Author: Jennifer Brazer

In a survey conducted by Forrester Consulting, nearly 250 IT leaders and experts shared their concerns regarding cloud computing transparency. It is an issue that largely remains unanswered despite the prevalence of cloud technologies and improvement in cloud security and performance over the past decade. According to the survey, a lack of cloud transparency can have a dire impact on any organization’s financial and operational aspects.

What Does Cloud Transparency Mean?

There is no doubt about the growth and potential of cloud computing and the way it is dominating enterprise technology. While cloud vendors are throwing humongous claims regarding their venue, they share little to no information about strategy, service, or performance. Without accurate figures or metadata, customers can’t evaluate the service objectively. Lack of cloud computing transparency is one reason businesses are still unable to trust cloud services, despite the improved security.

Typically, cloud computing transparency is all about declaring clear service thresholds. Uptime, system availability, response time, and problem resolution are just a few factors that require an open and honest declaration of the limit. From policies to pricing, everything needs to be transparent and conveyed without any fine print or subtext. That is what transparency means, but we are still far from achieving a level that can improve adaptability.

How to Ensure Transparency in the Cloud

Transparency is required for the bot, the customer-facing, and the public-facing end. Speaking of the latter, most vendors, including Amazon, Microsoft, and IBM, offer a breakdown of earnings, revenues, run rates, etc. Oracle even shares an analysis of the platform, infrastructure, and software, etc. However, that is not all cloud computing transparency.

Many experts believe that this type of information doesn’t precisely improve transparency. It is akin to revealing information while hiding the hardware, categorically, in cloud vendors using both the traditional infrastructure and different cloud flavors. The breakdown needs to be detailed and insightful based on different groups and flavors as offered by that vendor. In simpler words, a more customized approach must be adopted to define the revenues while ensuring better cloud computing transparency.

Customer-Facing Cloud Transparency

SAAS providers, such as Salesforce or Workday, need to define their infrastructure efficiency benchmarks. Sadly, most vendors do not share a breakdown of the charges related to the back-end infrastructure, which keeps the customers from adequately comparing different vendors. Not to mention, it is where cloud computing transparency suffers a blow.

Experts believe that customers should ask for a breakdown of the cost and demand to know the infrastructure cost. That will pressurize vendors who are offering IAAS as a part of SAAS to decouple both offerings. This will considerably lower the prices of software as a Service product by removing the middleman from the whole equation. In case a customer needs to mark up the infrastructure, they will be dealing directly with the vendor.

How Cloud Transparency Will Help Vendors

So far, it seems like transparency is all about benefits for the buyers and users, but that’s not true. Cloud computing transparency has a vital role to play in the future of cloud computing. In addition to security, transparency is the most crucial aspect of adaptability. The more transparent the cloud vendors are, the more comfortable enterprises will be inputting their trust in the cloud. With an increasing number of cloud customers, cloud vendors will find more opportunities to optimize their service and their spending.

While there is a lot to be done on the vendor’s end, customers should also be more prudent about choosing a vendor that promises cloud computing transparency and delivers it. Pay a visit to the data center, if possible, and don’t shy away from asking for compliance audit reports or breach notification policies. Higher transparency will improve the level of trust between vendors and buyers, and eventually shape the future of the cloud.

Conclusion 

In conclusion, achieving true cloud transparency is essential for building trust in cloud services. From clear service thresholds to infrastructure cost breakdowns, transparency benefits customers and vendors. Enhanced transparency fosters trust, optimizes services and ensures the future success of cloud computing. Choose vendors committed to openness and accountability for a seamless, trustworthy cloud experience.

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.

Businesses have significantly changed in the last 15 years. Technology and science have transformed the world into a global village. Markets and consumer behavior have been drastically altered over time. Since the advent of the internet and the evolution of the web, many human development factors have followed in business activities and operations. Information technology has made it possible for businesses to utilize computer science to create tools that help make daily activities smoother and improve productivity while delivering time efficiency. These systems require hardware and software to keep them operating with functional duties. A single software provider takes care of these basics and ethics to end up with great benefits.

With the coming of giant corporations where activities are vast and diverse, IT systems are installed to automate various critical processes. Different departments of a business are catered to differently. For instance, logistics, procurement, inventory, accounts, finances, administration, manufacturing, etc. have effective systems implemented, consisting of designated hardware and software that help businesses coordinate to enhance operations and activities. Vendors usually accompany the software required to drive systems when standalone clients need specially made software to help them perform their obligations. Here are four reasons why you should choose a single software provider.

Software Complexities

Businesses use different software in various industries, even in businesses like construction. Firms use an array of software that helps them carry out their jobs and deliver projects cost-effectively and reliably. There are so many considerations to consider from administration to project management. A typical construction firm processes include, but are not limited to, project costs, vendor purchase orders, contracts, joint venture agreements, warehouse management systems, and logistics. Software like Enterprise Resource Planning helps such firms efficiently handle many of the firm’s needs based on daily and monthly routines. Other programs needed are not affected by a single software provider as the provider offers compatible software on all platforms without causing any disruption, such as crashed or malfunctioning programs.

Integration of Compatible Software

It is highly integral that all software installed in a business environment can complement one another and mesh together to further the business’s aim, i.e., growth. Without supporting one another, the software that does not support the overall system could make the system flawed. Instead of acquiring positive results, a business will face dire and extreme issues. Instead of obtaining non-conforming software by various or different software providers, go for a single software provider. The integration of non-compatible software can cause undesired delays in moving processes along. Such systems, if installed, will be hampering the operations of a business. The integrated IT system must benefit the companies overall, and it has to be able to support the system effectively, aiding in executing its parameters and intended purpose.

Convenience

Using a single source for vending, the needs of all business software will lead to bliss on many fronts. For instance, maintenance is generally an elemental part of the software life. Even upgrades or the latest versions freshly out of beta phases must be handled by professionals by a single software provider from time to time for any shortcomings or enhancements. Troubleshooting can be a nightmare if handled by more than one maintenance expert that will lead to time-consuming practices, which eventually leads to the cause of further glitches. Another advantage of using a single source is that, with time, the provider will have a clear understanding of what the business requirements are and recommend accordingly, compared to a newly appointed provider who would take your valuable time to pinpoint the dynamics of the needs of a business.

Ease of Administration and Reduced Security Risks

Financial firms that have highly sensitive data will profit most from a single software provider. These firms run highly sophisticated software, apart from spreadsheets, that enable them to perform their prescribed roles in their professions. An accounting system is implemented with pipeline tracking, and this provides information regarding monitored investment. Also, asset management software that offers specialized tools to predict possible outcomes and scenarios, like payments or conversions, is highly recommended. For fund management, some firms need to provide an accurate projection of investments against returns. By approaching a single provider with competitive rates, all requirements can be met with ease and even with a discount. By designing all of the software needs of a firm, a single software provider will be in an excellent position to give benefits to recurring customers, such as reduced prices for upgrades or maintenance. Financial firms have strict security precautions so that no data leaks occur. Using a single vendor will help security as a trusted team will be deployed who understand the situations and abide by company policies to safeguard against all malpractices.

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.

According to research, more than half of all entrepreneurial ventures close their operations within their first year. The shortage of funding options has been recognized as a significant contributor. The importance of cash cannot be denied for all kinds of businesses. Therefore, your priority should be to find the right channels for funding your business. Whether you are expanding your business or sustaining the current business model, you must have a consistent cash flow and an optimized strategy for acquiring financing.

Whatever your business needs may be, getting the money at the right time will exponentially enhance the chances of your business success. The use of innovative technology is encouraged among new businesses as they have to compete with other players who are already using it to significant effects. Here are some of the tips that will help you reach your potential.

Innovative Tips for Funding your BusinessBootstrapping

Bootstrapping, or self-funding is one of the most efficient and suggested means of funding a business. It is hard for new business owners to obtain capital as they are novel and may not have a financial history. Convincing someone to finance your business can be a tough job. Therefore, it could be better to save up enough money to start your own business.

Ask family and friends or find a potential partner who shares the same views as you. These are the people that you trust the most. Therefore, it’s wise to ask them first before looking at other options. You can put your idea out on the internet, find someone interested in your idea, and agree to finance or partner in your business. You can offer shares in the company for their investment. Bootstrapping also allows you to own your business from day one. Gathering and organizing all of your financial resources is key to bootstrapping and funding your business.

Crowdfunding

Crowdfunding is an innovative way of acquiring finances for businesses these days. The funds are collected and contributed by many people who are interested in your business idea. You set up a comprehensive narrative of your business plan on a crowdsourcing platform. The account contains all details about the potential business or project: its product offerings, goals, plans on making revenue, and many others. Visitors on these crowdsourcing websites make their judgments about the plan and decide to invest. They then become the stakeholders in the business with privileges.

Funding your business through crowdsourcing is an inordinate way to access capital and promote your business. It is like free marketing for your business, as everyone that sees your idea acts as a potential marketing tool. The response you receive shows if your business idea is sustainable and is going to attract an audience. Primarily, it offers you a broader viewpoint that can be utilized to formulate your future business strategy. Crowdfunding, however, is relatively competitive. To generate interest, you will have to come up with a good business plan.

Angel Investors

Angel investors are individuals with surplus cash and a profound interest in financing lucrative business ideas. They usually operate in groups as it narrows down the risk by sharing it with partners. These people are experienced businesspersons who are adept at what they do and have a keen eye for market trends and innovations. Alongside their resources, they offer mentoring and counsel to businesses, which is of enormous value based on years of experience.

Finding angel investors is an innovative option that has helped successful businesses today. They offer their capital and advice in return for a percentage of equity in the business. It is fundamentally a win/win condition for both, making it one of the most rewarding ways of funding your business.

Conclusion 

In conclusion, the initial stages of entrepreneurship are often marked by challenges, with many ventures closing within the first year due to a lack of funding options. Recognizing cash’s critical role in business operations, securing funding through strategic channels becomes paramount for success. Expanding or sustaining a business, maintaining a consistent cash flow, and optimizing financing strategies are essential. Innovative approaches, such as bootstrapping, provide autonomy and ownership from the outset. Crowdfunding leverages the power of the community to garner support and validate business ideas, serving as both a financial source and a marketing tool. Angel investors, experienced individuals with surplus cash, bring valuable resources, mentorship, and expertise in exchange for equity, making it a mutually beneficial avenue. Embracing these innovative funding methods can significantly enhance the likelihood of business success.

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

Are you seeking ways to lower your monthly home mortgage payments, turn your real estate equity into a monetary asset, obtain a reduced interest rate, or switch to a full fixed-rate debt? If any of these situations define you, it is a good idea to consider refinancing your home mortgage loan.

However, before you refinance, it is imperative to comprehend how it performs and assess the advantages and disadvantages of your specific circumstances. For instance, the documentation requirements to obtain approval and the lack of awareness regarding refinancing options are the things that surprise many homeowners.

Consequently, knowing the fundamentals of home refinancing and how it helps achieve your financial goals will undoubtedly assist you in determining what mortgage option will be more beneficial for your situation.

What Is Refinancing?

Typically, refinancing is defined as the process of substituting a present mortgage with new debt. Individuals refinance their mortgage usually to lower their monthly payments, reduce their interest charges, or eventually alter their entire debt program from an adjustable-rate house loan to fixed-rate debt. Some homeowners require easy access to their money to pay off different loans or finance house renovation projects and take advantage of the equity from their home to get a cash-out to refinance.

Irrespective of financial goals, the eventual refinancing method works largely in a similar manner as when one applies for their initial mortgage. Therefore, you will have to set aside some time to do the necessary research on your mortgage options, gather the right financial and other essential documents, and promptly send a house mortgage refinancing application to get the approval.

Advantages of Refinancing

There are plenty of potential benefits to refinancing your home mortgage, which is included below:

• Reduce monthly payments: Studies suggest that refinancing may enable an average property owner to save about $160 or more per month. Lower monthly payments allow you to use the savings freely towards other expenditures and loans or the monthly mortgage payments to pay off the loan sooner.
• Lower the time-period of debt: A thirty-year mortgage may be the most sensible financial decision for property owners who took a housing debt in the initial stages of their professional life. However, lowering the mortgage term can be a good choice for those who aim to pay off their debt sooner.
• Retire home mortgage insurance: For homeowners who hold enough principal paid off or property, appreciation will not be necessary to bear mortgage insurance that will lower their overall monthly payment.
• Reduce interest charges: Refinancing to a reduced fixed interest rate can certainly decrease your monthly debt payment amount.
• Switching from a previous adjustable-rate mortgage to a new fixed-rate mortgage: When you have an adjustable-rate house loan, you can adjust your payment up or down with interest rates. Switching towards a fixed-rate mortgage with regular and reliable monthly payments can render property owners the sense of realization that their payments won’t change.
• Utilizing the equity available in your house to obtain a cash-out refinance debt: You may have enough capital, with rising house values, to get a cash-out to refinance loan that you can use to finance your home improvements, fund large purchases, or pay off loans.
• Consolidating your initial mortgage and your credit’s home equity line: You can easily simplify your finances and focus on one mortgage by rolling your credit’s home equity line into just one monthly payment.

If you hold a debt backed by the VA, USDA, or FHA, you can benefit from several streamlined refinance programs. Such programs offer a well-simplified approval process by eliminating or lowering several of the credit, income, or appraisal reviews, all included in universal refinance programs. It is imperative to mention here that streamlined refinance mortgages may not offer the ability to cash-out. Also, such mortgages may increase your total cost, like any other refinancing options, over the term of the debt. Even when you have not been able to refinance, mortgage programs and interest rates are always changing. Taking expert advice is beneficial in these matters.

Conclusion 

In conclusion, refinancing your home mortgage is a strategic financial move that offers various potential benefits, including reduced monthly payments, shortened debt duration, elimination of mortgage insurance, lower interest charges, and the flexibility to tap into your home’s equity. Understanding the fundamentals of refinancing and its advantages empowers homeowners to make informed decisions aligned with their financial goals. It’s crucial to conduct thorough research, gather necessary documents, and navigate the refinancing process diligently to achieve the desired outcomes. Consulting with financial experts can provide valuable insights, especially in the dynamic landscape of mortgage programs and interest rates.

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.

Building credit is not an overnight task; it builds slowly over time. Getting a loan, mortgage, or lease requires a good credit score, highlighting that you have behaved responsibly in the past. Good credit reduces risk because you are more likely to make your payments on time.

Students and young individuals who will start building a credit history must make intelligent decisions to ensure a safe future. Doing things right from the start has advantages; maintaining a good credit score is no exception. Here are five ways to build your credit history the right way.

Get Help

Anyone in your family who has a good credit history can help you start the credit journey imperiously. Opening a loan account with a cosigner with a good credit history is a great way to kick-start the process.

The cosigner guarantees the payment if you cannot make it and should be someone who trusts you. The cosigner’s credit score can also suffer if you cannot pay, so all terms must be cleared to protect both parties before taking this option.

Getting someone to cosign a loan is not without its risks. If you default on the loan or fail to wipe out the debt, it can ruin the credit of the person who cosigned for you. This person can also be sued or taken to court by the party attempting to recover the debt.

A Starter Credit Card

A starter credit card is built explicitly for people starting their financial journey and usually has lower credit limits of up to $300 – $500. However, interest rates are significantly higher compared to mature credit cards. Student credit cards allow you to gradually build up your credit and upgrade your cards when you build some credit.

People with a bit of credit history can opt for a Capital One credit card, which has a high approval rate among starters. These cards have no annual fees and offer better rewards if you have a good credit history. Though a starter credit card can be a great option, remember to pay down any balances as soon as possible to avoid high interest costs.

Watch your Credit Card Balances

Another significant factor in measuring your credit score’s worthiness is how much revolving credit you have versus how much you use. The percentage should be smaller and often the optimum 30% or below the rate for a better credit rating. Paying off and keeping your balances low will ensure this percentage stays down.

Consolidating your credit card balances with a loan can also help you score valuable credit points. Your priority should be building credit with credit card issuers accepting multiple monthly payments.

Leave Old Debts on the Credit Report

There is a general perception that debt on your credit report is a bad sign and that you should hurry to remove it as soon as you pay off the loan. At the same time, negative items affect your credit score for worse and generally stay on your report for almost seven years.

Getting them removed might not be such a bright idea. If you have paid off the debt, you have converted it into good debt, which helps build a credit score. Credit building experts also recommend keeping the old accounts you have a history of paying open. Therefore, never try to get rid of old debts that have been paid off.

Pay Bills on Time

If you are trying to make a big purchase related to a house or car, plan for it in advance rather than skimping on your regular bill payments and scrambling for money from here and there. A good credit score requires you to invest time by maintaining a steady flow of payments, month after month.

Ruining all the effort and diligence by missing a single payment is never a bright idea because it will take years to build that again. Building credit requires patience and implementing innovative strategies to keep your financial and bookkeeping needs in order.

Conclusion 

In conclusion, building a solid credit history is a gradual process that requires strategic decisions and financial responsibility. Whether starting with a cosigner, using a starter credit card, managing credit card balances, preserving old debts, or prioritizing timely bill payments, each step contributes to a positive credit journey. Patience, diligence, and a long-term perspective are essential in establishing a strong credit score that opens doors to future financial opportunities.

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

The healthcare reforms of the government are affecting not only doctors and practitioners but also severely impacting patients. The changes are limited to the payment initiative, such as pay for performance systems, but these reforms have even introduced the trend of health-related insurance plans. With the increase in health insurance plans, one can observe an increasing trend in high deductible health plans. This increase means that patients today are more responsible for their health care expenses. However, this trend has benefited society, as patients today are more concerned about their healthcare and are actively participating in improving their lifestyles. However, with the increase in healthcare expenses and the burden on individuals, healthcare providers are more concerned in developing an effective system to ensure that their patients are clearing their balances.

With the rise in insurance plans, patients have observed higher medical bills than usual, which are later left unpaid. This rise has led to a need for improvised patient bill collection systems in the healthcare provider industry.

The following five ways can vastly improve a practice’s collections of medical bills for any healthcare service provider.

1. Train your Customer Relationship Officer or your Front-Desk Manager regarding the Boarding of the Patients

The customer relationship officer is the person that the patients will be talking to regarding any appointment boarding or payment issues. Therefore, you must train them to collect all dues from patients, and they should always verify insurance coverage. The customer relationship officer’s primary duty is to inform patients of their contributions and tell them about all of their payment options. This information will keep things clear between you and your patients before they come for their next appointment. Another successful idea is to create a script for your hospital staff to know how to deal with customers in case of overdue bills. This training will help your staff learn the ways to deal with such patients courteously and respectfully.

2. Keep your Payment Policies Transparent 

Healthcare providers often unintentionally blindside their patients regarding their medical invoices, and, usually, costs are not included in the patient’s budget. This misinformation is one reason why it becomes so difficult for a healthcare provider to collect medical payments from patients as they do not have enough planned savings. Hospitals and healthcare service providers must keep patients informed about the total cost of all procedures to decide if they can afford it. This transparency is not just limited to the cost of medical procedures, but it should also include payment policies. A healthcare service provider can put signs in their waiting rooms that should state their payment policies. Medical practitioners must remain clear regarding what they are expecting from their patients concerning payments. To eradicate confusion, every staff member and customer relationship officer of the hospital should know all policies to deliver clear, transparent information to their patients.

3. Verify Insurance Coverage in Advance

Healthcare providers must verify insurance coverage of their patients before starting their medical procedures. Insurance coverage would include the kind of medical services included in their package and the patient’s financial liability. By getting the proper information regarding insurance coverage, healthcare providers will be able to avoid less debt from their patients.

4. Get an Estimate of the Total Medical Cost for the Patients

Once you are aware of your patient’s insurance coverage and its complete details, you should estimate the total cost of all services that a patient is looking to have performed. Although the cost estimation process is long, it has many benefits, such as:

1. Increasing satisfaction of patients
2. Minimizing the days of receivables
3. Improving payment collections
4. Improving the payment process for patients

To collect payments from patients effectively, healthcare providers should improve their payment processes by introducing maximum payment options. Including cash alternatives, such as credit cards and online payment options, will not stall the payment process. It has been observed that online payment methods attract more patients to healthcare service providers as patients, at times, are out of cash and prefer using credit cards for paying their bills.

5. Incorporate a Proper Billing Software 

Manually bookkeeping all payments and bills is a challenging process. The more challenging task is managing the debtor account receivables; therefore, it is advised that one should have billing software for their medical services. This software provides a platform with all of the comprehensive solutions and will record and generate bills and keep a record of all of your paid and unpaid bills, late fee charges, and the customers who still have yet to pay their dues. You can quickly get their personal information and politely remind them regarding their outstanding contributions using such billing software.

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.

Bookkeeping, forecasting, and planning are not just for start-ups. If you do this in an ongoing business, you’re going to grow 30% faster, you’re going to be more prosperous, and your statistics will mean more. Being an entrepreneur requires a sense of self-confidence and firm faith in your idea so that you can have the nerve to capitalize on a dream of your own, as opposed to living someone else’s vision in a regular job.

The financial aspect of starting your own company, though, tops the list of elements that need to be considered very cautiously and require proper planning, bookkeeping, and monitoring. There are steps to guide you in better organization of your finances so that you can see your dream to its end without surrendering due to financial issues. Financial ratios are a useful and convenient tool for measuring a company’s performance and its financial position. There are many benefits to entrepreneurship. You get to be your boss, work in an industry you’re passionate about and acquire significant rewards if that business turns into a victory. Unfortunately, entrepreneurship often involves substantial financial risk, and without accurate planning, a failed business can also tank your finances.

Here are six signs that your company is in good financial health and a few guidelines on how to set yourself up to survive the worst-case scenario of your business failing.

   Your Income Is Growing

When viewing your profit-and-loss statement, you must be able to see a reasonably stable increase in your profits month after month, year after year. It doesn’t have to be an enormous spike in profitability, but even just an increase of a couple of percent shows an upward movement and a strong financial viewpoint.

   Your Expenditures Are Remaining Flat

In concurrence with your income growing, you want your costs to stay uniform. If your business experiences a substantial growth spurt, then your costs may rise, but, in general, this upsurge should be in-line with your increase in revenue.

   Your Cash Balance Exhibits Progressive Long-Term Growth

While you may be growing your revenue, if you’re taking that cash and simply financing it back into the business, you might find yourself asset rich and cash poor. A low or stagnant cash balance means your business is not maintainable. You want to keep a good quantity of money in the bank so that if anything emergent comes up, you don’t have to incur more debt to meet an unanticipated expense.

   Your Debt Ratios Must Be Low

There are two debt ratios to pay particular attention to a business’s debt-to-asset ratio and debt-to-equity ratio. For debt-to-asset rates, maintaining a 2:1 ratio or lower is desirable.

   Your Profitability Ratio Is on the Healthy Side

One of the best ratios to calculate is your profit margin. This calculation includes taking your annual net profits and dividing it by your yearly sales. So, while you may be making sales, your profit margin could still be low depending on your pricing structure, start-up costs, or other elements. Your profitability ratio is measured healthy when it’s on the high side.

   You’re Functioning with New Clients and Repeat Customers

The charge to acquire new clients is higher than the cost to work with the same customers repeatedly. A stable stream of new clients and repeat customers exhibits that your business has multiple options for producing revenue. By having contact with new customers, you can help isolate your business from changing attitudes and buying patterns.

Final Note

Evaluating the financial health of your business involves a comprehensive assessment that goes beyond a simple profit-and-loss statement. It thoroughly analyzes various aspects of your business bookkeeping, delving into income, expenses, assets, liabilities, and more. A deep understanding of your business finances is crucial for sustained success and profitability. It allows you to make informed decisions, identify areas for improvement, and implement strategic measures to optimize financial performance. In essence, the more intricately you comprehend your economic landscape, the better equipped you are to navigate challenges and ensure the long-term prosperity of your business.

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

No matter how big or small your business may be, employee theft will continue to eat a significant portion of your annual revenues and profits. It is something that has been around since the beginning of time. No one can deny that businesses are vulnerable to fraud, primarily SME entities that suffer excessively huge losses from fraud. SMEs must ensure adequate internal controls to create a favorable profit-producing environment. However, you may believe that fraud cases are found in large-scale companies with thousands of employees in multiple locations. SMEs are victimized, and employees tend to steal from smaller businesses more frequently than larger organizations.

SMEs Are Vulnerable to Employee Fraud

Today, organizations have mixed opinions on dealing with fraud cases. Some are proactive and instill policies for prevention; some are lenient and show more sympathy towards their employees on personal grounds. According to studies, organizations with fewer than 100 employees are more vulnerable to employee fraud as they account for the highest percentage of fraud. SMEs are more inclined to generate sales and profits and care less about maintaining effective internal controls and reviewing their bookkeeping records with a fine-tooth comb. Each year, SMEs lose billions of dollars in annual revenues and profits worldwide, showing that employee fraud is inevitable and hurts a business’s integrity.

Fraud Can Be Prevented

With innovative tools, techniques, and practices, fraud prevention and detection is possible. It would help to choose the right prevention option by comprehensively analyzing your business. No one knows a business more than its owner, and owners can potentially change the fate of their company. They know their business’s strengths and weaknesses and can turn things around in their business’s favor. In organizational setups, SMEs have scarce resources that they need to ensure that everything is under control or not. Business owners must know how to create and maintain internal controls by implementing a properly designed fraud prevention and detection plan with limited resources.

Why Do Employees Steal from Their Company?

Two primary reasons employees get involved in fraudulent activities in an organizational setup are when they are undervalued and underpaid. These two things work as fuel for them, and if it’s not there, the employees feel discouraged, demotivated, and left out. Moreover, you can only expect your employees to work efficiently if the owner ensures both. When these two things aren’t there, the owners can expect their employees to be involved in fraudulent activities through various means. Organizations can catch up with their fading fate by creating, implementing, and practicing the proper internal controls.

Corruption Ruins the Business

Moral and financial corruption eats up an entire organization, slowly and gradually. Diminishing profit margins and draining profitability lead a business toward a complete disaster. Owners eager early on to get their organization’s operations back to normal may have a slight chance of success. But, those who react when the time has passed achieve very little or no success. Some organizations choose to hire professional managers who can turn things around on their organization’s behalf. Hiring professionals seems wise, especially for those good at yielding sales and profits but lacking the managerial skills to maintain the proper internal controls.

Maintaining Effective Internal Controls

Organizations need to prevent and detect fraud in a way that others working in the company don’t notice. Companies can often overcome business challenges effectively by slightly modifying the existing organizational processes. Sometimes, they are successful; sometimes, they fail. It all depends on how well you leverage your internal controls. For a typical company, separation of duties is a critical tool that helps evaluate performance on an individual scale. This way, you get to know whether your employees are stealing from you, and if they are, you will know who is stealing!

Additionally, it would help if you ensured that your employees abide by the policies and procedures. Encourage your employees to document everything to know what is lacking or where the problem is. These are some of the ways by which you can maintain proper internal control in your organization.

Conclusion

In conclusion, the threat of employee theft looms large for businesses, especially SMEs, facing significant financial losses annually. The vulnerability of smaller organizations to fraud necessitates proactive measures in implementing robust internal controls. While fraud is prevalent, prevention and detection are possible through innovative tools and a well-designed plan tailored to the business’s unique needs. Business owners play a crucial role in understanding and addressing the root causes of employee theft, such as undervaluation and underpayment.

By creating a work environment that values employees and addressing issues promptly, owners can significantly reduce the risk of fraud. Whether moral or financial, corruption poses a severe threat to businesses and requires a timely and strategic response. Effective internal controls, such as the separation of duties and adherence to policies, are instrumental in identifying and preventing fraud discreetly. Maintaining a vigilant approach and encouraging transparency within the organization are crucial elements in safeguarding against the detrimental impact of employee theft.

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

The job of a retailer is to put all its focus, time, and resources into trying to find ways to generate more sales. Sales ultimately lead to revenues, which are integral to the growth of the business. However, the sales process involves many critical steps, physical processes, and systems that allow a transaction to occur. A Point of Sale (POS) system that is right for your business will help you. A POS checklist would not only include conducting sales transactions. It should also handle several other activities around it, ranging from inventory management, returns, and exchanges to tracking customer behavior.

With so many solutions offered for POS services, it can be challenging to find the right one for your retail business. In this article, we have highlighted guidelines to help you choose what’s best for you.

POS Checklist – Understanding Your Needs

Due to the many POS systems available in the market, it cannot be obvious to choose among them before assessing your business needs. If you leave this task to the system provider, they will most likely install a system that offers them the most profit and is not suited to your needs. Before pursuing a specific system provider, you must assess your needs according to the specifications below.

Inventory and Customer Management

Inventory management should be a priority on the POS checklist for any business that sells products. Keeping your shelves stocked requires you to keep an efficient POS system that automatically updates after a sale has been made. It will save you a lot of time and energy in keeping track of every item in the inventory.

Apart from managing your inventory, a POS system allows you to monitor your customers closely. The right POS system for your business lets you run loyalty programs that are great for your business’ marketing aspect. Customers can avail of discounts and get alerts about sales or offers in advance. It also allows insights into customer behavior by recording each customer separately.

Hardware Needs

A POS system is software, but running it on the correct hardware is essential. Typically, small businesses only require a tablet or system supporting cloud-based POS software. However, larger stores need printers, terminals, card readers, e-tags, and other sophisticated machinery to make the checkout process faster and more convenient.

Before making any hardware investments, scrutinize what you have and what must be added to make the process more efficient.

A POS Checklist must entail the effectiveness of a POS system in terms of its capability and robustness. As every business has specific unique needs, your business is no exception. Therefore, the POS system must cater to the individual demands of your business.

Ease of Use

It is perhaps the most critical capability associated with a POS system. Processing time is of the utmost importance when there are long queues of customers, and every second is crucial. The POS system should be simple enough so you don’t have to consult a manual every time there is a pause. A POS checklist must ensure the system is thoroughly checked and beta-tested before implementation.

Integrating other Areas of your Business

If a POS system cannot integrate the critical areas of supply chain and logistics with your inventory, it might not be robust and effective. Systems that automate most processes are generally a safe bet because they save you from spending countless hours transferring data from one function to another.

Another point to remember when choosing the right system is that the POS checklist should ensure the vendor clearly illustrates the price for implementing the whole system. If the system can track information related to business analytics, it is a huge benefit, and you can only observe its real advantages once you implement one in your business.

Conclusion 

In conclusion, choosing the right POS system is pivotal for a retailer’s success. The POS checklist emphasizes understanding specific business needs, including efficient inventory and customer management. Hardware considerations, ease of use, and integration capabilities with supply chain and logistics are crucial factors. The effectiveness and robustness of the POS system should align with the business’s unique demands, ensuring seamless operations and customer satisfaction. Additionally, transparency in pricing and the system’s ability to track business analytics further contribute to its effectiveness in driving sales and facilitating business growth.

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

The General Opinion about the New Tax Cuts and Jobs Act

In growing economies and changing corporate dynamics, regulatory authorities need to introduce rules and laws in the business community’s broader interests. Perhaps no one would deny the fact that the rule of law embodies a just society. When people follow a code, they are successful in handling important business affairs, which leads them to achieve a notable growth in the business sector. One thing is obvious, and businesses would go to any extent to cut their taxes and expenses. One way to do that is by keeping an eye on changing policies and procedures set forth by the local or federal authorities. As far as employees’ rights are concerned, individual job acts provide them with a sense of security that keeps them going in the competitive corporate sector.

By following a specific code and abiding by changes in the laws regarding the Tax Cuts and Jobs Act, companies can breathe a sigh of relief because particular changes in tax cuts and jobs act provide publicly traded companies, employees, and stakeholders a sense of security. All stakeholders need to have a clear picture of the rules regarding the Tax Cuts and Jobs Act to ensure smooth business operations and accounting compliance.

Regulatory Guidance for Accounting Effects of the Tax Cuts and Jobs Act

Commission staff issued Staff Accounting Bulletin No. 118, which provided issuing guidance for public corporations or publicly traded companies, investment companies, auditors, accounting professionals, and others to help ensure timely public disclosures impacted by the tax cuts and jobs act. SAB No. 118 stated: “the Commission staff recognizes that the registrants are likely to face repercussions for which the accounting for certain income tax effects of the Act will be incomplete by the time financial statements are issued for the reporting period that includes December 22, 2017, the date of the Act’s enactment.”

Investors and other stakeholders contemplated whether or not investment companies or publicly traded companies rely on the guidance issued when dealing and calculating Net Asset Values (NAV). The division of investment management (DIM) gave a call to all registrants that they can rely on SAB no.118 for figuring out NAV and reporting measurement period adjustments for a brief period.

Moreover, SAB no. 118 also stated that relevant information must also be disclosed to the investors, venture capitalists, or stakeholders to know about the material impacts of the act to material provisions and the calculation of Net Asset Values (NAV) for which the accounting is incomplete. This indicates that the disclosure of the impacts must be publicly communicated to the registrants and investors through websites, press releases, or anywhere suitable in a reasonable manner.

A Major Change in the United States Tax Code

The Tax Cuts and Jobs Act is expected to witness a significant impact on the public corporation’s local and international tax consequences. With the introduction of SAB no. 118, the changes are predominantly the most significant overhaul of America’s federal tax code since 1986. Industry veterans believe that the changes might give rise to specific operational changes since the magnitude of changes in the act is vast.  They also think that it may give rise to constraints for entities when fulfilling requirements, as stated in the act.

What Veterans Have to Say about the Changes in the Tax Cuts and Job Act

Moreover, industry veterans believe that it may take a little while for investors, bookkeeping experts, auditors, and all stakeholders to comprehend and comply with the new guidance as the changes have long remained the same since 1986. Dealing with new compliances may take a while, but they shall be understood by stakeholders involved. The changes in the Tax Cuts and Jobs Act have indeed surprised registrants since they were mostly of the opinion that they may never change.

For the stakeholders’ more substantial interests, the Tax Cuts and Job Acts are expected to keep public corporations on track. By following a specific code and abiding by changes in the laws, companies can expect to put themselves on the path to glory.

Conclusion 

In conclusion, the Tax Cuts and Jobs Act brings significant changes to the corporate landscape, prompting a need for thorough understanding and compliance. Stakeholders, including investors and public corporations, must adapt to the new regulatory environment. The introduction of Staff Accounting Bulletin No. 118 provides guidance but highlights the complexities involved, especially in disclosing incomplete accounting impacts. Industry veterans acknowledge the magnitude of the overhaul, foreseeing operational adjustments and potential constraints.

While the changes may pose challenges, the Tax Cuts and Jobs Act is crucial to keeping businesses aligned with evolving tax codes, fostering transparency, and ultimately paving the way for sustained success in the dynamic economic landscape.

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.