Author: Jennifer Brazer

When your business is hacked, it affects not only information related to the business but also your clients’ information. For a business owner, situations like these can end up in gravely negative consequences. The hacker could gain full access to all of your business’s bookkeeping, which could be disastrous.

There may be a small business owner thinking, “I run a small business, who would hack me?!” Regrettably, you’re mistaken. Smaller businesses are more prone to hackers and security threats than larger businesses are. 

Marketing is another area that can deeply hurt your business if your website is hacked. If you receive malicious codes on your website, it will intensely influence your search rankings. Search engines like Google bring your website up, not just for links and content, but also if that particular website is secure for users. If your website is compromised, you will find a deflation of your domain until you get it cleaned up.

The Major Consequences for a Business that has been Hacked

Loss in Sales

Bad news travels faster than the speed of light. If your business website is hacked and information has been compromised, it is most likely that the public will stay away from your business, no matter what.

Reputation can be Damaged

Once your business website is hacked, it can be a challenge to get your good reputation back. It is tough to win consumer trust in the first place. Rebuilding their trust is even harder. The best you can do is spend hours and hours on public relations, marketing, and reputation management.

Costs from Compensation

Once you know your business website has been compromised, you need to win back your clients and consumers. You may need to give compensation to your clients by offering identity theft insurance and free credit monitoring. It may be free for your clients, but it is a lot more than free for you.

Legal Action

Unfortunately, lawsuits are routine nowadays. Irrespective of if you win or lose, legal action expenditures can be quite huge. If the breach happened because your company made mistakes, it’s probably safe to assume that the law will not stand on your side.

Fines

Here’s some good news for you. If an individual’s credit card is used fraudulently, they are not required to foot the bill. The bank will do the refund. And, now, the bad news. You will be passed on those charges by the bank as a fine.

Audits by the Government

Irrespective of the country you are doing business in, if it is large enough, there is a big possibility that the country’s government organization (in our case, the Federal Trade Commission of the United States of America) will come knocking at your door to perform an audit. There may even be a chance that they decide to impose a fine on your company if they find non-compliance to guidelines like PCI DSS (Payment Card Industry Data Security Standard).

Costs for Remediation

Don’t think that the consequences end here. You will also be required to fulfill internal remediation costs. What are remediation costs, you say? Well, these costs comprise of the following:

1. Costs to inspect what happened
2. Costs to improve your security position
3. Costs of firing and hiring employees
4. Costs of whatever it will take to remediate your inner information security environment

Conclusion

With such dire consequences like these, you can see how easily the costs mount up when a business is hacked. Most businesses find it extremely difficult to recover from not complying with the PCI DSS Standards.  The best you can do is ensure that you follow the rules and regulations of your area and initiate security standards into your company.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud 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.

Your business might have installed security systems in office areas, and you may have security checks in your accounting software. Procedures are implemented to stop fraud, but even then, fraudulent practices can be brewing. As a small business owner, you must not only rely on carrying out day-to-day business operations and bookkeeping duties. You must look closely for warning signs that indicate your business is a victim of fraud.

Some simple but essential warning signs indicate your business is vulnerable to fraud.

Too Much Access

If you have given too much access to your business’s financial bookkeeping, then your business is already at risk of fraud. A single employee should not be given all access to receiving cash, payments, tracking expenses, and various other bookkeeping functions. Instead, separate your employees for different steps of bookkeeping management. There should be separate people for bank transactions, expenses, receiving cash from customers, paying bills, and bank deposits.

The Difference in Accounting Statements

If you have an electronic system or your accounting statements are done manually on a register, the financial statements should match the cash flow statements and balance sheet. There is always a chance of honest error in manual bookkeeping, but keep an eye on any difference in the amount in accounting statements.

One Employee is Spending More than Usual

If one of your employees starts spending more than usual, keep a close eye on their activities in your business functions. There is a possibility they might be involved in some fraudulent practice. A fixed pay usually does not leave room for spending more than actual needs.

Always Provide Emotional Support to Your Employees

Most of the frauds in small businesses are done to meet desperate ends for an employee. Simple relaxation and support in times of distress, such as flexible office times, make your employees more loyal to the company. Get to know your employees and let them know that you support them. This personalization will make it harder for them to be disloyal to you.

Excessive Transactions

If there are numerous transactions to clear errors, it might be done to hide some fraud. If there is more than one payment for a single bill, it might be a case of fraud again. Always keep a sharp eye on the bookkeeping in your business.

Expanding Standard Expenses

Employees of a business are given various privileges. They can be paid credit for their phone calls during business functions. Many are provided fuel for their cars or other travel and transportation expenses. Some employees may try to earn a profit for themselves out of the expenses that your company pays. For example, say they get a $15 bill for a taxi ride, which can easily be availed for less than $10. Many use office phones for private calls. The employee should produce a receipt and claim to minimize personal profits on such claims.  

Overcharging the Company Cards

Many businesses give corporate credit cards to their employees when they are going on a business trip. When the credit card bill arrives, do not unthinkingly sign the bill. Check the outlets where this card had been used. Your business money should not be used for an employee’s recreational activities during business trips other than necessary expenses unless approved beforehand.

Double Billing

Many frauds fall into a double billing fraud type. An employee uses a business credit card to make an expense. They again submit the receipt for the same expense to reimburse the money, hoping you won’t notice. There should be a strict procedure to keep a check and balance on double billing frauds.

Refusal to Leave Bookkeeping Tasks to Others

If an employee works alone in a company and does not allow others to “look over their shoulder,” their activities must be checked. They might be involved in fraudulent practices and attempting to hide their activities.

Unusual Working Hours

If an employee has a routine of unusual working hours, they might also be involved in fraud in your business bookkeeping. For example, they leave later than regular office times and do overtime without a demand for extra payment. These signs of special interest in your business lead to negative behavior.

Conclusion

Your business can be more vulnerable to fraud than you think, even if you have safety measures in place. You must be aware of unusual practices going on in your office. Build a good relationship with your employees. At the same time, keep a close look at the practices in your office to prevent fraud in your business.

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

Wow, the term “entrepreneur” has completely transformed our world today! For some, it’s all about amassing a fortune, while for others, it’s a chance to establish meaningful connections and create their dream life. No matter how you define it, entrepreneurship is more crucial than ever in our society. Let’s embrace this exciting evolution and see where it takes us!

A few years ago, it was not in our wildest imagination that we would call ourselves entrepreneurs someday. Let alone speaking at seminars, discussing freelance projects, and guiding new entrepreneurs. What motivated us? What do we know that you should also know about modern entrepreneurship? We’ve highlighted a few key points below that will help and encourage you to become a better entrepreneur. There are even more helpful entrepreneur tips on the Complete Controller blog.

You Don’t Need to Invest Big to Get Started

In the entrepreneurial world, money is not the ultimate game changer! However, some people frame it as the most important thing. You can rest assured that far greater things need to be considered to make your business successful other than money.

The two top things that other experienced entrepreneurs and we consider important are ideas and ambition. You’ll face many ups and downs when you begin your journey as a novice entrepreneur. It requires a lot of persistence to be able to brace all of those valleys and mountaintops. You might’ve already heard a lot about downfalls and challenging times, but what is interesting about modern entrepreneurship is that its ups (successes) also possess the same challenges. Modern entrepreneurship is a double-edged sword.

The most problematic stage for beginner entrepreneurs is the early stage of business, where they receive no appreciation, little to no monetary benefits, and much criticism. However, if you’re ambitious enough and eager to learn, you’ll get through all the difficult times. The key is determination!

Create Value Through Knowledge

It is often said, “The simpler the advice, the better it is.” A straightforward piece of advice that we would like to pass on is to focus on creating value. You may ask, what do you mean by creating value? Simply put, creating value is making things better than they were previously. If your product does not create value, it’s useless. A good value addition always inclines with natural demand.

To create value, you need to learn something new every day. The best habit you can adopt is reading. In modern entrepreneurship, things are changing daily, and keeping track of all the changes is challenging. However, if you read, you’ll better understand the fundamentals of change. Once you’ve got a firm grasp on fundamentals, you can predict changes yourself. Knowledge is power!

Make Use of Technology

Don’t wait to be recognized – make the world see you. Modern entrepreneurship is all about making yourself visible to the right audience. In no time, people will begin contacting you only if you know how to present yourself and are eager to learn from your mistakes. Making yourself noticed is far easier than it used to be. Many entrepreneurs use websites, blogs, and other social media platforms to showcase their talent. Don’t focus much on advertising; instead, focus on generating value. If your content is good, you will get the right audience. Don’t aim to cover all of the mediums.

Don’t get distracted. As an entrepreneur, you’ll be bombarded with many things diverting you from your business priorities. Make things simple and focus only on what matters. Even after you have become successful, focus on the important stuff. Build interpersonal relationships through the effective use of digital media. Focus on creating relations with your content. Don’t only post and update your online presence; focus on building relations.

Last but not least, use ‘DATA.’ There is a reason we have written it in all caps. Data helps you in bookkeeping and improves efficiency. It will also allow you to identify early trends and make adjustments accordingly. The best thing about technology is that it provides consistent, reliable data. Make sure to use it wisely.

Conclusion

The good thing about modern entrepreneurship is that you set your own pace. Your success is directly proportional to your hunger for success. The sooner you decide what you want to do with your life and how much energy you want to put into your business – the better the results will be. And you don’t have to wait another 2-3 years before you make a decision. Do it now and take baby steps towards a future you’ve always imagined.

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.

More and more organizations are now shifting towards the cloud computing trend. Businesses that opt for customized cloud solutions can enjoy many benefits: added security, increased cost savings, and improved agility. Whether you own a small or medium-sized business, cloud computing can help you achieve outstanding returns on investments.

Around 80% of businesses are utilizing or planning on adopting the cloud system to enhance their operations. Various organizations claim that cloud hosting has proven to be the best investment for their business. With their operations shifting online, they have benefited immensely from the expanded storage and added security.

Here, we have compiled the top reasons businesses should opt for customized cloud solutions.

1. It won’t prove to be as costly

If your organization is about to receive new contracts or massive growth, you must expand your storage using a cloud provider offering customizable solutions. Opting for prepackaged cloud services may not be a good idea, especially if you own a small business, as you will have to pay a large amount. Prepackaged cloud services are sold depending upon their storage in terabyte units, which may prove too costly for various start-ups or small businesses as they do not require such a large amount of storage. Moreover, they might also have to pay heavy charges when upgrading or terminating. Therefore, choosing customized cloud solutions will be a better option for most businesses.

2. Experts can help install and manage the system

If you are new to the cloud, a customized solution provider will assist you when setting up the new venture system. Experts can help you manage the system during the initial period until you become well-acquainted. Once you get the hang of it, you can efficiently manage the system independently and won’t require outside help.

The experts will be able to help you configure and integrate the system in the best manner. Moreover, they will also train employees on how to manage the system efficiently to ensure smooth operations.

3. Contract terms can easily be negotiated

If your business ends up securing a huge contract, you may have to expand your storage to accommodate HIPAA and PCI compliance. You will need a lot of storage, fast-paced systems, and increased security to keep your data safe. You can then talk to your customized cloud solution provider, as they offer extreme flexibility to their clients. They will negotiate the terms of the contract to help you expand your storage and pay for only what you need – instead of paying extra on prepackaged cloud systems.

4. 24-Hour support

If a company loses access to its data, it is doomed to failure. Companies need to keep their data secure if they want to thrive in today’s fast-paced world. Though ensuring that your cloud provider offers adequate support is crucial, the providers who provide customized cloud solutions are more likely to offer you 24-hour support. You won’t have to wait for an agent to get back to you or send numerous voicemails to get things back on track.

When you encounter a problem, you can contact one of your custom cloud service provider representatives. They will be able to help you resolve the issue immediately.

5. Simpler configuration

Custom cloud service providers offer tailored and customized solutions to their clients according to their business needs. They provide a plethora of options that offer extreme flexibility, especially when it comes down to the system’s configuration and architecture. It is recommended that start-ups or small business owners search for vendors that provide standard products instead of providers that offer custom solutions, which could be a bit more costly. Moreover, integrating it into the company’s systems would be a lot more challenging.

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.

Today, the investment trick is to make money and know how to make money from your savings. The best option for those on a salary is to save some of their income for investments. Investing that money to enjoy better profits apart from your salary is worthwhile. Use the savings wisely. Saving up a little from your monthly income can go a long way.

Keeping your investments with a bank is not a good choice if you want to compound your investments more quickly. Instead, initially invest that money into a low-risk, low-return opportunity. Before considering an investment, common questions arise.

1. What does it mean to invest your money?
2. What is an investment?

Quite simply, an investment is a transfer of capital or a certain amount of money to an investment opportunity or a stock that is not directed to generate income of the same amount.

There are two types of income from investments. The first income type is income return, which is income from returns on an investment—for example, rent and interest. The second income type is capital appreciation, increasing investment value due to increased demand for a particular asset.

How to Start Investing Right

Initially, everyone who invests their savings wants a profit as soon as possible. For beginner investors, it is imperative to consider that smart investments take a lot of trial and error, amassing experience, learning lessons, and generally great patience. A long-term, worthwhile investment ensures that the money will be worth much more in the future.

When interested in beginning to invest, there are several steps to consider before making an investment decision.

Sufficient Savings

Check whether the amount of money kept aside is enough for future investment spending. Moreover, to carry out day-to-day activities, your expenses must be covered. A regular job with a steady paycheck will allow you to pay for everyday expenses.

Choose the Right Investment

Choosing an investment path is an essential decision for first-time investors. For beginners, there are three main types of investments. We recommend that you select a kind of investment (at least for starters) where you will focus most of your time and effort. You can choose between investing in real estate, securities, or investing in a business.

Choose the type of investment you prefer and know what is best for you regarding profits, market risk, and investment type knowledge. A wise choice is to select a business with low risk and a reasonable profit.

Learn About the Market You Want to Invest in

Once you have chosen your investment field, it’s time to start learning about the business! Knowledge is power. The more you know, the stronger you will be in the area you choose, and the better you will be able to work that investment. Today, so much information is on the internet, and you can learn a lot about the investment field you have chosen, read powerful information, and even get some great tips. The most preferred method for beginners is to study a course in the field and learn to be a smart investor.

Types of Investment: Where to Start Investing

At the initial stages of investing, it is not always clear where to start the process and get into the first investment. Check whether a particular investment field seems feasible for your first initial step. The following are some of the standard fields that are suitable for an initial investor.

Real Estate Investments

Investing in real estate is one of the most common types of investments for beginners. This area is relatively stable, and the income received in real estate is continuous. You can receive payments each month by renting a property. The real estate market is very dynamic and subject to many rapid changes. When interested in real estate, proceeding cautiously before investing in a property is a good idea. Before investing in real estate, ensure you have sufficient knowledge and expert help.

Capital Market Investments

Investing in the capital market is worthwhile for extended periods but less effective in the short term. People often find themselves where they need to watch the investment precisely when the portfolio is low. If someone lacks the necessary capital market knowledge, they can conduct a safe investment portfolio. Today, many companies assist investors looking for a secure portfolio in which to invest.

Investments in Business

One of the most effective solutions for beginning investors is using your savings to invest in a business. Many people invest in a business because they believe that that business can flourish and grow in the future. Ideally, the business will generate a large income, which would then be distributed among the investors. Note that in passive investment, a business has its own set of risks. All responsibility and control over the success of your investment are in the hands of others. You should check all the business details, including its operations, with those getting into the investment.

Choose the Right Investment Channel

Investors beginning to invest in different businesses and capital must consider that an investment is not easy. Every investment has its risks and a diverse range of profits. Investing requires intensive knowledge and a great deal of time learning the field of investment you have chosen. Choose the suitable investment for you and check that you have the necessary tools for an investment to be fruitful.

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.

When it comes to running a business, many aspects of the business require the owner’s attention. When it comes to staffing a business in larger corporations, generally, the separation of duties is already done and even further focused on through the creation of departments that handle specific business operations.

When you apply this to a small business, the issue of separation of duties becomes more difficult. In many cases, small business owners can’t afford to have a large staff that can make the separation of duties much more accessible. Operating a business with a small staff causes some overlap in duties in that people on the team have to do the job of more than one person. It is possible to deal with the separation of duties by equally dividing the duties among your staff.

The division of duties must be fair, and you may need to alternate duties to ensure fairness in delegating duties. The focus must be on what is best for business operations and what will prevent burnout, errors, or fraud among the available staff.

Application in General Business and Accounting

In general, in business and accounting, the segregation of duties serves two essential purposes. These purposes include an assurance that you can review and catch errors easily if there is an oversight, and it also prevents theft and fraud. Separation of duties is an essential phenomenon as it involves the separation of three main functions:

1. Custody of assets
2. Authorized use of assets
3. Keeping records of assets

 

Although separation of duties is difficult to achieve in small business, it should be implemented as much as possible to improve the performance of the employees in the organization. Also, another purpose that separation of duties serves is to avoid burnout or one employee getting more than their fair share of the duties.

Application in Information Systems

Business owners never want fraud to occur in their company. However, it can happen when a single person handles more than one step of the financial transactions. This compression of duties often happens in small businesses as there aren’t many employees. That is why setting clear roles and responsibilities for each job is essential. This definition of roles gives employees a thorough list of the tasks they are expected to do and when they should perform them, as well as review their work. It plays a pivotal role in the accountability of employees.

 

Without various levels of accountability, even the best organizations can be rendered meaningless. By separating the duties of employees, work performance is enhanced. Business owners should separate each employee’s duties to improve their skills and deter the staff from committing fraud. This accountability also allows employees to be recognized for the work they do. If everyone has their hands on every task, it can cause some employees to take on more than their fair share and cause them to feel underappreciated.

Employee Accountability

When this process is implemented, the credibility of accurate financial reporting is vastly increased. This credibility reduces the risk of fraud as it assures the creation of a culture of accountability. It protects the business from any type of unnecessary or unplanned loss. Separation of duties can increase efficiency towards the aims and objectives of an organization. This increase in efficiency assures that your employees are not burdened with huge workloads and you are providing a stress-free environment. Involving multiple employees in a single task can prevent any potential error. Involving more than one person in the transaction cycle can stop one person from gaining complete control over a single process. Therefore, the opportunity for fraudulent behavior is reduced. 

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.

Regardless of a business’s nature, the most vital requirement in running a business is to handle the various bookkeeping tasks effectively. Improper or incorrect recording of business activities will be disastrous for any business. The first issue with incorrect invoicing is that the business operations will be incorrectly recorded. It could cause delays in getting funds for different projects.

Incorrect or unsystematic business records can also make it challenging to file your taxes or even land you in hot water with the Internal Revenue Service. Using QuickBooks to keep your financial records lets the company evade those possible glitches in management.

QuickBooks has almost every feature of other software, with a few additional attractive features designed according to businesses’ needs. The software has multiple versions tailor-made for the business according to the industry in which it operates. Businesses will have options for industries to choose from, such as:

• General Business
• General Contracting
• Non-Profit Organizations
• Professional Services
• Retail industry

Why Does a Company Need QuickBooks?

Easy to use

The main issue with bookkeeping programs is that many of these programs are hard to use and difficult to maintain. On the other hand, QuickBooks is intended to be intuitive and easy to understand, even for businesses that lack the necessary accounting or financial information about the company regarding bookkeeping.

Ability to work with other programs

The software’s capacity to incorporate with other programs is a massive benefit of QuickBooks. After using the product to account for all the expenses and income generated by sales, the company’s senior management can easily export that data for tax filing purposes. QuickBooks can also integrate Microsoft Excel for all necessary data from different sources for proper bookkeeping.  

Customization options

QuickBooks offers different ready-to-use templates for businesses to generate invoices, business plans, charts, and spreadsheets. It also makes it easier for the QuickBooks application to customize the feel and theme of bookkeeping documents. The customization option allows users to change their invoices according to the needs of the business. QuickBooks can help business owners organize their information about business activities, with each activity being recorded separately. 

Signing checks is easier with QuickBooks

Businesses must sign several checks daily for different needs and activities. Using QuickBooks makes writing checks for various expenses easier for business owners. QuickBooks has an automated process that saves time and generates signature checks by a simple and easy-to-use method for bookkeeping.

Extensive user base

QuickBooks has an extensive user base; the product is famous worldwide, and many experts have frequently tested the software. The vast user base indicates that QuickBooks is beneficial and reliable. QuickBooks has features that make it cost-effective for companies to use this software. The market does not have a similar product that can match the extensiveness of QuickBooks for bookkeeping.

QuickBooks is compatible with other applications, making exporting and importing data from QuickBooks easier. This solution is ideal for small businesses that cannot afford to have multiple applications. They can import data from an Excel sheet to generate online invoices. The premier edition has features enabling the company to customize software according to an industry’s specifications. For example, QuickBooks for a hospital will be significantly different from QuickBooks for an engineering company.

Multi-monitor support

QuickBooks allows its certified customers to effectively take care of their business activities. It allows three users to use the application by using a single license purchase. Using the multi-monitor support, a business can manage the list of its customers on one screen while tracking the invoice and payments from the customer on the other two screens.

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.

Sometimes, it becomes necessary for companies to relocate across state lines. There can be many reasons for this decision: wanting to be closer to your family, moving to a city with a lower cost of living, or a better quality of life for the employer and employees.  Perhaps you want to open more horizons for your business.

Regardless of why moving a business from one state to another involves dealing with many crucial business relocation tasks. You should plan far ahead to manage the range of tasks in moving your business. Find a suitable space, apply for tax and other incentives, coordinate with your staff, send a message to your customers, obtain a business license, and, finally, the physical movement to another place. Besides these tasks, relocating the business entity requires different procedures for different businesses.

Plan Ahead

Moving a business from one state to another requires several tasks before the actual physical movement occurs. Review the logistical details of the state where you are planning to move your business. Look into taxation matters of the new state. You can hire services from an accountant or bookkeeper to do the paperwork. Look for tax incentives that may be available in the new place of business. Make a budget and pay close attention to your business’ bookkeeping.

Sole proprietorships and partnerships can easily be moved and registered in another state. A C corporation, S corporation, or Limited Liability Company (LLC) needs formal actions for the relocation process.

Sole Proprietorship

A sole proprietorship is easiest to move to a different state. You only need to register your new business by filing for a DBA “Doing Business As” as a new state registration process.  At this point, you will discontinue your old business in the previous state. Depending on the state, your business will have to be registered at the county clerk’s office or with the government

Limited Liability Companies (LLCs)

When your company is an LLC, it is better to hire an attorney when moving your business to another state. Reviewing your choices with an expert attorney’s guidance is better as things can get tricky.

Continue Your LLC in the Previous State

You do not simply finish your LLC business entity in the old state. You will register in another state as an out-of-state LLC. You will also need to file for duplicate annual reports. This will make taxation matters complex. It will be more complex if the LLC is a multi-member organization.

Close Your LLC in the Former State

Closing your LLC in your previous location will be less complex when it comes to tax matters, and filing for duplicate annual reports will not be required.

Register a New LLC in Another State

When registering a new LLC, each member transfers their membership interest and percent share from the former LLC to the new one.

Merge the LLC

You can register a new LLC in your new location by merging the former LLC into the new one.  This way, you can keep your existing EIN because the IRS takes this as a continuation of the former LLC.

Moving a Corporation

1. Continue the Former Corporation in the old state. Register as a Foreign Corporation in another state. This will cause a lot of paperwork, and you will have to pay fees in both states. You must also pay for duplicate annual reports and franchise taxes.
2. Close your corporation in the former state. Start a new corporation in another state. This may cause costly taxes, and it may have effects on employee benefits like retirement plans. It requires filing with the old state and paying any outstanding taxes and dissolution fees.
3. Register a new corporation in another state. Merge the Former Corporation into your new corporation. This removes the necessity to pay fees in two states and permits for a tax-free reorganization. For a C corporation, this can be tax-free. There is no tax on the merger of the old corporation into the new corporation.

Conclusion

Moving your business from one state to another requires several tasks before the final physical movement to another state happens. It would be best if you planned to manage the range of tasks to move your business to another state with as much ease as possible. A sole proprietorship and partnerships can be easily moved to another state. A Limited Liability Company (LLC) and a corporation need formal actions for the relocation process.

 

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.

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

Cloud Computing:
Overcoming Transparency Challenges Today

Transparency in cloud computing addresses the critical need for visibility into how data is stored, processed, and protected across digital environments. As businesses migrate operations to cloud services, they face significant challenges in maintaining clear oversight of their information assets, regulatory compliance, and security protocols across diverse platforms.

In my 20+ years leading Complete Controller, I’ve witnessed firsthand how cloud transparency issues can make or break a business. With 44% of organizations experiencing cloud breaches in 2024 alone, the stakes couldn’t be higher. Throughout this article, I’ll share battle-tested strategies for maintaining visibility in your cloud operations—from regulatory compliance frameworks to cutting-edge technologies like blockchain and zero-trust architecture. These approaches aren’t just theoretical—they’re the same principles we’ve implemented with hundreds of clients to protect sensitive financial data while enabling seamless access and control.

What are the transparency challenges in cloud computing today, and how can they be overcome?

• Transparency challenges in cloud computing include regulatory conflicts, data sovereignty issues, security visibility gaps, and governance complexities
• Regulatory frameworks like GDPR and the U.S. Cloud Act create compliance hurdles that require specialized governance approaches
• Advanced technologies such as blockchain and zero-trust architecture provide immutable records and continuous verification
• Real-time monitoring tools and audit mechanisms create essential visibility into data access and processing
• Future-proofing strategies involve AI governance, localized data centers, and open-source transparency

Regulatory Compliance Challenges in Multi-Cloud Environments

The modern business landscape increasingly relies on multiple cloud providers simultaneously, creating a complex web of regulatory obligations. This multi-cloud approach often leads to significant transparency challenges as organizations struggle to maintain visibility across disparate environments with different compliance standards.

Cloud providers face fundamentally conflicting regulations across jurisdictions. European GDPR requirements emphasizing data privacy and consent directly contradict the U.S. Cloud Act’s provisions for government access to data without user notification. This creates a nearly impossible situation for European companies using American cloud services, as they risk GDPR violations if U.S. authorities access data without explicit consent from EU data subjects.

This regulatory maze demands advanced importance of transparency in organizations to navigate successfully. Organizations must:

• Document data flows across all cloud environments
• Identify which regulations apply to each data type and location
• Implement controls that satisfy multiple regulatory frameworks simultaneously
• Maintain audit trails proving compliance with competing standards

Data sovereignty strategies

Smart organizations implement localized data centers and contractual safeguards to mitigate regulatory risks. These approaches include:

1. Regional cloud instances that physically store data within compliant jurisdictions
2. Data residency agreements specifying where providers can store information
3. Standard Contractual Clauses (SCCs) for international data transfers
4. Technological controls preventing unauthorized cross-border data movement

The transparency requirement extends beyond knowing where data resides—it demands visibility into how providers handle legal requests for information, what security measures protect sensitive data, and which third parties might access systems.

Enhancing Cloud Transparency Through Governance and Audit Mechanisms

Effective cloud governance frameworks create the foundation for transparency in multi-cloud ecosystems. These structures establish clear rules for data classification, access controls, and compliance verification that work consistently across diverse environments.

Advanced access controls provide the first line of defense, with automated compliance checks verifying that data handling adheres to regional laws and internal policies. Role-based access controls (RBAC) ensure users can only access information appropriate to their responsibilities, creating an accountability structure that supports transparency measures for companies.

Modern governance approaches include:

• Cloud Security Posture Management (CSPM) tools that continuously scan for misconfigurations
• Data Loss Prevention (DLP) systems that monitor and control sensitive information movement
• Identity and Access Management (IAM) solutions that enforce least-privilege principles
• Compliance automation that maps controls to specific regulatory requirements

Audit trails and reporting

Comprehensive audit mechanisms provide the visibility organizations need to verify compliance and identify potential issues. Cloud providers must offer transparent logging, breach notifications, and third-party audit access to maintain trust.

Effective audit capabilities include:

• Immutable logs recording who accessed what data and when
• Automated alerts for unusual access patterns or potential compliance violations
• Regular compliance reports mapped to specific regulatory frameworks
• Third-party attestations like SOC 2 reports or ISO certifications

These transparency measures for companies enable stakeholders to verify that cloud environments operate as expected and meet compliance requirements. Without such mechanisms, organizations operate with dangerous blind spots that create significant legal and reputational risks.

Advanced Technologies Boosting Transparency in Cloud Operations

Emerging technologies offer powerful new approaches to transparency challenges in cloud environments. These tools provide unprecedented visibility into data handling, access patterns, and compliance status.

Blockchain for immutable records

Decentralized blockchain technology creates tamper-proof data ledgers that ensure integrity during cross-cloud interactions. This approach offers several transparency advantages:

• Cryptographically verified transaction records that cannot be altered
• Distributed verification preventing single points of failure
• Smart contracts automating compliance processes with full visibility
• Audit trails that withstand legal scrutiny

For example, blockchain implementations can document the entire lifecycle of sensitive data, from creation through processing, storage, and eventual deletion. This creates an immutable record of who accessed information and what changes they made—critical evidence for compliance verification.

Zero-trust architecture evolution

The zero-trust security model has revolutionized transparency in cloud environments by replacing traditional perimeter-based approaches with continuous verification principles. This architecture implements:

1. Microsegmentation dividing environments into secure zones
2. Continuous authentication verifying user identity throughout sessions
3. Least-privilege access limiting data exposure
4. Behavioral analytics identifying suspicious patterns

Zero-trust architectures dramatically improve transparency by treating every access request as potentially harmful, regardless of source. This “never trust, always verify” approach ensures that even authenticated users remain visible and accountable for their actions within cloud environments.

Case Study: Implementing Transparency Safeguards for Cross-Border Cloud Use

A European manufacturing company faced significant GDPR compliance risks after migrating customer and supply chain data to AWS services. The organization needed to maintain cloud efficiency while addressing regulatory conflicts between EU privacy laws and U.S. government access rights.

The transparency challenge

The company identified several critical transparency gaps:

• Limited visibility into where AWS physically stored data
• Unclear processes for handling U.S. government information requests
• Insufficient documentation of data processing activities
• Incomplete audit trails for access and modification events

Transparency solution implementation

Working with cloud governance specialists, the company implemented a comprehensive transparency in communication strategy:

1. Data residency agreements requiring AWS to maintain EU customer data within European data centers, with contractual penalties for violations
2. End-to-end encryption for all sensitive data, with keys managed by the European entity rather than the cloud provider
3. Regular compliance audits verifying adherence to GDPR standards through independent third-party assessment
4. Automated data mapping maintaining real-time inventory of what information exists where
5. Custom notification protocols requiring immediate disclosure of any government access requests

Measurable results

This transparency-focused approach delivered significant benefits:

• 100% documentation of data flows for regulatory reporting
• Successful completion of GDPR audit with zero major findings
• Maintained cloud operational efficiency while satisfying compliance requirements
• Enhanced customer trust through clear data handling disclosures

The case demonstrates how strategic transparency investments create both compliance value and competitive advantages in regulated industries.

Building Trust with End-to-End Visibility and Real-Time Reporting Tools

Comprehensive visibility tools provide the foundation for transparency-based trust in cloud operations. These systems offer real-time insights into activity, data flows, and compliance status.

Real-time monitoring dashboards

Modern monitoring tools provide granular insights into user activity, data movements, and system changes across cloud environments. These platforms:

• Track user actions across all cloud services
• Monitor data access patterns for anomalies
• Document configuration changes in real time
• Alert on potential compliance violations

Solutions like AWS CloudTrail, Azure Monitor, and Google Cloud’s Security Command Center create detailed activity logs that serve as the foundation for transparency. When properly implemented, these tools ensure nothing happens in cloud environments without appropriate visibility and accountability.

Transparency in cost and resource allocation

Financial transparency represents an often-overlooked aspect of cloud operations. FinOps practices align cloud spending with business goals, preventing “shadow IT” and unexpected cost overruns by:

• Providing real-time visibility into cloud spending by department
• Forecasting future costs based on usage patterns
• Identifying inefficient resource allocation
• Documenting the business value of cloud investments

This financial transparency enables more strategic decision-making about cloud resource allocation while preventing the compliance risks associated with unauthorized services.

Preparing for Evolving Threats: Future-Proofing Cloud Transparency Strategies

Cloud transparency requirements continue evolving as technologies advance and regulatory expectations increase. Forward-thinking organizations are already implementing next-generation approaches to stay ahead of these changes.

AI-driven security and governance

Artificial intelligence dramatically enhances cloud transparency by automatically detecting patterns invisible to human observers. AI governance systems:

• Identify anomalous access patterns suggesting security risks
• Automate compliance checks for generative AI tools
• Predict potential compliance issues before they occur
• Analyze vast datasets for transparency gaps

As organizations increasingly rely on AI-based systems, transparency becomes even more critical. Users must understand how AI makes decisions, what data it processes, and what safeguards prevent algorithmic bias or privacy violations.

Localized data centers and vendor accountability

Organizations increasingly demand geographical transparency from cloud providers, requiring clear documentation of:

• Physical infrastructure locations
• Data residency guarantees
• Security protocols at specific facilities
• Disaster recovery capabilities by region

This location-based transparency enables more strategic decisions about where to store different data types based on their sensitivity and regulatory requirements.

Developer-focused transparency

Open-source contributions and comprehensive API documentation foster trust in cloud-native tooling. This transparency at the development level:

• Enables security verification of underlying code
• Supports compliance validation of development practices
• Creates community oversight of security practices
• Facilitates integration with governance frameworks

By prioritizing transparency throughout the development lifecycle, organizations reduce security and compliance risks while building more trustworthy cloud systems.

First-Person Insights from Complete Controller’s Experience

At Complete Controller, we’ve built our entire business model around transparency in business for cloud-based financial services. I’ve seen firsthand how transparency creates both compliance value and competitive advantage in highly regulated industries.

We conduct quarterly compliance audits against multiple regulatory frameworks, providing clients with detailed reports demonstrating how we protect their sensitive financial data. Our cloud platform gives clients real-time access to their financial information, creating the visibility they need for confident decision-making.

This transparency-first approach has proven invaluable as regulations have evolved. When new requirements emerge, our existing visibility tools and documentation practices make compliance straightforward rather than disruptive. This experience has convinced me that transparency investments deliver both immediate value and long-term resilience.

Final Thoughts:
Transparency as the Foundation of Cloud Trust

Transparency in cloud computing isn’t simply a technical requirement—it’s the foundation of stakeholder trust. Organizations that prioritize visibility into how their data moves through cloud environments gain both compliance advantages and stronger customer relationships.

The most effective transparency strategies combine governance frameworks, advanced technologies, and communication practices that make complex cloud operations understandable to all stakeholders. This comprehensive approach transforms transparency from a compliance burden into a strategic asset.

I encourage you to assess your own cloud transparency practices against the frameworks discussed in this article. If you find gaps in your visibility or documentation, consider how governance tools, zero-trust architectures, or blockchain-based verification might strengthen your approach. And if you need expert guidance navigating these complex issues, the team at Complete Controller stands ready to help you build cloud financial systems founded on transparency and trust.

FAQ

What is data sovereignty in cloud computing?

Data sovereignty refers to the concept that digital information is subject to the laws and governance structures of the country where it’s physically stored. Cloud users must understand these jurisdictional rules to ensure compliance with regulations like GDPR that restrict where certain data types can reside.

How does blockchain improve cloud transparency?

Blockchain creates immutable, cryptographically secured records that cannot be altered without detection. This technology ensures transparency by providing verifiable proof of data access, processing, and modifications across cloud environments, creating audit trails that withstand legal scrutiny.

Why is GDPR compliance challenging for U.S. cloud users?

GDPR compliance is challenging for U.S. cloud users because European regulations require prior consent for data processing and restrict data transfers to regions without “adequate” privacy protections. Meanwhile, the U.S. Cloud Act gives authorities access rights that potentially violate GDPR requirements, creating a regulatory conflict.

What tools ensure transparency in multi-cloud environments?

Transparency in multi-cloud environments relies on specialized tools including centralized identity management systems, cloud security posture management platforms, data loss prevention solutions, and cross-cloud monitoring dashboards that provide unified visibility across diverse providers and regions.

How future-proof is AI for cloud transparency?

AI offers powerful future-proofing for cloud transparency through anomaly detection, automated compliance verification, and predictive risk assessment capabilities. However, AI systems themselves require transparency governance to prevent algorithmic bias and ensure appropriate data handling, making human oversight essential.

Sources

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• TV Tech. (Dec 3, 2024). “Challenges of Cloud Computing in 2025.” https://tvtech.com
• CloudDefense.ai. (2025). “The Future of Cloud Computing 2025-2030.” https://clouddefense.ai
• Techwrix. (Feb 11, 2025). “Top 10 Cloud Computing Risks in 2025.” https://techwrix.com
• CloudTweaks. (Apr 1, 2025). “Cloud Computing’s Top 10 Disruptive Trends in 2025.” https://cloudtweaks.com
• Complete Controller. (July 11, 2018). “Transparency in Cloud Computing.” https://completecontroller.com
• Kion. (Jan 7, 2025). “2025 Cloud Computing Predictions.” https://kion.io
• SANS Institute. (2024). “Multicloud Survey 2024.” https://sans.org
• Thales Group. (2024). “Cloud Security Study 2024.” https://thalesgroup.com
• Entrust. (2024). “What is Data Sovereignty?” https://entrust.com
• AWS. (2025). “Governance Perspective: Managing an AI-Driven Organization.” https://aws.amazon.com
• Microsoft. (2024). “Government Requests Report.” https://microsoft.com
• Sprintzeal. (2024). “How Capital One Responded to a Major Data Breach.” https://sprintzeal.com
• Kirkpatrick Price. (2019). “Lessons Learned from Capital One’s Incident Response Plan.” https://kirkpatrickprice.com
• GDPR.eu. “General Data Protection Regulation Guidelines.” https://gdpr.eu
• National Institute of Standards and Technology. “Zero Trust Architecture.” https://www.nist.gov/zero-trust-architecture
• Cybersecurity and Infrastructure Security Agency. “Security Guidelines.” https://www.cisa.gov

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

Not so long ago, the e-commerce platforms exploded and took the industry by storm, forcing more retailers to initiate their online operations. It seemed as though the wonderful and lucrative days of brick-and-mortar retail stores were numbered. A global shift towards online stores has been dramatic in every sense. It has forced many multinational retail brands to go out of business, raising serious concerns for the entire industry.

E-commerce giants such as Amazon and eBay were a viable threat to physical stores, which is the main reason why so many multinational retail brands such as Walmart and Macy’s began closing physical store locations.

Stats Reveal An Exciting Story

The retail sector has had many ups and downs, especially over the past decade, when e-commerce shook the industry. There is no denying that online stores have captured a significant market share and become a direct competitor to brick-and-mortar stores.

However, you might be surprised that the brick-and-mortar retail business model still leads the retail industry at the front. According to a Harvard Business Review, 92% of total retail sales worldwide are still accumulated through brick-and-mortar store channels. According to the study, with a staggering 14.5% increase from 2016, total retail sales worldwide are estimated to be $26.29 trillion by 2019.

How Can Retention Of Shoppers Be Made Possible?

Despite the significant increase in online shopping, most customers prefer the brick-and-mortar business model. Stats indicate that the doom around the retail industry is temporary and that the brick-and-mortar setting will continue to thrive and prosper in the future. One thing is clear: physical stores must enrich their customers’ buying experience and offer more than just their products to survive.

In the era of unlimited opportunities and buying options, it’s your temperament to deliver the best to your clients that matters—not just a physical store. The truth is that shoppers expect to visit brick-and-mortar retail stores that offer a unique overall experience to them. Retention of shoppers is only possible when you provide them with what they want under the shades of exceptional servicescape and ambiance.

As the retail industry evolves, exciting opportunities are on the horizon for those willing to adapt. To future-proof your store, it’s important to take thoughtful and strategic steps that will ensure your success in the years to come. By following these insightful and detailed steps, you can position your store to thrive in a rapidly changing retail landscape. Let’s work together to create a plan that will enable you to meet the challenges of the future head-on and come out on top.

Create an Experience-Rich Servicescape

Today, the retail world has realized the significance of providing an enriched shopping experience for its customers. Every retail store aims to convert first-timers into regular visitors and turn them into brand loyal. This is the sole motivation behind creating an experience-rich brick-and-mortar store.

Historically, physical stores held inventory and a dumping house for stocking non-essential items. Now, display and theme-based customization of a brick-and-mortar store setting, coupled with providing exceptional shopping experience, has become the retail trade tool.

Suppose you are successful in creating a dynamic and experience-rich shopping culture. In that case, you can grow and expand your business operations in other cities and countries at an incredible pace. If you expect to empower and keep your customers coming back, you must provide them with a unique shopping culture. Attracting shoppers to your store repeatedly requires you to build a healthy relationship with your customers, perhaps by thinking beyond the typical scale.

Bottom Line

I’m thrilled to share that brick-and-mortar stores are as relevant as ever and will undoubtedly remain so in the future! Retail businesses worldwide are taking remarkable strides to ensure their physical stores remain sustainable in the long run. The retail industry is brimming with innovative ideas and unique approaches to selling merchandise, which guarantees the continued success of brick-and-mortar stores. Witnessing the thoughtful and positive steps taken to keep these stores thriving for years to come is exciting!

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.