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PCI DSS is an abbreviation for Payment Card Industry Data Security Standards. It has evolved into a very mature security standard within the last few years. Considering the rise in data breaches, the rules of the PCI DSS have been updated. The previous year, the Payment Security Report published by Verizon highlighted several essential points regarding PCI compliance.

Only 50% of retailers passed their interim audit. Furthermore, the report stated that around 80% of the total security breach victims were non-compliant with PCI DSS. The data is an alarming correlation, especially for those working on the PCI security controls.

This situation raises essential questions. What does the future hold for PCI DSS? Why is there so much non-compliance with the requirements of PCI DSS? Will card payment fraud ever end?

A Brief History of PCI DSS

Previously, adopting PCI DSS was rare due to the cost associated with compliance, but the application’s intricacy was a severe problem. Long-term business planning could result in a timeline of several years. Only major enterprises could de-scope (minimize the use of card data), and even then, it took them several months to complete the project.

Current Situation of PCI DSS

Nowadays, de-scoping has become essential, primarily for point-of-sale systems. The introduction of P2P (point-to-point) encryption allows only the encrypted data, which removes store systems from the umbrella of PCI.

These advantages are obvious but may not be very straightforward to implement. The most challenging part is de-coupling the PED (Pin Entry Device) from the Point-of-Sale system. Adding to the problem is the business model of P2PE (point-to-point encryption), which creates a considerable hindrance. P2PE is usually the whole package, and the PED provider handles the payment transactions. However, this makes the procurement process significantly more demanding and more complex. Therefore, P2PE may adversely impact the PCI.

On the other hand, GDPR (General Data Protection Regulations) also poses a problem as the customer’s personal information is handled in-store. This means that additional security is required on point-of-sales systems.

The Future of PCI

With the rise in mobile phone payment solutions, many industry experts are discussing the future of PCI, especially within retail, where it is most extensively used. Due to these new payment solutions, retailers may not need any card data at all.

The main issue with PCI is that P2PE may be an effective solution to minimize the need to store cardholder data. Other mediums, such as call centers and e-commerce, are still within the scope and responsibility for card information data theft. Most card fraudulent activities originate from these channels, which is alarming.

Card cloning (a technique where someone obtains the credit card details, copies them to a duplicate card, and starts using it) also remains an illegally rewarding fraudulent technique. The increase in CNP transactions and the mechanism to prevent fraud have evolved into more delicate methods, like checking the transaction velocity (analyzing unusual transaction patterns).

The future prediction is that CNP (Card Not Present) transactions will shift towards different payment channels, rendering the card number used at the call center or website useless. Rather than getting card information from the customer, the company will directly send the payment request to the customer’s mobile device using Google Wallet or Apple Pay.

These payment methods using mobile phones are undoubtedly the future of transactions, and rightly so. This marketing method suits everyone: customers, retailers, and card companies, as the entire method is out of the scope of PCI. The cardholder’s personal information is safe with the service provider due to the one-time generated token payment system.

Since there is no direct contact in the payment process, the merchant does not regularly see card data, and card fraud minimizes the probability. The shift towards these new payment habits may take some time. Moreover, it will also affect processes like bookkeeping, internal controls, and security, which will be tailored to incorporate these new payment methods.

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.

Accounting plays a vital role in any medical office. Accounting often serves as a supporting force, allowing the organization to work at its fullest potential in an organized manner. Every type of organization needs an accounting department, for it is nearly impossible to continue working without one.

Generally Accepted Accounting Principles (GAAP)

These are a set of accounting principles, standards, and procedures used in preparing financial statements. They are the accepted methods of recording and presenting financial transactions and necessary data.

Compliance with these principles is required by law. If an organization does not comply, fines may be imposed by the United States Securities and Exchange Commission. In addition to following the general principles, each organization may have slightly different procedures regarding the nature of its operations.

Elements of Financial Management and Accounting

There are four critical elements in Accounting and Financial Management. These elements are found below.

Planning

Planning enables an organization to create guidelines and goals to ensure that the office is successful in the future. Goals also allow managers and decision-makers to track progress.

Controlling

Controlling gives an organization the ability to make sure that all departments of the organization are adhering to the guidelines and contributing their part toward achieving goals. It also enables an organization to find problems that come up and allows them to fix them properly.

Directing and Organization

The Directing and Organization element is one of the more essential elements of financial management. Furthermore, it ensures efficiency, allowing an office to work at its fullest potential. Problems may arise daily, and this element helps fix these problems by allowing an organization to work through financial management.

Decision Making

Decision Making utilizes the other three elements (i.e., controlling, planning, and directing and organizing) by analyzing the gathered information and making final decisions to improve and optimize financial management in a business.

Ethics and Accounting

Accountants are bound to the highest standards of ethics compared to any other profession. After all, the information received via financial statements and bookkeeping is used in making extremely important decisions related to a business’s financial standings. Moreover, if an organization doesn’t have an accounts department, such information would not be available to the business’s decision-makers.

Concerns regarding ethical standards, along with corporate and social responsibility, have become more important. Private and government organizations have objectives to mark and enact proper and stringent ethical standards. However, organizations are also subject to review to ensure the enforcement of these guidelines, policies, standards, and goals.

Accounting in Medical Offices

An accounting department working in and for a medical office is of immense importance because of its role in the business’s success (or failure).

First, it should follow the GAAP guidelines. This will ensure that the organization is not penalized by law enforcement. Mistakes made by the accounting department could result in legal procedures that harm the reputation of the entire medical office.

At the same time, an efficient accounts department can provide information to decision-makers, who can then streamline operating procedures to ensure the financial success of the medical office. Although one of the most important tasks of medical offices is to provide medical services, it can’t do so without an effective and successful accounting department.

Conclusion 

In conclusion, accounting is the backbone of any medical office, facilitating organization and ensuring compliance with regulatory standards. Adherence to Generally Accepted Accounting Principles (GAAP) and meticulous financial management are imperative for success. As the custodian of crucial economic data, the accounting department enables informed decision-making, fosters ethical practices, and contributes to medical offices’ overall efficiency and sustainability.

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.

For businesses that constantly work in development, contracting, manufacturing, and consultancy, job costing is essential for their bookkeeping capability. It enables them to track and predict costs for specific jobs, ensuring profitability and timely delivery. Moreover, it empowers solid project management – from directly quoting for a new business through in-life management to wrapping up the project.

Getting the Job Costing Statement Right

Sales and winning new business are essential goals of every business. As common as these goals are, each company faces problems when pricing their product. Companies strive to offer their product at a price that customers are willing to pay.

Many companies use a job order cost system. This bookkeeping system helps calculate the materials or components needed to develop the final statement. While this sounds generally simple, there are risks involved. If a project is complex, managing these risks is ideal for guaranteeing the projected profit margin achieved with job costing. The perfect approach to this, mainly when the projected profit margins are not huge, is to utilize conduct job costing.

Importance of Job Costing in Business

Controlling business activities without proper bookkeeping is troublesome. It implies that the accounting for every business activity needs more sections, from Work in Progress (WIP) to Cost of Goods Sold statements. It is not always generally clear when such issues related to costing emerge. Along these lines, there may be the absence of a proper system for cost control, increasing the risk of over-runs and extra costs that jeopardize the possibility of helping the business reach its target margin. There is a chance to have more than one job ongoing or coexisting at that point; there is a significant chance of the wrong assignment of costs and not identifying issues in costing as they occur.

The Benefits of Precise Job Costing

Without a fully detailed cost report, organizations are moving away from accounting programs like QuickBooks for bookkeeping. The setup and execution of a job cost system can appear to be dreary and useless. When done using accounting software, the entire process requires you to do everything correctly for the desired results, or else it will be invaluable to your organization’s financial performance. Job costing is immensely valuable and supportive of an organization in the following territories:

Financial stability for the company

Companies are required to maintain a certain level of credibility regarding financial lenders. When it comes to bonding operators and customers, the organization must have the capacity to oversee and forecast its projects efficiently. Organizations that cannot do this with certainty will find it increasingly complex to accomplish their performance effectively.

Job management

With information from job costing reports, business administrators and managers can better assess the progress and productivity of their business operations. This way, they can better persuade staff to decrease costs and increase returns. 

Support for claims

Job costing can help with legally binding claims. The reports must give points of interest on the actual cost of recognized varieties, and a foundation for such claims highlights the importance of job costing in business.

Improves future work

Cost reports can give important information that helps estimators bid or price out relative work. These reports feature and separate those variable costs that require unique circumspection.

Faster invoicing

The costs should be accommodated to a specific project, and invoicing during or towards the end of a project, at that point, being ready to invoice means speedier installment if there are differences in the profits.

Better control over business operations

Companies have exact spending plans against costs when using job costing for effective bookkeeping. Bookkeeping shows inconsistencies rapidly and enables them to amend. Each project is kept independent from other projects. Job costing maintains all irregularities, and it helps locate the mistakes.

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.

As an entrepreneur, you may find tax season daunting, with various rules and regulations. However, fear not! Furthermore, you can avoid costly mistakes and potential legal trouble with the right approach. Excitingly, this article delves into the most common tax errors entrepreneurs make and provides insightful tips on avoiding them. Trust us; this information will leave you feeling informed, confident, and optimistic about your tax season.

Failing to Keep Accurate Records

As an entrepreneur, staying on top of your finances is essential to avoid surprises come tax time. One common mistake is not keeping accurate records throughout the year, which can lead to headaches and even audits. Don’t let this happen to you! Take charge of your financial situation by keeping detailed records of all business expenses, including receipts, invoices, and bank statements. With a little organization and diligence, you can avoid complications and stay on the path to success!

Mixing Personal and Business Expenses

Another common mistake is mixing personal and business expenses. Keeping your personal and business finances separate is essential, as this can make it easier to track your business expenses and deductions. If you’re unsure whether an expense is business-related or personal, it’s best to err on the side of caution and consult a tax professional.

Failing to File on Time

Missing the tax deadline can be a costly mistake. Not only can you face penalties and interest charges, but you may also miss out on valuable deductions and credits. To avoid this, mark the tax deadline on your calendar and file your taxes on time.

Failing to Pay Estimated Taxes

If you’re self-employed or have income from sources other than an employer, you may need to make estimated tax payments throughout the year. Failing to do so can result in penalties and interest charges. To avoid this, understand your estimated tax obligations and make timely payments.

Failing to Claim all Deductions

Entrepreneurs may be eligible for various deductions, including home office, travel, and business equipment expenses. However, failing to claim all the deductions you’re entitled to can result in paying more taxes than necessary. To avoid this, keep accurate records of your expenses and consult a tax professional to ensure you claim all the deductions you’re entitled to.

Failing to Report All Income

Another common mistake is failing to report all income earned throughout the year. This includes income from freelance work, rental income, and investment income. Moreover, failing to report all your income can result in penalties and legal trouble. To avoid this, keep accurate records of all your income sources and report them on your tax return.

Not Seeking Professional Help

Finally, one of the entrepreneurs’ most significant mistakes is not seeking professional help regarding their taxes. A tax professional can help you navigate the complex tax code, identify deductions and credits you may be eligible for, and ensure you comply with all tax laws. While it may cost money to hire a tax professional, the peace of mind and potential cost savings can be well worth it in the long run.

Conclusion

In conclusion, tax season can be stressful for entrepreneurs, but by avoiding these common tax mistakes, you can ensure that you’re filing your taxes accurately and complying with all tax laws. Remember to keep accurate records, separate your personal and business expenses, file on time, pay estimated taxes, claim all deductions, report all income, and seek professional help when needed. Following these tips can reduce your tax liability and allow you to focus on growing your business.

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

No matter how much one may argue about who is solely responsible for cloud data protection, experts from across the globe are unanimous on the resolution that the ultimate responsibility of data compliance lies with the organization that owns the sensitive information, not the service provider.

What is Cloud Data Protection?

Looking at the big picture, cloud data protection (CDP) is all about infrastructure security, storage management, and data integrity. Since it provides optimal data storage, preservation, and network security, businesses around the globe are trusting it to be safer, more secure, and more stable than ever. However, it protects the cloud and prevents the leakage or theft of sensitive information from the cloud. Since the ultimate objective of CDP is to protect static and moving data in the cloud and ensure various services and processes, it is critically important for you and your cloud provider to ensure its optimal functioning at all levels.

Data integrity: Data remains the same as stored, as strong encryption layers protect sensitive data from illegal editing or corruption. This indicates that your sensitive data is secure against all threats or illicit access.

Storage management: The cloud infrastructure needs to ensure the safety and security of data and provide a continuously available interface as desired or required. Primarily, it depends on the capacity of your cloud service provider and how agile or responsive they are in managing the account. However, you also need to ensure that the data is maintained correctly.

Infrastructure security: These are collective efforts, processes, measures, and policies that ensure cloud infrastructure and network security. However, most small businesses do not pay much heed to cloud data protection protocols, and that is where most problems related to the safety and security of sensitive data commence.

Why are Most Businesses Misguided?

It is a human tendency to shift responsibilities or critical tasks entirely onto someone else’s shoulders. Most of us do not want to take complete ownership of complicated things with intense and severe repercussions (if not executed properly). Then, those people are misguided about their responsibilities and entirely rely on others. No matter how much money you can afford to spend on acquiring the services of any pro cloud provider, it would help if you made efforts to secure your data yourself and not solely rely on your service provider.

Although people have different perspectives about data safety and security and whether to trust the cloud entirely, cloud data protection is inevitably the most critical aspect of the cloud. Without this, you can never expect to secure sensitive data. According to a study, 80% of businesses wrongly believe that data protection and management are solely the cloud service provider’s responsibility. The data indicates that cloud service providers are responsible for providing security protocols or encryption layers. However, the protection of sensitive information, as well as its safety and security, lies in the hands of businesses.

The study further revealed that businesses prefer to transfer their data protection responsibilities, data privacy, or data compliance to third-party cloud vendors or service providers to focus more on the core side of the business and less on its security, storage, or management affairs. Moreover, total spending on cloud technologies is predicted to increase by 20% from 2018 to 2020. However, this suggests that most businesses intend to transfer their cloud data protection-related responsibilities to cloud service providers.

Core Reasons Why Most Businesses the Choice to Hire Pro-Level Cloud Services

Businesses prefer to embrace a straightforward approach to protecting their sensitive data because they lack in-house skills, knowledge, experience, and expertise in handling cloud data protection optimally. However, you need to ensure that the cloud service provider you are acquiring for utilization has relevant skills and provides 24/7 assistance in managing cloud-related discrepancies effectively.

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 current cybersecurity industry, relative to organizations, generally consists of executives with a background in Finance or a Master of Business Administration (MBA). These individuals often try to make sense of explanations with unfamiliar terminologies and phrases developed by computer experts. Therefore, they can fail to realize why it is vitally important for security to have an appropriate budget.

Shifting Security Landscapes: Ransomware and Cyber Criminality

Considering that confidential data used to be stored in a secured safe or vault, it can be unsettling that this private information is now stored electronically on a server. As a result, the whole scope of security has changed radically within the last few decades. Ransomware is malware that threatens to publish a victim’s data or block access unless a ransom is paid. Because of this extortion or the ability to hack into accounts and steal funds, cybercriminals can steal tremendous amounts of money without having a significant risk of getting caught. As a result, the real danger these days comes from malware like ransomware instead of days gone by when criminals tried to break into a secured safe. 

The new security landscape has also offered a new way to be a criminal. This becomes a significant problem when executives of prominent corporations are not aware of the severity of cyber criminality. This can harm a corporation when finances are not allocated to cybersecurity and information and systems become compromised. Not only will this negatively impact the company financially, but public trust can also be lost and the corporate reputation tarnished. 

Unveiling Cybersecurity Illusions: Risks and Realities

Sensitive data online is handled by thousands of companies, including small businesses and local governments. As a consumer, one wants to believe and trust that their information is kept safely and securely. However, assuming that these companies’ servers are secure and impenetrable is entirely incorrect. Likewise, the general population lacks knowledge and awareness of cybersecurity and how it works. As a result, people tend to put more faith in existing cybersecurity than they should and are blissfully unaware of the looming threat cybercriminals pose to servers.

More severe threats include zero-days and social engineering. Zero-days is a software vulnerability, and until it is addressed, hackers can take advantage of the gap, adversely affecting programs, data, or networks. Similarly, social engineering is manipulating people into doing something or providing confidential information. It is unsurprising, then, that companies that do not have awareness programs for cyber security or potential threats or training sessions detailing how to handle cyber security breaches become victims of such attacks.

These are a few examples of the numerous methods of attack a cyber-criminal can utilize to gain access to a network or a computer. Examining these potential vulnerabilities and the fight between good and bad in the cyber world is frightening.

Securing Against Cyber Threats: Strategies and Challenges

Because the threat of cyber criminality is real and present, the question becomes: what can be done about it? An effective cyber security system should be well-planned and layered. One layer is a cyber patch, which changes a computer program or system designed to update, fix, or improve it. Patching helps fix security vulnerabilities but should only be just one of the security layers. Unfortunately, even if patching is done accurately, regularly, and quickly, the server is still at risk of attack because a cyber-criminal has various other routes to take. 

Corporations must deal with numerous aspects, including budgets, ignorance, fear of the unknown, training end-users, training themselves, and so on when battling cybercriminals. Cybercriminals have multiple outbreak vectors and opportunities to exploit a company or individual, and they only need to succeed once to create a feeling of violation and instability. It is no surprise that cybercriminals often become victorious in this fight. 

Conclusion

In conclusion, the cybersecurity landscape presents multifaceted challenges that demand proactive strategies and heightened awareness. As ransomware and cybercriminality evolve, executives must recognize the critical importance of allocating resources to cybersecurity. The illusion of impenetrable servers and the lack of awareness among the general population underscore the urgency for robust security measures.

Despite the daunting array of threats, implementing layered security systems and comprehensive training programs can mitigate risks and bolster defenses. However, the battle against cybercriminals requires ongoing vigilance and a concerted effort to stay ahead of emerging threats. With diligent planning and investment, organizations can fortify their defenses and navigate the complex terrain of cybersecurity with resilience and adaptability.

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

Not so long ago, the e-commerce platforms exploded and took the industry by storm, forcing more retailers to initiate online operations. It seemed as though the excellent and lucrative days of brick-and-mortar retail stores were numbered. A global shift towards online stores has been dramatic in every sense.

However, it has forced many multinational retail brands to leave, raising serious concerns for the entire industry. E-commerce giants such as Amazon and eBay were a viable threat to physical stores, which is why so many multinational retail brands such as Walmart and Macy’s began closing physical store locations.

Stats Reveal An Exciting Story

The retail sector has had many ups and downs, especially over the past decade when e-commerce shook the industry. There is no denying that online stores have captured a significant market share and become a direct competitor to brick-and-mortar stores. However, you might be surprised that the brick-and-mortar retail business model still leads the retail industry at the front.

According to a Harvard Business Review, 92% of retail sales worldwide are still accumulated through brick-and-mortar store channels. According to the study, with a staggering 14.5% increase from 2016, total retail sales worldwide are estimated to be $26.29 trillion by 2019. 

How Can Retention Of Shoppers Be Made Possible?

Despite the significant increase in online shopping, most customers prefer the brick-and-mortar business model. Stats indicate that the doom around the retail industry is temporary and that the brick-and-mortar setting will continue to thrive and prosper.

One thing is clear: physical stores must enrich their customers’ buying experience and offer more than just their products to survive. In the era of unlimited opportunities and buying options, it’s your temperament to deliver the best to your clients that matters—not just a physical store.

The truth is that shoppers expect to visit brick-and-mortar retail stores that offer a unique overall experience to them. Retaining shoppers is only possible when you provide them with what they want under the shades of exceptional servicescape and ambiance. It’s safe to say that the future of traditional brick-and-mortar retail stores is safe, predictable, and secure. Here is what you can do to future-proof your brick-and-mortar store.

Create an Experience-Rich Servicescape

Today, the retail world has realized the significance of providing an enriched shopping experience to its customers. Every retail store aims to convert first-timers into regular visitors and turn them into brand loyal. This is the sole motivation behind creating an experience-rich brick-and-mortar store. In older times, physical stores were more or less used to hold inventory and a dumping house for stocking non-essential items. Now, display and theme-based customization of a brick-and-mortar store setting, coupled with providing an exceptional shopping experience, has become the tools of the retail trade.

Suppose you successfully create a dynamic and experience-rich shopping culture. In that case, you can grow and expand your business operations in other cities and countries incredibly. You must provide a unique shopping culture to empower and keep your customers returning. Attracting shoppers to your store repeatedly requires you to build a healthy relationship with your customers, perhaps by thinking beyond the typical scale.

Bottom Line

In the ever-evolving retail landscape, resilient statistics and strategic adaptations have challenged the narrative of brick-and-mortar stores facing extinction. While e-commerce has undoubtedly altered the retail paradigm, the enduring appeal of physical stores remains evident. Retailers now recognize the imperative to cultivate immersive shopping experiences, leveraging the tangible advantages of brick-and-mortar spaces. Traditional retailers can survive and thrive in an increasingly digital world by embracing innovation and prioritizing customer engagement.

As the retail industry continues to evolve, the future of brick-and-mortar stores appears promising, grounded in the enduring appeal of personalized service and experiential shopping environments. Brick-and-mortar stores are here to stay. Retail businesses around the globe are investing significantly to future-proof their businesses. It’s time for the retail industry to do something unique and develop ways to sell things differently to ensure the longevity of brick-and-mortar stores.

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.

An Independent Contractor, often a freelancer, is a versatile business entity. They can serve as consultants, agents, professionals, or technical staff, providing services to other individuals or companies without being an employee of the business firm.

When a business-oriented person or firm provides services to other individuals or companies, this is called a contractor business. It can be a short-term contract between the two parties, or this contractor business can be done on longer terms, growing and long-lasting. The contracting entity is called a contractor.

Benefits of a Contractor Business

Contractor businesses are a necessity, not only in the economy but also in many offices and homes.

Building a contractor business is a great career opportunity. Establishing a formal business unit that will grow your business before getting clients is crucial. With a firm plan in place, you will focus on providing services, not covering up with legal issues. 

Strategies for a Long-Lasting Contractor Business

• There should be a well-managed system for managing business operations, bookkeeping, and all business activities. If there is no effective system, you can overlook essential tasks. If there is a well-established system, you can focus on growing your contractor business.
• Once the company is up and running, start working on internal assessments. Carry out regular business operations. Carry out, from internal business assessment programs to reaching out to customers and knowing their satisfaction levels about your business. Work on getting a high rating for your business.
• Social media websites and tools are an easy way to assess customers’ expectations and demands. You can conduct surveys to get your business’s rating. It is also a great way to market your services.
• Take the time to talk to your employees as well as customers. A proper liaison ensures better outcomes in the long run.
• Always respond to your customers. Take time to respond if needed, but respond as much as possible. Replying does not have to mean being on the phone all day. There can be various other ways, such as complaint boxes, email accounts, social media activities, and personal client meetings.
• Clients that give a considerable margin must deal with you to ensure their satisfaction with your services. Treat them well, and they will return for more of your services.
• Promote your services with marketing techniques. It does attract more new customers. However, it also attracts and sustains your current customers.
• Facebook is an easy and inexpensive way to reach customers by creating a registered page. Billions of people around the world use Facebook. Using Facebook tools can allow your marketing post to reach millions.
• Attract more financing. You can find business financing through private funding, debts, investors, and other options. As an entrepreneur, you must decide which option is best for you. 
• New entrepreneurs always need assistance throughout their year-round business operations. Take advice and study their pros and cons. Sometimes, you must hire a consultant on such matters as bookkeeping.
• Hire people who are capable and interested in your contractor business.
• Keep a close eye on your business bookkeeping. Your finances must never get out of hand. Expenses must be supervised and rationalized.
• Even though you are a contractor business, you should be audit-ready, which means an up-to-date accounting system.
• Outsource the business. Contact other firms to grow your business—for example, contract with another accounting firm for all your accounting and tax filing.
• Always know the actual costs of your services and make your profits accordingly. Prices that are too high can make your customers turn away, and fees that are too low will cause the business to lose. The expenses must be profit-yielding, but services must meet customers’ demands.

Conclusion

A contractor business is a great opportunity, not only for the individual entrepreneur but also for the economy. Entrepreneurs and large corporations continually use contractor businesses as their needs expand. Entrepreneurs must be aware of the best business practices to run a growing and long-lasting contractor business. You can adopt strategies to keep growing your contractor business and ensure that it will take you well into the future.

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 a world where superheroes are lauded for their business acumen as much as their ability to save the day, let’s dive into the thrilling universe of business accounting! Imagine your business as a bustling metropolis. The streets are lined with customers, the buildings are your products and services, and at the heart of it all, ensuring that this city thrives, is your very own superhero – business accounting!

Why, you ask, does business accounting deserve its cape and mask? Simply put, without it, even the mightiest of business empires could crumble to dust. Accounting isn’t just about crunching numbers; it’s the compass that guides entrepreneurs through the stormy seas of the corporate world, ensuring that they not only survive but flourish.

First off, let’s talk about the heroic feats of financial reporting.  Imagine trying to navigate a spaceship blindfolded through an asteroid field. That’s what running a business without financial reports is like. These reports, which include income statements, balance sheets, and cash flow statements, provide a clear view of your business’s financial health. They are the radar that helps avoid financial asteroids, ensuring a smooth journey towards profitability. In fact, according to a U.S. Bank study, 82% of businesses fail due to poor cash flow management. This statistic alone highlights the importance of keeping your financial reports in check.

Now, onto the vigilant guardian of budgeting and forecasting. These tools are like the futuristic gadgets of our accounting superhero. They allow businesses to predict financial trends, prepare for upcoming expenses, and ensure that they’re never caught off-guard. By accurately forecasting future cash flows, businesses can make informed decisions, whether it’s expanding into new markets or cutting down on expenses.  A study by Clutch revealed that 61% of small businesses didn’t create an official, documented budget in 2018, which could lead to financial missteps and missed opportunities.

Let’s not forget the dynamic duo of tax planning and compliance. Navigating the labyrinth of tax laws can be daunting, but it’s a battle worth fighting. Proper tax planning ensures that a business takes advantage of all available tax benefits, effectively boosting its bottom line. Moreover, compliance with tax laws protects businesses from penalties and legal issues. According to the IRS, small businesses pay an average effective tax rate of 19.8%, but strategic tax planning can significantly reduce this burden.

Moreover, efficient accounting practices save precious time. Automating routine tasks, such as invoicing and payroll, frees up hours that can be better spent on strategy and growth initiatives. In this fast-paced business world, time is indeed money. A survey by Sage found that small businesses spend an average of 120 working days per year on administrative tasks, including accounting. By streamlining these processes, businesses can reclaim valuable time and focus on their core operations.

Lastly, let’s talk about the impact of accounting on decision-making. Armed with accurate financial data, business owners can confidently make strategic decisions. Whether it’s investing in new technology, hiring more staff, or launching a marketing campaign, every decision is backed by solid financial analysis. This level of insight is invaluable in steering the business toward success.  In fact, a study by the Journal of Finance and Accountancy found that businesses that utilize financial data in their decision-making process significantly improve profitability and market share.

In conclusion, business accounting is the unsung hero of the corporate world. It’s the force that keeps the financial universe in balance, ensuring that businesses not only survive but thrive. From financial reporting to tax compliance, budgeting to strategic decision-making, the importance of accounting cannot be overstated. So, as we navigate the thrilling adventure of entrepreneurship, let’s give a round of applause to our caped crusader, business accounting, for it truly is the superhero every business needs.

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.

A detailed business plan is essential for winning the hearts of investors. They must know your business model and how it will generate profits and cover their initial investment. Whether you are new to the business world or a seasoned businessperson, raising capital investment for a business is no easy feat. You must develop a business plan to pique investors’ interest levels. A business plan can make or break your business idea and its fate.

These days, investors love to invest in unique business ideas that will bring them significant monetary gains. According to studies, 80 out of every 100 start-ups are financed by investors of different scales. People with unique business ideas get funded by financiers and entrepreneurial venture capitalists because they lack the resources to finance their projects, which is why people with extra money have started to invest in others’ ideas to increase their wealth.

Creating a business plan can be a foreign job, especially if you are new to the business field. Besides communicating what a business will be and how it will generate profits, a good plan persuades investors that your business idea is incredible and worth investing money into for higher monetary gains. However, you should note one thing. You must acquire the capital investment through credible sources to avoid legal proceedings, which may erupt any time before or during a business journey.

What is a Business Plan?

In simplest terms, a business plan is a broad description of a company and its prospects. It is presented to investors to get their opinion on the business idea and their level of investment interest. Furthermore, it explains the business model and concept, what makes it unique, and how it will make money. Business goals are in the document, and there is a convincing value proposition for potential investors.

Bring Your Concept to Light and Document Everything Carefully

There is certainly no secret formula for creating a business plan. You can lure investors by stating business objectives clearly. As every business taps into a different market, making a comprehensive business statement is crucial for attracting the right investor, as lenders receive tons of business plans. Before planning, you must have a detailed understanding of your business and its industry. A well-thought-out plan is essential for winning the hearts of venture capitalists. A clear explanation of your business plan assists investors in making better investment decisions and helps them know the project’s potential.

Discuss Unique Attributes

Your plan will surely fail to entice investors if it lacks unique attributes or qualifications. You can evaluate the unique characteristics in terms of the project’s site or location, customer base, or talent pool. A project’s uniqueness can include products, post-market services, intellectual property, and similar things.

Document Anticipated Questions that Investors May Ask

Your business plan does not have to include every minor detail about the business and how it will operate but only vital questions for knowing its scope. Those questions could be what your company does, what makes it unique, how it will generate profits and cover investment, the size of the market, and the latest trends influencing it.

Anticipate a Realistic Financial Model

At the core of every business lies profits; start-ups cannot survive for long without them. Therefore, you should present a realistic financial model to tell your investor(s) when and how you will repay them. In the financial projections section, you must clearly state your business plan’s ROI (return on investment). For which the assumptions must be realistic.

If you lack financial knowledge, you can hire a financial consultant to help you with bookkeeping, accounting, and financial matters when setting up a business.

Conclusion

Crafting a compelling business plan is crucial for attracting investors. It communicates your vision, unique value proposition, and financial viability. Be thorough, highlight your strengths, and anticipate questions. A well-documented plan increases your chances of securing funding and sets your business on the path to success.

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