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Many small businesses do not consider falling prey to a sale made with a stolen credit card until they become victims. It makes you vulnerable to losing money and trust. As a business, you want to minimize the risks and cut losses regarding fraud.

Even though credit card fraud is rare, it is something you can’t neglect if your business accepts it. It is estimated that such activities cause losses amounting to $16.31 billion worldwide; almost half of these are reported in the United States.

It can happen regardless of whether your business operates online or offline and can be conducted on a massive scale. A particular group was caught and charged with conducting a credit card fraud that had caused losses of around $13 million over 16 months.

Usually, holiday seasons are good times for all kinds of business owners. Sadly, the profits can fade away if such a loss occurs, resulting in additional liabilities for the business or the owner. It is seen that many businesses start placing preventative measures only when credit card fraud hits them. It is suggested that owners take proactive measures to prevent such losses from affecting them in the first place.

Spotting Fraudulent Orders

If your business takes orders online or over the phone, there are a few things you can do to screen suspicious orders. One of the most common methods is to ask for AVS or CVV verification methods. These methods are valuable for transactions in which the credit card isn’t physically present.

Other things that you can look for are:

• Large or expensive orders placed online, especially if they require things like same-day shipping or overnight shipping
• Buyers who claim they will place a large order and ask for a catalog or list of what you sell
• Customers who are hesitant to provide personal information, such as phone numbers or full name
• Shipping to foreign countries paid by a US card or orders with different billing and delivery addresses

Labeling a transaction as fraud is not feasible if it fits only one condition. However, several reasons could be reason enough to be suspicious. It is suggested that you investigate the matter to avoid losses.

What Should be Done to Investigate the Order Further?

If you find several of the above things applicable to the order, you have legitimate reasons to be suspicious. To thoroughly analyze whether it is fraudulent, you can do various checks to ensure that the order is being placed by the cardholder or someone authorized by the credit cardholder. These are:

• Request complete information on the cardholder, such as name, address, phone number, and zip code.
• Make CVV a compulsory requirement for transactions.
• Verify the provided information through the bank or another verification system practiced in your area. If the information doesn’t match up, decline the order.
• Block transactions through a service that intercepts the order based on the region of origin and other things. These services are available easily for a fee.
• Attempt to call on the contact information of the cardholder. Decline the order if you can’t reach the cardholder.
• Look up local orders and match them with phone numbers and addresses in the phone book.
• Utilize an address verification service to mark suspicious sales and block them.
• When you ship the product, it is wise to send a reminder message. Sometimes, people forget what they have ordered. A letter to the billing address may also help you verify the order.

If you take these steps to cut losses, your business will do all possible to avoid credit card fraud.

Conclusion

In conclusion, small businesses must prioritize fraud prevention to safeguard against credit card scams. Proactive measures and thorough order scrutiny are vital to mitigate risks and protect finances and trust. By implementing robust verification processes and remaining vigilant, businesses can significantly reduce the likelihood of falling victim to fraudulent transactions, ensuring long-term stability and security.

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, sometimes serving as the supporting force that allows the organization to work at its fullest potential in an organized manner. Every type of organization needs an accounting department, for it is impossible to continue working without one.

If you are a smaller practice, you may not have the ability to have an entire department or a person dedicated to the business’s accounting.

Generally Accepting Accounting Principles (GAAP)

These principles, standards, and accounting procedures are used to compile financial statements. They are the accepted methods of recording and presenting financial transactions and necessary data.

Compliance with these principles is required by law. An organization may be fined by the United States Security and Exchange Commission for non-compliance. Other than 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 concise guidelines and goals to make sure that the office is successful in the future. Goals also allow managers and decision-makers to track progress. Planning can be done by management, the accounting department, or a third-party accounting firm, depending on how your business handles the accounting.

Controlling

Controlling allows an organization to ensure that all departments adhere to the guidelines and contribute to 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. It ensures efficiency, allowing an office to work at its fullest potential. Problems may arise daily, and this element helps to fix these problems by giving an organization a chance to work through financial management.

Decision Making

Decision Making utilizes the other three elements (i.e., controlling, planning, directing, and organizing) by analyzing the gathered information and coming up with 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 to make critical decisions related to a business’s financial standing. If an organization doesn’t have an accounts department, such information would not be available to the business decision-makers.

Concerns regarding ethical standards, along with corporate and social responsibility, have increased in their importance. These days, private and government organizations have objectives to mark and enact proper and stringent ethical standards. 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/for a medical office holds immense importance for 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 would 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 accounting department that is effective and successful.

Conclusion

In conclusion, accounting is vital to any medical office, facilitating organized operations and ensuring compliance with Generally Accepted Accounting Principles (GAAP). It encompasses crucial elements such as planning, controlling, directing, organizing, and decision-making, all of which contribute to the office’s financial health and success. Ethical standards in accounting are paramount, with accountants holding the highest ethical responsibilities due to the critical role financial information plays in business decisions. For medical offices, adherence to GAAP guidelines and efficient accounting practices are essential for maintaining legal compliance and optimizing financial management, ultimately supporting the office’s ability to deliver quality healthcare services.

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.

Circumnavigating the tax season might become rough for all companies; nevertheless, small businesses become very vulnerable when discussing tax issues and making optimal decisions regarding the company’s financial health. The time to think regarding the tax season is not at the start of the year. It is throughout the year. The following five strategies will help numerous small businesses plan for an elementary tax season.

Invest In Your Retirement Now

If you are a small business owner, you must create a retirement plan that takes complete advantage of the tax deferral rules to maximize your tax savings now and save all your retirement savings for later. Rather than trying to tackle all the various ins and outs of setting up your retirement plan on your own, it is advised that you consult a professional in this field. There are various options available, which you could choose from. Let a professional make this choice for you. A professional would help you with your business finances and your finances as well.

Make Balancing the Taxes Your Priority 

Traditional tax planning comprises having to accelerate the deductions and the credits. This will occur alongside deferring the income. Numerous taxpayers are cash taxpayers, meaning the users can deduct the expenses when all the expenses are paid and declare the income once the payment is received. 

Thus, expediting the expense payments while deferring the income payments might improve the current year’s tax position. You also need to bear in mind that the inverse also rings true. If the business anticipates significant revenue in the next year, it is wise to collect the income this year and delay the expenses until the next year.

Find Silver Lining in Loss as Well

Numerous small businesses finish off with a net operating loss during the initial years of the operation. The net operating loss leads to a tax deduction bigger than the taxable income, mostly when all the various business expenses exceed the earnings. Even though this appears to be very bad news, NOLs might be used to recuperate all the past tax payments and reduce the tax payments in the future. NOLs can create tax relief by applying the loss to the payments and receiving credit by applying the net loss to the future income tax. The rules will vary based on the business; therefore, understanding how to work with them will have a huge impact.

Understanding the Taxable Versus the Untaxable Fringe Benefits

For instance, all the fringe benefits, such as a company car and subsidized meals and insurance, are an amazing way to pay for all the services and decorate an even more appealing employee package. Nevertheless, all these various fringe benefits are taxable most of the time. An in-depth knowledge of which fringe benefits lie outside the taxable demand might ease each year’s tax burden. When small businesses appreciate the benefits, you will save money on payroll taxes. The tax rules for every user are somewhat different. Therefore, selecting the correct fringe benefits for your company is essential.

Invest in the Counsel to Benefit Small Business 

Planning all your taxes should never be an end-of-the-year scramble. Alternatively, it should involve a reliable and yearlong conversation with a tax lawyer or a professional accountant. The business’s continued health should work with a professional who has been in the industry for a long time and knows the industry’s ins and outs. You will also save a lot of money working with a professional.

Conclusion

In conclusion, navigating the complexities of the tax season is crucial for small businesses’ financial health. Small businesses can streamline their tax processes and optimize their financial strategies throughout the year by investing in retirement plans, prioritizing tax balancing, leveraging net operating losses, understanding fringe benefits, and seeking professional counsel. Working with experienced professionals ensures compliance and maximizes tax savings, leading to long-term success and stability.

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.

Cloud computing services for resource accounting establish, host, and manage services rented out to a remote consumer (individual or business). The scope of services ranges from offering essential computational assets like bandwidth, storage, and computational power to sophisticated enterprise applications such as SaaS.

The commonly used business model to charge for these services is a pay-per-use base, where the consumers use resources according to their needs and are then billed for the used resources at the end of a defined period. Idyllically, the consumers should be offered an explicit resource accounting model to identify all factors considered for calculating the consumption charges.

Giving the consumer access to their resource usage data can help them in IT budget planning, making them aware of billing applications and automating the assortment of services according to their specific needs. Also, it is to the benefit of the cloud service provider to make this data available to consumers. It would help them come up with specifically designed user-centric services. Most providers already offer their clients their usage data. However, there are concerns regarding accountability.

Accountability Concerns

An issue that concerns the resource accounting model for such services is the accountability of the resource usage data, whether it is the provider who does the measurements of this data, the consumer, or some other trusted third party.

A combination of these players to measure accountability is also an option. However, like other traditional utility services such as gas and electricity, provider-side accountability is the norm in the cloud services industry. But unlike the consumer-trusted metering for traditional utilities, there is no such metric for consumers to measure data usage. Therefore, they have no choice but to accept what the provider offers them.

Consumer Side Proposition

Continuing the above discussion, we propose a customer-centric resource accounting model to resolve the concerns of all parties. A customer-centric accounting model will allow the customer to programmatically calculate billing charges from the service provider. They will be obliged to respond to the request.

Subsequently, a customer-centric solid accounting model will measure the cloud services billing charges independently by the customer or a trusted third party. This will allow consumers to measure their billing charges, which is only fair. It is proposed that the providers adopt the customer-centric models to perform regular checks and raise alarms when there are apparent contradictions in the consumption data.

Inspecting Consumer Centricity of the Resource Accounting Model

Many service providers provide or publish details of their billing information. However, it must be examined if the detailed information is based on a customer-centric notion. We will start with a basic example and see if there is room for improvement.

S3 Amazon

We take a simple S3 cloud storage service from Amazon to investigate the notion. It is an essential pay-per-use base service. It is marketed as a fast, reliable, and low-cost service, yet, upon examination, researchers found a few ambiguities in the model that cannot be programmatically queried from Amazon.

This suggests that even the simplest resource accounting models cannot match a robust consumer-centric model’s standards, which are relatively loosely coherent with the weak model. However, specifically for S3, the uncertainties can be easily fixed internally by paying little attention. However, it is recommended that a cloud service provider opts for assembling the third party as a measurement service to access and measure their data usage efficiently.

Limitations

Time Zone

One of the ambiguities was the lack of reference to the time zone upon listing the price concerning geographical location. The start and end days of the billing cycle cannot be determined for sure. However, it can be inferred from the provided Amazon developer’s guide that S3 servers are synchronized to GMT.

Data and Metadata

Another concern of S3 is regarding the measurement of user data. In addition to its data, the S3 resource accounting model has system metadata and user metadata. System metadata is only used by S3, while user metadata is only used by the consumer and has a maximum size of 2KB. However, Amazon fails to clarify the storage space acquired by data and metadata.

Checkpoints

Amazon states that they check the user’s storage space at least twice daily. However, they fail to mention the exact time these checkpoints take place. Upon further investigation, it has been observed that they do not check the cloud storage usage twice every day, and the event randomly takes place anytime in a Zulu time zone.

Therefore, it is concluded that the resource accounting model for the cloud still needs to define specific operation parameters before they become trusted consumer utilities.

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.

Welcome to the exciting digital age, where businesses face many IT challenges! From the ever-changing landscape of technology to the constant barrage of cybersecurity threats, it can be challenging to keep up. But don’t worry; you can conquer these challenges and succeed with the right mindset and strategies! This article will explore some of the top IT challenges businesses face today and offer insightful tips on tackling them effectively. Let’s get started!

Cybersecurity Threats

One of the most prominent IT challenges faced by businesses today is cybersecurity. Cyber attacks can significantly damage a business’s reputation, financial stability, and customer trust. Adopting a proactive approach to cybersecurity is crucial to preventing attacks rather than just reacting to them.

Businesses should implement a robust security framework to successfully mitigate cybersecurity threats. This can include deploying firewalls, antivirus software, and intrusion detection systems. Regular security testing and monitoring can also help identify vulnerabilities and prevent data breaches. It is also essential to educate employees on cybersecurity best practices, such as using strong passwords, avoiding suspicious emails, and being vigilant of phishing attacks.

Cloud Computing

Many businesses are turning to cloud computing to increase efficiency and reduce costs. However, transitioning to the cloud can be daunting, and companies often face challenges such as data migration and security concerns.

To successfully implement cloud computing, businesses should conduct thorough research to find a reputable cloud service provider that meets their needs. It is crucial to choose a provider that offers robust security measures, such as data encryption and redundancy. Additionally, businesses should consider the impact of transitioning to the cloud on their existing IT infrastructure and ensure they have the necessary resources and expertise to manage the transition.

Digital Transformation

Digital transformation is leveraging technology to improve business operations and customer experiences. While digital transformation can provide significant benefits, it also presents challenges. One of the main challenges is ensuring that all employees are on board and equipped with the necessary skills to adapt to new technologies.

Businesses should provide comprehensive training to employees and involve them in the process to be successful in digital transformation. This can help create buy-in and ensure everyone is on the same page. Additionally, businesses should consider developing a digital strategy that aligns with their overall business goals and objectives.

Data Management

As businesses accumulate more data, managing and analyzing it becomes increasingly challenging. This is especially true for small and medium-sized companies that may not have the resources to invest in expensive data management tools.

Businesses can explore cost-effective solutions like cloud-based data storage and analytics platforms to overcome data management challenges. Additionally, businesses should consider implementing data governance policies to ensure data accuracy and consistency.

IT Talent Shortage

Many businesses struggle to find and retain skilled IT professionals. This talent shortage can create significant IT challenges as businesses cannot keep up with the latest technologies and trends.

Businesses should invest in employee development, such as training and certification, to address the IT talent shortage. Partnering with IT service providers can also expand access to talent and expertise.

In Conclusion

Wow, what an exciting time to be in Information Technology! While it’s true that businesses face some challenges, we believe that with the right mindset and strategies, anything is possible. We’re confident that companies can proactively address cybersecurity threats, conduct thorough research before migrating to the cloud, involve their employees in digital transformation, explore cost-effective data management solutions, and invest in employee development programs. Businesses can overcome any obstacles and achieve their goals by taking these steps. It’s all about staying positive, enthusiastic, and thoughtful – and we’re here to help every step of the way!

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 non-profit organization is a non-business entity exempted from tax in many countries. The Internal Revenue System in America grants non-profit organizations a status of business exempted from the tax.

Non-profit organizations are established for a cause. If a non-profit generates revenue, it is used for the exact reason the organization was created. Non-profits pay no income tax on the donations they receive or any money they make through fundraising movements.

Guide to Starting and Running a Non-profit Organization

Be clear on the purpose and mission statement

What is the mission statement?

The mission statement of a non-profit organization should be clear on the purpose of its creation. Mission statements become essential when you want to generate profit for your organization. Mission statements will also clarify where and for which the money generated will be used. 

The mission statement describes the whole purpose of the non-profit organization. The statement can be of any length but must be concise, comprehensive, and easy to understand. Mission statements should include the benefits to its clients, services it will provide, the population it will focus upon, and how the non-profit organization will operate.

For example, if you run a charity show, you collect donations, and the public gives the donations based on the mission statement of that non-profit organization.

Plan the working of a non-profit organization and its members

Friends make some non-profit organizations with a shared vision to serve their common purpose. They manage the tasks per their schedule and feasibility. However, it is good to register their non-profit organization if they want to grow it further.

A non-profit can have a bank account and is a legally registered entity.

Avoiding fraud in a non-profit

If the non-profit organization also gets donations and funding by other means, that non-profit should always be audit-ready. Suppose the financial data is not current and the organization is not audit-ready. In that case, this clearly indicates discrepancies in the organization’s bookkeeping. Accounting statements must match.

Financial statements must be related to the balance sheet and cash flow statements. You can easily spot a financial fraud if the accounting statements do not match. When the directors know that there is enormous cash present in the account of a non-profit, but checks frequently bounce back, this may indicate fraud. An audit must be conducted to ensure transparency.

Consider fiscal support

You can initially get finance management support and sponsorship from another non-profit organization. It is called its fiscal sponsor. This fiscal sponsor can train the members of the new non-profit how to deal with financial management issues.

Proper documentation and bookkeeping

For example, if a natural disaster in your area and your non-profit organization comes in front to help people, you cannot just collect money and say it was used for that cause. There should be proper documentation and proper planning that goes into collecting money. Volunteers give their services free of cost. The money donated can be used to assist further in re-establishing the families of that area. There should be complete recording and data of your finances at all times. 

 Find the right partners

You must find the right type of people to work for and with your non-profit organization. The directors, managers, volunteers, and doers should be working for a great cause and believe in your mission statement. You will most likely need accounting consultancies if your non-profit organization keeps a banking account and finances to support its cause.

Conclusion

If you want to build and run a non-profit organization, it is a great way to help ailing souls in any way. Non-profits are tax-exempt, and the money generated is solely used on the cause for which the non-profit was made. Follow the above guidelines to establish and successfully run a non-profit.

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 entrepreneur takes business debt to fund massive purchases that they could not afford under normal conditions. A debt arrangement means the borrower is given money because borrowed money will be paid back later. The majority of the time, this is paid back with high interest. There can be different types of loans. Debt can be issued either to an individual borrower or a business. 

A service company is also a business. However, it provides services instead of physical goods or products. There are various categories of service companies. An accounting firm that performs audits of other companies prepares income tax returns, and provides bookkeeping services to another company is an excellent example of a ‘service company.

Impacts of Debt on Your Service Company

Bankers and lenders will be more than interested in providing loans with interest to your service company. They will ask for your guarantee of debt. This debt will work like a handcuff for you. Even if your service company fails, the lenders have all rights to receive the money-back for the loan from you, personally and legally. A few of these lenders who give away loans to small-sized businesses will take payments from your business checking accounts.

On a big scale, if a service company grows fast and a small loan is taken with a low-interest rate, it is not necessarily bad. An affordable debt is sometimes a good choice when running a service company. However, consider all the pros and cons before initiating a loan-taking process.

Grow your Service Company Debt-Free

• Reduce expenses.
• Do not mix your finances with your business account. Start paying for the things you need, not want.
• Sacrifice the fast track for slow growth. Many entrepreneurs want to grow their businesses by leaps and bounds in no time. A small service company will grow more slowly without debt, but a debt-free business is still a better option.
• Never miss a chance to pick customers who give gross margins to your service company.
• Know the exact cost of the services you provide to your customers. Never compromise on the price; your company will dissolve or go into debt.
• Keep a firm handle on your business bookkeeping.
• Business operations must be routinely carried out for all companies, including service companies. Keep all accounting statements current and know where you stand at all times.
• Use your budget wisely.
• Never spend all of your gross and profit margins. Fix a percentage of 30-40% of gross margin and 10% profit margin. Only spend in this range from gross margins. Do not distribute profit all at once among shareholders. You will need much of the cash to fund the growth of your service company.
• Stay sharp with your business situation. Use accounting software to keep an up-to-date accounting system.
• Credit cards should be minimally used in small-sized businesses as the loans will pile up quickly.
• Do not select your prices out of fear of going into debt. Know the actual cost of the services you provide and price accordingly. Overpricing may become a cause of losing customers.
• Company leaders must be efficient, intelligent, confident in sales, good at interpreting accounting statements, and fair to employees. Such a service company will grow successfully.

Conclusion

Bigger is not always better. A debt-free and profitable service company is better. Service company owners must keep the debt financing option as the last priority and when it is needed. Debts halt the growth of small businesses. A service company ideally needs no debt to get started. Without debt, the growth of the business may be slower, but it will still be profitable. Using valuable strategies and techniques will grow your service company debt-free. 

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.

Is it true that you are reluctant to receive distributed computing administrations into your IT framework? You are not the only one. Information security is the primary concern for IT experts regarding distributed computing. Like Amazon’s EC2, administrations are unprepared to address touchy information associations’ security and protection needs.

Since open cloud administrations offer server occasions for some customers on similar equipment, your information can get genuinely “lost in the mist” when you do not influence where your information lives.

Private distributed computing takes the control that most PCI and HIPAA-touchy associations require over their information into consideration. Regarding security, the significance of control over your condition can’t be exaggerated and leads most IT professionals to receive private cloud facilitating over people in a public cloud.

5 Security Tips to Consider When Contrasting Cloud Alternatives

Tip 1 – Know Where Your Information Lives

How might you secure your information when you don’t know where it is? Certainly, firewalls and interruption location and aversion can keep most interlopers out, and information encryption keeps the information more secure. Yet, how would you know where your information goes when you end your administration or when the cloud supplier leaves the business?

Having the capacity to point to a machine and say that your information, and just your information, is on that machine goes far in cloud security. Committed equipment is a key for distributed computing administrations to pass the most stringent security rules.

Tip 2 – Ensure Your Server Farm Considers Security Important

By knowing which server and server farm your information is being put away in, you can test them for all material safety efforts set up. You can check whether they are SSAE 16, SAS 70, and SOC 2 evaluated on the off chance that they have HIPAA or PCI-insured customers. Overseen administrations can, likewise, include the ability to make your applications, information, and business more robust.

Legitimate server farms or cloud suppliers offer administrations such as overseeing firewalls, antivirus, and interruption recognition and consider expanded safety efforts for overseeing servers.

Tip 3 – Test, Test, Test

Accept nothing. The best way to ensure something is secure is to test it. It is not unheard of for profoundly information-touchy associations to contract a gifted moral programmer to test their security arrangements. Defenselessness checking and appraisals are as vital inside the cloud as outside the cloud. The odds are that, on the off chance that you can figure out how to get unapproved access to your information, another person can, too.

Tip 4 – Get References from Others

Get references from different customers. If all else fails, approach your cloud supplier for customer references that require stringent safety efforts. Budgetary, medicinal services, protection, or government associations are decent starting points.

While references don’t ensure anything, odds are, if different organizations with comparative security objectives are utilizing the supplier, you might also be a solid match. Ensure to contact these references straightforwardly when conceivable to perceive what these organizations utilize the cloud administrations for and the means they have taken to secure their information.

Tip 5 – Continuously Reinforce Your Information

A standout among the most overlooked parts of distributed computing and one of the least demanding approaches to building control of your information is to ensure that, whatever happens, you have a safe reinforcement of that information.

This is more about securing your business than your accurate information. However, it gives a similar sort of genuine feeling of serenity. We have seen huge organizations, like T-Mobile, lose client information by not having a reinforcement, abandoning them with nothing.

Conclusion

In conclusion, while the allure of cloud computing is undeniable, concerns about data security persist among IT professionals. The inherent risks associated with public cloud services, such as data dispersion and lack of control, often lead organizations to prioritize private cloud solutions for sensitive data. It’s essential to consider key tips, including knowing your data’s whereabouts, ensuring rigorous security measures at server farms, conducting thorough testing, seeking references, and reinforcing data backups to navigate the complexities of cloud security effectively. By implementing these strategies, businesses can mitigate risks and bolster their overall data security posture in the cloud.

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.

Value Your Hard-Earned Money

The biggest misconceptions about household budgeting are spending less, compromising your excessive lifestyle, and financial restrictions on everything, which means no family hangouts, shopping, or vacations. Budgeting may be associated with a frugal lifestyle, but it doesn’t have to be in reality.

Budgeting doesn’t have to make you spend less, but it allows you to spend smartly, preventing you from overspending on less essential items. Staying on top of your hard-earned money is critical for ideal budgeting because, without knowing your monthly expense limit, you cannot expect to have success. Similarly, you cannot expect to make better financial decisions and projections if you do not have a clear picture of your cash flow or finances.

Allocating Your Paycheck(s) Wisely

Although people may have different perspectives about household budgeting, no one can deny that households can save much money for hard times if they budget their monthly paycheck(s) correctly. Households must set priorities and budget resources effectively to have a financially secure and stable future.

Creating a household budget to limit certain extraneous expenses and knowing the actual status of your finances requires a lot of commitment, patience, planning, and wisdom. Your motivation and determination encourage you to save for your family to meet financial uncertainties and emergencies.

Budgeting Helps in Maintaining a Healthy Lifestyle

Cutting monthly expenses is undoubtedly intimidating for most households, especially those who have just tied the knot. Ideally, you and your significant other need to make a household budgeting plan right from the beginning to have a financially secure and healthy lifestyle. The need to manage your paycheck(s) has become more intense than in previous times, which means ideal management of resources is nearly impossible without a proper budgeting plan.

Household Budgeting Options

Households that cannot correctly budget their paycheck(s) have two options. 1) Hire a budgeting partner 2) Employ household budgeting software. Those who find it challenging and costly to hire a personal budgeting mentor can utilize advanced budgeting software to budget their monthly paycheck(s). All you need to do is search and use the software to deliver the best results and budget according to your needs.

Managing Accounts with Accounting Software

Have you ever wondered why many start-ups fail to manage their internal and external finances? The reason is apparent. They most likely lack the accounting knowledge, skills, and abilities to manage their finances and reduce costs that can be avoided. They also fail to maintain order in their cash flow (influx or outflow of cash). Sketching a clear picture of your financial standing may be hard but not impossible. Businesses also have two options to know the current financial position of their company. Either 1) hire an accounting professional or 2) Use accounting software.

Accounting Software or Household Budgeting Software—Is There a Difference?

Yes, accounting and household budgeting software are entirely different, but both serve the suitable needs of their respective domains! Accounting software helps business owners reduce costly errors, minimize tax bill repayments of debt(s), and help businesses of every scale know the exact status of their finances to make financial projections. On the other hand, household budgeting software helps families manage their monthly paycheck(s) and wisely allocate their hard-earned income.

Accounting and Budgeting—Done Right!

The best part is that you now have access to the finest accounting and bookkeeping agencies to help you manage your accounts and help you with household budgeting. Some companies offer a discounted bundle of services or packages which can be cost-effective and reliable.

Conclusion

In conclusion, valuing your hard-earned money is paramount in achieving financial stability and security. While household budgeting may seem daunting, it doesn’t necessarily mean sacrificing your lifestyle. You can maintain a healthy financial outlook by budgeting wisely, allocating paychecks effectively, and utilizing available resources such as budgeting software.

Whether for personal finances or business accounts, making informed decisions with the help of professionals or software ensures sound financial management. With the right approach to accounting and budgeting, you can confidently safeguard your financial future and achieve your goals.

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.

Relying entirely on accounting tools and understanding the subject can be one of the costliest mistakes you can make in your business. Working with a licensed and qualified accountant can save your business from many unwanted situations and help reduce your tax bill.

When you decide that you need the services of a professional accountant or bookkeeper, you must have a clear picture in your head about what to ask them and when. It is essential because you want to ensure what’s best for the business, and asking the right questions is the first step in this process. Here are some key questions you should ask an accountant before hiring them for their services.

Working with an Accountant – Key Questions

What will be the mode of communication, and how often do we need to be in touch?

This might seem like an obvious question. However, effective communication is the key to building a healthy relationship with your accountant. Decide early on about your need to meet face-to-face or via calls or emails. The frequency of your meetings should also be decided in case the accountant is working for you part-time. Even if you have hired a full-time accountant, you must schedule a weekly meeting to understand how your business has been performing.

How can working with an accountant save you from excessive tax liabilities?

Preparing your documents to file tax returns is a tedious process that usually requires a professional accountant’s services. You must always ask accountants about their plan to save you from excessive tax burdens and file an unblemished record of your financials. An accountant can help you decide on your tax credits or deductions, which can be claimed, and any new laws that can help your business.

What are some key areas that need to be regularly consulted?

A professional accountant can understand the dynamics of your business early and should be able to keep you informed about the critical factors that can affect your business. Your accountant should have detailed knowledge of corporate taxing, financial modeling, HR planning, and GAAP. While working with an accountant, they must be able to help you make confident decisions, like hiring a full or part-time contractor and renting or buying a particular property.

The key is collaboration, and if your accountant can work with you and convey information without any confusion, you might taste success sooner than you think.

How do I nurture my business?

For development, it is necessary to build a financial model from scratch, exactly to the requirements of your business. The model should be realistic and must account for strengths and weaknesses. You don’t want your business to be performing well on paper while failing in reality. Explain the current scenario and your future ambitions for your accountant and ask for a financial plan to help achieve those objectives.

What is the plan to manage the cash flow?

The job of an accountant is to manage your current cash flows and forecast the future ones. A plan needs to be devised so there is always room to maneuver when the times are tough, and you are not stuck. All your receivables and payables go through an accountant’s system, and nothing should go overlooked or missing.

What is the value of my business?

DCF (Discounted cash flow analysis) is a method accountants use to evaluate a business. Apart from your tangible assets, an accountant must be able to estimate your business’s fair market value correctly. Based on the overall value, you can further identify the aspects of your business that offer the maximum value.

An accountant may require time to value your business accurately, so don’t expect an immediate answer. Working with an accountant to assess the valuable aspects of the business can be advantageous in the overall scheme of operations.

Are accountants of any help in reviewing and negotiating business contracts?

This question is more related to legal matters and should be asked by your attorney. However, some of the financial matters in a contract must also go through an accountant. The attorney and accountant, with your collaboration, must be able to determine a contract’s legal and financial boundaries correctly. Critically scrutinize each contract for any possible clauses or points that could hurt your business in the future.

What are some special considerations while working with an accountant?

Every business has its unique needs, which require a specific approach. Similarly, the accountant must feel comfortable working with you to give 100%. Be honest with your accountant; don’t hide anything because things will be disclosed during auditing. Also, if you want your accountant to help the business develop, take care of their concerns, and talk to them if they have any issues.

Conclusion

The key to your business success depends on working collaboratively with an accountant. Asking the right questions at the start will ensure that you hire someone aligned with your goals and who can handle all of the business’s financial matters.

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.