Author: Jennifer Brazer

Whether you are a bookkeeper or looking to become one, bookkeepers have seven traits that make them outstanding at what they do. Before starting a bookkeeping business or becoming a bookkeeper, ensure that you have these seven character traits.

A Positive Attitude

A bookkeeper is required to overcome many challenges as they try to construct and develop their business. As a business owner, it can be lonely when there is no higher authority to turn to when things go south. You, alone, will be responsible for figuring out and resolving any problems. It would be best if you didn’t get down with a negative outlook and always address issues with optimism.

A Difference Maker

Being a difference-maker means caring about your job. Make sure that you are satisfying your clients and do everything favorable for them. It won’t help you to be a bookkeeper who does data entry. Make a difference by being someone who breaks everything down to look for the possibility of saving money within your client’s business. If you can do this, you will be considered extremely valuable.

Hard Working

As with any job, this trait is essential. Whether it is bookkeeping or not, starting your own business requires tons of hard work and patience. While having your own business has many benefits, you should be ready to put in your hard work to kick it off effectively. You can never become a great bookkeeper if your bookkeeping skills are not up to the mark, and you are not working hard to make sure that all of your clients are happy and satisfied with you as their bookkeeper.

Organized

Any job probably requires you to be somewhat organized. However, when it comes to bookkeeping, it is essential for a variety of reasons. Being organized is key to being more efficient and ensuring things run smoothly.

Another reason why being organized is essential for bookkeeping is that, in many instances, you will be required to do “house cleaning” after signing on with new clients. This signing on with new clients requires you to organize and clean out the issues in their finances before you even start with the actual bookkeeping.

Able to Work Effectively on Multiple Projects

Not to be confused with the ability to multitask, working on multiple projects at one time means having the ability to determine the projects you are required to do first and the priority order you complete your tasks. You are continually going to have more than one client, and they all will require your undivided attention. Moreover, each of your clients’ businesses will be at different stages and require you to work on different levels as their bookkeeper.

Detail Oriented

The importance of this trait in a bookkeeper is understandable. Ultimately, you are supposed to deal with the finances of your clients. Apart from that, if you are also capable of finding or suggesting ways your clients can improve their profits, there is a huge possibility that you will retain them for a long time.

Personable

Relationships are an essential part of the bookkeeping business. This is a significant reason why clients choose you. If the people you work for cannot connect with you, they will find it difficult to develop trust with you. Being personable is one of the essential character traits of any great bookkeeper.

As a bookkeeper, you are not just supposed to crunch numbers. You are required to crunch numbers while caring what those numbers mean and communicating with your clients as human beings, not only as individuals who do the bookkeeping for their business.

Conclusion 

In conclusion, whether you’re already a bookkeeper or aspiring to become one, possessing the seven key character traits that set outstanding bookkeepers apart is crucial. A positive attitude is vital to tackling challenges in your bookkeeping business with optimism and determination. As a difference-maker, you must genuinely care about your clients and strive to add value to their businesses. Hard work is non-negotiable, especially when building your bookkeeping enterprise.

Being organized is essential for efficiency and smooth operations, while the ability to work effectively on multiple projects ensures you meet your clients’ diverse needs. Attention to detail is paramount in handling clients’ finances and identifying opportunities for profit improvement. Lastly, being personable is crucial for building strong client relationships based on trust and effective communication. These traits collectively define a successful and exceptional bookkeeper.

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.

In the US, farming was once considered a significant occupation. Statistics show that, in 2012, not more than 1% of the American population were professional farmers. Farmers of today face many challenges that the general public is oblivious to.

Most of the general public have an obsolete view when one thinks of a farm. They consider it a small parcel of land owned and run by family members, where cattle are raised, and crops are harvested. In reality, present-day farms must overhaul their operations to cater to the demands and stay competitively priced while adjusting to new technology.

The Top 3 Challenges Face by the Farming Industry Technology

Rural farming communities of today are expected to consider integrating modern technology into their farming industry.

As easy as it may sound, it is not. To make such a shift in rural areas is quite a challenge. The communications systems are not as up-to-date compared to urban areas. Combined, these factors make it difficult for the farming industry to make the switch and become accustomed to ever-changing technological trends.

Technology is also an opportunity in the farming industry. Research shows that the farmers who made the shift and involved modern technology in their business noticed an increase in their production process. It also had a substantial effect on the labor supply.

The Decline in Farming as a Profession

Over the years, the farming profession has witnessed a significant decline in the United States. Today, only a small fraction of Americans list farming as their primary occupation. The demographic landscape of American farmers has also shifted, with the majority of them now being over 55 years old.

Younger generations need to replenish this aging workforce, as many young adults do not view farming as an attractive or aspirational career path. This shift in occupational preference has raised concerns about the future of farming and the sustainability of the agriculture industry in the country.

Environmental Apprehensions

Many farmers are held responsible for how the farming business affects the environment. These days, the emphasis is placed on conservation and sustainability. It has resulted in public protests against some farmers’ certain practices. These practices refer to the pollution of water, raising livestock, chemical pesticides, fertilizers, etc.

On the other hand, many farmers have changed their methods and practices to be more self-sustainable and environmentally friendly.

This is not the only environmental issue that farmers face in their industry. Climate and weather changes are also ecological issues with which farmers must deal. Severe droughts and intense storms have made the farming industry even more demanding and challenging.

Opportunities in the Farming Industry

Despite all of the challenges, there are still opportunities in the farming industry. The NSAC (National Sustainable Agriculture Coalition) works hard to provide farming opportunities to America’s independent family farmers. New federal programs and policies are coming out to support young adults in the farming industry.

Every few years or so, Congress reauthorizes the state farm bill in which legislative decisions about funding and policies provide opportunities for women, beginning, veteran, and minority farmers. The government also considers the funding and monetary aspect of supporting young adults entering the farming business. They will also support and fund any farmers involved in the yearly appropriations process and deliver guide program applications.

Every several years, as Congress prepares to reauthorize the federal farm bill, we inform legislative decisions regarding policies and funding that create opportunities and level the playing field for beginning, minority, veteran, and women farmers.

We also work each year to fight for critical funding to support the next generation of farmers in the annual appropriations process and routinely meet with and deliver recommendations to USDA to guide program implementation.

Conclusion

Agriculture is a growing and vibrant sector of our nation’s economy, yet farming has become an increasingly tricky occupation to enter and build into financially viable businesses. Limited access to land and markets, hyper land price inflation, high input costs, increasingly unpredictable and more extreme weather events, and a lack of sufficient support networks are just a few barriers agriculture entrepreneurs face.

And for new, minority, veteran, and women farmers, the path to a thriving farming career is fraught with even more significant challenges, such as struggling to find financing to purchase land, confronting historical racial and gender inequities, and transitioning back into civilian life after military service.

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.

Embezzlement is a type of financial theft. Embezzlement is a term usually used for fraud or theft made by a trusted employee in a business. Embezzlement is generally a continuous act of stealing small amounts from the company’s finances to fund personal expenses.

In the case of embezzlement, the employer can bring a legal case to court against the employee. The penalties depend upon the amount of theft. After a court case, if found guilty, the embezzler may be required to pay back the money or maybe fined. Some of the cases may cause a prison sentence. Accounting embezzlement is the manipulation of bookkeeping records to hide the theft of assets. Assets can be both funds or property. A bookkeeper who takes customer’s refunds and keeps them as their own is an example of embezzlement. Embezzlement impacts the finances of your business in the long run.

A fox in a financial hen house is, metaphorically speaking, for those trusted to manage bookkeeping work who ultimately misuse their position. They manipulate figures in accounting to make frequent thefts.

Focus on two factors to prevent embezzlement in your business bookkeeping.

• Employees who have fiduciary responsibilities
• Cash transactions

The Signs of Embezzelment

The difference in Accounting Statements

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

The Employee is Spending More than Others

If one of your employees starts spending more than others, keep a close look at their activities in your business functions. They might be involved in some fraudulent practices. A fixed pay usually does not leave room for spending extra than actual needs.

Excessive Transactions

If there are numerous transactions to clear errors, it might be done to hide fraud or theft. If there is more than one payment for a single bill, it again might be the case of fraud. Keep a very watchful eye on the bookkeeping in your business.

Refusal to Leave Bookkeeping Tasks to Others

If an employee is working hard in a company and is not leaving work for others, a check on their activities must be kept. They might be involved in fraudulent practices.

Unusual Working Hours

If an employee has a routine of unusual working hours, they might be involved in some fraud in your business bookkeeping. Specifically, if they are frequently coming in early, leaving late, and doing overtime without a demand for extra payment, these are signs of suspicious interest in your business.

Motives of Embezzlement

There are various motives to commit embezzlement for an employee.

Revenge Motives

When interviewed, most embezzlers said the reason behind embezzlement was to take revenge for the mistreatment they had received at the company.

For example, if an employee had worked very hard to get a raise but was denied, they can develop ill feelings towards the owner and the company. Unfortunately, this is a common practice of employers to make their employees work longer hours without many benefits. Working long hours often results in an increased profit margin, but the employees are often not given incentives. This is the most common cause of embezzlement. The employees try to get the business back, or they want to hit the employer where it hurts the most. Of course, financial loss, though small, hurts the employer and their company.

Lifestyle Motives

There are reported cases where an employee makes frequent thefts from a company’s funding to support a lavish lifestyle.

Addiction Motives

Addiction is the root cause of so many physical ailments as well as unethical practices. Those employees who are passing through emotional stress or trauma must be given emotional support. A few fall victim to drugs. A paycheck is not enough to support their addiction, and, often, they find the only way out is to steal from their employer.

Conclusion

To prevent embezzlement, you must focus on cash transactions and the person in the fiduciary position. Also, be aware of the warning signs of theft in your company. You must be mindful of unusual practices going on in your office. Besides these precautions, build a good relationship with your employees. This will ensure trust between you and those that work for you.

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 average American taxpayer has quite a few options when it comes to preparing their tax return. Those with a modest income, employees, tenants, and low investment owners are better off filing their taxes online through tax preparation websites. The online services are quick, inexpensive, and offer a convenient solution for your basic tax needs. Certain brick and mortar tax preparing services have now launched their websites for such clients.

However, not all tax situations are similar. If you own rental properties, run a business, or have other investments, preparing a tax return is a lot different and, in many cases, will require the services of an expert. A professional tax preparer will ensure that your deductions are maximized and that you end up with a significantly lesser tax burden. However, even an expert requires tidy bookkeeping and specific items to help you file a return to the best of their ability.

Identification

You are required to have a photo identification that would appear on top of the 1040 form. Any type of identification document is sufficient to go through this step. A social security card is the most crucial identification document when preparing a tax return. If you have a spouse or family planning to file jointly, everyone’s social security cards are required. Married individuals need their spouse’s signature on their tax returns before they are submitted to the IRS.

For US citizens, a social security number works just fine. However, in some cases, other nationality holders are required to file income tax returns. They need to acquire an ITIN (individual taxpayer identification number) and bring it to the tax preparer’s office to proceed.

Proof of Income

The purpose of income tax is not only to inquire about what you earn at your place of employment but also from other sources, such as investments, businesses, the sale of the property, etc. Not all of your income gets taxed at the same rate, and some won’t be taxed. However, you have to disclose everything. Earned income will be taxed separately from unearned income.

You must have an official income statement from each of your income sources. Your employer reports your earned income as a W-2, while self-employed individuals report it as a 1099-MISC. You must bring all of these income documents to the expert’s office to prepare your tax return. Below are some types of incomes that you should report to the IRS.

• Earned income
• Income from business
• Rental income
• Social security benefits
• Royalties
• Gambling earnings
• Rental income
• Income earned as dividends on stock
• Alimony

Once you have acquired everything that is needed, you can proceed with the deductions and exemptions.

Proof of Expenses

The most important reason for hiring a tax expert is increasing your deductions in compliance with the IRS rules and regulations. All taxpayers are permitted for a standardized deduction. However, if you want to reduce the tax burden, a lot can be achieved by providing substantial documentation of your expenses when preparing your return.

This is why it is essential for you always to keep receipts as they are the sole proof of your expenses. Businesses are often liable to the most amount of deductions in the form of business expenses. Though, there are deductions like medical bills, childcare expenses, mortgage interest, and charitable contributions that can be included in personal expenses.

Proof of Disaster, Theft, and Other Unexpected Losses

If someone has encountered an unexpected situation and suffered heavy losses, you must not think that the IRS is going to get you. Several provisions in the tax code are designed to help individuals and businesses who have incurred substantial damages.

To claim a loss or theft, you will have to provide proof of ownership and how it was taken away from you. If you have requested a part of the damages with your insurance, that must be clearly stated. In most cases, victims of natural disasters are exempt from taxes by providing proof of lost property and rebuilding expenses.

Conclusion

Individuals who can produce all of the items mentioned above do not need to worry about preparing a tax return. You need to find a good tax preparer and get this taken care of before the due date with substantial deductions.

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 Health Insurance Portability and Accountability Act of 1996 (HIPAA) is a piece of legislation in the United States that ensures the security of all medical information for individuals. 

Today, the top healthcare organizations’ concern is compliance with HIPAA (Healthcare Insurance Portability and Accountability Act of 1996). HIPAA rules are meant to secure protected health information (PHI), whether electronic or manual. To achieve HIPAA compliance, healthcare institutes and professionals must follow guidelines to ensure the security and protection of their patients. If you are unsure about the rules, contact the Chief Information Security Office for review.

HIPAA Compliant – A Checklist

HIPAA rules and regulations have changed, causing healthcare organizations many challenges. Its complex language has often created a hindrance, making it hard for organizations to determine if their activities are correctly maintained according to HIPAA compliance. Healthcare organizations must address some specific rules by HIPAA, which are as follows:

• HIPAA Privacy Rule
• HIPAA Security Rule
• HIPAA Enforcement Rule
• HIPAA Breach Notification Rule

HIPAA Privacy Rule

The HIPAA Privacy Rule ensures that an individual’s healthcare information, including all medical records and personal information (healthcare plans, insurance, and financial), is adequately protected. The goal is to provide security while allowing secure access to healthcare practitioners, but not without a patient’s authorization. The rule balances the disclosure of information and protects an individual’s privacy. According to the HIPAA Privacy Rule, patients have full rights over their medical information, which means they can obtain their medical records or request a correction.

HIPAA Security Rule

The HIPAA Security Rule sets the national principles for safeguarding an individual’s electronic health information as declared under the privacy rule. The Rule ensures the electronic PHI’s reliability, security, and confidentiality. Three types of safety measures fall under the HIPAA Security Rule: physical protection, Technical protection, and Administrative protection.

Physical Protection

Limited Access to Facility—The organization must limit physical access to its amenities and ensure that only authorized personnel are allowed in the facility.

Workstation security—The organization must implement strict policies and procedures for using electronic devices. A covered entity must record all hardware activities, including people responsible for transferring or moving data.

Technical Protection

Access Control—The organization must allow only authorized personnel to access electronic PHI. Any removal of e-PHI from the system must be examined to ensure that it is appropriately altered or destroyed.

Audit Control—All hardware and software activities must be recorded and examined to prevent data theft or misuse. The organization is responsible for ensuring that only authorized people have access to the information.

Administrative Protection

Security Officials – The organization must entitle a security official to implement policies and procedures.

Training Management – The organization must train all its employees and brief them on the security measures of e-PHI and the consequences of violating any policies and procedures.

Assessment – The organization is responsible for assessing all its security measures and how well they are followed. Organizations must be consistent with the rules by limiting the disclosure of e-PHI to a minimum. Only authorized personnel should have access to the information.

HIPAA Enforcement Rule

The HIPAA Enforcement Rule requires enforcement of the Privacy Rule by all healthcare organizations. If any organization fails to comply with HIPAA, it must face penalties. There are several ways the OCR implements the Privacy and Security Rules:

• Investigation of complaints
• Determining whether healthcare organizations follow HIPAA
• Educate organizations and provide substitute compliance if required

HIPAA Breach Notification Rule

Any organization that allows disclosure of healthcare information without authorization, under any circumstances, will be convicted of violating HIPAA rules. The organization must notify the secretary immediately if it discovers an information breach.

Conclusion

In conclusion, the Health Insurance Portability and Accountability Act of 1996 (HIPAA) is a vital piece of U.S. legislation that safeguards the security and privacy of individuals’ medical information. Healthcare organizations face the crucial task of achieving HIPAA compliance, encompassing a range of rules such as the Privacy Rule, Security Rule, Enforcement Rule, and Breach Notification Rule. These rules collectively protect patients’ protected health information (PHI) in electronic and manual formats. The Privacy Rule ensures confidential healthcare data access is granted only to authorized personnel, while the Security Rule establishes national standards for safeguarding electronic PHI. The Enforcement Rule reinforces compliance through investigations and penalties.

The HIPAA Breach Notification Rule demands swift reporting of any unauthorized disclosure of healthcare information. HIPAA compliance is essential, ensuring the protection and privacy of patients’ medical data and underpinning modern healthcare practices.

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.

Document Security is a significant issue faced by almost all businesses operating worldwide. When a company uploads its documents onto the internet through cloud storage devices and platforms, they are at an extremely high risk of falling prey to malicious viruses and dangerous hackers. When placed in a physical form, there is an extremely high chance that they can be lost or damaged due to consequences like fire or theft.

Many businesses worldwide have faced difficult situations of data theft and security breaches, forcing them to pay a heavy price. Therefore, taking security measures seriously when uploading essential business documents such as bookkeeping records and financial transactions is vital.

An Introduction to Document Security

Document security, defined in literal terms, is the maintenance of all essential documents stored, filed, backed up, processed, delivered, and eventually disposed of when no longer needed.

As documents face major security threats, one must realize the importance of developing a document backup and storage plan. It is a much more complicated process than choosing a storage platform that provides ample space. It involves profoundly understanding the security features, capacity, and ability to maintain a backup if the documents are lost. If the documents are lost, your document storage platform should be able to retrieve them quickly.

Many businesses hire companies that provide storage facilities instead of spending cash on renting/leasing more storage space. This storage space is cost-effective and offers sufficient document safety because the storage facility companies guarantee adequate security.

A cost-effective method many businesses use for document storage is hiring companies that offer document storage services in document storage and management platforms instead of paying a lease for more space. Another primary reason that document storage should be a top priority for any business is document security. 

Document security is a highly sophisticated service for document storage that requires a secure, safe facility and provides individuals with expertise in handling, retrieving, and storing documents on behalf of other businesses/companies.

Although there are some mistakes related to document storage and management that should be avoided at all costs:

1. Documents that are not labeled or packaged in an organized manner are often challenging to locate. Most facilities complete the task for businesses, providing their packaging, retrieval, and storage systems.
2. 2. One major factor that many businesses are concerned about is the security of document storage. Most documents stored online are not as safe as they are likely to fall prey to malicious attacks on the internet. Documents are easily accessible to third parties and can be hacked despite having security. Therefore, the lack of an effective encryption method can be fatal for a business.
3. 3. document storage can get jumbled up if not appropriately managed daily, resulting in a troublesome and time-consuming retrieval process.

The Importance of Document Security

Although document storage is a bit costly and a little time-consuming, it saves the documents from vicious threats if they are adequately encrypted, providing the ‘make life easier’ benefit.

With document storage platforms, effective document management can quickly be executed. All of the documents can be placed in one spot in an organized manner. Businesses can store all essential documents like bookkeeping and employer records that can easily be accessed.

Secondly, employees working in document storage facilities are highly trained and have security clearance to protect them by placing them in damage-resistant areas.

Document storage facilities are undoubtedly the best option for adequate document security and efficient management, especially for businesses with essential data they want to keep secure. A cost-effective, reliable, and easy-to-use document security system is necessary for your business to execute effective management strategies.

Conclusion

In conclusion, document security is imperative to modern business operations in an era where digital and physical threats are rampant. Businesses face substantial risks regarding document protection, whether through digital avenues or physical storage. The potential consequences of data theft, security breaches, and document mismanagement can be severe and costly. It is essential to implement robust document security measures to address these challenges.

Avoiding common mistakes in document storage, such as disorganization, inadequate encryption, and poor management, is crucial for ensuring the integrity and accessibility of vital business information. When done correctly, document security and storage are not just cost-effective strategies but an essential safeguard against potential threats. In today’s business landscape, a reliable document security system is indispensable for efficient management and peace of mind.

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 operate in a complex and ever-changing industry. Commercial properties are mushrooming in every corner of every city. Unfortunately, not many people are aware of what goes on behind the scenes of a construction company.

Those working for a construction company are aware of the challenges they face every day during their routine jobs. It’s a significant challenge for any construction company to complete a structurally sound commercial building on the designated time and budget. Here are the top five problems that a construction company faces regularly.

Government Regulations

Construction companies are one of the most regulated ventures. The government keeps these companies under intense scrutiny. Building codes are restrictive, and licensing and permit requirements are challenging to achieve. Companies must adhere to many different regulations, as unsafe buildings are a significant security risk for every city. However, it’s hard to meet the strict rules and safety standards set by the local and federal governments.

Social and Political Pressures

Social and political pressures pose a challenge to construction companies so much so that projects are in progress for years. Pressure from the local community could delay or cancel a construction project that could devastate a construction company with losses in millions. The political and societal challenges can be overcome by holding meetings with local communities and concerned parties.

Health and Safety Concerns

Commercial construction is one industry that suffers accidents causing fatal injuries. Every day, thousands of companies with millions of employees are working round the clock to meet deadlines. During their work, employees get exposed to different hazards from machinery, falling debris, malfunctioning equipment, electrical shocks, falls, trench, and scaffold collapses.

Apart from the human suffering, financial constraints hit commercial construction companies extremely hard.  Some losses from accidents can cost a company millions in compensation to the worker and damage of equipment. Many of these losses can make a significant impact on proper bookkeeping within a construction company.

Construction companies can take different measures to eliminate or reduce the risk of accidents by meeting health and safety concerns. Fatal human loss and financial crisis can be overcome by maintaining high safety standards.

Shortage of Skilled Labor

The biggest asset of any company is its human resource; commercial construction companies are no different in this regard. They must have competent, trained, and highly skilled human capital to keep everything correct.

The shortage of labor is a primary concern for commercial construction companies. To overcome this challenge, the construction company must take steps to work towards employee retention. Employee retention is particularly necessary for construction companies because not many people are willing to get into construction business as the construction work is physically demanding, tough, and sometimes dangerous. Paying better wages could help the company keep its employees for a more extended period.

Time Management

Construction is one of the toughest industries because the biggest challenge is effective time management to meet deadlines. Simple time management becomes a significant task in construction. A natural weather calamity can rip the project off the ground causing substantial delays in meeting deadlines. Every day a construction site is closed due to bad weather or any other issue. Each day costs the commercial construction company to suffer significant financial losses recorded in bookkeeping.

As construction is involved with other interdependent activities, cohesively forming a cycle to achieve the same goal. This goal is a significant challenge, particularly to the construction business. It is affected by seasonal changes, access issues, accidents, machinery malfunction or breakdown can cause massive delays. Companies can work to improve their time management by keeping a check on the weather forecast and manage the delivery dates for necessary raw materials.

Running a commercial construction company is not easy; it is challenging and complicated. Overcoming the challenges above is vital for a company to maintain its operations while managing to complete the projects on its due date.

Conclusion 

In conclusion, commercial construction is a complex and highly regulated industry that operates behind the scenes of our urban landscapes. Construction companies face many challenges daily, from navigating stringent government regulations and contending with social and political pressures to ensuring the health and safety of their workers and mitigating the shortage of skilled labor. Effective time management is crucial in a field where daily loss can lead to significant financial setbacks. To thrive and succeed, these companies must adapt, meet these challenges head-on, and strive for innovation while maintaining a commitment to safety, compliance, and workforce development. Running a commercial construction company is undoubtedly tough, but these businesses must overcome these challenges to deliver structurally sound buildings on time and within budget.

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.

Trucking and logistics companies are highly significant in running the country’s economy. By transporting freight from one end of the country to another, trucking and logistics companies handle almost seventy percent of the cargo in the US. As the market becomes competitive and fuel prices continue to rise, the financial challenges for trucking and logistics companies have increased exponentially. Trucking companies need to plan and stay abreast of looming challenges and threats to be sustainable and augment their bottom lines.

Over the years, trucking and logistics companies have faced and overcome various financial challenges. Every year, new challenges are posed to these companies. Therefore, companies must continue identifying problems beforehand and effectively dealing with them. Similarly, in 2018, trucking and logistics companies faced the following financial challenges discussed below.

The Expected Increase in Fuel Prices

According to the forecast by bookkeeping experts who keep a keen eye on the global market, oil prices are expected to increase in 2018. The heightened tensions within the Middle East, particularly Saudi Arabia, and the increasing conflict between Russia and the United States in Syria have been identified as a catalyst for a spike in fuel prices. The political crisis led to increased oil prices due to the uncertainty regarding oil supply. If the oil supply or production is adversely affected by any event, it directly impacts the oil prices in the global market. Therefore, considering the recent developments in the oil-rich Middle Eastern region, a significant increase in oil prices is imminent.

As trucking and logistics companies rely heavily on fuel to carry out their daily operations, even a slight spike in diesel prices can pose a significant financial challenge. Therefore, fuel prices pose a potent economic threat to trucking companies in 2018.

Increase in Trucking Charges

Due to the increased fuel costs, fleet maintenance, and driver wages, trucking companies are forced to change the rates they charge their customers for transporting their freight. Price increases can potentially drive away customers, forcing them to look for cheaper options. Holding onto their current market share can be a real financial challenge for trucking and logistics companies.

Cutting down costs to keep the freight charges is also quite impossible. The companies cannot control fuel prices or maintenance costs. Cutting down drivers’ wages is not feasible as drivers expect to be paid a fair wage for their services. In 2018, it will be a tremendous financial challenge for trucking companies to sustain their market share while changing the rates they charge their clients. Fortunately, with effective bookkeeping decisions, trucking and logistics companies can easily overcome this challenge.

Death of Workforce

A lack of a qualified and trained workforce is one of the most potent challenges trucking companies face. Trucking companies will not meet their deadlines and serve the ever-increasing number of clients without an adequate number of drivers to operate their fleet.

According to experts who keep track of the industry’s trends, the trucking industry currently requires at least 30,000 more drivers to be sustainable. The lack of drivers is predicted to get worse with time. Acquiring a significant number of drivers in a limited timescale is a severe challenge. If trucking and logistics companies fail to address this issue, it could potentially hamper their operations and adversely affect the bottom line.

Conclusion

In summary, trucking and logistics companies are integral to the US economy, yet they face significant financial challenges in 2018. These challenges include an anticipated rise in fuel prices due to global geopolitical tensions, increasing trucking charges to cover rising costs, and a severe shortage of qualified drivers. To overcome these obstacles, these companies must employ effective bookkeeping strategies and adapt to changing market dynamics. Successfully addressing these financial challenges is crucial for sustaining their vital role in the nation’s economic infrastructure.

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.

Business expenses are part of the daily routine when it comes to running a company. Whether it’s utility bills or buying inventory, you need to spend the money to make it. Tracking these expenses helps you understand your spending behavior, cut costs, and plan tax times.

If you have lost a week of precious time sorting through credit card charges and paper receipts to figure out how many of your purchases were business expenses, it’s time to step up your organizational capabilities and devise a system for tracking the costs in real-time. Here are a few ideas that will help you develop a better expense management system.

Create a Separate Business Bank Account

Often, many sole proprietorship businesses have not prioritized their personal and business accounts, resulting in a lot of confusion. Separating your business and personal accounts should be a top priority for any business. This priority is so that business-related purchases and payments will move through a separate account from the beginning, making it easier to track business expenses later. The use of a business credit or checking account is preferable in this regard. The business account will also build up a separate business credit score that is considered an essential factor by banks and other businesses to measure risk. Maintaining a good credit score will ensure that you are eligible for business loans and other services.

Use Online Tools to Track Expenses as they Occur

There are many online tools on the market that are quite handy and easy to use for everyone. You don’t have to be an expert to use these bookkeeping tools that cater to most of your accounting needs, such as tracking expenses. As soon as you get a receipt, the information can be put into the software, which can then be accessed at any given time. The expenses will automatically add up and show various other trends compared to your sales or income, which significantly helps in better decision-making. Because you have access to updated information about business expenses at all times, you are better positioned to strategize for the business according to your current situation.

You can set up alerts to remind you to pay future expenses before they are due. You’ll be able to print out the entire calendar for reference as tax time approaches. Some of these online tools, such as Google Calendar, can synchronize with your phone, enabling tracking business expenses on the go.

Hire a Bookkeeping Expert

One way to track expenses and handle all accounting tasks efficaciously is to hire an expert. As a business owner, it can be hard to check on all accounting tasks, among other essential business requirements. Having a professional manage your bookkeeping needs will ensure that everything is on track when handling the finances. It is suggested to hold a weekly meeting with the person in charge of your finances so that you will always know where your company stands. The right accountant will offer an honest valuation of your business finances and suggest a solid plan to reduce expenses. A bookkeeper that can help you stay out of trouble with the IRS is most certainly worth the investment.

Consider your Employee Costs

When tracking your other business expenses, don’t forget to include one of your significant expenses: labor. Ensure that you are correctly following the cost of wages, benefits, overtime, and other expenses related to your employees. By accurately determining the costs of maintaining a workforce, you will be able to decide whether they need better incentives or overspending the budget. Whatever the case, tracking business expenses will surely help you with better decision-making regarding your labor force management.

Conclusion 

In conclusion, efficient expense management is critical to running a successful business. Keeping track of your business expenses allows you to gain insights into your spending behavior, identify areas where costs can be cut, and plan effectively for tax obligations. Implementing organizational strategies, such as creating a separate business bank account, leveraging online tools for real-time expense tracking, and considering the expertise of a professional bookkeeper, can streamline this process. Including employee costs in your expense tracking efforts is essential to gain a comprehensive view of your business’s financial health. With a well-structured expense management system, you can make informed decisions and steer your business toward tremendous financial 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.

Having adequate health insurance can be considered a big blessing for many people. It can help save and protect an individual from the extraordinarily high costs of an injury or illness. Not just that, having health insurance provides an individual with regular health care services—for instance, vaccines and exams.

However, the main issue is that even just having health insurance costs an arm and a leg. Not to mention, selecting the best coverage for you and your family can be a daunting task. In this article, we will list some of the advantages to having health insurance, as well as provide a guide to use when selecting the appropriate coverage.

What are the Benefits of Health Insurance?

You will reap the benefits of whatever services the health insurance compensates. To use the benefits of health insurance, you have to need it. Only medically necessary services will be paid for by your health insurance.

The majority of health insurance companies cover a wide variety of essential services. Examples are:

1. Hospital care
2. Visits to specialists and primary care doctor
3. Outpatient procedures such as surgery
4. Diagnostic services and laboratory tests such as x-rays, blood tests, and mammograms
5. Newborn care and pregnancy
6. Routine and preventive care such as checkups and vaccinations
7. Mental health care such as therapy 
8. Urgent and emergency care
9. Rehabilitation therapy such as physical, speech, and occupational therapy
10. Nursing home care or home health care after being discharged from a hospital stay

All of these benefits listed are also known as essential health benefits.

Your Guide for Health Insurance

Do you need help in picking your health insurance? It would help if you did some serious research before you make your decision. You can end up saving a whole lot of money and stress with just a little time.

1. Do your Research Prudently and Carefully

Decisions happen to vary from family to family and state by state. Let’s take an example of this. You may have occurred to qualify for this year’s tax credits, even if you were not qualified for last year. Around 80% of people who purchase insurance through exchanges happen to be qualified and are entitled to a tax-credit subsidy. Instead, you should take the route of going through the whole procedure of entering your revenue, several kids, etc. Fight the impulses and urges to renew all information of what you had the previous year because there might have been some significant changes. Although this can get mindbogglingly complicated, you need to plow forward and do your research carefully.

2. Ask your Friends and Family

Many of us are already doing this. We tend to consider and follow our trusted friends, family, and colleagues’ advice and experience. We might even find their information more trustworthy than our insurer.

3. Compare and Match Different Kinds of Health Insurance Plans

The most common types of health insurance plans are EPOs, HMOs, POSs, or PPO plans. Whichever kind you select, it will determine which doctors you will be eligible to see, and your medical costs are taken out of pocket.

When you end up comparing the different plans, make sure that you search for a summary of all benefits that will come from that health insurance plan. Most of the online marketplaces typically offer a link where you can view the summary and the plan’s cost. If need be, get a hold of a provider directory. You will find an entire list of the clinics and doctors that happen to be a part of the plan’s network. If you’re going through the benefits as an employer, make sure to ask your office benefits administrator to provide you with a summary of the benefits.

Conclusion 

In conclusion, having health insurance offers numerous benefits, including protection against high medical costs and access to essential healthcare services. While the cost of health insurance can be substantial, its advantages are invaluable. When choosing the right coverage, thorough research is necessary, as insurance options and eligibility vary widely. Consulting friends, family, and colleagues for advice can be helpful, but comparing and matching different health insurance plans is crucial to ensure they align with your needs.

Careful consideration and understanding of the benefits offered by each plan and the network of providers will empower you to make an informed decision and secure the best health insurance for you and your family.

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.