioning. If an order of ten burgers is received and you have only had the ingredients for six, the odds are that the customer will not come back due to disappointment. Whatever you are selling, it’s got to be enough to meet the expected demands!
Retail Stores
With tight inventory control systems and proper handling of all artifacts, complete with model numbers, rows, and designated areas in stock, retail stores are hard work. For instance, a t-shirt would generally be kept in four regular sizes, ranging from small to extra-large, and different colors, which means different codes for each.
Shoes should be kept in sizes for men and women, ranging from 6.5 to 10. It is the same with the codes, as different colors are for different codes. A specific stock level is needed for what you sell to handle customers with grace to their satisfaction.
Pharmacies and Drug Stores
Drug stores have special POS software for their inventory and stock levels. This software helps them manage and monitor all inventory. When a drugstore is set up, this software is configured with a minimum-level warning system that tells the user what is in stock.
In addition, costly meds, like cancer treatment prescriptions, are in limited stock. But, commonly occurring meds, such as aspirin or flu-fighters, are stocked in high levels. If you sell medicine, you must have stock according to your location and area.
Considerations for Inventory Management
Trends or Seasons
A growing and thriving business must forecast each year’s sales season and prepare for upcoming influxes. To better prepare, stocks are essential to accommodate patrons and regular customers.
This action can quickly determine the most active and slowest part of the year. Thus, you can prepare accordingly with planning. This will help you envision cost-effective methods of stocking whatever you are selling.
Weekends and Weather
Some businesses thrive during the weekend while they are slow on regular weekdays. This prediction can help business owners arm their stocks before the weekend hits. Not just restaurants but also bars, clubs, and many other weekend leisure venues party until the break of dawn on Fridays through Sundays.
Their demands are all met successfully, paving the way for them to become the most popular joint. However, if stocks are not leveled according to predictions, businesses will be negatively affected.
Conclusion
By understanding the kind of business you are, your need for available stock should be set accordingly. It is a super-fast and hectic day, while others are lazy and relaxed. You are selling by recognizing clientele’s needs and preparing to meet their demands, so a solid stock must be kept in hand.
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 all 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, safety, and network security, businesses around the globe trust it to be safer, more secure, and more stable than ever. 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 it is stored as strong encryption layers protect sensitive data from illegal editing or corruption. This indicates that your sensitive data is secured 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, it would help if you also ensured the data was correctly maintained.
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’s where most problems related to the safety and security of sensitive data commence.
Why Are Most Businesses Misguided?
It’s 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 that have intense and severe repercussions (if not executed properly). Then, there are those people who are misguided about their responsibilities and rely entirely on others. No matter how much money you can afford to spend on acquiring the services of any pro cloud provider, you have to make 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 or not 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 is solely the responsibility of their cloud service provider. This indicates that cloud service providers are responsible for providing specific security protocols or encryption layers. However, sensitive information protection, safety, and security lies in businesses’ hands.
The study further revealed that businesses prefer to transfer their responsibilities of data protection, data privacy, or data compliance to third-party cloud vendors or service providers so that they focus more on the core side of the business and less on its security, storage, or management affairs. Moreover, the total spending on cloud technologies is predicted to increase at a massive 20% from 2018 to 2020, which bears testimony to the fact that most businesses intend to transfer their cloud data protection-related responsibilities to cloud service providers.
Core Reasons Why Most Businesses Choice To Hire Pro-Level Cloud Services
Businesses prefer to embrace a straightforward approach to protect their sensitive pieces of 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.
Conclusion
In conclusion, the debate over cloud data protection responsibility often leads to one clear consensus: organizations hold the ultimate accountability. While cloud service providers offer security measures, the onus remains on businesses to safeguard sensitive data. Cloud data protection encompasses infrastructure security, storage management, and data integrity, crucial for ensuring safety and compliance.
Despite misconceptions, businesses must recognize their role in data protection, even as they leverage cloud services. With increasing reliance on third-party providers, companies must prioritize selecting competent partners and remain actively involved in managing their data 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.
An employer-employee relationship built on trust is one of the essential attributes of any successful business. Businesses strive to develop a solid connection and effective communication with their employees.
Businesses that successfully establish a point-of-contact with their workforce and communicate their company’s policies and procedures in an effective tone are more likely to avoid potential in-house conflicts and misunderstandings. An employee handbook serves as a blueprint that helps employees know what they can expect from the company.
What Is an Employee Handbook?
An employee handbook is essential to communicate the company’s rules and outline employees’ policies, procedures, and expectations. A well-written handbook is critical for promoting effective communication and creating a robust relationship with your employees.
In short, it helps employees know that what the company expects from them is necessary. On the contrary, an employee handbook helps companies know that their employees are on the same page. New hires are given a copy of an employee handbook on their first day and the necessary forms to sign, acknowledge, and agree to the terms.
A well-crafted employee manual highlights the critical aspects of the business that are primarily HR-concentrated. These help companies avoid potential conflicts and prevent costly errors and misunderstandings.
Why Have an Employee Handbook?
All your employees (new and old) must understand your company’s policies and procedures in depth. They may be hard to comprehend initially, but the employee must read them thoroughly. No matter what, employees need to abide by everything stated in the handbook if they want to be considered responsible.
An employee handbook shows that the company treats every employee equally, and the rules apply to everyone. Whatever the company intends to include in the handbook must be well-structured and promote the employees’ interests. This will eventually create a positive culture and safe work environment for every individual. Companies can protect themselves from lawsuits, wrongful termination, sexual harassment, gender biases, and much more.
Provisions Required by Law
Drafting an employee handbook is quite an undertaking. Before writing a handbook, business leaders must bring attorneys into the loop, so you must become familiar with local and federal employment laws. Some businesses have operations in multiple states, meaning they must abide by local and federal policies, providing legal grounds for drafting various handbooks for employees in each state.
Why? Because each state has unique employment laws, and companies must abide by them. The policies you must adhere to in an employee handbook by law include medical leave policies (for severe health conditions, childbirth, and more), equal employment opportunities, non-discrimination policies, staff compensation policies, etc.
General Clauses Every Handbook Should Include
It is essential to understand that the handbook highlights crucial areas of the business that employees need to abide by. Agreeing to the form means that the employee will uphold the company’s rules and policies—it makes no promises on continued employment. This indicates that the handbook is not a contract, and this disclaimer must be included.
The policies of the company are always subject to change. It must be mentioned that policies can change anytime with or without notice as the company deems appropriate and necessary.
An employee acknowledgment page must be included, letting the company know its employees are aware of its policies, rules, and procedures.
What Else Does an Employee Handbook Cover?
Depending on the company’s size, nature, and location, you must include the company’s perspective on some issues. Since the employee manual has to communicate the company’s policies and procedures, it must be productive and communicative enough to impact the employees.
An employee handbook must also cover employee policies, employee benefits, bonuses policies, paid-time-off policies, company history, employee evaluation/discipline/termination policies, office procedures, employee behavior, abiding by SOPs (Standard Operating Procedures), and more.
Conclusion
In conclusion, an employeehandbook is crucial for fostering trust, communication, and compliance within a company. By clearly outlining policies, procedures, and expectations, businesses can promote a positive work culture, mitigate conflicts, and ensure legal compliance. A comprehensive handbook that reflects legal requirements and company values is essential for maintaining a harmonious employer-employee relationship and facilitating organizational 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.
The financial systems of the yesteryear are gone. With financial technology becoming readily available and the technological revolution, plenty exists. Fintech is making pathways for professionals like accountants and bookkeepers with massive amounts of paperwork. Traditional financial systems are biting the dust with the web’s evolution and technology galore, not just due to the advancement of systems and technologies but also from obsolete physical systems that pose a danger to security and reliability as opposed to digital systems. These systems are heavily undermined as they cannot take advantage of innovations in the digital world. An accounting department filing cabinet is one of those systems.
For starters, an accountant is a professional who deals with taxation, which makes it legislatively important. They also help portray a business’s financial health and evaluate creditworthiness. Accounting is called measuring, processing, and coordinating financial information of economic entities. It is the summation of an organization’s activities related to economics and uses information related to users such as creditors, investors, management, and regulating authorities. The scope of this field is vast, and due to its broad usage, tax accounting and auditing are also a part of it. An accounting department filing cabinet is part of its processing and practices.
TheEvolution of Accounting
Accounting is centuries old, so it is not hard to understand the need for standards and regulations in this vast field. The 21st-century practices differ from the last century due to the formation of bodies and other authorities that govern accounting laws such as GAAP or IFRS. The accounting profession desperately needs an upgrade to better fit into the digital era. An accountant needs to record all particular asset details and information for classification needs.
Like the accounting department filing cabinet, all records and where they are stored are known to the accountant. Like skeuomorphism, where models are made to depict real-time objects that are imitated, using century-old methods like cabinet systems pulls down the potential of an organization, thus making a profound impact that generally allows competitors to move ahead. The physical attributes are such as the cabinet versus digital filing.
Depending on the requirements of an organization, the cabinet holds information vital for the business’s progress, leading to growth and development. In a physical system, such as an accounting department filing cabinet, it is crucial to know where the information lies, which folder has it, which section it underlies, etc. Anyone assigned that task will be grateful and appreciative of how the data is stored, retrieved, managed, and organized. There are many fields where data can be stored under categorization, like copying papers and placing them in various places for ready reference, but this practice is wild as workloads grow and paper management becomes a curse.
To allow more freedom and ease in life, accountants use a prescribed system of account classification such as billing, costs, expenditures, and physical goods that help them acquire information readily, unlike the accounting department filing cabinet.
The digital era of our modern world has various concerns. Let’s take hashtags, for instance. Anyone on social media knows it while hashtagging pics of friends or a tweet. This is because hashtags are unstructured data in the domain of big data. It’s incompatible with accounting as structured data is used for financial reporting or training. It must reinvent itself to use hashtags as an information organization. Still, upon realization of this problem, accounting has to think up new ways to develop and grow to accommodate the modern world’s needs.
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.
Employee theft and embezzlement are the main reasons behind the demise of most start-ups. Entrepreneurial business ventures are initiated mainly by inexperienced individuals who lack business management knowledge, skills, and expertise. However, business management doesn’t have to be that difficult to master. All you need to do is learn the game’s art and know your employees well enough to create a powerful prevention plan against employee theft and embezzlement.
Unusual habits and changing behavior of employees, plus a lack of timeliness in updating and reconciling accounting records, reveal a lot about an employee and their commitment to their work. Detecting and preventing employee theft and embezzlement has become the need of the hour. Companies are even ready to hire professionals who devise creative ways to catch the culprits for their misconduct. According to studies, business owners from across the globe lose about 6% of their annual revenues and profits to employee embezzlement.
Blind Trust Has its Repercussions
You might be surprised that trusted and established employees steal more from companies. How can a business expect to witness significant returns if their trusted partners, stakeholders, or employees are going to steal from their business? This is alarming for the fate of your company because if you are not going to stop it, it will slowly and gradually eat your business altogether. In other words, unfortunately, employee theft and embezzlement are something that you will constantly battle throughout running your business. Certainly, no magic formula will stop it immediately, but your constant efforts will have a positive impact!
As humans, we tend to fall prey to our desires. We look for an easy way to fulfill our wants and needs, often leading us to commit fraudulent activities like stealing supplies from homes and offices. This activity has to be stopped no matter what because it will ruin our motivation to earn legitimate money, which is hard to gain back once lost!
What to do to Prevent Employee Theft and Embezzlement
According to studies, 55% of fraudulent activities result from a group activity, which means involving others to help commit financialcrimes. This information bears testimony that employee theft and embezzlement are tough for an individual and a lot easier for those who work in groups for mutual gains, financial or personal. Certain things can help you protect your business against embezzlement if executed perfectly, such as knowing and supervising your employees, maintaining control over financial matters, cross-checking or auditing business bookkeeping, integrating and incorporating computer software for digital tracking, separating financial duties of employees and last, but not least, checking stock inventory regularly.
Forms of Employee Theft and Embezzlement
The people who steal from you most are clever and smart individuals who will always think one step ahead of you. This means you need to constantly upgrade and change your measuring mechanism for evaluating the misconduct of your employees, as they know your company inside and out. Employee theft and embezzlement typically exist in three forms: theft of cash, theft of goods, and theft of sensitive information.
What to do to Get Things Back on Track
It would be best to discourage these fraudulent activities as much as you can because it will help you save a lot of money in the long run. Instead of your company policy, you may document every sale and purchase for your records, create and follow up on written procedures for ideal business management, keep track of inventory in your individual capacity, and periodically review employee theft and embezzlement prevention measures.
According to experts, if each employee is held responsible for their deeds, there are fewer chances of theft, fraud, shoplifting, embezzlement, and other incidents of fraudulent activity.
Suppose all preventive measures fail to get things back on track. In that case, you should consider hiring a professional accounting, bookkeeping, or auditing expert who will sketch a clear picture of your finances to develop a prevention plan to stop employee theft and embezzlement.
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.
Small-business entrepreneurs may have more difficulty borrowing financing from a bank. If you’ve been in the company for less than two years, have a credit score of less than 640, or require less than $250,000. There are, fortunately, alternatives to standard bank installment loans. Online lending has been a source of innovation and promise for small businesses looking to invest and grow. According to Harvard Business School figures, although small-business bank loans fell by 3.1% in 2014, small-business internet lending surged almost threefold.
But how can entrepreneurs save time and get the most out of the online loan process? Six crucial online recommendations and insights for applying for a small-business loan are listed below.
Make Sure That Your Finances are in the Correct Order
Traditional banks provide more adaptability and flexibility than online lenders. However, you still need to present solid financial records to show that your company is sustainable and capable of repaying the money you borrow. Begin with the fundamentals: Make sure you have a registered business name, an ID number, and a business checking account for your company.
Use Accounting Software That is Accessible Online
Even the tiniest firm may benefit from digital solutions like QuickBooks, FreshBooks, or Xero, which can help them handle their finances precisely and efficiently. It’s simpler to manage your money and establish that you’re a good loan candidate now that your information is digital. Kabbage’s automation allows you to connect your online accounting software to assess the health of your business, making these online tools more straightforward to use and more likely to be approved.
Keep Your Business and Personal Funds Separate
No matter how tiny, a company must project a professional image. Examining the implications of conducting business when contemplating online loan choices is critical. If you habitually mix your business and personal funds, it’s time to stop because it might hurt your chances of getting a loan approved. When your finances are overly complicated, your chances of passing an audit are reduced, which might interfere with your business development goals. To improve your chances of getting a loan, have a separate bank account and credit card for all your personal needs, and treat your business as a distinct organization.
Your small business’s money should be kept separate from your finances. You risk overcomplicating your finances or failing an audit if you pay bills with personal cheques or credit cards. Open a different bank account and credit card in your company’s name to keep track of all your business expenses.
Understand the Fees Charged by Internet Lenders (Mainly Hidden Fees)
Understanding all the fees, interest rates, and other charges involved with an online lending option is critical before you sign up. If you’re unsure about something, ask about the costs; it’s your right to know what you’re getting into; if they don’t answer all your questions on the form, don’t be afraid to ask them directly. You will usually include most of the information you will be asked to sign on the paper.
You should read any loan application’s tiny print carefully. Make sure you comprehend everything when you sign on the dotted line. Ask questions upfront to understand the loan fees, interest, origination fees, and any other expenditures you’ll incur.
Examine each lender’s characteristics, such as customer service, pricing, etc.
Before picking your preferred financing choice, read customer reviews and research extensively using your available resources. Although a low-interest loan may appear appealing, you should know that hidden costs or poor customer service might set you back. Do an extensive market study on all your selections because you will deal with them long. Failure to make the appropriate decision might lead to future problems. If you’re having problems deciding, weigh all your alternatives and seek expert assistance.
What do you need most from your small business lender besides the capital? You can compare your selections and read consumer reviews on sites like Trustpilot. The cheapest loan choice may not necessarily be the most excellent match, especially if other small-business owners have complained about hidden costs or customer service issues.
Keep an Eye on the Security Situation
While getting a loan online may appear to be riskier than going via a traditional bank, you can protect your personal information by taking a few simple measures:
Do some research on each potential lender to ensure that they are reputable.
Double-check that you’re transferring sensitive financial data through a secure (HTTPS://) website connection.
Any lender who requests an upfront application fee or an immediate down payment before your loan is approved should be avoided.
Rather than charging you upfront, legitimate lenders would include any costs in the repayment plan.
There has never been a perfect moment to apply for online small-business finance. These suggestions might assist you in weighing your alternatives for obtaining the money you require to expand your firm.
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.
Become HIPAA Compliant: Essential Steps for Your Business
How to become HIPAA compliant starts with conducting a thorough risk assessment, developing policies and procedures, designating compliance officers, training your workforce, establishing reporting mechanisms, creating a breach response plan, and continuously monitoring adherence to protect Protected Health Information (PHI).
As the founder of Complete Controller, I’ve guided numerous small businesses through compliance challenges over the past 20 years, including HIPAA for those handling sensitive health data in bookkeeping and financial services. One overlooked pitfall I’ve witnessed repeatedly is businesses skipping vendor Business Associate Agreements (BAAs)—it nearly cost a client a hefty fine until we intervened. Through my experience working with businesses across all sectors, I’ve seen firsthand how proper HIPAA compliance transforms from an overwhelming regulatory burden into a streamlined system that actually protects your business while building client trust. This article breaks down the exact steps you need to take, the automation tools that cut compliance time by 50%, and the real costs involved—giving you a clear roadmap to achieve full compliance within 90 days.
How to become HIPAA compliant: A step-by-step breakdown
How to become HIPAA compliant requires implementing the HHS Seven Elements: policies, designated officers, training, communication, monitoring, sanctions, and breach response
Identify PHI scope and risks first to prioritize safeguards like encryption and access controls for all health information your business handles
Appoint Privacy and Security Officers to lead compliance efforts across all departments and maintain accountability
Train all staff annually on PHI handling, violations, and consequences to build a sustainable compliance culture
Secure Business Associate Agreements with vendors and maintain documentation for audits to protect your liability
Understanding HIPAA Requirements and Conducting a Risk Assessment
How to become HIPAA compliant begins with understanding the three core rules that govern protected health information. The HIPAA Privacy Rule controls how PHI can be used and disclosed, the Security Rule establishes standards for electronic PHI (ePHI) protection through administrative, physical, and technical safeguards, and the Breach Notification Rule requires entities to notify affected parties when unauthorized PHI access occurs.
A comprehensive risk assessment forms the foundation of your compliance program. This assessment identifies vulnerabilities in handling PHI across all formats—paper records, electronic systems, verbal communications, and image files. Many businesses overlook critical areas like emails containing patient information or data shared with third-party vendors. Your assessment should catalog all PHI assets thoroughly and evaluate risks based on likelihood and potential impact.
Small businesses can leverage free HHS tools designed specifically for organizations new to HIPAA compliance. The HHS website offers risk assessment templates, security rule guidance, and even gamified learning modules that make the process more accessible. For a typical small practice, completing a thorough risk assessment takes 2-4 weeks when using these resources effectively. Focus your initial efforts on high-impact areas where PHI exposure could cause the most significant harm to your patients and your business.
Developing Policies, Procedures, and Designating Officers
Creating written policies that align your daily operations with HIPAA requirements represents a critical compliance milestone. These policies must address data access protocols, disclosure procedures, workforce sanctions for violations, and incident response procedures. Generic templates rarely suffice—your policies need customization for your specific workflows, technologies, and vendor relationships.
How to become HIPAA compliant mandates designating both a Privacy Officer and Security Officer to oversee implementation. While no regulation requires a single compliance officer, these two distinct roles are essential for maintaining accountability. The Privacy Officer manages policies related to PHI use and disclosure, while the Security Officer handles technical and physical safeguards protecting ePHI.
At Complete Controller, I appointed dual officers early in our growth journey, which prevented compliance gaps as we scaled services for healthcare clients. This decision proved invaluable when we expanded our cloud-based bookkeeping services to medical practices. Your officers don’t need to be full-time positions—many small businesses successfully assign these responsibilities to existing managers who demonstrate strong attention to detail and communication skills.
Customizing policies for your organization
Your policies should reflect real-world scenarios your staff encounters daily. Include specific procedures for common situations like responding to patient record requests, handling PHI during phone conversations, and securing workstations at day’s end. Document everything meticulously—HHS auditors expect to see evidence of policy implementation, not just written documents gathering dust on a shelf.
Implementing Employee Training and Awareness Programs
Effective training transforms HIPAA compliance from abstract rules into practical behaviors that protect patient information. Your training program must help staff understand PHI protection requirements, recognize violation consequences, and appreciate the real impact on patients when breaches occur. Annual training sessions with signed attestations create accountability while building a culture of privacy protection.
Building a culture of compliance
Multiple training options exist to fit different budgets and learning styles. Free resources from HHS provide foundational knowledge, while platforms like hipaatraining.us offer certificates of completion at no cost. Paid training solutions typically provide more engaging content with progress tracking and automated reminders for annual refreshers.
At Complete Controller, we implemented scenario-based training that reflected actual situations our team faces. Error rates dropped 40% after mandatory sessions that included real examples of how seemingly minor oversights led to major breaches at other organizations. Staff responded particularly well to interactive modules where they practiced identifying PHI in various formats and determining appropriate handling procedures.
Training effectiveness increases dramatically when you connect abstract rules to concrete impacts. Share anonymized examples of breaches that resulted from simple mistakes like sending unencrypted emails or leaving computer screens visible to unauthorized viewers. When employees understand that a moment’s carelessness could expose hundreds of patients’ sensitive information and trigger six-figure fines, they take safeguards seriously.
Securing Business Associates and Vendor Relationships
Business Associate Agreements (BAAs) create legally binding obligations for any entity handling PHI on your behalf. How to become HIPAA compliant requires executing BAAs before sharing any patient information with vendors—this includes cloud storage providers, billing services, IT support companies, and even accounting firms like Complete Controller when we serve healthcare clients.
Comprehensive vendor management
Vendor due diligence extends beyond simply collecting signed agreements. Review each vendor’s security practices, breach history, and HIPAA compliance documentation. Many small healthcare providers discovered their vulnerability the hard way when vendors experienced breaches that exposed patient data. A 2023 OCR settlement with a small medical practice for $100,000 stemmed directly from failing to secure proper BAAs with their cloud storage vendor.
Your vendor management program should include annual reviews of all BAAs, verification of security practices, and documented training for vendors on your specific policies. Create a master spreadsheet tracking agreement dates, review schedules, and contact information for each vendor’s privacy officer. This systematic approach prevents agreements from lapsing and maintains clear accountability chains when incidents occur.
Leveraging HIPAA Automation Tools for Long-Term Compliance
Automation tools have revolutionized HIPAA compliance by streamlining assessments, training delivery, and ongoing monitoring. These platforms can reduce compliance workload by 20-50% while improving consistency and documentation quality. The best solutions offer integrated risk assessments, policy libraries, automated training assignments, and centralized evidence collection for audits.
Selecting the right compliance platform
When evaluating HIPAA compliance software, prioritize solutions supporting continuous compliance rather than one-time assessments. Key features include automated risk assessments that update based on environmental changes, customizable policy templates reflecting your specific operations, integrated training modules with completion tracking, and vendor management tools for BAA oversight.
Cost considerations vary significantly based on organizational size and feature requirements. Basic platforms start around $39-99 monthly for small practices, while comprehensive enterprise solutions can reach $10,000 annually. Calculate return on investment by comparing platform costs against time savings and reduced audit preparation expenses. Most organizations recover their investment within 12-18 months through efficiency gains alone.
Integration capabilities matter tremendously for long-term success. Your compliance platform should connect with existing systems like electronic health records, document management solutions, and communication tools. At Complete Controller, we selected a platform that integrated directly with our cloud-based bookkeeping systems, enabling seamless PHI tracking across financial workflows while maintaining strict access controls.
Creating Your 90-Day Roadmap to Full Compliance
A structured 90-day implementation plan transforms HIPAA compliance from an overwhelming challenge into manageable milestones. This timeline has proven effective for small to medium healthcare organizations pursuing comprehensive compliance without disrupting operations.
Weeks 1-4: Assessment and planning phase
Begin with a complete risk assessment identifying all systems, processes, and personnel handling PHI. Map data flows to understand exactly how patient information moves through your organization. Simultaneously, designate your Privacy and Security Officers and establish governance structures for compliance decisions. This phase concludes with a prioritized remediation plan addressing high-risk findings first.
Weeks 5-12: Implementation and training phase
Focus weeks 5-8 on policy development and quick security wins. Implement multi-factor authentication, enable encryption for all portable devices, and establish centralized audit logging. Draft and publish core policies while beginning workforce training programs. Weeks 9-12 emphasize closing remaining risk items, finalizing vendor BAAs, and conducting organization-wide training sessions.
At Complete Controller, our 90-day rollout included weekly check-ins between department heads and compliance officers, maintaining momentum while addressing challenges promptly. We discovered that breaking implementation into two-week sprints with specific deliverables kept teams engaged and prevented overwhelm. The structured approach resulted in zero audit findings during our first external assessment.
Internal versus external audit validation
After completing initial implementation, validate your compliance posture through systematic testing. Internal audits during weeks 13-16 should include tabletop exercises simulating breach scenarios, access reviews verifying appropriate PHI permissions, and spot checks confirming technical controls function properly.
Consider engaging external auditors for independent validation after internal testing confirms readiness. While adding 6-8 weeks and $5,000-15,000 in costs, third-party validation provides confidence in your program’s effectiveness and identifies blind spots internal teams might miss. Many organizations find external validation pays dividends during actual OCR audits by demonstrating proactive compliance commitment.
Conclusion
Mastering how to become HIPAA compliant demands systematic implementation of seven core elements: comprehensive risk assessment, tailored policies and procedures, designated compliance officers, ongoing workforce training, clear reporting mechanisms, tested breach response plans, and continuous monitoring. Small businesses can achieve initial compliance for as little as $4,000 using free HHS resources, while mid-size organizations typically invest $25,000-75,000 for comprehensive programs. The stakes justify the investment—healthcare data breaches average $10.22 million in total costs, while non-compliance penalties can reach $2.19 million annually.
As founder of Complete Controller, I’ve witnessed firsthand how proper HIPAA compliance transforms from a daunting regulatory burden into a competitive advantage that builds client trust and operational excellence. Organizations that view compliance as an ongoing journey rather than a destination position themselves for sustainable success in healthcare’s evolving landscape. Start your risk assessment today and commit to building a culture where protecting patient information becomes second nature. Ready to streamline your healthcare organization’s financial compliance? Visit Complete Controller to discover how our expert team can guide you through HIPAA-compliant bookkeeping and financial management solutions tailored to your practice’s unique needs.
Frequently Asked Questions About How to Become HIPAA Compliant
What is HIPAA compliance?
HIPAA compliance means implementing administrative, physical, and technical safeguards to protect the privacy, security, and integrity of Protected Health Information (PHI) according to federal regulations established by the Health Insurance Portability and Accountability Act.
How long does it take to become HIPAA compliant?
Typically 3-5 months for small businesses, including time for risk assessment, policy development, implementation, staff training, and validation audits, though focused organizations can achieve basic compliance within 8-12 weeks.
Do small businesses need to be HIPAA compliant?
Yes, any business that creates, receives, maintains, or transmits Protected Health Information must comply with HIPAA, whether as a covered entity (healthcare providers, health plans, clearinghouses) or as a business associate working with covered entities.
What is a Business Associate Agreement (BAA)?
A Business Associate Agreement is a legally binding contract between a covered entity and a vendor that handles PHI, establishing the vendor’s responsibilities for protecting patient information and defining permitted uses of that data.
Can HIPAA compliance software make you compliant?
HIPAA compliance software streamlines risk assessments, policy management, training, and monitoring, potentially reducing workload by 20-50%, but requires ongoing human oversight, customization to your specific operations, and commitment to maintaining the program over time.
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.
Jennifer BrazerFounder/CEO
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.
Brittany McMillen is a seasoned Marketing Manager with a sharp eye for strategy and storytelling. With a background in digital marketing, brand development, and customer engagement, she brings a results-driven mindset to every project. Brittany specializes in crafting compelling content and optimizing user experiences that convert. When she’s not reviewing content, she’s exploring the latest marketing trends or championing small business success.
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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.
