Bookkeeping software solutions are more alike than they are different in terms of features. Standard components include overall ledger management, invoicing, and payment processing. Every business has different requirements and needs and can customize bookkeeping software for its size, types of employees and clients, and industry. For these reasons, no system can offer perfect functionality out-of-the-box. If you need a lifeline when it comes to processing payroll—and avoiding the feared late payroll tax, do not worry. Many small business owners struggle with those same problems: you’re not the only one. Check out these top-notch payroll-focused accounting tools listed below.

WagePoint

WagePoint is a simple online payroll application designed for small businesses in North America. Managing payroll is essential for small and mid-sized companies, and WagePoint gets the work done quickly and easily. WagePoint can manage government remittances/reporting, direct deposits, and all year-end reporting for hourly and salaried workers. WagePoint is an intuitive, easy-to-use, web-based payroll software. It is perfect for small businesses seeking to pay their employees or contractors while remaining compliant with IRS regulations. It is an ideal app for companies in a wide range of industries.

Thousands of small businesses use WagePoint, and it offers an easy-to-use interface that allows establishments to set up the app in a few hours. The salesperson offers a service called “Switch It” – for businesses with more than ten employees to help them switch their existing payroll system to WagePoint.

Gusto

Gusto (previously named ZenPayroll) is a featured payroll, welfare administration, and compliance management platform. It has been designed to assist mainly small businesses. Gusto provides tools to manage core HR needs, such as time tracking, hiring, onboarding, and training. With devoted online accounts, employees can fill out their details in the system and track all paperwork in one place. Companies can mechanize their payroll operations by scheduling payment and benefits releases. These payments can be made via direct deposit or through check.

Employees even have the choice to make charitable donations to their association of choice directly from their paychecks. The solution mechanically calculates, pays, and files a company’s local, state, and federal payroll taxes. Some additional features include custom reporting, multiple pay rates, pay schedules, and third-party calendar integrations.

SurePayroll

SurePayroll is a complete online payroll solution for every business. On top of that, SurePayroll has also created an administration platform in its payroll software called One-Click Payroll. It simplifies all of the payroll-related procedures in just a few seconds without bargaining accuracy and reliability.

The bookkeeping software comes with an interactive, customizable dashboard. Another highlight is that it supports multiple payroll types and calculates and delivers payroll taxes. Many businesses choose SurePayroll to handle payroll processes because of its extensive payroll-processing tools and unparalleled recordkeeping. SurePayroll is built to streamline the payroll process with fantastic tools and excellent third-party integrations. It is a reliable option for any business looking to get software that will make payroll faster yet very accurate and reliable.

With SurePayroll accounting software, workers can quickly check their payroll information, including paychecks, vacation leaves, pay stubs, and more. They can also do all this via smartphones, tablets, and other mobile devices. The system also takes care of taxes by automating the processes while maintaining compliance with the company’s payroll services. Customer support is also credible—the software field has knowledgeable and responsive support staff and an easy-to-access support center.

Conclusion

Aside from key features, when choosing the best bookkeeping payroll software for your business, consider these other accounting aspects: ease of use, compatibility, integration, and security. More importantly, it would be best if you prefer a cloud-based software model.

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.

Merchant accounts are a type of bank account for businesses that enables them to accept debit and credit card payments. It is an agreement between three parties (retailer, payment processor, and merchant bank) to settle credit and debit card transactions.

The process concerning the transfer of funds is simple. First, the payment is deposited into the merchant account. From there, they are shifted into the bank account owned by the business. This transfer into the business account can occur daily or weekly, varying according to the merchant bank providing the merchant account services.

An Internet merchant account is necessary to start an e-commerce business that accepts credit card payments. Another necessity is reading the articles on our Complete Controller blog! 

Getting a Merchant Account

Getting a merchant account isn’t that simple. There are a lot of factors that come into play when you’re applying for a merchant account. Merchant account providers have to minimize their risks. They look at a variety of things before approving your merchant account. Here are some questions that give you an idea of what information the bank considers.

• Does your business have a high risk of credit card fraud?
• How long has your business been operating?
• Is there an event of interest in your business’ history? (e.g., Bankruptcy, Default)
• Does your business have any other merchant accounts?
• How is your personal credit history?

Getting approval for a merchant account from a bank that holds your business and personal account is easier.

If the answers to the questions above do not look favorable, your account may still be approved. However, the merchant bank will likely charge higher transaction fees as reassurance of their risk. That high fee can then be renegotiated later on when the business has a better standing.

Internet Merchant Accounts

An Internet merchant account is specifically used to hold and transfer funds originating from online credit card transactions. These accounts usually have a higher fee than a typical merchant account, as Internet card transactions involve a higher risk.

Internet card transactions include one more thing: a payment gateway that carries out the authentication of credit card information like a POS machine does in a retail store. The payment gateway forwards the transaction information to the credit card company, which then authorizes the payment. Some merchant banks offer a solution that finishes the requirement of having a separate payment gateway.

You must know that you will need a separate Internet merchant account for the different types of cards you want to accept. Getting your internet merchant account through a third-party provider, including Moneris, PS iGATE, Internet Secure, and many others, is convenient.

The Structure of Fees

There are many different types of fees attached to merchant accounts. Some may be mentioned in the contract; other fees might not be mentioned. Here are a few that you should expect:

• Setup Fees
• Application Fees
• Discount Rate
• Monthly Fees
• Per Transaction Fees
• Credit Card Terminal Rent
• Cross Border Fee

Excessive fees might hurt your business margin, so comparing how much you must pay for your merchant accounts is essential. Also, carefully looking into merchant account contracts can help you avoid minimum-term agreements that require a penalty to be paid for cancellation.

Alternatives to Merchant Accounts

PayPal

This service offers a complete solution for online transactions. You can avoid several fees if you use PayPal by only paying per transaction basis. It can be used to improve your margin, which gets smaller and smaller due to the extra fee associated with utilizing internet merchant accounts.

You can have a PayPal pay button placed on the checkout page of your website. You can also use the Website Payments Pro option, which offers a more professional payment interface for your e-commerce website.

Credit card reader

Exciting news! You can now easily make transactions with your phone using these amazing devices. Many service providers offer them at incredibly affordable prices (some are even free!) and the fees per transaction are totally reasonable. It’s a win-win situation!

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.

If anything worries most entrepreneurs more, it is how to fund their start-up business venture. Having a unique idea and a perfect business plan, only to find that you lack the capital to make it happen, is probably the most discouraging thing ever. No secret formula will magically create a stash of cash that can kick-start your business operations. To fund your start-up, you have to accumulate capital from different sources. There are quite a few ways by which you can do it. You must predict the outcomes and have a backup plan before accumulating capital from different sources. High interest rates can destroy your business and cause you to lose everything, so researching your funding options is essential.

Investors’ Perspectives on Whether or Not to Fund a Start-Up

On the other side of the coin, private and public sector investors love to invest in projects and business ideas that they find exciting and profitable, emphasizing profitability. In the initial phases of development, a start-up requires a lot of capital investment to establish different business areas. You cannot afford to have fewer resources, or not only will your business not succeed, it may not even get started. Thus, it would be best to develop a concrete plan to pursue external investment or loan funding or accumulate capital from private channels like friends and family or other personal income streams. Generally speaking, established investors encourage entrepreneurs to find different funding channels that will back strong, seasoned investors. Most investors will be more likely to invest in a business with additional funding from other choices.

3 Most Reliable Ways to Fund a Start-Up

Self-fund your business

According to surveys, over 80% of start-ups are self-funded, giving entrepreneurs more control over their business. However, you don’t necessarily have to fund your business entirely on your own. If your business idea is somewhat unique and requires some financial help from outside sources, investors can be a viable option that can be positive for you and the investor. Although many multinational firms invest in entrepreneurial business ideas, they will only be intrigued if they feel safe. Personal financing and self-funding are the most widely used tools to fund start-ups of any scale. Self-funding also ensures you make all your business decisions or don’t have to pay back costly loans with high-interest rates. The only downside is that you assume all the risks if your business is self-funded.

Start an online crowdfunding campaign

Investors love to take advantage of every opportunity at hand to double their investments, and that’s the core reason they are willing to fund a start-up. There are several strong platforms where potential investors can learn about the entrepreneur’s possible ideas, take an interest, and invest in them if they feel a strong connection with the concept. Therefore, if you have a perfect business idea and lack funding, you can launch a crowdfunding campaign to lure financiers, lenders, or even individuals ready to contribute money to help entrepreneurs establish a business. These crowdfunding platforms allow you to creatively present your idea and see that it is good enough to attract investors.

Find and apply for venture capital investors

Venture capital investors are a group of financiers always searching for start-ups to fund. Most start-ups need more capital, which is why looking for venture capital investors for funding is so popular. Investors often have professional bookkeepers who properly maintain their financial books to determine if funding a specific start-up is a good idea or not. This indicates that bookkeeping is vital for any business to understand the precise equation and understand finances from the beginning.

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 Security: Transparency Is Essential for Service Providers

Cloud security transparency forms the foundation of trust between service providers and their clients in today’s data-driven landscape. When providers openly share their security practices, encryption methods, and compliance frameworks, they create an environment where clients can confidently entrust their sensitive information to cloud platforms.

I’ve spent over two decades watching businesses transform through technology adoption, and one truth remains constant: transparency builds sustainable partnerships. At Complete Controller, we’ve learned that sharing our security protocols doesn’t expose vulnerabilities—it demonstrates accountability. The statistics back this up: 47% of data stored in the cloud is sensitive, yet less than 10% of enterprises encrypt even 80% of their cloud data. Throughout this article, I’ll share proven strategies for implementing transparent cloud security, regulatory compliance frameworks that protect your business, and forward-thinking approaches that will position your organization as a trusted technology partner.

What is cloud security transparency and why is it essential for service providers?

• Cloud security transparency means openly communicating security measures, data practices, and incident response plans to clients
• Transparency builds client trust by demonstrating accountability and commitment to data protection
• Clear security policies reduce client anxiety and facilitate faster adoption of cloud services
• Transparent practices help providers meet regulatory requirements and reduce compliance risks
• Open communication of security measures creates competitive advantage in an increasingly security-conscious marketplace

Why Transparency is Critical for Cloud Security

Transparent cloud security practices directly impact client trust and business outcomes. When service providers openly share their security frameworks, clients gain confidence in entrusting their sensitive data to external platforms.

The consequences of opaque security practices can be devastating. Consider Capital One’s 2019 breach that exposed 106 million records due to a misconfigured firewall in AWS. The attacker exploited a server vulnerability, costing the company $190 million in settlements. This incident underscores how lack of transparency about infrastructure vulnerabilities can lead to catastrophic outcomes.

What happens when transparency fails

Misconfigured cloud resources, particularly public AWS S3 buckets, create significant vulnerabilities. A 2023 CISA/NSA alert emphasized that public exposure of cloud resources remains a top attack vector, with misconfigurations causing 21% of cloud security incidents. These breaches often stem from unclear security policies and inadequate communication about configuration requirements.

Security vulnerabilities that remain hidden from clients represent ticking time bombs. Without transparency, organizations cannot properly evaluate their risk exposure or implement compensating controls. This opacity creates a false sense of security that ultimately endangers both providers and clients.

Client demands for open communication

Modern businesses increasingly prioritize providers that disclose security protocols, incident response plans, and third-party access details. A recent survey noted that 63% of enterprises demand transparency from cloud vendors before adopting their services. This shift represents a fundamental change in purchasing criteria.

Additionally, 72% of organizations cite secrets management (like encryption keys) as a top future concern for cloud security transparency. This growing focus on cryptographic controls highlights how clients now expect granular visibility into security implementations.

Benefits of transparent cloud security

Benefit	Impact
Client Trust	Reduces attrition and fosters long-term partnerships
Regulatory Compliance	Simplifies audits and reduces legal risks
Proactive Risk Management	Identifies vulnerabilities before breaches occur
Competitive Advantage	Differentiates providers in a crowded marketplace
Reduced Incident Costs	Lowers breach expenses through early detection

Organizations that embrace transparency typically experience shorter sales cycles and higher client retention rates. When security practices stand up to scrutiny, the trust established translates directly to business growth.

Key Practices for Transparent Cloud Security

Implementing cloud security transparency requires systematic approaches across multiple security domains. These practices should be documented, regularly updated, and clearly communicated to clients.

The average cost of a cloud data breach rose to $4.45 million in 2023, up 2.3% from 2022, with healthcare breaches costing $10.9 million on average. This escalating financial risk makes implementing robust security practices not just prudent but essential for business continuity.

Enforce encryption everywhere

Comprehensive encryption represents the foundation of cloud data protection. Without properly implemented encryption, other security measures become far less effective.

• Data at rest: Implement AES-256 encryption for all stored client data, with client-specific encryption keys that segregate information between tenants.
• Data in transit: Deploy TLS 1.3 protocols for all communications between client systems and cloud resources, eliminating the possibility of man-in-the-middle attacks.
• Key management: Implement transparent data encryption standards with client-controlled key rotation and documented cryptographic implementations.

At Complete Controller, we maintain separate encryption frameworks for each client, ensuring that financial data remains siloed and protected even in shared cloud environments. This approach gives clients control over their decryption preferences while maintaining operational efficiency.

Automate compliance monitoring

Manual security audits can’t keep pace with modern cloud environments. Automated compliance tools provide continuous visibility into security posture.

• Real-time audits: Implement tools that monitor configurations and flag misalignments with frameworks like GDPR, providing immediate alerts when drift occurs.
• Regulatory alignment: Map security policies directly to HIPAA, ISO 27001, or SOC 2 requirements, creating clear traceability between controls and compliance obligations.
• Documentation generation: Deploy systems that automatically produce compliance evidence for clients, auditors, and regulatory bodies.

These automated systems should generate regular reports accessible to clients through secure portals. By making compliance status visible, providers demonstrate their commitment to maintaining security standards.

Implement zero-trust access controls

The zero-trust security model assumes no entity, inside or outside the network, should be trusted by default. This approach minimizes potential damage from compromised credentials.

• Least-privilege models: Implement cloud security risk management best practices by limiting access to sensitive resources to only those users who absolutely require it.
• Multi-factor authentication: Enforce MFA for all administrative actions, preventing credential-based attacks even when passwords are compromised.
• Just-in-time access: Deploy systems that grant administrative privileges only for specific time windows and document all privileged operations.

These controls should be clearly documented and shared with clients, demonstrating the provider’s commitment to securing access pathways to sensitive data.

Publish transparent incident reports

When security incidents occur, transparency becomes even more critical. How providers respond to breaches defines their trustworthiness.

• Breach disclosure: Maintain a public log of security incidents, steps taken to resolve them, and lessons learned from each event.
• Transparency reports: Share metrics on data requests, compliance audit results, and third-party access attempts to demonstrate ongoing vigilance.
• Root cause analysis: Publish detailed investigations into security events that identify systemic issues and document remediation strategies.

These reports should strike a balance between transparency and security—providing meaningful insights without creating new attack vectors through excessive disclosure.

Case Study: Building Client Trust Through Open Communication

Real-world examples provide powerful evidence of transparency’s impact on client relationships and business outcomes.

Our experience at Complete Controller demonstrates how transparent cloud computing practices transform client relationships. When we implemented our Transparency Initiative, we saw immediate improvements in client confidence and satisfaction.

Complete Controller’s transparency initiative

• Action Taken: We published detailed cloud security policies, including encryption protocols and third-party access procedures through a dedicated client portal.
• Outcome: This approach reduced client onboarding time by 40% by addressing security concerns upfront rather than through lengthy question-and-answer cycles.
• Client Quote: “Knowing exactly how our data is protected allows us to focus on growing our business rather than worrying about security risks.”

The initiative included regular security newsletters, documented penetration testing results, and transparent remediation timelines for identified vulnerabilities. By making these practices visible, we transformed security from a source of anxiety to a competitive advantage.

Lessons learned

1. Dedicate a transparency officer: Assign a specific role to manage compliance communications and client security queries, creating accountability for information sharing.
2. Regular security briefings: Conduct quarterly webinars to update clients on evolving security practices and emerging threats, demonstrating proactive security management.
3. Documentation accessibility: Create tiered access to security documentation based on client needs, from executive summaries to detailed technical specifications.

These practices create a culture of transparency that extends beyond mere compliance, establishing security as a shared responsibility between provider and client.

Navigating Compliance and Legal Requirements

Regulatory frameworks increasingly mandate transparency in cloud security. Understanding these requirements helps providers build compliant systems from the ground up.

The regulatory landscape continues to evolve, with frameworks like GDPR, HIPAA, and industry-specific regulations imposing strict transparency requirements on cloud providers. These mandates transform best practices into legal obligations.

Aligning with global regulations

• GDPR: European regulations require providers to demonstrate data residency, processing limitations, and access controls through cloud transparency and compliance documentation.
• HIPAA: Healthcare providers must ensure encrypted PHI storage and maintain comprehensive audit trails that can be produced during regulatory inspections.
• Industry-specific regulations: Financial services (PCI-DSS), government contractors (FedRAMP), and other sectors face unique transparency requirements that must be incorporated into cloud security frameworks.

Providers serving multiple industries must implement modular compliance approaches that satisfy diverse regulatory requirements while maintaining operational efficiency.

Negotiating SLAs that prioritize transparency

Service Level Agreements represent contractual commitments to transparency. Well-crafted SLAs protect both providers and clients by establishing clear expectations.

• Critical Contract Clauses:
• Data ownership: Clearly state that clients retain full ownership of their data, including the right to delete or transfer information.
• Breach notification timelines: Define specific response protocols, such as 72-hour alerts after discovery of security incidents.
• Audit rights: Grant clients the ability to conduct security assessments or review third-party audit results.

These agreements should balance provider obligations with practical operational considerations, creating sustainable transparency frameworks that build long-term trust.

Educating Clients on Cloud Security Risks

Client education forms a critical component of transparent cloud security. When clients understand security risks, they become partners in protection rather than passive consumers.

Building client knowledge creates shared responsibility for security outcomes. This educational approach transforms security from a technical function to a business partnership.

Workshops and self-service tools

• Interactive portals: Develop systems that allow clients to review their data access logs, encryption keys, and vulnerability reports through intuitive interfaces.
• Training programs: Offer courses on recognizing phishing attempts, securing credentials, and implementing client-side security measures to complement provider controls.
• Security scorecards: Provide regular assessments of client security posture with actionable recommendations for improvement.

These educational resources should be tailored to different stakeholder groups, from technical teams to executive leadership, with appropriate depth and focus for each audience.

Addressing SMB concerns

Small and medium businesses face unique cloud security challenges, including limited security expertise and constrained budgets. Transparent providers adapt their approaches to these realities.

• Cost-effective solutions: Develop tiered transparency options, from basic audit logs to advanced real-time monitoring, allowing SMBs to scale security investments with their growth.
• Simplified compliance: Create pre-built templates for meeting common standards like ISO 27001, reducing the compliance burden for resource-constrained organizations.
• Cloud security solutions for remote work: Provide specific guidance for securing distributed workforces, addressing a major concern for modern SMBs.

These approaches recognize that transparency must be accessible to organizations of all sizes, not just enterprise clients with dedicated security teams.

Future Trends in Transparent Cloud Security

The evolution of cloud technology continues to transform security transparency practices. Forward-thinking providers are already implementing tomorrow’s transparency standards.

Emerging technologies are redefining what’s possible in transparent cloud security. These innovations create opportunities for providers to differentiate through next-generation security practices.

AI-driven monitoring and predictive analytics

Artificial intelligence transforms security monitoring from reactive to predictive, creating new transparency opportunities.

• Anomaly detection: Deploy machine learning systems to identify unusual access patterns, such as unexpected data exports or access from unusual locations.
• Automated remediation: Implement tools that respond to misconfigurations before breaches occur, documenting both the issues and resolution actions.
• Risk forecasting: Use predictive models to identify emerging vulnerabilities based on system changes, enabling proactive mitigations.

Apple’s Private Cloud Compute (PCC) initiative allows public verification of security images, setting a new standard for AI transparency in cloud systems. This approach demonstrates how leading organizations are making even complex AI systems verifiable through innovative transparency mechanisms.

Blockchain for immutable audit trails

Distributed ledger technologies create tamper-proof records of security events, enhancing the trustworthiness of audit data.

• Tamper-proof logs: Store security events on blockchain infrastructure to ensure that audit data cannot be altered, even by system administrators.
• Client visibility: Enable clients to view their specific audit trail in real time, creating unprecedented transparency into system activities.
• Smart contract enforcement: Implement automated compliance verification through blockchain-based controls that enforce security policies.

These technologies transform security transparency from a matter of trust to one of verification, creating cryptographically guaranteed audit trails that stand up to the most rigorous scrutiny.

Conclusion

Cloud security transparency isn’t just a technical requirement—it’s a business imperative in today’s security-conscious market. By implementing strong encryption, automating compliance monitoring, enforcing zero-trust access controls, and maintaining open communication, providers create sustainable competitive advantages while protecting client data.

At Complete Controller, I’ve witnessed firsthand how transparency strengthens client relationships and builds lasting trust. The strategies outlined in this article represent lessons learned through years of serving businesses across diverse industries, each with unique security requirements and compliance obligations.

Take action now by evaluating your cloud provider’s transparency practices or implementing these strategies in your own operations. For more guidance on implementing transparent cloud security frameworks tailored to your specific business needs, visit Complete Controller and speak with our experienced team.

FAQ

What does cloud security transparency mean?

Cloud security transparency means openly communicating security practices, encryption methods, data handling policies, compliance status, and incident response plans to clients. It involves making security operations visible rather than treating them as proprietary secrets, allowing clients to verify that their data is appropriately protected.

How can SMBs afford transparent cloud security?

Small and medium businesses can implement cost-effective transparent cloud security by prioritizing essential practices like encryption, utilizing automated compliance tools with tiered pricing, leveraging pre-built compliance templates, focusing on security awareness training, and selecting providers who offer scalable transparency options designed for growing organizations.

Do transparent providers have better compliance outcomes?

Yes, transparent providers typically achieve better compliance outcomes because published security policies, regular audit reports, and clear documentation significantly simplify regulatory reviews. Transparency creates accountability that drives continuous improvement in compliance controls and reduces the likelihood of penalties or remediation requirements during audits.

Can AI improve cloud security transparency?

Artificial intelligence substantially improves cloud security transparency by detecting anomalous activities that humans might miss, generating detailed security insights from complex data patterns, providing predictive risk assessments, automating compliance monitoring, and creating natural language explanations of technical security events for non-technical stakeholders.

How often should providers update security protocols?

Cloud service providers should update their security protocols quarterly for regular maintenance, immediately when vulnerabilities are discovered, annually for comprehensive framework reviews, after significant infrastructure changes, and in response to emerging threats or new regulatory requirements. Each update should be documented and communicated to clients.

Sources

• CISA.gov. (2024, March 7). “Cybersecurity Information Sheets on Cloud Security.” CISA and NSA. https://www.cisa.gov
• Salesforce US. (2024). “14 Cloud Security Best Practices.” Salesforce.
• Wiz.io Academy. (2024, December 23). “Cloud Security Best Practices.” Wiz.io.
• Syteca Blog. (2024, June 13). “Cloud Infrastructure Security.” Syteca.
• CompleteController.com. (2023). “Cloud Security & Transparency.” Complete Controller.
• Thales Group. (2024). “2024 Cloud Security Study – Global Edition.” https://cpl.thalesgroup.com/cloud-security-research
• JDSupra. (2022, August 26). “Regulatory Implications from 2019 Capital One Hack.” Hunton Andrews Kurth LLP. https://www.jdsupra.com/legalnews/regulatory-implications-from-2019-7766499
• Morgan Lewis Blogs. (2024, March 6). “Study Finds Average Cost of Data Breaches Continued to Rise in 2023.” Morgan Lewis. https://www.morganlewis.com/blogs/sourcingatmorganlewis/2024/03/study-finds-average-cost-of-data-breaches-continued-to-rise-in-2023
• Apple Blog. (2024, June 10). “Private Cloud Compute: A new frontier for AI privacy in the cloud.” Apple Security Research. https://security.apple.com/blog/private-cloud-compute/
• NIST.gov. “Cloud Computing.” National Institute of Standards and Technology. https://www.nist.gov/topics/cloud-computing
• HHS.gov. “HIPAA for Professionals.” U.S. Department of Health & Human Services. https://www.hhs.gov/hipaa/for-professionals/index.html

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.

Starting a new business can be exciting, and we know that understanding financial management and business skills is essential to building a strong foundation. With expertise and experience in accounting, it’s possible to manage complex accounting tasks such as tax and debt payments. For those who might find it challenging, seeking help from a professional financial planner or bookkeeper can provide expert corporate advice to help you succeed. We understand that managing finances from the very beginning can be a daunting task for startups, especially when entrepreneurs are focused on running their business operations. However, with the right support and resources, you can gain the necessary money-management skills and knowledge to handle finances confidently. We’re here to help you succeed and thrive in your business endeavors.

Congratulations on starting your own business! We know that managing finances can be daunting, but it’s also essential for the success of your startup. Don’t underestimate its significance, even if you’re not experiencing significant financial activity in the beginning. Recording, organizing, and budgeting are crucial steps that will help you achieve your goals. In fact, this is the perfect time to create a budget. Research shows that by managing your startup’s financial activity, you’re taking the first step toward business success. We’re excited to see where your journey takes you!

Hire a Professional Budget Planner

As an entrepreneur, you may be hesitant to invest in a professional budget planner due to concerns about cost. However, I encourage you to consider the long-term benefits of allocating even a small portion of your initial investment towards this essential service. When you lack expertise in a particular area, it’s always wise to seek out help from a qualified expert. By hiring a financial planner, you can ensure that your business is on the path to growth and prosperity.

The good news is that not all financial planners or bookkeepers are expensive. With a bit of research, you can find someone who is perfectly suited to your business’s unique needs and specifications. By avoiding mismanagement of finances, you’ll be taking a crucial step towards ensuring the success of your startup. In fact, hiring an outsourced agency to manage your finances can be one of the smartest investments you make for your business. So don’t let cost hold you back from achieving your goals – invest in your business’s future today!.

What to do From ‘Day One’ of a New Business Venture

For business owners who can’t afford to hire a professional planner or financial expert, here are four tips for entrepreneurs who struggle to manage their startup’s finances from day one.

Cash Flow Management is Key

There are four tips for entrepreneurs who find it hard to manage their startup’s finances from day one and for business owners who can’t afford to hire a professional planner or financial expert.

Track and monitor all spending

Startups can quickly lose financial control if they do not regularly track and monitor their spending. For this, you can hire a full-time bookkeeper to maintain, manage, and update your bookkeeping records in accounting software to provide a clear picture of your startup’s finances. Or, you can manage your books yourself. It depends on your priorities and how much you can spend to get things in line.

Limit your expenses and change your spending habits

In the initial stages of a startup, it is ideal for keeping your fixed and variable expenses as low as possible. This is the key to longevity. By setting your business priorities right and changing your negative spending habits, you can expect to save a lot of money for your business to meet future financial needs.

Establish Financial Goals

Congratulations on starting your new business! To help guarantee its success and continued growth, it’s important to establish revenue goals on a monthly, weekly, and daily basis that are tailored to your business’s specific nature and size. As startups require extra attention in the beginning, staying on track and making necessary adjustments is crucial. Setting the right direction from day one and creating measurable and achievable financial goals is essential. By effectively managing your startup’s finances, you’ll be able to foster its growth and development with confidence. We’re excited to see all the wonderful things your business will accomplish!

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.

Effective Shoplifting Prevention Tips for Retail Success

Shoplifting prevention tips are practical strategies that protect merchandise, reduce financial losses, and create secure retail environments through employee training, strategic store design, advanced technology, and proactive policies that deter theft before it happens. These measures have become critical for retailers facing a staggering 93% surge in shoplifting incidents since 2019, with stores now experiencing an average of 177 theft attempts daily—a crisis that erodes profits and destabilizes operations across all retail sectors.

I’ve spent over two decades as CEO of Complete Controller working alongside retailers of every size, and I’ve witnessed firsthand how shoplifting can devastate even the most promising businesses. The good news? Smart prevention strategies can transform your vulnerability into strength. Recently, one of our retail clients implemented the comprehensive approach I’ll share here and slashed their theft losses by 40% within six months. This article breaks down battle-tested tactics that protect your inventory, boost your bottom line, and create an environment where honest customers feel safe and thieves think twice.

What are effective shoplifting prevention tips for retail success?

• Shoplifting prevention tips encompass physical deterrents, technological solutions, employee training protocols, and strategic store layouts designed to minimize theft opportunities
• Physical deterrents include strategic product placement, clear sightlines, mirrors, and visible security measures that create natural surveillance
• Technological solutions range from Electronic Article Surveillance (EAS) systems to AI-powered cameras that detect suspicious behavior patterns in real-time
• Employee training transforms staff into your first line of defense through customer engagement techniques and suspicious behavior recognition
• Strategic implementation of these combined measures typically reduces retail theft losses by 35-75%, directly improving profitability and operational efficiency

Understanding Modern Shoplifting Techniques

Today’s shoplifters have evolved far beyond simple concealment tactics. Professional thieves use sophisticated methods including booster bags lined with aluminum foil to defeat security sensors, coordinated group distractions, and even technology-aided schemes. Understanding these techniques gives retailers the upper hand in prevention.

The most common concealment methods remain surprisingly basic yet effective. Thieves hide merchandise in personal bags, underneath clothing, or inside baby strollers where security personnel hesitate to search. Supermarkets face particular challenges with small, high-value items like cosmetics and batteries that slip easily into pockets. One UK music store discovered through crime analysis that juvenile shoplifters consistently targeted portable CDs by sliding them into school bags during busy afternoon hours.

High-tech shoplifting methods

Modern criminals employ electronic devices to remove security tags, use fake barcodes to ring up expensive items at lower prices, and coordinate theft rings through encrypted messaging apps. Some groups specialize in return fraud, stealing items from one location and returning them to another for cash refunds. These organized retail crime rings cost businesses billions annually.

Behavioral red flags

Watch for customers who avoid eye contact, repeatedly handle items without purchasing, or display nervous behaviors like excessive sweating. Groups that split up upon entering, individuals carrying empty bags or wearing oversized clothing in warm weather, and people who loiter near high-value displays often signal potential theft attempts.

Optimizing Store Design and Layout for Theft Prevention

Strategic store design creates natural barriers to theft while maintaining a welcoming shopping environment. The key lies in maximizing visibility throughout your retail space without making customers feel like they’re under surveillance.

Position your checkout counters near the main exit to create a psychological barrier. This placement forces potential thieves to pass employees while leaving, dramatically reducing grab-and-run incidents. Keep shelving units below four feet in height to maintain clear sightlines across the sales floor. Install convex mirrors in corners and blind spots to eliminate hiding places where thieves feel comfortable concealing merchandise.

Strategic placement of high-risk items

Place frequently stolen merchandise—electronics, designer accessories, health and beauty products—in locked displays or behind counters requiring staff assistance. Create dedicated zones for these items near employee workstations where natural supervision occurs. For products that must remain accessible, use security tags and position them in high-traffic areas with maximum visibility.

Lighting and ambiance

Bright, consistent lighting eliminates shadows where theft activities thrive. Focus additional illumination on high-risk areas including fitting rooms, corners, and alcoves. The psychological impact of proper lighting extends beyond visibility—well-lit stores signal active management and deter criminal behavior.

The Critical Role of Employee Training and Engagement

Your staff represents the most powerful theft deterrent when properly trained and motivated. Employees who understand loss prevention become proactive partners in protecting inventory rather than passive observers.

Comprehensive training programs teach recognition of suspicious behaviors without creating confrontational situations. Role-playing exercises help staff practice approaching potential shoplifters with customer service rather than accusations. The simple phrase “Can I help you find anything?” often deters theft attempts by signaling attentive staff presence.

Building a culture of vigilance

Create accountability through clear loss prevention responsibilities for each team member. Rotate staff positions to prevent predictable coverage gaps. Implement communication systems allowing discrete alerts between employees when suspicious activity occurs. Regular team meetings reviewing theft incidents and prevention successes reinforce the importance of vigilance.

Customer service as prevention

Exceptional customer service doubles as theft prevention. Greeting every customer within 30 seconds of entry, maintaining regular floor presence, and offering assistance throughout the shopping experience makes thieves uncomfortable. Train staff to pay special attention to customers in high-risk areas while maintaining professional, non-accusatory demeanor.

Leveraging Technology: From EAS to AI Surveillance

Modern technology transforms loss prevention from reactive to proactive. Electronic Article Surveillance (EAS) systems using RFID tags and sensor gates reduce shoplifting by 35-75% according to security industry studies. These systems pay for themselves quickly—one retailer reduced inventory shortage from 5% to 2.5% annually using EAS, saving $25,000 per million dollars in sales.

Beyond basic tagging, EAS systems provide unexpected benefits. Tagged merchandise reduces return fraud by $10.30 per $100 in returned items, as thieves avoid stealing tagged products they cannot easily return for cash. The visible presence of security tags creates psychological deterrence even when not activated.

AI-powered video analytics

Artificial intelligence revolutionizes video surveillance by identifying suspicious behaviors in real-time. AI systems detect concealment motions, track individuals across multiple cameras, and alert staff to developing theft situations. Facial recognition technology (where legally permitted) identifies known shoplifters upon entry, allowing proactive intervention.

Integration and analytics

Combine multiple technologies into comprehensive loss prevention ecosystems. Point-of-sale systems integrated with video surveillance link transaction data to visual records. Analytics software identifies patterns like repeated returns without receipts or suspicious discount usage. This data-driven approach helps retailers stay ahead of evolving theft tactics.

Building Bridges: Retail and Law Enforcement Partnerships

Collaboration between retailers and law enforcement multiplies prevention effectiveness. The Retail Industry Leaders Association and International Association of Chiefs of Police partnership demonstrates how coordinated efforts combat organized retail crime more effectively than isolated attempts.

Establish relationships with local police before incidents occur. Share information about theft patterns, known offenders, and suspicious activities through formal reporting channels. Many jurisdictions offer retail crime task forces where businesses share intelligence and coordinate responses to serial offenders.

Reporting and information sharing

Standardize incident reporting procedures to build prosecutable cases. Document every theft attempt with detailed descriptions, preserve video evidence, and maintain chains of custody for recovered merchandise. Consistent reporting increases prosecution rates and deters repeat offenses.

Joint training and operations

Participate in law enforcement training programs teaching proper detention procedures and evidence preservation. Some departments conduct joint operations targeting known theft rings. These partnerships reduced organized retail crime incidents by 57% in participating markets during 2023.

Securing the Inside: Proactive Policies to Deter Employee Theft

Internal theft accounts for 34% of retail losses, requiring specific prevention strategies. Clear policies communicated during onboarding set expectations while creating accountability systems that protect honest employees from suspicion.

Implement transparent bag check policies applying equally to all staff levels. Require clear bags or provide lockers for personal items. Restrict back door access to authorized personnel using electronic locks that log entry. These visible measures remind staff that theft prevention applies internally while respecting employee dignity.

Creating accountability and transparency

Conduct regular inventory audits with rotating staff participation. Require manager approval for employee purchases and maintain transaction records. Install cameras in stockrooms and break areas (following legal requirements) to eliminate theft opportunities. Anonymous tip lines allow honest employees to report suspicious coworker behavior without fear of retaliation.

How to Justify Loss Prevention Investments: A Cost-Benefit Breakdown

Every loss prevention measure must demonstrate return on investment. Calculate current shrinkage rates multiplied by annual revenue to establish baseline losses. Compare this against implementation costs for various prevention strategies to prioritize investments.

Start with low-cost, high-impact measures like strategic product placement and deterrent signage requiring minimal investment. A simple “Shoplifters Will Be Prosecuted” sign costs nothing yet reduces theft attempts by psychological deterrence. Progress to technology investments based on demonstrated needs and projected returns.

Calculating ROI for security measures

Track metrics including shrinkage reduction, recovery rates, and incident frequency before and after implementing new measures. Factor secondary benefits like reduced insurance premiums, improved employee morale, and enhanced customer experience. Document savings from prevented return fraud and reduced inventory write-offs.

Technology investments typically show 12-18 month payback periods when properly implemented. Combine multiple benefits—theft reduction, fraud prevention, operational efficiency—to build compelling business cases for security expenditures.

Final Thoughts

After two decades partnering with retailers through Complete Controller, I’ve learned that effective shoplifting prevention combines human insight with smart technology. The strategies outlined here transformed one client’s 40% loss reduction from dream to reality. Your success depends on consistent implementation, staff buy-in, and continuous adaptation to emerging threats.

The investment in comprehensive loss prevention pays dividends beyond mere theft reduction. Safe stores attract quality customers, motivated employees take pride in protected workplaces, and healthy margins fund business growth. Take action today—your profitability depends on it. For personalized loss prevention strategies tailored to your retail operation, contact the experts at Complete Controller for guidance that protects your bottom line.

Frequently Asked Questions About Shoplifting Prevention Tips

What are the most effective low-cost shoplifting prevention methods for small retailers?

Strategic product placement near registers, greeting every customer within 30 seconds, maintaining bright lighting, and posting prosecution warning signs cost virtually nothing yet reduce theft by over 30%. Train existing staff in customer engagement techniques rather than hiring dedicated security.

How do I train employees to prevent shoplifting without making customers uncomfortable?

Focus training on exceptional customer service rather than confrontation. Teach phrases like “Let me know if you need any sizes” or “I’ll hold that at the register for you” that provide assistance while signaling staff awareness. Role-play scenarios emphasizing helpful presence over suspicion.

What technology provides the best ROI for shoplifting prevention?

Electronic Article Surveillance (EAS) systems consistently deliver 35-75% theft reduction with 12-18 month payback periods. Start with high-risk merchandise tagging before expanding. Combine with strategic camera placement for comprehensive coverage without excessive investment.

How do I handle suspected shoplifters without legal liability?

Never physically detain suspects unless you have clear probable cause and trained security personnel. Instead, provide exceptional customer service that makes theft uncomfortable. If theft occurs, document everything and contact law enforcement rather than pursuing confrontation.

Should I implement employee bag checks, and how do I do it fairly?

Yes, when applied consistently across all staff levels, including management. Announce policies during hiring, provide secure storage alternatives, and conduct checks publicly at designated areas. Frame it as protecting honest employees from false accusations rather than assuming guilt.

Sources

• FashionUnited. (Dec 23, 2024). “NRF: Shoplifting Figures See Sharp Increase on Pre-Covid Levels.” https://fashionunited.com/news/retail/nrf-shoplifting-figures-see-sharp-increase-on-pre-covid-levels/2024122363650
• NEDAP Retail. (Sep 30, 2022). “Need ROI on Your EAS System? Focus on Refund Fraud.” https://www.nedap-retail.com/need-roi-on-your-eas-system-focus-on-refund-fraud-2/
• National Criminal Justice Reference Service. (1987). “Prevention of Shop Theft – An Approach Through Crime Analysis.” https://www.ojp.gov/ncjrs/virtual-library/abstracts/international-summaries-prevention-shop-theft-approach-through
• DiLonardo, Robert L. (1996). “Defining and Measuring the Economic Benefit of Electronic Article Surveillance.” Security Journal. https://www.sciencedirect.com/science/article/abs/pii/0955211696000174
• National Retail Federation. (Dec 17, 2024). “Shoplifting Incidents Jump 93% Since Pre-COVID, According to New Industry Study.” https://nrf.com/media-center/press-releases/shoplifting-incidents-jump-93-since-pre-covid-according-to-new-industry-study
• Complete Controller. “Role of Customer Services in Your Organization.” https://www.completecontroller.com/role-of-customer-services-in-your-organization/
• Complete Controller. “Fraud Detection Prevention.” https://www.completecontroller.com/fraud-detection-prevention/
• Complete Controller. “Business Bookkeeping Essentials.” https://www.completecontroller.com/business-bookkeeping-essentials/
• Wikipedia. “Shoplifting.” https://en.wikipedia.org/wiki/Shoplifting
• Investopedia. “Return on Investment (ROI).” https://www.investopedia.com/terms/r/roi.asp
• Federal Bureau of Investigation. “Organized Crime.” https://www.fbi.gov/investigate/organized-crime
• Perpetuity Research. (2017). “Shoplifters on Shop Theft: Implications for Retailers.” https://perpetuityresearch.com/wp-content/uploads/2017/12/2007-04-Shoplifters-on-shop-theft-implications-for-retailers.pdf

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. Reviewed By: Brittany McMillen

Brittany McMillen

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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In recent years, smart devices and technology have blossomed into a major part of our daily lives. Almost every person has at least a smartphone. But how is the technology boom helping businesses? 

Thanks to the emergence of smart devices and innovative technology, field data collection has become hassle-free in this modern era. With the help of these cutting-edge tools, collecting and analyzing data has become more efficient, accurate, and enjoyable.

In this informative article, we will explore how smart devices and technology have fundamentally transformed data collection, making it easier and more accessible than ever before.

How are Smart Devices Revolutionizing Data Collection

First and foremost, smart devices like smartphones and tablets have made data collection more convenient and accessible than ever before. Researchers and field workers no longer have to carry bulky laptops or paper piles. 

Instead, they can bring their smartphones or tablets with them and have immediate access to their data collection tools. Data can be collected on the go, making the process more efficient.

In addition to being more convenient, smart devices have also made data collection more accurate. Many data collection apps and software programs now feature real-time validation and error checking. It ensures that researchers are collecting high-quality data. 

Enhancing Data Accuracy and Efficiency

In today’s digital age, it’s common to come across web forms and applications that require us to input our personal information. However, it’s not uncommon to miss out on some of the required fields while filling out these forms. This can be frustrating, as it can cause delays and errors in the data collected. 

Hence, it’s great that some applications offer a handy feature that lets us double-check if all the required fields have been filled out before moving on. This feature streamlines the form’s filling process and guarantees that the data collected is precise and complete. 

This feature is a win-win situation for both the user and the application provider. For the user, it ensures that they do not have to fill out the form again due to missing information. For the application provider, it ensures that they collect accurate and complete data, which can be used for various purposes such as marketing, analysis, and research.

Another benefit of smart devices in field data collection is their ability to streamline the process of data analysis. Researchers can now upload data directly from their smart devices to their computers or cloud storage. 

This eliminates the need for manual data entry, saving time and reducing the risk of errors. Additionally, data can be analyzed in real-time, allowing researchers to make more informed decisions based on the collected data.

Technology is Everywhere

But smart devices aren’t the only technology that has improved field data collection. Drones have also become a popular tool for collecting data in hard-to-reach areas such as forests, mountains, and bodies of water. Drones can be equipped with cameras, sensors, and other data collection tools, allowing researchers to gather data from previously inaccessible areas. 

This has been particularly useful for environmental research, where drones can monitor wildlife populations, track changes in vegetation, and even collect water samples.

Another technology that has revolutionized field data collection is GPS tracking. Researchers can now use GPS devices to track the movements of animals, vehicles, and even people. It has been particularly useful for wildlife research, where GPS tracking can be used to monitor animal migrations and behaviors. GPS tracking has also been used in agriculture to monitor farm machinery movements and crop growth.

Conclusion

Smart devices and technology have made field data collection more efficient, accurate, and enjoyable. With the ability to collect and analyze data in real time, researchers can make more informed decisions based on the collected data. And with the rise of new technologies such as drones and GPS tracking, the possibilities for field data collection are only growing. 

So, the next time you collect data in the field, remember to take advantage of smart devices and technology’s many benefits. Happy data collecting!

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 always important to keep track of your organization’s expenses – after all, they’re the funds used during your daily operations to generate revenue! Expenses can be divided into two major categories: direct and indirect. Direct expenses refer to costs that are directly related to the production of goods or services, whereas indirect expenses refer to those that aren’t as closely tied to the production process. Being mindful of these categories can help you better understand where your organization’s money is going and how to optimize your spending for maximum efficiency.

Direct Expense

Direct expense refers to the company’s cost for its core operations. These expenses are related to the purchase of goods for the company. For example, a freelance writer may buy utensils for their writing purpose, or an executive hires a freight for their organization – these expenses are known as direct expenses.

Direct expenses can be deductible, according to the IRS. However, it must be proven that these expenses generate revenue for the company. Another term for this is a direct cost.

Indirect Expense

Indirect expenses are all other expenses that are required to run an organization. Bills, rent, insurance, office supplies, and legal charges are all considered incidental expenses. Indirect expense is unrelated to the company’s business operations; however, it is as important as direct costs to run an organization.

Indirect expenses can vary for different companies. These expenses appear on the debit side of the IRS, which means they are non-deductible. Personal and indirect costs are not considered IRS deductible.

Tracking Your Expenses

How do I maintain a monthly budget? I cannot save anything by the end of the month; what should I do? I have to pay my tuition; how do I manage? Whether running a household or an organization, these questions run in everyone’s mind.

Many people ask why keeping track of one’s expenses is essential. The answer is simple: if you want to maintain your finances, you must keep track of every penny. Keeping track of your payments will help you maintain a monthly budget and long-term goals.

Most large organizations have an accounts department that performs the bookkeeping for the company. The department keeps track of the money spent on the company’s expenditures, including direct and indirect expenses.

Steps to Track Your Expenses

1. Monthly bills: List your monthly bills such as utility, phone, cable, credit/debit card, loans, insurance, salaries, and everything that needs to be taken care of every month. Use a spreadsheet or a notebook to write down these bills.
2. Personal funds: Groceries, clothes, gas, entertainment, and all personal items fall into this category. These expenses are as necessary as any other expense. Please keep track of these expenses and write them down. Keep your receipts handy or staple them into your notebook. Cash and credit/debit card payments should both be included. These are all considered indirect expenses.
3. Review: When you have everything listed, add up the numbers. Once you see your monthly expenditures, think of strategies that will help you save money. For example, try using ATMs that do not charge any additional fees. Cut down on the extra channels you no longer watch; it will reduce your cable bill’s cost. Getting creative here is relatively easy; you’ll have the extra money in your bank account with little effort.
4. Significant expenses: These expenses may not be every month but could appear during the year. These include your home/office repairs, travel expenses, furniture, education, or family vacations. It is essential to scrutinize your bank records and plan if you see any of these expenses coming up. Be prepared, as it will help you plan better for an emergency.
5. Plan a strategy: After reviewing your expenses, think of a way to cut off anything extra that you do not require. Plan for your goals. Set up a target every month to save up a certain amount. If possible, open a savings account and put in monthly money. 

Conclusion

Tracking your direct and indirect expenses is crucial for small businesses to maintain profitability and financial stability. Direct expenses, such as the cost of goods sold or labor costs, are easy to identify and track. Still, indirect expenses, such as office supplies or marketing expenses, can quickly add up and affect the bottom line. By monitoring and analyzing all expenses, small business owners can make informed decisions about where to cut costs and improve efficiencies, ultimately leading to increased profits and business success. Complete Controller is there to help you along the way. Check out our blog for more helpful articles on your path to 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.

Separating employee duties in a business is essential to help safeguard your assets, among many other beneficial components. Separation of duties can help you place internal controls over your company’s assets. Division of responsibilities can help you practice bookkeeping more efficiently and effectively as it prohibits the allocation of duties to one person.

The separation of duties ensures that no one person gets burned out, thus causing attrition. It also helps the business management team know where strengths, opportunities, or gaps may require additional training or staffing. However, it is common for a business owner, especially in a small business, to take over duties they previously allocated to other staff members. The separation of duties must start at the top of the chain of command within a business. This prevents mistakes even owners can make because they are not defaulting to the staff they hired to be an expert in that department.

Application in General Business and Accounting

In business and accounting, the segregation of duties serves two essential purposes. These purposes include an assurance that you can quickly review and catch errors if there is an oversight, and it also prevents theft and fraud. Separation of duties is essential as it involves separating three main functions: 1. Custody of assets 2. Authorized use of assets 3. It is keeping records of assets. Although separation of duties is difficult to achieve in small businesses, it should be implemented as much as possible to improve the performance of the employees in the organization.

Whether a business hires an accounting or bookkeeping expert or uses accounting software to keep its books, a clear separation of duties will help keep the books clean and accurate. This accuracy can benefit the business owner who is not an accounting expert.

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 transaction style. This 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 clarity gives employees a thorough list of the tasks they are expected to do when they perform them and reviews their work. It plays a pivotal role in the accountability of employees. Even the best organizations can be rendered meaningless without various levels of responsibility. 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.

Employee Accountability

When this process is implemented, the credibility of accurate financial reporting is vastly increased. This reporting reduces the risk of fraud as it assures the creation of a culture of accountability. It protects the business from any unnecessary or unplanned loss. Separation of duties can increase efficiency towards the aims and objectives of an organization. This division of responsibilities 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. Including more than one person in the transaction, the cycle can stop one from gaining complete control over a single process. Therefore, the opportunity for fraudulent behavior is reduced.

Conclusion

No matter the size of the business, separation of duties is crucial for every business. It increases productivity and efficiency, prevents hidden fraudulent behavior, and sets a standard for clear responsibilities. It also helps the accounting department be more accurate. There is no downside to separating duties in any business that has multiple employees.

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 loans can be a great way to secure the funding you need to grow your business. However, not all small business loan applications are approved. Many small business owners face rejection when they apply for a loan. If you are one of these business owners, don’t worry – you are not alone. In this article, we will explore some of the most common reasons why small business loans are denied and provide tips on how to avoid getting denied for a small business loan, as well as other options for traditional small business loans.

Poor Credit Score

A poor credit score is one of the most common reasons small business loans are denied. Lenders use credit scores to determine the risk of lending money to a borrower. Getting approved for a small business loan can be difficult, with a low credit score. Maintaining a good credit score by paying your bills on time and keeping your credit card balances low is essential.

Insufficient Cash Flow

Another common reason why small business loans are denied is insufficient cash flow. Lenders want to see that your business has enough revenue to repay the loan. Getting approved for a loan can be difficult if your business is not generating enough cash flow. It is essential to have a solid business plan outlining your revenue streams and how you plan to use the loan funds to grow your business.

Lack of Collateral

Many lenders require collateral to secure a small business loan. Collateral is something of value that the lender can take possession of if you are unable to repay the loan. Getting approved can be difficult if you don’t have enough collateral to secure a loan. To avoid this, you can look into alternative lenders offering unsecured loans or find a co-signer who can provide collateral on your behalf.

Incomplete Loan Application

Another reason small business loans are denied is an incomplete loan application. Lenders require a lot of information about your business and its financials before approving a loan. If your application is missing important information, getting approved can be difficult. To avoid this, make sure you fill out the loan application completely and provide all the necessary documentation.

Industry Risk

Some industries are considered riskier than others, making getting approved for a small business loan difficult. For example, starting a new business in a highly competitive industry cannot be easy to get approved. To avoid this, it is essential to research and find a lender specializing in your industry.

Lack of Business Experience

Finally, lack of business experience can be why small business loans are denied. Lenders want to see you have experience running a business and a solid business plan. It can be not easy to get approved if you are a first-time business owner. To avoid this, you can look into alternative lenders specializing in lending to first-time business owners or find a co-signer with business experience.

Options

In addition to these tips, other options are available to small business owners who cannot secure a traditional small business loan. One option is a microloan, a small loan, typically less than $50,000, designed for small businesses. Another option is a business line of credit, a revolving line of credit that can be used for short-term financing.

Conclusion

In conclusion, getting denied a small business loan can be discouraging, but it doesn’t mean the end of your business dreams. By understanding the most common reasons why small business loans are denied and taking steps to avoid them, you can increase your chances of getting approved for a loan. And if you cannot secure a traditional small business loan, other options are available to help you grow 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.