Category: Content

Cloud computing continues to transform how organizations use, store, and share data, applications, and workloads. However, it has also introduced a variety of security threats and challenges. With so much going into the cloud, public cloud servers, particularly these assets, become the natural targets for violators. 

Jay Helser, Vice President and Cloud Security Leader at Gartner Inc., states, “the volume of public cloud utilization is growing, so that inevitably leads to a greater body of sensitive stuff that is potentially at risk.”

In contrast to what many people might think, the significant responsibility for protecting corporate data in the cloud is not within the service provider but only with the customer. Heiser says, “We are in a cloud security transition period in which focus shifts from the provider to the customer.” He states, “Enterprises are learning that huge amounts of time spent trying to figure out if any particular cloud service provider is ‘secure’ or not has virtually no payback.”

7 Cloud Security Threats

Data Breaches

A breach in data could be the primary objective of a targeted attack, or it might just result from human error, application failure, or inadequate security practices. It can involve disclosing any information not intended for the general public.

This includes personal information such as health, financial, personality identifiable information, property information, or trade secrets. For various reasons, an organization’s cloud-based data might hold value to different parties. The data breach risk is not unique to that of cloud computing. However, it does consistently rank as number one when it comes to customers.

Insecure interfaces and application programming interfaces (APIs)

Cloud providers have exposed various software user interfaces (UIs) or APIs that customers can use to manage and interact with the cloud services. Provisioning, management, and monitoring are all performed using these interfaces. The security and availability of general cloud services depend on the APIs’ security. They should be designed to defend against accidental and malicious attempts to circumvent the policy.

Insufficient identity, credential, and access management 

Violators impersonating legitimate employers, operators, or designers can read, change, and sometimes even delete data. They will also try to issue the control plane and management functions, sneak on data in transition, or even release malicious software that appears to initiate from a natural source.

Consequently, inadequate identity, qualification, or acute administration can enable illegal access to data and hypothetically catastrophic damage to establishments or end-users.

Account Hacking

Account hijacking or hacking is one of the oldest kinds of cloud corruption. However, cloud services have added a new threat to the landscape. Attackers who access a user’s credentials can easily eavesdrop on numerous activities and transactions. They can also manipulate data, return falsified information, and redirect customers to illegitimate websites.

The account and service instances may become the new base used by attackers. With these stolen credentials, hackers might also gain access to critical areas of cloud computing services, allowing them to compromise their confidentiality, availability, and integrity easily.

System Vulnerabilities

System vulnerabilities can be defined as exploitable bugs in systems that attackers can easily use to penetrate a system for data theft, complete control of the system, or disruption of service operations.

Susceptibilities within the operating system’s apparatuses might put the security of all of these services, along with the data, at significant risk. With the introduction of multi-tenancy in the cloud, schemes from various establishments have been placed close to each other and given access to the shared memory with resources that create a new attack surface.

Data Loss

Data stored on the cloud might be lost for numerous reasons other than malicious attacks. It could be lost due to accidental deletion by the cloud service provider or a physical catastrophe such as a fire. This might lead to permanent data loss unless the provider has taken measures to back the data up correctly. 

Denial of Service (DoS)

DoS attacks have been designed to prevent users of this service from accessing the data and the applications. By compelling the targeted cloud service to ingest excessive amounts of finite system resources, such as processor power, network bandwidth, and disk space, the attackers might cause the system to slow down and leave all legitimate users without access to the system 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.

Organizational culture outlines how employees intermingle with each other and how they complete their tasks. Organizational culture revolves around beliefs, symbols, values, and rituals that oversee and rule the working style of employees present within a company.

Corporate culture binds the workforce together. It also gives a direction for the corporation.

If changes occur in an organization, the biggest challenge any business will face is cultural change since the employees have become accustomed to how the organization is already carrying things out.

Why is Company Culture Important, and Why Does it Matter?

Company culture is an essential aspect of any business. Employees are much more likely to love and relish their time in that workplace when they find themselves fitting in with the corporation’s culture. Employees will also enjoy doing their work when they see consistent values and needs. They tend to grow and improve their relationships with their coworkers, making them even more productive.

Then again, if employees work in a company that doesn’t seem to fit in and adjust to the company culture, they are more likely to get less pleasure from doing their work. Let us take an example of this scenario. Suppose an employee prefers to work independently and freely but happens to work for a corporation that stresses teamwork. In that case, that employee will likely be less efficient and unhappy.

If you work at a corporation with a customary management style, you will find your job responsibilities to be very clearly defined. There might not be as many opportunities to develop and advance without going through their transfer process or formal promotion. Compared to a more casual place of work, employees will have more possibilities to take on fresh, new projects, along with additional roles.

How does Company Culture Affect a Working Environment and Employees?

Impact on Employee Performance

Exactly how does a company’s culture impact individual performance? A company’s culture should be widely communicated and strongly reinforced to deliver a competitive advantage. Every employee must share their beliefs and values.

In an organization with a strong culture, employees feel valued. The staff enjoys the control they have over their jobs; they don’t feel powerless. Whether by working at home or selecting their projects, employees who feel valued can make decisions that help achieve a much more excellent performance.

Impact on Employee Satisfaction

A positive company culture can ensure that its employees are satisfied with their occupations and loyal to the company. This can tremendously benefit a company with a competitive hiring atmosphere. Employees are more interested in joining and staying with an organization where the company culture promotes employee development, offers flexibility, and supports a work-life balance.

Improving and working toward employee satisfaction concerning a supportive and strong company culture can drastically decrease recruiting, training, and hiring expenses. At the same time, it will improve employees’ morale and increase profits. 

Impact on Employee Engagement

In companies with good communication practices, employees know their ideas and opinions will be welcomed. If employees feel they have been heard, they do not carry resentment, eventually leading to damaging morale, absenteeism, and termination. A communicative company culture will lead to innovation, greater participation, and creativity. Once an employee is hired, educated, and oriented to the organization, they either feel energized and supported or frustrated and undervalued. When employees feel valued, they are more willing to be enthusiastic, involved, and engaged.

Conclusion

In conclusion, organizational culture is the invisible force shaping how employees collaborate and execute their tasks. It is the guiding principle that unites the workforce and directs the company. The importance of company culture lies in its profound impact on employee satisfaction, performance, and engagement. A positive culture fosters a sense of belonging, job satisfaction, and loyalty, contributing to a competitive advantage. Conversely, a misfit can lead to dissatisfaction, reduced productivity, and increased turnover. Understanding and nurturing a conducive company culture is pivotal for creating a work environment that propels individual and organizational 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.

Have you ever heard the saying “to err is human”? It reminds us that everyone makes mistakes, even financial analysts. Yes, you heard that right; even those with a keen eye for numbers and a knack for finding discrepancies can make accounting errors. Don’t worry, though; in this article, we’ll discuss common accounting errors and how to avoid them so that you can keep your financial statements error-free.

Data Entry Mistakes

Firstly, let’s talk about one of the most common accounting errors – data entry mistakes. It’s easy to make a typo when entering numbers into spreadsheets, accounting software, or paper. This type of mistake can cause a ripple effect throughout your financial statements, leading to incorrect calculations and inaccurate reports. To avoid this, double-check your work, use a calculator if necessary, and have someone else review your work before finalizing anything.

Misclassification

Another common mistake is incorrect expense classification. It’s important to know what types of expenses fall under different categories, such as operating expenses, cost of goods sold, or capital expenditures. Misclassifying expenses can lead to incorrect financial statements and can also have tax implications. To avoid this, ensure you understand the different categories of costs and have a transparent system for categorizing them correctly.

Similarly, incorrect revenue recognition is another standard accounting error. Revenue should be recognized when earned, not when payment is received. For example, suppose you sell a product or service that will be delivered over time. In that case, you should recognize revenue over the service or product delivery duration, only some at a time. To avoid this mistake, make sure you have a clear understanding of your revenue recognition policy and follow it consistently.

Accounting Oops: Lessons Learned

Now, let’s talk about a few lighthearted examples of accounting errors that have made headlines. In 2012, JPMorgan Chase reported a $2 billion trading loss due to a “London Whale” trader who had made risky trades unnoticed by senior management. This situation highlights the importance of having strong internal controls and oversight to catch errors before they become significant financial losses.

The 2017 Academy Awards made a memorable mistake when “La La Land” was initially announced as the Best Picture winner instead of the actual winner, “Moonlight.” This error was caused by the incorrect data entered into the envelope containing the winner’s name. This incident highlights the importance of meticulous attention to detail and the potential repercussions that even seemingly insignificant mistakes can have. While not directly related to accounting, it is a powerful reminder of the significance of precision in all aspects of life.

So, how can you avoid making accounting errors? Here are a few tips:

1. Double-check your work: This may seem obvious, but it’s essential. Take a few extra minutes to review your work and make sure all numbers and classifications are correct.

2. Use accounting software: Accounting software can help you catch errors and automate many processes, reducing the risk of human error.

3. Have a system for checks and balances: Ensure that multiple people review critical financial statements and reports to catch any errors that may have been missed.

4. Stay up-to-date on accounting standards: Accounting standards change frequently, and it’s essential to stay current on any updates that may impact your financial reporting.

5. Seek help when needed: Be bold and ask for help from colleagues, a mentor, or your accounting department if you need clarification.

In Conclusion

Accounting errors can happen to anyone, even financial analysts. But with extra attention to detail and following best practices, you can avoid making these mistakes and keep your financial statements error-free. Remember, it’s better to take a few extra minutes to double-check your work than to face the consequences of an error later on.

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.

Every girl dreams of her “big day.” Wearing a white dress, walking down the aisle, marrying the love of her life- these are all things that little girls dream of. Now, paying for that big dream is a whole different ball game. A wedding typically costs an average American couple about $35,426, excluding the honeymoon expenses. 

However, you are not legally obligated to spend such a huge price tag to give your relationship a new shape with a commitment to live together forever. Most couples do not want to spend that much. We asked money experts and wedding specialists how to set a reasonable budget and cut costs on some significant expensive wedding elements. Here are eight great insights you can apply to save money on your wedding day.

Be Realistic

Most couples do not see how much their wedding will cost them. As a result, they usually miss the mark and set a realistically too low budget, thus far exceeding their plan. Such a situation can push them under a heavy burden of debt. Starting a marriage in debt is certainly not ideal, as the beauty and happiness of the marital relationship are lost in paying off debt for months and months.

Consequently, to save money, set realistic spending limits considering every aspect of your wedding. If you suspect overspending in one area, attempt cutting back on another. It is just like doing bookkeeping when preparing a budget for your marriage. In addition, if you start by being money-conscious and budget-appropriate with your wedding, it will set you up for this pattern further down the line.

Use Your Credit Card Wisely

It is okay to use a credit card for purchases related to your wedding as long as you charge only the amount you can conveniently afford to pay off. Make the most of your accumulated credit card points towards your honeymoon, especially when you possess a card with great travel rewards.

Book a Sunday

Although Saturday is the most popular day for weddings, it is usually the most expensive day to have your ceremony. Therefore, you are likely to avail yourself of a venue reservation at a much lower price when choosing a Sunday or weeknight for your marriage. While it may not be the most convenient for your guests, it will save you a lot of money.

Choose a Religious Day

For religious marriages, consider having your wedding on or near a major holiday when the church is already decorated. Having the decorations covered can enable you to save money on flowers and other decorations. While on other days, go for simplicity. A candlelit ceremony can be inexpensive, gorgeous, and romantic. Furthermore, a Christmas wedding is always beautiful.

Trim Your Guest List

When you add a guest’s name to your invitation list, you increase the wedding budget significantly. In addition to catering costs, these additional guests also require extra centerpieces, rentals, favors, etc. Although you may ruffle a few feathers, avoid inviting anyone you have not communicated with for the past five years. There is no reason to feel pressured or obligated to invite each of your work colleagues.

Consider making your wedding an “adult-only” occasion. This way, you won’t be stuck paying for everyone’s children, as it will get pricey. In addition, you can save a lot of money by eliminating categories like ‘friends from volunteer work’ or ‘relatives other than first cousins.’ Yes, we know that “Aunt Sue” may be briefly upset that you aren’t inviting her third cousin from Australia, but she’s not the one footing the bill when it’s all said and done.

Save Postage on Your Invitations

Choose simple, sleek cards in standard envelopes for your wedding invitations. Instead of having a reply card, ask your guests to reply by telephone or online. There are so many websites out there that offer an RSVP option these days. Electronic RSVPs will save money from bulky, expensive cards and cut your postage costs in half.

Look for Reasonable Food and Drink Options

A couple should always be honest with their caterer about the necessity of saving money. Ask them for the least expensive entrees and whether or not a buffet will be cheaper than a seated dinner. Determine whether they will allow you to bring your liquor or if serving just beer and wine is much cheaper than a complete bar. Better yet, consider serving tea and water instead of expensive alcoholic drinks. If not, it is a good idea to open the bar only during the cocktail hour and then serve only wine with dinner. 

Take Advantage of eBay

eBay is an excellent source for your wedding, from second-hand clothes to marriage favors, ring pillows, cake toppers, and more. Show patience for the auction to end and for shipping. Find a reliable seller whose product reviews demonstrate that the sale is of the same quality as they claim.

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.

Whether you are a startup enthusiast or an experienced businessperson, if you plan to begin a new venture this year, there are certainly some business ideas better than others for your next startup. Considering everything, you must ask yourself what excites and inspires you that can render peace of mind.

Though you may be earning a handsome salary from your current job, it may not offer you the happiness, flexibility, and independence you deserve. Remember, having a higher quality of life and more freedom is always better than making more money. Your happiness and satisfaction immensely impact your workplace productively. Hence, if you are simply unhappy with your present employment, it is time to either switch or follow your passion that can get you money.

With that in mind, the following are ten exciting business ideas suitable for your next startup. Fortunately, you can run most of them as a location-independent company. Indeed, they are great for you if being a digital nomad is your inherent lifestyle.

Photographing or Video-making

If you are smart enough to capture a story through your camera, then photographing or video-making are professions you can turn into your next startup. These business ideas are a sort of job that you can do as a freelancer and a side business along with your 9-5 job. Just remember, choose an exciting niche and stick with it. If you love capturing weddings, focus on that; likewise, market that expertise if you specialize in filming promotional videos or taking professional headshots.

Smart Device Repair

Smart devices like tablets and cell phones are in everyone’s hands. Regardless of where we are talking about, almost everyone uses them to converse, surf the internet, and even conduct online commerce. So, when the devices break or perform disorderly, people need someone to help repair them. Regardless of location, you can fix those devices and make this business idea your next startup.

Website Flipping

Website flipping is buying and selling a website on existing platforms to make some fast cash. There is an art to this business idea that requires some research. However, once you have a good hand over it, it can be your next startup to earn money.

Vacation Rental Management

With an expanding tourist industry, vacation rentals are rising exponentially. And this segment is certainly one of the hottest business ideas in the hospitality industry. Suppose you reside in a highly preferred tourist destination. In that case, you could easily manage apartments from homeowners who simply do not want to handle the hassle of listing, cleaning, stocking, and dealing with prospective guests, thus turning this opportunity into your next startup.

Education Contents and Courses

Suppose you are an expert in some areas and are passionate about sharing your knowledge, skills, and experiences. In that case, creating educational content relevant to your expertise is one of the smartest business ideas you can easily turn into your next startup. There are people out there seeking new learnings and expanding their skills. Thus, offering great instructional content can enable you to earn easy money.

Coaching Services

Continuing the fifth great business idea, why not become a coach when you are an expert in health, business, bookkeeping, or computers? Becoming a coach is easier, irrespective of your location. Please make the most of tech tools like Skype or Udemy to provide coaching services online and turn them into your next startup. 

Writing

If you enjoy writing and people love what you write, turn your art of writing into your next startup, which will help you earn great money, depending on how you use it. Blogging is one of the easiest ways to do this. Money websites like Make a Living Writing, The Write Life, and Be a Freelance Blogger pay their guest bloggers handsomely.

Guided Tours

If you are located in a tourist area, guided tours are a great business idea to consider turning into your next startup.

Social Media Management

Unsurprisingly, businesses are spending big budgets on social media management because of its potential to boost their business. As social media management is an accessible area to an expert ind a potential business idea that can earn a great income, you should consider turning it into your next startup.

Ad Management Agency

This is relevant to the most recently discussed business idea. Although ad management is a bit trickier than social media management, it is far easier than website development or app debugging, yet offers great income. Also, learning it is simply a matter of a few weeks. Thus, if you want to get into a new business as soon as possible, attempting to establish an ad management agency would be a great next startup.

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 is a technological feat of the modern era. With the internet’s evolution, many concepts like sharing resources and information flow have been coming up and captivating businesses worldwide. To be the market leader, business deploys all sorts of cloud computing techniques that help the company grow and flourish. But is it only the business that is growing? What about everything around it including its employees and consumers? From getting an email to dynamic host configuration protocol servers, such technologies enhance a business in multiple ways. The good news is it’s a win-win situation for all.

To better understand how cloud computing can help your business, we need to understand what it is and how and why it benefits the business.

What is Cloud Computing?

Cloud computing can be defined as “the practice of using a network of remote servers hosted on the internet to store, manage, and process data, rather than a local server or a personal computer.” Clouds are not some passing phase but something that is destined to stay with us and develop. The next decade is forecasted as the decade of cloud computing, which promises more innovative and newer ways to help businesses push themselves to the top with nothing but a cell phone! 

It helps eradicate frequently occurring headaches like storing data manually or monitoring a business for employee performance. With cloud computing, businesses can focus on other vital and integral business elements like customer support and leave the giddy details like monitoring and information sharing or data storage to the electronic gizmos.

Business Growth

Business growth is an aim of every organization, and anything that helps it along the way is embraced with extra passion. What separates the good from the bad is the usage and functionality of a system implemented in an organization. If a business grows, it helps its employees reach a better lifestyle. Through cloud computing, input and research can make a significant difference in the ever-changing and evolving marketplace.

Also, as a business grows, it provides economic relief not just to the employees or owners and stakeholders but to everyone involved. This economic relief includes the country in which the business is located. To get ahead of the curve, businesses need to develop various strategies that can help them get faster, more efficient, and, above all, proficient. These cloud systems help it get off its mark easily and steadily allowing the business to flow consistently. It can help it grow at a noticeable rate and also get a sensation of “digitization.”

Uses of Cloud Computing

Using cloud computing in a business has many benefits, which help it make a more profound impact on its clientele, and employees who work there are more passionate and aware of their job roles. Integrating systems that store and manage data is essential for a business. For example, purchase orders are usually complete with details like address, name, and contact information, which most organizations can utilize when promoting or marketing a new product that the clientele would prefer. Other things like requesting information regarding services are also achievable outcomes, but they are menial ones as cloud computing can do much more than recall information.

It can store, organize, break down, and even process data for any required purpose, making it a versatile and impactful mechanism for a business that can get much more done with this technology than not having it. All large organizations and major players in the business world use clouds for HR, client relationship management, accounting, and IT, and almost every department of the organization has a system to help it coordinate with others to increase operations and output.

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.

Internal fraud is a significant problem faced by organizations today, and most companies don’t even readily admit that their business may be vulnerable to employee theft or fraud. Gone are the days when it used to be a rare thing. It is an everyday activity, causing businesses to lose billions of dollars in annual revenues and profits.

According to a report published by the ACFE (Association of Certified Fraud Examiners), organizations lose 9% of their revenue to fraud each year. This number indicates that a substantial portion of annual profitability is drained due to this curse, and businesses need to develop a fraud prevention plan to secure their invaluable assets.

You Cannot Blindly Trust Your Employees

With the right technological tools and techniques, fraud prevention is possible. However, it would help if you devised an effective plan to reduce fraud or employee theft in your organization. Initially, businesses had the margin to trust their employees almost entirely due to the long-term faith and trust developed on personal and professional grounds.

Now, businesses cannot trust their employees as they used to. Why? People have lost morality and faith and would exploit the business they might be working in as much as possible and seize any opportunity they find.

Maintaining Effective Internal Control

Organizations need to maintain effective internal control for the prevention of fraud. Fraud is devastating for a business, both financially and culturally. Business owners who ignore the fraud cases in their organization will face repercussions in losing their competitive advantage, growth, and working capital.

Employee fraud has many forms, and roughly three major categories reveal how employees steal from their company. They include corruption, asset misappropriation, and financial statement fraud. If an organization successfully maintains effective internal control, it can significantly reduce employee fraud.

Preventing fraud is not as complicated as it seems; it takes awareness of your staff’s mentality and the proper practices to avoid it.

Poor Internal Control Is Costly to Businesses

Using the right tools and techniques can significantly reduce the percentage of employee fraud. Prevention of fraud is only possible when it is done right. Inadequate internal control is one out of four primary reasons due to which any fraud occurs. The other three include collisions between employees, collisions and personal rifts between employees and third parties, and management override of internal controls. If you expect to prevent fraud and eliminate fraud risks, you must design an internal control to deter fraudulent activities.

What Comes Under the Banner of Effective Internal Control?

Before creating an effective plan for preventing fraud, you need to define your company’s culture and how your business is governed. You need to assess every employee to know them well. Educate your employees by integrating various interactive methods in which every employee must participate.

Once the training is finished, continuously remind your staff to uphold standards that will help ensure continuous growth and success. Lastly, it would help if you documented everything without errors to ensure that employees understand the code of conduct and theft prevention policies well.

Building solid relationships and communication with your employees is significant for a company’s growth and success. Maintaining strong interactions and communication with your employees can also prevent fraud.

Moreover, segregation of duties is one way to track your employees’ productivity and performance. When roles and duties are assigned, the employees who dare to steal from you can be traced easily. Bookkeeping records can reveal who is stealing from you; it takes effective monitoring and tracking.

Conclusion

In conclusion, the pervasive threat of internal fraud demands proactive measures. Businesses facing a daily risk must acknowledge the need for robust fraud prevention plans. The erosion of blind trust in employees necessitates a shift towards effective internal control. By leveraging technological tools, fostering employee awareness, and implementing comprehensive strategies, organizations can fortify themselves against the devastating impacts of fraud.

Recognizing the three major categories of employee fraud—corruption, asset misappropriation, and financial statement fraud—underscores the importance of maintaining strong internal control. With a clear understanding of company culture, employee assessment, education, and meticulous documentation, businesses can create an environment that deters fraudulent activities. Emphasizing communication and relationships further solidifies defenses, making organizations need to continuously monitor, track, and adapt in the relentless pursuit of fraud prevention.

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 accounting system assemblages interconnected processes intended to amass, organize, and account for an organization’s transactions. The ultimate goal of this bookkeeping system is to engender informative reports to sustain an organization’s decision-making. Managers can make well-informed decisions based on their knowledge from these reports generated through an automated system.  

Follow a step-by-step approach to assimilate a novel and efficient accounting system into your business. Implementing this approach for your accounting system includes a series of steps that must be undertaken before you are ready to go digital and say goodbye to your old ledgers.

The following list of steps is a theoretical impression of the implementation process in a formal organization. Factors such as the proficiency of your IT department, available resources, and ability to adapt to change will influence the design and related implementation stages essential to achieving the go-live plan.

Plan for Implementing an Accounting System

Before you start with anything else, it is imperative to devise a proposal as a project plan and perform a cost-benefit analysis of the whole project. Rest assured, the benefits outweigh the costs if you are serious about running a professional business. The plan should include:

• The timelines.
• Key milestones to be achieved.
• A list of all required resources for the project.

Planning is the most critical phase of the full implementation because necessary details must be considered for everything to go smoothly.

Hire a Project Manager

The implementation of an accounting system has to be managed carefully. It would help if you designated an individual as a project manager. The project manager’s job is to lead the entire process and form cross-functional teams. Team members represent all departments with a vested interest in the system, using it in one way or another. Since these departments will eventually be the end-users, it is vital to have their input in the implementation process.

Tidy Records in the Previous Accounting System

Insufficient data is one of the main reasons for nuisances when you move to a new system. If you know that your books are imprecise, there is bad transaction coding, invoicing issues, and other areas that need to be fixed, you should always prioritize this.

Trying to start fresh without eliminating old mistakes can result in a colossal blunder. Even the best system in the world will not help you if you have issues related to the credibility of your data. The project manager is responsible for designating a special team to remove bad data clusters and repair them for reuse in the new accounting system.

Data Migration and Pilot Testing

A data conversion plan must be devised as most of your old data needs to be transferred to the new system. The key highlight of a conversion plan is mapping the data according to the new format. Depending on the format support of the old and new systems, the conversion can vary from relatively simple to highly complex. Therefore, before choosing the new system, it is essential to gather all of its technical details to avoid complications later on.

Once all data is transferred, the accounting system must be pilot-tested to ensure it works perfectly. Apart from being technically sound, you need to acquaint the critical people in your company with the new system to work with it efficiently. Arrange a conference room pilot testing for everyone to learn about the essential features from an expert hands-on. You may need to hire someone for the training session, or you can do it yourself.

Configure and Generate Reports

Once everyone is on the same page and your employees understand how to work with the new system, it’s time to configure it to their devices and reap all the benefits. The new accounting system will generate better, more detailed financial reports such as balance sheets, income statements, cash flows, and other reports that can significantly assist you in making critical decisions for 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.

A business credit score, which is rated on a 0 to 100 scale, reflects a business’s ability to repay a loan. 

Calculating Your Business Credit Score

Your business credit score is calculated using the statistical algorithm designed to measure several traits of your company and financial history.

Among these factors are:

• Credit use ratio
• Payment history
• Length of credit history
• Unpaid debts
• Public records, such as bankruptcies, liens, and judgments
• Business size
• Business risk

Some of the factors are similar to calculating a personal credit score. However, many factors are different in building business credit scores.

How to Build and Improve Business Credit Scores 

Get a Business Credit Card or Line of Credit

Of course, the first step in building a business credit score is to get a business credit card. You can also get a line of credit for your business. Be sure you are getting a business credit card for your business financing, not a personal credit card for your finances.

Separate your Business and Personal Expenses

Separating your business and personal expenses is essential for avoiding accounting mistakes and building your business’s credit score. If you keep the business expenses mixed with your personal, there can be confusion when completing accounting tasks for the company.

Select your Supplier and Lenders with an Eye on your Business Credit

Many small businesses have incomplete business credit accounts because their dealers and money lenders don’t report costs to the business credit unions. If possible, choose vendors or lenders that report to one or all credit bureaus and keep your accounts current.

Pay Your Bills On Time or, Better Yet, in Advance

You must pay on time to ensure your business credit score is high. A delay in payments ruins your business credit, and a delay in payments from your company affects the cash flow of other businesses. This failure to pay on time is the same as when your clients do not pay you on time, and it badly affects the cash flow process of your small business.

Much of your business rating depends on how you pay your suppliers and other contractors within an approved time frame. Paying in advance or on the spot will improve your business credit. Your suppliers and contractors will make remarks like “prompt,” “pay early,” etc. 

Other companies might also be experiencing cash flow problems. Early payments or payments made on time significantly reduce cash flow problems. Your business credit score measures the lending and credit risk linked to your company. A good business credit score shows that your company can manage debts and finances efficiently.

Utilize Credit, but Not Too Much

Your business should utilize its credit score, but make sure not to overuse it. It will be beneficial if you continue utilizing your business credit score for your business operations. You will keep building and using some of your credit scores. It is just like taking a loan and paying it back promptly. It builds trust in your business’s ability and financial stability. But consuming all of the credit score or too much of the score means your company is not financially stable and relies on the credit score it builds over time.

Fix Errors on your Business Credit Score Report

If there are errors in your consumer credit report, there is a fixed process for disputing them. However, there is a different process for business credit report errors everywhere. Every credit bureau has a process for disputing business credit errors. You can submit disputes electronically.

Conclusion

Using a business credit card or line of credit helps to build your business credit score. You must develop and keep improving your business credit score by making on-time payments, using the business credit card, and utilizing some of its scores to your benefit. These steps build a better and more trusted image of your business.

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

When business finances are relatively simple, DIY tax prep software can be used to complete your tax returns. Initially, the magnitude and frequency of financial transactions stay within the range of the software, which is a healthy sign for businesses who prefer using DIY financial tools to cater to their daily and evolving financial needs.

Since people always strive to make life easier, accounting tools and software can significantly help achieve perfection in the accounting and financial aspects of the business. These tools are ideal for small businesses that don’t have complicated financial transactions, as they are known to file clean tax returns.

As soon as a small business grows, its financial needs also grow. To achieve the intended results, businesses need to reevaluate their tax prep software’s effectiveness in the expansion phase.

The Right Tax Prep Software must be Integrated

Although the Tax Cuts and Jobs Act, signed into law on December 27, is supposed to reduce and simplify income taxes paid by US citizens in the next year, there is a lot of DIY tax software that lacks practical evaluation of tax returns. This lack of assessment is why SMEs have become doubtful about whether to trust DIY tax software entirely.

Although industry veterans have claimed the authenticity and legitimacy of DIY tax prep software, you may be surprised to know that they promote different DIY tax software due to their vested interests. Money talks! Perhaps this is why industry veterans have played an active role in changing business owners’ perceptions on a massive scale.

The vast majority of tax preparers are small businesses that can’t afford to hire the expertise of in-house tax professionals. Since tax-related activities are seasonal, companies’ extra costs to bear after tax season accumulate to become a mere burden on their shoulders.

This cost is the core reason small businesses prefer to use DIY tax prep software instead of hiring the expertise of tax professionals. That’s precisely why most industry veterans endorse DIY tax software as an ideal alternative to hiring in-house tax preparation expertise.

Does This Perspective Ever Change?

Yes, it does change from time to time, depending on the nature of the change. When a business grows, so do its bookkeeping and financial needs. The frequency of financial transactions helps trigger the change, and companies that don’t deal with this change should prepare for the worst.

For example, let’s take a small business with an accumulatively 400-500 monthly business transaction. When the business grows, so do its transactions and the tax impact on those transactions. When this happens, the company must let go of its DIY tax prep software and hire a tax professional for seasonal tax preparations.

Why Have People Started to Take More Interest in Tax Preparation?

Tax preparation has become a big deal, so people have specialized in taxes. Preparing tax returns as a career can be lucrative as it offers people safe and healthy financial returns. This billion-dollar industry is expected to speed up exponentially as more and more businesses are stepping into the industry.

According to studies, tax preparers in the US alone generated about $24 billion last year. This dollar amount indicates that the industry is expected to grow, and tax professionals are likely to make more money than ever in the years to come.

There are a wide variety of tax prep software options on the market. All you need to do is select the right platform to fit your business’s financial needs and requirements, especially if your business is small-scale and desires to use DIY tax prep software to file a clean tax return. However, as soon as your business grows, you must consider hiring a tax professional or third-party vendor to file accurate tax returns.

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.