Non-Profit Tax Basics

Posted on July 5, 2018November 10, 2023 by Jennifer Brazer

It’s common knowledge that tax exemption is challenging; it takes a lot of time and effort to get it done correctly. The tax exemption recognized by the IRS allows you to devote your financial resources to charitable causes instead of paying taxes. Tax Accounting for non-profits includes similar accounting procedures for running a proper business.

Determine Your Charitable Organization Type

Choosing the right organizational type is a crucial initial step in obtaining tax-exempt status for a charitable organization. The options include trusts, corporations, associations, sole proprietorships, and partnerships. Each type has distinct legal structures and implications, influencing liability and governance and separating personal and organizational assets. The decision hinges on the nature and scale of charitable activities. Once the organizational type is determined, it paves the way for fulfilling specific legal and regulatory requirements essential for tax-exempt status.

Filing Proper Tax Accounting for Non-Profit

After determining your organization type, the next step is collecting all the necessary documentation for the tax-exempt status. It is one of the most essential steps in developing the procedure for tax accounting for non-profits. Some critical documents could include the articles of incorporation, any paperwork related to trust, or organization articles. Ensure all needed documentation is accurate, complete, and consists of all vital information.

After gathering all the vital information, you need to complete Form 1023 – Application for Recognition of Exemption Under 501(c)( 3) of the Internal Revenue Code (or Form 1023-EZ). Form 1023 is about thirty pages long and requires you to fill out all the necessary information from what you gathered.

Maintain Tax-Exempt Status

Tax accounting for your non-profit business allows the organization to maintain its tax-exempt status after successfully getting the exemption. It is necessary to abide by the various rules and regulations set forth by the IRS to keep the tax-exempt status. The non-profit cannot become a for-profit to maintain tax exemption. It has to remain owned by the public, and the organization’s management is conducted by the board of directors and the board officers. These boards are allowed to make important policy decisions, including overseeing all non-profit organization activities.

It is necessary to protect the board of directors from any case of personal liability. Sometimes, it may seem challenging to do, but the members usually have voting rights and use them to make crucial decisions. Such decisions also include making amendments to the organization’s articles or the company’s operational bylaws and electing new non-profit organization members.

An essential part of having a tax exemption is to have a detailed record of every transaction conducted while determining the tax accounting for non-profits. Most organizations use a double-entry transaction system to allow you to have all the necessary documentation involved in the paper trails. Under the IRS-recognized tax-exempt status, senior management’s responsibility is to restrict particular activities and file all the paperwork on time when they are due for submission. Tax accounting for non-profits also includes the following:

The organization must not make any contribution to any political campaign
The non-profit is not allowed to donate anything to any political party
They are permitted to conduct limited lobbying, but the process is heavily restricted
The non-profit must not provide any revenue or profit based on its charitable activities
Salaries and other operational costs are permitted

Increased Scrutiny of Non-Profits

The IRS amplified its scrutiny of charitable organizations around 2007, holding tax-exempt organizations further accountable for what they do; hence, proper tax accounting for non-profits is essential. Continual variations in accounting and auditing standards increase costs to the certified public accountant or CPA, but establishments may not have improved their budgets to sanction that.

Understandably, the IRS would need to increase the scrutiny of non-profits and charitable organizations due to fraudulently registering as a non-profit to avoid taxes while earning money for the founders. This increase in scrutiny affects legitimate non-profits due to the challenges in getting the status.

Conclusion

In conclusion, obtaining and maintaining tax exemption for non-profits demands meticulous documentation, adherence to IRS regulations, and vigilant governance. The intensified IRS scrutiny, although necessary, adds complexity, emphasizing the critical role of accurate tax accounting in sustaining non-profit status. Upholding transparency, ethical practices, and compliance becomes paramount in navigating the evolving landscape of non-profit tax responsibilities.

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.

Startup Survival Guide

Posted on July 3, 2018November 10, 2023 by Jennifer Brazer

There is a well-heard theory about ‘survival of the fittest’; then there is another adage that goes: “A smooth ocean never makes great mariners.” The ‘survival of the fittest’ theory and the adage mentioned above fit quite well in the case of start-up businesses. And their cases are usually quite tough ones to navigate.

It is estimated that over 150 million new start-up companies prevail, and almost 50 million new companies start up every year. By and large, there are 137,000 new businesses which are developing each day. These are significant numbers by any definitions.

In any case, the question remains, what number of new businesses tend to survive in the dynamic and rapidly changing competitive environment that has changed the very idea of the start-ups in the present day?

Indeed, there has been a significant paradigm shift in start-up businesses. Furthermore, these changes have tested the general functionality of start-ups.

Cut Throat Competition

The corporate world is very competitive. There will always be an intense competition going on between the different businesses in each industry. Competition is indeed one of the most significant challenges for the survival of new companies. What’s more, should there be an online business start-up, the competition gets even harder. Also, the aspect of bookkeeping is further complicated by the existence of an online setup of the business.

The intensely competitive environment keeps new businesses on their toes, as there is no room for error. Both B2B and B2C businesses always tend to feel the intensity of sheer competitiveness in the industry. Survival in this competitive environment is a must for both conventional and online businesses. New companies need to have a completely aggressive approach and punch over their weight to pick up the much-required recognition among the clusters of ever-expanding and challenging businesses.

Unrealistic Expectations

Success is not an individual achievement. It brings along some expectations. On most occasions, the expectations may seem highly practical but can be, in fact, utterly unrealistic. This particular instance holds for new businesses and their eager entrepreneurs.

New companies tend to confront challenges when they set unrealistic expectations following a considerable achievement. Keep in mind, the achievement is always short-lived, and the desires never end. This is the place where new companies need to decipher what genuine expectations are. It is all about sustainability, and it requires consistent efforts.

To prevail in a competitive world, new companies need high but practical expectations: keeping the perspective of their resources at hand, the degree of development potential, and other market factors considered with a detailed approach.

Enlisting Suitable Candidates

Among the most critical elements that characterize hierarchical culture inside a new business, a standout is the collaboration of the group. A group involves people with comparable abilities and indistinguishable core interests. Keeping in mind the end goal to build up an exceedingly useful group culture, associations when all is said in done – and new companies specifically – need to employ reasonable and competent candidates.

There will always be an enormous pool of candidates available. Choosing a reasonable candidate that fits the job perfectly is a particularly precarious task. It is one of the most significant challenges confronting new companies in this digital age. While employing an appropriate applicant, organizations must stick to one fundamental principle: Birds of a feather flock together. This is particularly important in hiring individuals charged with bookkeeping management. The team responsible for financial management needs to be highly professional and skilled in maintaining the records.

Financial and Bookkeeping Management

Cash generates expenses. It is important to remember that, as the income increases, there is also a proportional increase in expenditures. There are no doubts about this. One of the most significant challenges that new companies confront today is related to financial management.

It is a hard fact that small businesses, in their initial phase, are heavily dependent upon financial backups from investors. On occasion, when there is a massive influx of funds, small firms, particularly new businesses, tend to discover that it is genuinely challenging to manage their finances appropriately, and they stall against the crunches.

With a specific end goal to address this sort of situation, new companies need to play a safe and careful hand by keeping every one of its cards close to the chest. Taking assistance from a recognized financial consultancy firm may genuinely assist in overseeing financial and bookkeeping issues confronting new companies in this challenging society.

Employee Theft Alert: Guard Your Assets

Posted on June 25, 2018December 27, 2024 by Jennifer Brazer

According to a report published by the Society for Certified Fraud Examiners in 2016, approximately 30% of all reported fraud cases occur in small businesses with fewer than 100 employees. This alarming statistic underscores the heightened vulnerability of small enterprises to fraudulent activities compared to their larger counterparts. One of the main reasons small businesses are particularly susceptible is their typically limited anti-fraud measures. Many small organizations lack the extensive controls and resources that larger companies invest in to mitigate fraud risk.

Fraud is especially prevalent in small businesses due to inadequate security protocols and the absence of comprehensive systems designed to prevent financial misconduct. While some small businesses have implemented accounting software to streamline their financial processes, this software often does not include the advanced security features found in the systems utilized by larger corporations. The disparity in available safety measures is frequently linked to price; many small business owners choose lower-cost software solutions, which may provide basic functionalities but fall short in terms of robust security.

Moreover, even when a small business owner selects high-quality accounting software, the potential for fraud still exists. A common practice in many small businesses is to assign all accounting and bookkeeping responsibilities to a single employee. This policy can be dangerous, as it concentrates financial oversight and control in one person’s hands, significantly increasing the risk of fraudulent activities. This individual is often the most trusted employee within the organization, entrusted with critical financial operations, which can lead to a lack of oversight and accountability. Such a setup can create an environment where fraudulent activities may go undetected, ultimately jeopardizing the financial health and integrity of the entire business.

Best Employee or Fraudster?

Let us portray how the “best employee” could be stealing money from your business. If you find the following unusual behavior in your best employee, they could turn out to be someone different than you thought.

Unusual working hours

When a single employee performs all of the bookkeeping functions, they might have to work long hours. Of course, that doesn’t usually turn out to be a problem. However, this routine could be a warning sign.

If an employee has a routine of odd working hours, there is a possibility that they are involved in fraudulent behavior with your business bookkeeping. If the employee regularly leaves late and works overtime without asking for extra pay, it could be a sign of “special interest” in your business. Like most of us, you think this is going in your favor, but the case might be the complete opposite.

Refusal to leave bookkeeping tasks to others

If an employee is working hard for a company but is unwilling to leave any accounting and bookkeeping work for others, a check on their activities must be kept. They might be involved in fraudulent practices. If the employee refuses to allow others to look at their work or regularly gets offensive when asked about it, this is a warning sign.

Too much access

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

Your trusted employee is spending lavishly

If your employee starts spending more than usual, keep a close eye on their activities in your business functions. They might be involved in some fraudulent practices. A fixed pay usually does not leave room for spending lavishly all of a sudden.

How to Spot the Fraud

The difference in accounting statements

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

Match the transactions with real bills and invoices

If there is more than one payment for a single bill, it again might be a case of fraud. Keep an eye on the bookkeeping in your business. Check the bills for duplication.

Audit

A business ready for an audit at all times is a business with fewer discrepancies. Conducting regular audits will discourage employees from committing fraud or theft as there is more of a chance they will be caught.

Conclusion

Recognizing the “best employee” in a small business can be a double-edged sword. If you notice any concerning behavior, it’s important to take proactive measures to safeguard your business. By encouraging the division of job responsibilities, regularly reviewing monthly reports, and limiting manual payments, you can foster a healthier work environment and minimize the risk of unethical actions. These practices not only protect your business but also promote transparency and trust among your team.

Entrepreneurial Mastery: Litmus Insights

Posted on June 22, 2018November 10, 2023 by Jennifer Brazer

Understanding accounting, the language of finance and business, is crucial for all business owners and entrepreneurs. When starting a business, learning how to read financial statements is as important as managing any other task. It is of utmost importance to understand the statements, rather than continuing to invest money blindly.

With time, the business will hopefully expand, and bookkeeping with other companies, tax authorities, and customers will have to be made. The business bookkeeping must always be counted and rechecked. These transactions of business and records are maintained using various financial statements and accounting terms.

A successful entrepreneur has a strong understanding of the tools of accounting and finance. Grasping the knowledge of interpreting account statements allows an entrepreneur to be able to accomplish principal tasks.

Entrepreneurs can evaluate and predict the future of business. They can work with other like-minded entrepreneurs to make business plans accordingly and work to achieve their goals.
They can use their time, energy, and money more effectively by making important decisions to help the business grow.
They can review business plans and respond tactically after interpreting accounting statements to prevent loss to the company.

The following are the three most important financial statements in business bookkeeping.

Income Statement

An income statement is divided into sales and expenses.

Sales include the selling of goods and services to customers and receiving monetary payments in return.

Expenses include:

The purchases made on behalf of the company
The employees that were hired for running the business and their salaries
Bank loans that were received on behalf of business for investment or other purposes in the company
Tax expenses that were paid as income taxes

Balance Sheet

A balance sheet is a collective form of statements that are made based on all transactions made in the past. It categorizes assets and liabilities.

Assets can be fixed assets as well as cash in the bank. It includes the raw materials, work in progress that will yield profit, finished goods, and the value-added tax. Value-added tax is a tax on the amount by which the value of an article has been increased at each stage of its production or distribution.

Liabilities comprise the payments that have to be paid by the company. It includes the gross amount of money that has to be paid to suppliers. Value-added tax liability is money paid to tax authorities for the sales that were done, and debt is the amount of money that has to be paid by the company to the lenders.

A balance sheet needs an end balance.

Cash Flow Statement

Cash flow statements show the money that flows in and the money that flows out.

A cash flow sheet includes the investing and financing cash flow. Investing cash flow is the invested cash in the fixed assets of the business. The financing cash flow describes the money in capital from what was either received from the investors or paid to the investors.

A third but essential form of cash flow is “operating cash flow.” It explains the money flowed-in and flowed-out to the running business.

These three cash flows are added and show the change in the overall amount of cash.

Conclusion

The above three financial statements are interrelated. As the income and expense statements increase, the assets and liabilities in the balance sheet will increase. The assets and liabilities will decrease per the cash flows from the cash flow statement.

Entrepreneurs need to know important information in credit analysis of their business. Understanding and correctly interpreting financial and accounting statements can work as a litmus test for entrepreneurs.

Accounting is the language of business. Interpreting this language will help entrepreneurs determine their value of assets. They will be able to calculate profitability and also estimate the risks in the assets of the company. They can understand the company’s financing sources. Entrepreneurs must realize investment, credit analysis, and profitability. The entrepreneur’s ability to identify debt and equity shows insight into the value of a company.

Avoid Common Budget Mistakes

Posted on June 20, 2018October 27, 2025 by Jennifer Brazer

Avoid These Common Budget Mistakes to Save More Money

Common budget mistakes sabotage your ability to save money and build financial security—but recognizing these pitfalls transforms your budget from a source of stress into a powerful wealth-building tool. The most damaging errors include forgetting irregular expenses, underestimating daily spending, skipping emergency funds, creating unrealistic plans, and abandoning the critical tracking process that makes budgets work.

I’ve spent over 20 years as CEO of Complete Controller, partnering with businesses across every industry imaginable, and I’ve witnessed firsthand how smart, successful people derail their finances through preventable budgeting errors. The patterns are remarkably consistent: a missed annual insurance premium here, an underestimated coffee budget there, and suddenly that carefully crafted budget unravels. But here’s what excites me—once you identify these specific mistakes, the solutions are surprisingly straightforward. This article reveals the seven budget-breaking patterns I see repeatedly, along with proven strategies my team and I use to help clients finally achieve the financial control they deserve.

What are common budget mistakes and how do you fix them?

Common budget mistakes include ignoring irregular expenses, underestimating spending, lacking emergency funds, setting unrealistic goals, and not tracking actual versus planned spending
Irregular expenses like annual premiums, car repairs, and holiday costs blow budgets when forgotten
Small daily purchases accumulate into major spending leaks that most budgets miss
Without emergency savings, unexpected costs force debt accumulation or budget abandonment
Tracking and reviewing spending patterns monthly transforms budgets from wishes into working financial tools

Failing to Account for Irregular and Annual Expenses

The most financially devastating budget mistake involves only planning for monthly bills while completely ignoring expenses that strike irregularly but predictably. Research shows Americans waste an average of $10.57 monthly on unused subscriptions alone—over $126 yearly that silently drains budgets because automatic payments hide in the background.

Annual insurance premiums, quarterly tax payments, and holiday spending represent budget bombs waiting to explode. When these “surprise” expenses arrive, households face impossible choices between essential bills and unexpected obligations. Car repairs exemplify this crisis perfectly: the average emergency repair ranges from $300 to $900 for common issues like radiator replacement, yet AAA reports one in three drivers would go into debt to cover these predictable-yet-irregular costs.

Creating sinking funds solves this problem permanently. List every non-monthly expense—insurance, taxes, vehicle registration, holiday gifts—then divide the annual cost by 12. That monthly amount goes into a dedicated savings category. My personal wake-up call came early in building Complete Controller when a forgotten tax bill nearly wiped out my operating capital. Now every client learns this lesson without the painful experience.

Underestimating Daily Spending and “Invisible” Expenses

Tracking only major purchases while ignoring small daily expenses creates massive budget leaks that compound over time. NerdWallet’s 2023 survey revealed 47% of Americans consistently overspend on groceries, while 34% exceed dining budgets monthly—yet most budgets allocate far less than actual spending in these categories.

Coffee purchases illuminate this pattern perfectly. Research shows 51% of people buy coffee shop drinks weekly, with 16% spending $21-30 monthly and 14% exceeding $40. That $40 monthly coffee habit equals $480 annually—rarely reflected in household budgets. ATM fees compound the problem: Americans now pay an average $4.86 per out-of-network withdrawal, reaching $5.37 in cities like Atlanta. Weekly cash withdrawals can total $250-280 yearly in fees alone.

Daily transaction tracking reveals these hidden drains. One Complete Controller client discovered $350 monthly in unplanned purchases simply by recording every transaction for 30 days. Redirecting just this “found money” funded their vacation savings without impacting their lifestyle.

Ignoring Emergency Funds and Buffer Savings

Building budgets without emergency savings guarantees eventual failure when unexpected expenses strike. Bankrate’s 2025 research reveals only 46% of Americans maintain the recommended three-month expense cushion, while 24% have zero emergency savings—including 34% of Gen Z adults.

This savings gap creates cascading crises. Federal Reserve data shows 27% of adults struggled with medical expenses last year, 26% borrowed from family, and 21% missed rent or mortgage payments. Among lower-income households, these percentages double. Without emergency funds, every unexpected expense becomes a budget-breaking emergency forcing debt accumulation or essential spending cuts.

Start emergency funds with automatic transfers, however small. Even $25 weekly builds $1,300 annually—enough to cover many common emergencies. Prioritize this fund before discretionary spending categories. The psychological security alone improves financial decision-making across all budget areas.

Setting Unrealistic or Overly Restrictive Budgets

Creating budgets that ignore genuine needs or eliminate all enjoyment guarantees abandonment within months. Despite 74% of Americans maintaining monthly budgets, 84% regularly exceed them—indicating widespread creation of unrealistic spending plans that set up repeated failure cycles.

Overly restrictive budgets generate rebellion. Research on goal achievement shows only 19% of people maintain goals beyond two years, with most abandoning unrealistic targets within weeks. Budgets banning all restaurant meals or entertainment spending create unsustainable pressure that eventually explodes into uncontrolled splurging.

Build budgets matching actual lifestyle needs, not fantasy scenarios. Include reasonable amounts for dining, entertainment, and personal spending. I learned this personally after banning all takeout from my budget—allowing modest treats actually improved my overall spending discipline by preventing rebellion binges.

Not Reviewing Actual vs. Planned Spending

Creating budgets without tracking real spending patterns wastes effort and prevents improvement. Federal Reserve research shows only 32% of Americans regularly review budget performance, while 16% knowingly overspend monthly without adjusting their plans—a fundamental process failure preventing financial progress.

Static budgets cannot adapt to changing circumstances or reveal spending patterns. Successful budgeting requires monthly comparison of planned versus actual expenses, identifying variance causes, and adjusting categories accordingly. Without this feedback loop, budgets remain theoretical exercises disconnected from financial reality.

Schedule biweekly spending reviews to catch problems early. Compare each category’s actual spending against budgeted amounts, investigate significant variances, and adjust next month’s budget based on discoveries. This iterative process transforms budgets from rigid rules into flexible financial tools.

Skipping Priority Setting and Goal Alignment

Budgets disconnected from personal values and long-term objectives fail when tested by impulse purchases or peer pressure. Without clear priorities guiding spending decisions, every purchase becomes a potential budget violation waiting to happen.

Research confirms written goals with accountability measures achieve 40% faster success than untracked aspirations. Applied to budgeting, this means explicitly connecting spending categories to life priorities—whether building business capital, funding education, or creating travel experiences.

List your top three financial priorities before budgeting. Allocate money first to these priorities, then distribute remaining funds to other categories. One client shifted budget focus to align with travel goals, cutting non-priority spending by 20% painlessly because each decision supported their larger vision.

Overlooking the Human Side of Budgeting

Spreadsheets cannot overcome procrastination, emotional spending, or motivational challenges that derail most budgets. Financial Health Network research directly links budget failures to measurable mental and physical health impacts—including irritability, concentration difficulties, and even physical symptoms like back pain tied to financial stress.

Perfect budgets mean nothing without sustainable habits supporting them. Willpower alone fails against ingrained spending patterns, emotional triggers, and social pressures. Most people abandon budgets after initial setbacks, viewing temporary overspending as permanent failure rather than learning opportunities.

Automate good decisions and build accountability systems. Set automatic transfers for savings, use cash envelopes for problem categories, and share goals with supportive friends. Progress beats perfection—I remind every client that successful budgets evolve through mistakes, not despite them.

Final Thoughts

Mastering these common budget mistakes transforms financial stress into confident control over your money and future. Each error represents an opportunity for improvement, not a character flaw or permanent limitation.

Your budget should serve your life goals, not constrain them. Start by addressing one mistake at a time—perhaps tracking daily expenses or building emergency savings—then expand your improvements systematically. Financial freedom comes from progress, not perfection.

Ready to move beyond budget mistakes and build lasting financial success? The experts at Complete Controller specialize in helping entrepreneurs and families create sustainable financial systems that actually work. Visit Complete Controller to discover how professional guidance accelerates your journey to financial confidence.

Frequently Asked Questions About Common Budget Mistakes

What are the biggest budgeting mistakes people make?

The most damaging mistakes include forgetting irregular expenses like annual insurance or car repairs, underestimating daily spending on coffee and dining, lacking emergency savings, creating unrealistic budgets, and failing to track actual spending against plans.

Why do most budgets fail within a few months?

Budgets fail because they’re either too restrictive to maintain, don’t account for real spending patterns, miss irregular expenses, or lack tracking systems to identify and fix problems before they compound.

How much emergency savings should my budget include?

Financial experts recommend three to six months of expenses in emergency savings. Start with $1,000 as an initial goal, then build gradually through automatic weekly or monthly transfers.

How do I stop going over budget every month?

Track every expense for 30 days to identify real spending patterns, adjust budget categories to match reality rather than wishful thinking, and review spending biweekly to catch overages before they spiral.

What’s the best way to budget for irregular expenses?

Create “sinking funds” by listing all non-monthly expenses like insurance, repairs, and holidays, then divide annual costs by 12. Save that monthly amount specifically for each irregular expense.

Sources

Frugal Confessions. “12 Common Budgeting Mistakes to Avoid (for Personal Budgets).“
Happier Budget. “10 Common Budgeting Mistakes and How to Avoid Them.”
Step.com. “10 Common Budgeting Mistakes to Avoid.”
Grow My Lifestyle. “15 Money Mistakes That Quietly Sabotage Your Budget.”
DCU. “9 Common Financial Mistakes and How to Avoid Them.“
Michigan First. “Common Budgeting Mistakes and How to Avoid Them.”

Jennifer Brazer Founder/CEO

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

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Retail Pro Tips: Boost Store Growth

Posted on June 18, 2018November 10, 2023 by Jennifer Brazer

Retail marketing is crafted with promotional activities that raise store and brand awareness. Brick-and-mortar retail stores must create, support, and execute proper marketing and branding strategies to grab a significant market share, ensuring growth potential. Different media and non-media channels are integrated into retail marketing to increase traffic and motivate shoppers to purchase.

Traditional techniques include print advertising, in-store events, promotions, signage, posters, etc. Digital marketing techniques include online advertising, powerful SEO, social media, etc. The overall shopping experience in the store matters in the retail industry. When retail marketing is right, it will increase sales volume.

Marketing and Growing Your Store—Done Right!

Every business strives to achieve success! Business owners who induct and integrate effective marketing strategies into their store promotions yield significant financial and strategic gains. Simply put, the retail store’s growth is directly proportional to effective marketing and branding strategies. The better they are, the higher the results. You can only succeed once you create awareness about your brand and products, eventually attracting more customers. For careful creation and execution of marketing strategies, it’s better to hire a professional marketing agency as they know the market and evolving business patterns more than you do.

Over the decades, different retail marketing experts have presented various theories and ideas to grow retail stores. However, few have given proper logical reasoning along with good explanations.

8 Expert-Level Tips for Marketing and Growing Your Store

Give People a Reason to Visit Your Store

People must have a reason to go to your store. It is the easiest yet hardest to implement a strategy where so much interest has been generated and visitor influx created. By integrating different levels of image-building and awareness programs, people learn about your brand and what it offers to the targeted audience. According to various studies, people find their reasons for visiting any retail store. Sometimes, visitor influx is created by secure print and digital marketing campaigns, sometimes through a mere WOM (Word of Mouth). So, marketing and growing your store go hand in hand, and both are responsible for the store’s success. You will surely notice significant growth in your business by holding exclusive events and implementing contemporary, time-tested sales promotion techniques.

Focus on Displaying and Presenting Products in Their Right Strategic Order

It would help if you completely owned your brand and its products, accompanied by unique marketing campaigns. Displaying and selling exclusive products to your targeted audience generates a fashionable appeal and a positive vibe, which will help you focus on what you display and sell things. Plus, products come and go, but the unique selling point remains.

Enhance Customer Experience

Marketing and growing your store experience comes with a cost, generally evaluated in time, resources, effort, and energy. Every retail store tries to give customers an exceptional and memorable shopping experience. Only an excellent shopping experience will encourage customers, especially the first-timers, to revisit a store. It can be improvised in many ways, such as a comfortable atmosphere, the right placement of products, an organized and well-maintained store, enticing visuals, and much more.

Never Stop Researching

The more you read, the more you gain! You must develop newer and more advanced marketing strategies to make a difference and maintain a competitive business advantage. Marketing and growing your store are interdependent, signifying that better marketing plans will help improve your store and business.

Be Locally Relevant

It is probably the brightest tip ever shared with the general public. Local relevance bears an immense significance in the retail industry. As a store, unless you are a huge retail chain, you must operate within the local community, developing unique and effective marketing strategies that help you succeed in the retail sector.

Expand Your Business Operations

A big idea or approach will always lead you to expand your business operations. You don’t need to play the small business card; you need to think big to go big, and you can only do that once you have the right plan in mind. Marketing and growing your store chain will help you open more retail stores.

Tell a Visual Story

Your store’s interior and exterior walls speak a lot about your store. Therefore, your window displays must be an invitation to onlookers. Retail stores that are in big malls or shopping centers do this to draw attention. You can expect potential customers to visit your store by telling a visual story, which may trigger impulsive sales.

Use Social Media and Digital Channels

By creating a direct mobile application, you can increase your marketing efforts, which will help you grow your store. According to studies, social media and mobile apps have become necessary to meet the evolving market trends and growth potentials.

Conclusion

Although expert opinion matters as they have vast industry knowledge, you must use your creativity and devise specific marketing plans to help you succeed in the retail business. The aforementioned expert-level tips for marketing and growing your business are vital to success.

Complete Controller. America’s Bookkeeping Experts

CISOs: Cloud Security Woes

Posted on June 15, 2018November 10, 2023 by Jennifer Brazer

A breach in an organization’s database causes considerable damage. A data breach can cost a company millions of dollars. A recent survey by ServiceNow states that around 20% of businesses in Australia and Singapore are at risk of a data breach. Most of the dangers come from unsanctioned cloud applications.

Survey Highlights Cloud Security Issues

A mere 20% of company executives in Australia and Singapore successfully ward off security breaches. These alarming statistics indicate that most companies in both countries cannot protect their data from getting into the wrong hands.

The corporate service supplier, ServiceNow, provides these astonishing results. Oxford Economics commissioned the survey and collected data from 300 CISOs (Chief Information Security Officers) worldwide. Among them, 50 CISOs were from Australia and another 50 from Singapore.

How to Deal with a Data Breach in the Cloud

Experts discussed strategies that help them face challenges posed by severe data breach threats in the cloud in the current cyber landscape. The various data breach issues faced by CISOs in Australia and Singapore are blamed for a severe lack of secure resources. The lack of resources related to security has caused companies in both countries to suffer heavy losses. Many companies in both countries today are troubled with cloud security.

Approximately 66% of corporate security officers in Singapore and 72% in Australia cannot prioritize their alerts to highlight which data is critical. ServiceNow CISOs in Australia and Singapore turn to security automation experts to highlight this concern.

One-third of the respondents from Australia and Singapore recently used automation to improve cloud security. About 40% of the overall security processes and 66% of companies in both countries plan to have automation within the next three years.

Growth in Threat Intelligence

Tech companies in Australia and Singapore are trying to improve their threat intelligence. Today, more and more companies worldwide, including Australia and Singapore, are working on enhancing their growth in threat intelligence. Companies are collecting alerts from different security tools. They can contextualize the warnings by focusing on the critical components of their business.

Despite the automation, companies in Australia and Singapore have decided not to scale back on improving their security to reduce their troubled cloud security issues. Many skilled CISOs said that having highly qualified experts and talent retention are essential for resolving data breach problems.

Singapore More Focused than Australia

Singapore has proven more focused than Australia when it comes to talent-based goals. According to the study by ServiceNow, 90% of companies in Singapore depend upon giving their employees skills. In Australia, 80% of CISOs believe in talent upskilling to improve cloud security.

Regarding talent retention, 92% of Singaporean respondents cited the importance of talent retention. Similarly, around 76% of the CISOs in Australia believe in talent retention. Having skilled employees with considerable knowledge for companies troubled with cloud security is an essential factor.

Prioritizing Cloud Security Tasks

Optimizing their cloud security tasks is an essential part of improving security in companies. The criticality of the business-related information must prioritize the tasks. Critical business information must have the highest priority. With sufficient threat intelligence, gathering security experts will save essential business data before another severe cyber-attack.

Cybersecurity experts have appreciated the efforts and benefits of security automation. They have warned that it needs careful management. It requires monitoring and proper governance to manage business risks effectively. For hackers, the cloud is like a goldmine. The cloud is the first thing black hat hackers attack when targeting an IT firm. A large number of hackers steal user data and corporate data, causing maximum damage. Significant steps must be taken to resolve data breaches in cloud security.

Conclusion

In conclusion, the survey underscores the significant threat of data breaches in organizations in Australia and Singapore. A minority of businesses successfully prevent security breaches, indicating widespread vulnerabilities.

Companies are increasingly adopting security automation and investing in threat intelligence to address these issues. Singapore demonstrates a more focused approach to talent-based solutions, emphasizing upskilling and retention. Prioritizing cloud security tasks based on critical business information is crucial, stressing the need for skilled personnel and effective threat management.

While commendable progress is made in enhancing cloud security, it is crucial to approach measures like automation cautiously, ensuring careful management, continuous monitoring, and proper governance. As the cloud remains a prime target for cyberattacks, resolving data breaches demands proactive and comprehensive measures to safeguard user and corporate data effectively.

Creating a Budget That Works

Posted on June 13, 2018November 10, 2023 by Jennifer Brazer

There’s no denying that creating a budget helps you get a better grasp of money management. Most find it extremely difficult to create a budget, and those who are successful in making one, find it even harder to stick with it. Why? Perhaps, they fail to maintain their long-term budgeting and saving ambitions, which eventually yields no significant outcomes. However, getting in control of your finances is extremely important, no matter whether you are on the path to creating a budgeting plan for your household or business purposes.

Set Long-Term Financial Goals

To reach your long-term financial goals, you need to create a budget plan as it is one of the most critical financial tools that help you meet your intended goals. Whether you are making a budget for your household or business, you must reevaluate your priorities and gather your financial data to have a clear picture of your financial condition. Once you know your cash flow status, only then can you come up with a plan for ideal budgeting. According to studies, 70% of Americans fail to stick with their monthly budgets, which bears testimony that sticking with the budget is extremely tough.

Set Saving Goals

According to the 80-20 rule, you need to save and credit 20% of your income to your savings account. Saving money helps you meet uncertainties and financial emergencies, which allows you to be financially secure and stable. Building an emergency fund for unexpected times should be a top priority because emergencies can occur anytime. Although saving targets can be an individual’s preferences, some set their savings targets up to 40% of the total amount they earn in a month.

Know Your Net Income

To create a budget, you need to know the exact amount of money you have coming in. Why? Because you can only make a workable budget once you know the total income you have to work with each month. This includes everything, including full-time paychecks, part-time jobs, social security checks, child support, etc.

Track Your Spending

You need to track and monitor your monthly spending because this will reveal a lot about your spending habits. It is ideal to make a list of fixed and variable expenses if you expect to create a budget that works for you. Fixed costs include monthly bills such as rent or mortgage, car payments, and utilities. It is hard to cut back on these expenses as you need to provide them no matter what. Variable costs include entertainment, groceries, shopping, etc. Cutting back on these items is relatively easier because of their nature. Creating a budget doesn’t have to be that hard if you know the significance of your expenses as they occur.

Adjust Your Spending Habits

Documenting your income and expenses helps you maintain a record of transactions that will further help you create a budget for the month. People who find it hard to stick with their budget are those who can’t control their reckless spending habits. With increasing e-commerce platforms, it has become tougher to restrict ourselves from impulsively buying products that look visually appealing and attractive. Since humans tend to fall prey to our desires, it can be quite challenging to cut back on our income and save money for hard times. However, if we expect to create a budget that works for us, we need to adjust our spending habits by keeping track of our income and expenses.

Keep Checking In

To stay on top of your expenses, you need to keep checking back in continually. Fortunately, there are budgeting tools and apps out there to help set your priorities straight and have a budget that is easier than ever to create and follow. Besides creating a budget, you need to keep checking in and reevaluating your budget continuously.

Conclusion

While creating and sticking to a budget can be challenging, it is crucial for effective money management. Long-term financial goals act as guiding principles, necessitating a reevaluation of priorities and a clear understanding of one’s financial status. Setting saving goals, knowing net income, tracking spending, and making necessary adjustments are pivotal for successful budgeting.

Despite the everyday struggle to adhere to budgets, regular check-ins using tools and apps help maintain financial discipline. Embracing these practices and understanding the significance of each step in the budgeting process is essential for achieving financial stability and security.

Prevent Employee Fraud in Small Biz

Posted on June 12, 2018November 10, 2023 by Jennifer Brazer

Employee fraud and theft is certainly a big concern for small businesses. Most owners don’t realize the impact fraud could bring on their business and don’t believe it until they face the curse themselves. Small companies have every reason to worry about fraudulent activities in their company. It can hamper and disrupt their working capital and, most importantly, their cash flow. Undoubtedly, small businesses are more vulnerable to employee fraud, theft, stealing, burglary, robbery, embezzlement – whatever you name it – because of ill-defined practices and processes and lack of business control. It indicates that a lack of accounting knowledge and wisdom, coupled with a lack of business management skills, may land you in real trouble.

Employee Theft and Fraud Can Lead to Lethal Repercussions—Are You Protected?

There is certainly no denying the fact that employee fraud can devastate your business. A slight miscalculation in finances or wrongful business projections can devastatingly hurt your business. According to studies, US-based companies suffer a staggering $150 billion loss in fraudulent employee activities yearly, of which 83% of theft happens in small businesses.

Another trend identified by the ACFE (Association of Certified Fraud Examiners) is that small businesses with fewer than 100 employees are more vulnerable to employee fraud, which can even kick the company out of the competitive race. Why? Because of two core reasons: a higher degree of misplaced trust and a lack of basic accounting controls. If small business owners expect to stay competitive, they must develop practical and implementable loss prevention strategies to get their business in full swing. Those who steal from you are often suspected of being the least in the company because of their well-established trust and faith.

What Should You Watch For?

In today’s era, catching culprits can be easy. Now, we have superior technology and practices that can help us prevent organizational losses and discourage fraudulent activities such as employee fraud. Blind trust can lead you to complete failure or utter disaster. You need to track and monitor daily business operations and activities, especially the influx or outflow of cash yourself, to keep things going in the right direction. The fear of losing cash and assets can cause anxiety and mental stress, which can be troubling for your health and business.

Any significant behavioral changes in employee attitude, working abilities, or spending habits can be warning signs of chances of some kind of employee fraud. Sometimes, financial stress and pressure at home can also lead an employee to commit theft or fraud. Moreover, your employees living beyond their financial means can also raise suspicion, which needs investigation. Pure blind trust is a story of the past. No matter how much confidence you have in your employees, you must ensure they are not stealing from you or committing fraud.

Ways to Protect Your Organization from Employee Fraud

Creating a written fraud or theft policy can help prevent employee fraud. This way, employees will know what fraud means to the company and the repercussions if someone from the company is involved in fraudulent behavior or activity. To set a precedent, you must establish a code of conduct with a zero-tolerance policy to discourage such illegal activities.

Having bookkeeping and accounting control would be best to make better business assumptions and decisions. If you have hired internal and external tasks of the business, you need to regularly conduct an audit to know your business’s actual financial conditions.

Final Words

In summary, the threat of employee fraud and theft poses a significant risk to small businesses, often underestimated by owners until they directly encounter its consequences. The potential impact on working capital and cash flow is substantial, making it imperative for small businesses to address vulnerabilities. Lacking defined practices, business controls, and insufficient accounting knowledge exposes businesses to real trouble.

A strategic approach is essential to recognizing small businesses’ heightened susceptibility to employee fraud. Building trust with employees should not equate to blind faith; owners must proactively monitor operations and watch for warning signs, such as behavioral changes or financial stress among employees. Leveraging advanced technology and implementing loss prevention strategies are crucial for staying competitive. Establishing a clear fraud policy and a code of conduct and maintaining solid bookkeeping and accounting controls are vital steps toward safeguarding the organization from the detrimental effects of employee fraud. In today’s era, vigilance and proactive measures are essential to ensuring small businesses’ long-term health and success.

Millennial Budget: 4 Tips

Posted on June 12, 2018November 10, 2023 by Jennifer Brazer

Just like all other generations, millennials have to face a unique set of challenges in their transitional journey into adulthood. Entering into “the real world” has been challenging for the current young generation because of uncertain economic times and the burden of student loans. Money management has to be a top priority if they want to succeed through these tricky times.

Budgeting is vital for everyone. However, it is crucial for individuals in their 20s and 30s because it will eventually decide their quality of life. Keeping track of your financials ensures that you do not make imprudent money decisions and practice healthy spending habits at an early age.

Budgeting Tips for Millennials

Look at the Bigger Picture

Before you get into any budgeting details, you must draw a complete overview of your income streams and how you currently manage them. If you believe you are not earning enough money to make ends meet, it’s probably time to look for another job or cut your expenses. One way to advance in your current job is by giving 100% to even the most insignificant tasks. It might incline your boss to notice your sense of responsibility, which could lead to a raise or promotion.

Having a clear picture of your savings and investment options is also a part of budgeting. Millennials have to be ready for times that are coming up ahead. Invest in a retirement account as soon as possible because this will allow you to start contributing to it. There should also be some emergency funds that can be used for unforeseen circumstances. It would help to look at the bigger picture when making your budget rather than focusing on short-term goals.

Form a Budget

The ultimate purpose of a budget is to allow you to live comfortably within your means and save enough money for your future. The essential ingredient of a budget is data. Your income, expenses, debts, and other financial affiliations will be numbers or data. Add up all income from whatever sources there are to begin your budget.

Once you have accounted for income, try detailing your expenses along with their category, such as living expenses, bills, loan payments, rent, etc. Millennials often tend to let go of small costs that they consider unimportant. However, these small amounts tend to grow significantly with time. Therefore, they must be catered to from the start.

Subtract the income from expenses to have a clear overview of what you must work with each month. The next action plan can be decided based on the data in front of you. It all depends on what you plan to spend and then saving the remaining balance, which will make all the difference in the end.

Refine the Budgeting Strategy

Millennials quite often have to deal with unforeseeable situations because of the fast-paced world in which we live. They come across various instances that may require you to spend outside your budget. It is recommended that you should keep enough space in your allocated budget. Allocate some amount to expenses that may occur without any prior warning.

It is also the time to refine your budgeting strategy as most essential elements are now. As the above scenario shows, everything might not be how we planned. Therefore, a refined strategy caters to all anomalies affecting your budget.

Seek Help from Technology

As we see, the advanced solution to almost every problem is technology. Millennials can similarly seek technological solutions for their budgeting needs. Some apps can help you:

Track cash flows
Optimize investments
Set up a detailed budget
Receive alerts
Provide updated balance details

Keeping track of all these activities in one place is an advantageous way to manage your budgeting needs. Every millennial must implement them to stay afloat in today’s society.

Conclusion

In conclusion, navigating the financial challenges of adulthood as a millennial requires strategic budgeting. Understanding the bigger picture, forming a comprehensive budget, refining strategies to accommodate unforeseen circumstances, and leveraging technology are essential steps. The goal is to live comfortably within one’s means and save for the future. By adopting these budgeting tips, millennials can build a foundation for financial success and resilience in a dynamic and fast-paced world.