There is no specific age to fall into financial folly. With every new monetary milestone, financial goal, and responsibility comes a new perspective on managing your finances or messing it all up. If you find yourself guilty of a spoiled personal financial viewpoint, you are not alone in this matter. Every generation reveals many significant mishaps, poor choices, and financial mistakes that its members often make. The smartest way to avoid making or repeating such blunders is to recognize and understand such issues before it is too late. Keeping that in mind, here are five of the most common money mistakes each generation seems to make. 

Individuals in Their 20s Must Overcome the Fear of Investment

Young individuals need to invest significantly in growth stocks. Though they accompany some risk, they offer the immense potential for greater returns over time. Sadly, too many people in their 20s are afraid to take risks or are extreme risk-haters who avoid investing. Instead, their portfolios depend heavily on their assets and extraordinarily little on stocks.

According to experts, one of the financial mistakes of risk aversion stems from financial illiteracy and a terrible generational fear of failure. In addition, they believe today’s young generation is more skittish because of unpredictable events they have witnessed in their lifetimes, such as the financial meltdown and the 9-11 attack. To date, mutual funds are one of the most practical ways to ease the angst about investments as they begin with riskier growth assets and, over time, slowly transition to more conservative holdings. 

Individuals in their 30’s – Too Much Expectation and Information

Today, more and more Americans are waiting until their 30s to begin a family or purchase a house, marking this age as a chaotic time. Although these young adults most often think they must live the way their elders did, it takes considerable time to build and maintain that level of financial status and comfort. Attempting to live that ideal lifestyle by shrinking credit card debt and purchasing a big house will eventually make it more challenging to fulfill their long-term financial goals. 

Making poor investments is one of the most common financial mistakes that today’s 30’s generation makes due to a lack of financial knowledge of the several potential opportunities and available options. Young investors lacking the willingness or time to educate themselves might consider approaching financial professionals and bookkeeping experts for smart decision-making.

Individuals in Their 40’s – Baring Family Expenses All Alone

The ’40s is the midlife period that brings the most challenging expenses – raising kids, buying homes, maintaining a family, bearing their children’s education expenses, and possibly even caring for an aging parent. Such burdens must be managed proactively to prevent both short and long-term difficulties. Baring the financial burden alone is one of the biggest financial mistakes the 40’s generation makes today. Instead, they must encourage sharing the financial burden among other family members and encourage their children to be financially independent by working a part-time job or applying for scholarships. Also, they should start living within their means and build an emergency fund as soon as possible. 

Individuals in Their 50s – Trying to Catch Up

Too many people reach their fifties and realize nothing is saved for retirement. Such financial mistakes can be avoided if individuals start saving for retirement far earlier. With the hope of building a business to support their retirement years, many Baby Boomers in their 50s are turning towards entrepreneurship. However, it can render a risky proposition with significant upsides and downsides.

Although retirement feels hard and uncomfortable when prioritizing saving, working a side job for necessary income, and downsizing a home and lifestyle, it defeats the fear of an under-funded retirement.

Individuals in Their 60s and Beyond – Fail to Ask for Help

According to financial experts, today’s older Americans are comparatively less mature than elderly citizens of older generations. However, age inescapably lowers the brain’s analytic abilities, thus making it hard to avoid financial mistakes. Hence, every person must have people they can rely on for financial assistance and decision-making matters in their later years. These people could be your family members, friends, financial advisers, or a mix of all of these.

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.

Do you find sorting out your daily, weekly, and monthly finances tedious, time-consuming, or overwhelming? At the same time, do you want to stay updated with your finances and achieve your financial goals? If so, then making it possible is now easier with accurate results! Personal finance smartphone apps are a great way to manage your money and improve your financial outlook. Consider one of these six great personal finance apps for your daily and periodic spending, saving, and budgeting.

Mint

Mint is your all-in-one resource and the most popular budgeting app from Intuit to manage your money. You can sync your bank accounts, credit cards, and monthly bills to your Mint account. It keeps track of your investment portfolio and flags unimportant fees. Also, it automatically categorizes your monthly spending into many appropriate categories and analyzes your average monthly expenditure for each month, which then becomes your budget. If you are overspending, it alerts you to reduce the spending manually. The on-the-go charts and graphs generated make knowing where you stand currently easier. Also, you receive notifications if your bills come up and go over your present budget.

Penny

Penny is an Artificially Intelligent (AI) chat box that can text you about finances. Upon linking your appropriate accounts, it can answer your specific money questions. Certain responses include simple graphs, charts, and even occasional gifs. You can use only pre-populated messages, such as ‘Breakdown for category’ and ‘Thanks, Penny!’. In addition, it provides crucial information such as your daily spending, updates on upcoming bills, and what subscriptions are increasing their rates. It ensures minimal clutter as it is simply a long text thread showing what you ask for.

Level Money

Capital One’s The Level Money℠ is a leading smartphone personal finance app that helps you spend confidently, manage your money, save more, and realize your financial balance. It breaks the numbers down into mini amounts instead of taking a monthly approach to making your budget. It also allows you to quickly compare monthly spending and set up personalized trackers to stay updated with specific transactions over time, such as how much goes toward groceries and Uber rides.

This innovative tool automatically analyzes your financial outlook. It personalizes and translates complex financial data into easily understandable information to keep you in control, on track, and engaged with your finances. Level money seamlessly and automatically tracks your cash flow, provides essential insights regarding saving and spending behaviors, and reinforces positive habits.

Money box

Designed mainly for Millennials (those aged 18-35), Moneybox aims to ease your investing habits. It rounds up your everyday purchases and puts the additional money into stocks & shares information to help you start investing. After linking the debit card of your choice with your personal Moneybox account, you must set the amount to be rounded up every month. It also allows you to make monthly top-ups that fuel your investment pot, thus managing your money with greater returns.

Money Dashboard

Money Dashboard is a great personal finance app to manage your money and a clever tool that keeps you informed on your financial incomings and outgoings, such as current accounts, credit cards, and savings, all in one place, giving you an accurate view of your finances. Since most accounts, transactions, and balances get refreshed daily, you are up to date with your present financial position, just briefly and on the go.

Conclusion

In conclusion, managing your finances has never been easier with these six top personal finance apps. Each app offers a unique solution, from Mint’s comprehensive budgeting features to Penny’s AI-driven insights and Level Money’s innovative approach to spending confidence. Moneybox simplifies investing for millennials, while Money Dashboard provides an accurate view of your financial position. Embrace the convenience and control these apps offer, turning financial management from overwhelming to empowering, helping you achieve your goals accurately and efficiently.

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

In the realm of IT, an ongoing battle is waged to ensure the seamless operation of businesses. A momentary respite becomes a valuable opportunity for IT experts to ease off the throttle and assess the challenges that lie ahead.

Here, we will encapsulate key findings and offer tips on addressing prevalent IT problems faced in today’s dynamic landscape:

Prioritizing Data Protection

Amidst a year marred by relentless cyber threats, it has become evident that a diverse range of attacks looms over the network at any given moment. The prevalence of highly publicized data breaches has propelled security to the forefront, with more than 25 percent of respondents acknowledging it as a significant concern. In the face of increasingly sophisticated and well-funded cyber criminals, it is apparent that our current efforts are insufficient.

As we usher in 2018, the paramount focus in security should be safeguarding data. Data breaches have claimed the top spot in security concerns, while the secure transfer of data follows closely at number two. Often, end users overlook the associated risks when choosing a method to transfer information, leading to data vulnerabilities during transit. It is crucial to schedule a strategic approach to security, allowing a comprehensive understanding of the weakest points in your system.

Privacy Set for a Monumental Transformation

Significant changes are underway in the data transfer landscape, demanding a profound shift in how businesses handle information. Privacy is poised to take center stage in corporate agendas, and this shift carries weighty implications, particularly for tech giants like Google and Amazon, as well as businesses utilizing platforms such as Dropbox. The repercussions extend to companies retaining data long after transmission.

In the face of evolving security threats, coupled with the imperative of meeting new privacy standards, navigating this landscape is set to be one of the foremost challenges in 2018.

The research underscores another critical concern arising from these changes: compliance. Industries spanning healthcare, finance, and law, among others, demand full transparency and the secure handling of business-critical data. With the advent of stringent data privacy regulations, businesses must comprehend and adhere to the new expectations placed upon them. Establishing awareness and education programs within organizations can play a pivotal role in sharing the compliance burden.

Navigating the Challenge of Standing Out

IT teams are on the brink of a revolution driven by the need to address application performance and monitoring issues. The complexity intensifies in an era where networks sprawl across diverse platforms and devices. Every infrastructure facet— from applications and servers to connected devices and virtual environments—requires vigilant monitoring to meet this challenge. The goal is to optimize efficiency and promptly identify any performance issues that may arise in this demanding and dispersed landscape.

Navigating the Unrelenting Wave of Technological Advances

As the rapid pace of technological evolution persists, the influx of new devices such as smartwatches, fitness bands, and the streaming of high-bandwidth content poses a formidable challenge for IT professionals. Effectively managing this technological onslaught requires a well-defined action plan for integrating new technologies, handling user devices, and ensuring compatibility with existing infrastructure.

A strategic approach is essential to prevent the IT department from being caught off guard. Precise planning and implementing automated systems to handle routine tasks ensure efficiency and frees up valuable time to focus on managing IT infrastructure and critical business setups.

Moreover, investing in staff training while implementing new technologies is a proactive measure that pays dividends in time and effort. This enhances overall efficiency and productivity and empowers workforces to harness the full potential of available technology, thereby future-proofing operations.

Conclusion

In conclusion, IT professionals grapple with various challenges encompassing data protection, management, storage, device management, automation, and reporting. In the face of this complexity, the key to success lies in strategic prioritization. Rather than attempting to address every concern, focus on what is realistically achievable for your department and diligently follow through with targeted improvements. By adopting a measured and strategic approach, IT professionals can navigate these challenges more effectively and ensure the sustainable enhancement of their IT infrastructure.

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

Unlock Creative Business Funding: Unique Ways to Finance Your Venture

Creative business funding encompasses innovative financing solutions specifically designed for artists, designers, makers, and creative entrepreneurs who need alternatives to traditional bank loans, including grants, revenue-based financing, crowdfunding, and industry-specific loan programs that understand the unique cash flow patterns and asset structures of creative ventures.

Starting my bookkeeping services company over two decades ago, I’ve watched countless creative entrepreneurs struggle with the same funding challenges that traditional businesses never face. Your portfolio doesn’t fit neatly into a banker’s spreadsheet, your revenue might be seasonal, and your most valuable assets—your creativity and reputation—can’t be used as collateral. Working with businesses across all sectors through Complete Controller has shown me that the most successful creative businesses didn’t get their funding from banks at all. They found smarter paths to capital that actually understood their value.

What is creative business funding, and why do you need alternatives to traditional loans?

• Creative business funding refers to specialized financing options designed for artists, designers, makers, and creative entrepreneurs who face unique challenges with conventional bank lending
• Traditional barriers include irregular cash flows, limited tangible collateral, and lenders’ lack of understanding of creative industry business models
• Alternative solutions encompass grants specifically for creatives, revenue-based financing, crowdfunding platforms, and industry-specific loan programs
• Benefits include more flexible qualification criteria, alignment with creative cash flow patterns, and funding sources that value intellectual property and creative assets
• Strategic approach involves combining multiple funding sources and understanding which options match your specific creative business stage and needs

Understanding the Creative Funding Landscape

The global creative economy generates $2.25 trillion in revenue annually and employs 29.5 million people worldwide. In the United States alone, the creative economy contributed $730 billion to GDP in 2014, representing 4.2% of total economic output—and this contribution grew by 35% between 1998 and 2014. Despite this massive economic impact, creative businesses continue facing systematic funding challenges that traditional industries rarely encounter.

Traditional banks reject small business loan applications at staggering rates—up to 73% of applications are denied. Alternative lenders perform better, accepting around 57% of applications, but creative businesses still face unique hurdles due to their irregular cash flows and intangible assets.

The traditional lending gap

Most banks evaluate loan applications using standardized metrics that simply don’t translate well to creative businesses. When your primary assets are your reputation, portfolio, and creative skills rather than inventory or equipment, traditional lenders struggle to assess risk appropriately. More than 75% of small businesses report concerns about accessing capital, with one-third saying debt payments have become challenging due to rising costs.

This fundamental mismatch has spawned an entirely new ecosystem of creative funding solutions designed to address these challenges through innovative approaches that consider creative businesses’ true value drivers and revenue patterns.

Government Grants and Creative-Specific Programs

Small business grants represent one of the most attractive funding options for creative entrepreneurs because they provide non-repayable capital specifically designated for business development and growth. Unlike loans, grants don’t create debt obligations or require monthly payments, making them ideal for creative businesses with fluctuating income streams.

The Hello Alice Creative Business Boost Initiative exemplifies targeted grant programs supporting creative entrepreneurs. This program, backed by Etsy’s Uplift Fund, provides $5,000 grants to 100 selected creative entrepreneurs annually, plus access to an exclusive 8-week Boost Camp coaching program. Recipients include fashion designers, artists, salon owners, chefs, makers, musicians, and media producers operating for at least 12 months with existing products or services.

State and federal creative funding

Pennsylvania’s Creative Business Loan Fund demonstrates state-level support with $2.6 million in total funding. The program offers loans averaging $131,000, with flexible terms tailored to creative entrepreneurs’ unique requirements. Similarly, the Colorado Creates Grant program provides general operating support ranging from $6,000 to $14,000 based on organizational revenue.

Federal opportunities include the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs, supporting creative businesses at the intersection of technology and innovation. These programs offer substantial funding for research and development, particularly relevant for digital media companies and technology-enabled creative ventures.

Alternative Lending and Revenue-Based Solutions

Entrepreneurial financing has evolved dramatically with revenue-based financing (RBF), providing compelling alternatives to traditional debt or equity investment. This model allows creative businesses to receive capital in exchange for 5-20% of future revenue until the advance is repaid with a predetermined return multiple.

Revenue-based financing particularly benefits creative businesses because repayment scales with actual performance. During slower months, payment obligations decrease proportionally, while stronger revenue periods result in higher payments that accelerate payoff—perfectly aligning with seasonal creative ventures.

Leading RBF and P2P platforms

Companies like Capchase, Lighter Capital, and Clearco lead the revenue-based financing space. Capchase focuses on subscription-based creative businesses, Lighter Capital funds creative agencies and design firms, while Clearco specializes in e-commerce businesses selling creative products online.

Peer-to-peer lending networks offer another alternative, connecting creative entrepreneurs directly with individual investors. Platforms like MoneyBank utilize data-driven scoring technology combined with expert risk analysis, extending loans without extensive paperwork or traditional collateral requirements.

Crowdfunding and Community-Based Funding

Crowdfunding for artists has revolutionized project and business funding by leveraging community support and pre-sales. Campaigns featuring videos are 60% more likely to succeed, while those raising 30% of their goal within the first week achieve 75% success probability.

Ten Hundred’s record-breaking Kickstarter campaign demonstrates crowdfunding’s transformative potential. The artist raised $2,143,826 from 23,147 backers for custom playing cards, reaching the $10,000 goal in three minutes. This success enabled him to purchase and convert a warehouse into his art studio and merchandise operation, directly scaling his creative business.

Equity and corporate partnership options

Equity crowdfunding platforms like SeedInvest and Crowdcube allow creative businesses to raise larger amounts by offering ownership stakes to multiple investors. This democratizes access to investor networks, building diverse supporter bases including customers and community members.

Corporate partnership programs provide additional support through initiatives like Google for Startups and Microsoft for Startups Founder Hub. These programs offer cloud credits, development tools, marketing support, and expert guidance for creative businesses using technology.

Specialized Creative Financing Options

Creative project financing includes numerous specialized options for specific business needs:

• Equipment financing enables the acquisition of professional cameras, recording equipment, or manufacturing machinery without large upfrbont investments
• Invoice factoring allows service-based creative businesses to sell outstanding invoices for immediate cash, accessing up to 90% of invoice value
• Microfinance programs like the SBA Microloan Program support smaller funding needs with coaching and business development alongside capital
• ROBS financing allows entrepreneurs to use retirement funds for business capitalization without early withdrawal penalties
• Innovation challenges like XPRIZE distribute millions to creative solutions addressing global problems

Final Thoughts

The landscape of creative business funding has transformed dramatically, creating unprecedented opportunities for creative entrepreneurs willing to look beyond traditional banking. From specialized grant programs to innovative financing models aligning with creative revenue patterns, today’s funding ecosystem offers viable paths for nearly every creative venture.

Throughout my two decades at Complete Controller, I’ve seen creative businesses thrive by strategically combining multiple funding sources—starting with grants and competitions while building revenue streams, qualifying them for larger opportunities. Success requires a clear articulation of your creative vision, realistic financial projections, and a demonstration of market validation. The funding is out there; you just need the right strategy to access it. Ready to transform your creative passion into a thriving business? Contact the experts at Complete Controller for guidance on navigating these funding opportunities and building the financial foundation your creative venture deserves.

Frequently Asked Questions About Creative Business Funding

What types of businesses qualify as “creative businesses” for specialized funding programs?

Creative businesses include visual artists, designers, musicians, writers, filmmakers, crafters, fashion designers, photographers, performers, digital content creators, creative agencies, and businesses in architecture, advertising, gaming, and cultural production. Most programs define creative businesses as those generating revenue primarily through original creative work or intellectual property.

How long does it typically take to secure different types of creative business funding?

Timeframes vary significantly: crowdfunding campaigns typically run 30-60 days, revenue-based financing decisions can happen within 24-72 hours, microloans take 2-4 weeks, government grants require 3-6 months from application to funding, and angel investment processes usually span 3-6 months including due diligence.

Can I combine multiple funding sources for my creative business?

Yes, combining funding sources is often the most effective strategy. Many successful creative businesses start with grants or competitions for initial capital, add crowdfunding for specific projects, utilize invoice factoring for cash flow management, and pursue angel investment or revenue-based financing for growth. Just ensure you understand how different funding types might affect eligibility for others.

What credit score do I need for alternative creative business funding?

Alternative funding options typically have more flexible credit requirements than traditional banks. Revenue-based financing focuses primarily on business performance rather than personal credit, peer-to-peer lending may work with scores as low as 580, equipment financing often approves scores above 600, while grants and crowdfunding don’t consider credit scores at all.

What are the biggest mistakes creative entrepreneurs make when seeking funding?

Common mistakes include applying for only one funding source instead of multiple options, underestimating the time required for applications and funding processes, lacking clear financial projections and business plans, mixing personal and business finances, and failing to demonstrate market validation or customer demand for their creative products or services.

Sources

• Hello Alice. (2024). “Creative Business Boost Initiative.” https://helloalice.com/creative-business-boost
• Upstart Co-Lab. (2024). “The Size and Growth of the Creative Economy.” upstartco-lab.org
• U.S. Treasury. (2024, January 9). “Financing Small Business: Landscape and Policy Recommendations.” treasury.gov
• Finsync. (2019, January 28). “5 Reasons Small Business Loan Applications are Denied.” finsync.com
• Pennsylvania Department of Community and Economic Development. (2024). “Creative Business Loan Fund Program.” dced.pa.gov
• MoneyBank. “Peer-to-Peer Lending Networks for Creative Businesses.” moneybank.com
• SBA Capital Impact Report. (2024). “Annual Report on Small Business Lending.” sba.gov
• Creative Economy Report. (2024). “Global Creative Industry Statistics.” unesco.org
• Coinlaw. (2024, June 16). “Crowdfunding Statistics 2024: Insights & Global Market.” coinlaw.io
• Capchase. “Revenue-Based Financing for Creative Businesses.” capchase.com
• Lighter Capital. “Alternative Financing Solutions.” lightercapital.com
• MicroBilt. “Alternative lending continues to grow.” microbilt.com
• Invoice Factoring Guide. “Creative Business Financing Solutions.” invoicefactoring.com
• SBA Microloan Program. (2024). “Annual Report.” sba.gov
• Equipment Financing Guide. “Creative Business Equipment Loans.” equipmentfinancing.com
• MoneyBank Digital Lending Platform. “P2P Lending Solutions.” moneybank.com
• Kickstarter. (2024, February 24). “How Ten Hundred’s Kickstarter Raised $2.1M.” kickstarter.com
• California Arts Council. “Cultural Districts Program.” cac.ca.gov
• ROBS Financing Guide. “Using Retirement Funds for Business.” robsguide.com
• Colorado Creative Industries. “Colorado Creates Grant Program.” coloradocreativeindustries.org
• IRS. “Rollover for Business Startups (ROBS) Guidelines.” irs.gov

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. Reviewed By: Brittany McMillen

Brittany McMillen

Brittany McMillen is a seasoned Marketing Manager with a sharp eye for strategy and storytelling. With a background in digital marketing, brand development, and customer engagement, she brings a results-driven mindset to every project. Brittany specializes in crafting compelling content and optimizing user experiences that convert. When she’s not reviewing content, she’s exploring the latest marketing trends or championing small business success.

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Net loss, also denoted as a net operating loss (NOL), is the consequence that happens when expenses surpass the income or total revenue created for a certain time duration.

Entrepreneurs should adopt strategies and take measures to prevent net business losses. Entrepreneurs must be vigilant enough to find the underlying reasons for net losses if the business appears fine. There can be administrative errors. Administrative errors include simple inadequacies in pricing, bookkeeping, and paperwork that result in excessive company losses. Entrepreneurs must be well aware of embezzlement and other small business frauds. Frauds occur more frequently in small-sized businesses. 

Measures Taken by Entrepreneurs to Avoid Net Loss

Maintain an up-to-date accounting and bookkeeping record. Delays in bookkeeping and recording of expenses made in business may result in a negative balance. A negative balance appears when payments are made, but the accounting statements are not current. No timely decisions can be made as the business’s financial status will be unclear in a business with an infrequent accounting and bookkeeping record. Using accounting software will reduce the time consumed in accounting and bookkeeping. Small-sized companies can use cloud accounting technology.

If your business is already going into net losses, take the following measures to avoid them.

1. Reduce expenses
2. Increase the sales of the business
3. Get advice from an accountant or business advisor

Effective Budgeting

Budgeting is time-consuming but also a very critical step to avoid net losses. Costs and expenses are estimated, and finances are allocated for various business operations. Previous year accounting and bookkeeping data are essential in estimating budgeting for the upcoming period. Budgeting has become more accessible due to emerging accounting and bookkeeping software. This software records all bookkeeping and identifies the loopholes that should be overcome to proceed with business operations smoothly, avoiding net losses.

Claiming Losses at Tax Time

Entrepreneurs can claim the net loss on the tax return. This can be forwarded to decrease your tax bill in the next tax year. In most cases, companies facing net operating losses are not required to pay income tax.

Follow these Steps to Prevent Net Losses

1. Stay calm and relaxed to face this problem head-on.

2. Take a breath and plan to take the company out of net losses.

3. Only buy things that you can pay for. It can lead your company to bankruptcy.

4. Make sure to start a new project before making a budget.

Start Analysis

Entrepreneurs must analyze accounting statements routinely and correctly interpret them. Regular business operations are a need for a successful business.

Entrepreneurs must clearly understand where the company’s money is spent. Income statements systematize the company’s returns and sales, expenditures, and taxes to show how the resources are applied to the company’s tasks.

Analyze all expenses made in business, not just the accounting statements. Compare the quantity of inventory procured with the actual consumption of the company’s inventory. If the stock is in excess, reduce the expenses per their business needs. Cut down on the amount of inventory. Analyze the costs of labor. Look out for administrative expenses. How much money is spent on office materials? Entrepreneurs must ensure no personal finances are carried out from the business account. Is the budget estimated correctly? Does the budget include each year’s potential taxes and other potential expenses? This analysis will keep the company devoid of net losses for no apparent reason. 

• Increase sales and implement marketing strategies.
• Sales can be increased using different marketing strategies.
• Focus on growing sales. 

Conclusion

Entrepreneurs should implement strategies to keep their businesses devoid of net losses. If the company is already at a net operating loss, take steps to increase sales and reduce expenses. Entrepreneurs should take enough measures to avoid net losses.

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.

What Exactly is Cloud Hosting?

Cloud hosting provides the host; the host provides users with virtual servers for extracting and storing data, which is then connected to a vast and complex network of physical web servers offered at the back end.

Usually, the clients can use the cloud hosting services as often as they want, depending on their usage and requirements. Cloud hosting is the ultimate solution for cost-effective data storage without using many physical storage disks. Furthermore, the client is not required to pay for the extra capacity and pays only for the storage being used by them. 

What is an IRS Audit?

An IRS Audit is a detailed review of an organization or person’s accounts and financial information. The audit checks that all information is reported correctly, all tax laws are being followed, and the company or individual is paying their taxes as required and, hence, verifying all the amounts paid as tax to be correct.

The Three Basic Types of IRS Audits

If you or your organization has been earning millions, there is a one-sixth chance that you might be selected for an IRS audit. If you are earning an average pay, your chances are even. An IRS audit is random and is a detailed analysis of your finances to ensure that all money is earned from lawful sources and that all taxes are paid according to the law.

Usually, an IRS audit is triggered if the IRS notices unlawful activity related to your revenues or earnings. It could also be performed because the IRS notices that the taxes required are not being paid. An example of such activity is a sudden massive drop in your revenues or earnings that might indicate that you are trying to hide money to avoid taxes. It is a very detailed auditing process in which details of your finances are combed through so that any discrepancies can be caught. The three basic types of IRS audits are explained below.

Correspondence Audits

These audits are the most straightforward audits of them all. Correspondence audits usually occur when you have a slight mistake in your tax returns, which could be a human error based on typing in the correct amount.

Office Audits

An office audit is a bit more complicated and scary. During this audit, you are asked to go to an IRS office with all the correct paperwork that is required of you. This audit might be triggered if you have increased and high tax deductions – such as a medical expense.

Field Audits

A field audit, on the other hand, is similar to an office audit, but the IRS approaches you. In such cases, representatives from the IRS visit you at your home or workplace and request to look at specific paperwork and records of your business dealings.

If you are being audited, the IRS will notify you properly via a call or letter. The letter or call would further inform you of the required documents and paperwork that might help them assess your earning and tax-paying patterns.

What Documents are Usually Required by the IRS?

When selected for an audit, the IRS notifies and informs you about the documents they might need to conduct your audit. However, some of the documents may include:

• All documents that are material in the administration of the Internal Revenue law
• Records regarding revenues, taxes, earnings, expenses, and purchases for at least the three previous years
• Complete employment records for the past four years, at least

Documents required to meet IRS Standards in Cloud Hosting

Electronic times have made things faster and more accessible. Hence, you must create digital copies of all related paperwork and store them in your cloud hosting services. When facing an IRS audit, these documents are readily available and save both parties a lot of time and effort, making the complete audit process easier and quicker.

According to the IRS website, the documents stored electronically which are acceptable for the audit should be prepared as follows:

The electronic storage system must index, store, preserve, retrieve, and reproduce the electronically stored books and records in a legible format. All electronic storage systems must provide a complete and accurate record of your data that is accessible to the IRS. Electronic storage systems are also subject to the same controls and retention guidelines imposed on your original hard-copy books and records. 

In essence, all of these documents must be complete, accessible, and accurate while proving all the transactions and details required and asked by the IRS Audit.

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.

Unlocking Wealth: Gold Vault Investments for Secure Growth

Gold vault investments provide physical gold ownership through professional storage facilities, offering investors secure access to precious metals without the complexities of home storage, insurance concerns, or security risks that come with direct possession.

As the founder of Complete Controller, I’ve guided countless business owners through wealth preservation strategies during economic uncertainty over the past 20 years. With gold surging over 25% year-to-date in 2025 and reaching record highs above $3,400 per ounce, I’ve witnessed firsthand how vault-based gold investments protect and grow wealth for my clients across every industry. This article reveals the exact strategies that sophisticated investors use to leverage professional gold storage, including cost structures, security benefits, and implementation tactics that transform precious metals from a storage burden into a streamlined wealth-building tool.

What are gold vault investments, and how do they secure your wealth?

• Gold vault investments provide full ownership of physical gold stored in professional, insured facilities with institutional-grade security
• Allocated storage keeps your gold segregated and legally owned, protecting against custodian insolvency
• Professional vaults offer superior liquidity through established trading networks and verified bullion standards
• Annual storage costs typically range from 0.12% to 0.5%, significantly lower than home security and insurance alternatives
• Investors gain gold’s wealth preservation benefits while eliminating storage, security, and insurance burdens

Understanding Gold Vault Investment Fundamentals

Gold vault investments bridge the gap between physical gold ownership and modern investment convenience, offering institutional-level security for individual investors. Unlike gold ETFs or mining stocks, vault-stored gold provides direct ownership of physical bullion while eliminating the practical challenges of personal storage and security management.

Professional gold storage operates through a sophisticated network of accredited facilities that meet stringent international standards established by the London Bullion Market Association. These facilities feature multiple layers of security, including biometric access controls, 24/7 surveillance systems, and reinforced vault construction designed to withstand both natural disasters and security breaches. The storage infrastructure gives investors legal ownership while benefiting from economies of scale in security and insurance costs.

The critical difference between allocated and unallocated storage

Allocated gold storage provides direct ownership of specific bullion bars or coins, with detailed records linking investors to particular assets stored under segregated conditions. This arrangement protects investors from custodian bankruptcy while maintaining full legal ownership rights.

Unallocated storage represents claims on gold pools rather than specific assets, introducing counterparty risk but often at lower costs. The distinction between these options represents a critical decision point that impacts both security and cost structure for vault investors.

Comparing Gold Storage Options and Investment Strategies

The gold storage landscape offers multiple pathways for investors seeking vault-based exposure, each presenting distinct advantages depending on investment goals, capital allocation, and risk tolerance preferences.

Domestic storage facilities within the United States provide convenience and regulatory familiarity, with established providers like Delaware Depository and Brink’s Global Services offering comprehensive solutions for American investors. These facilities operate under strict U.S. regulations and provide easier access for physical audits or withdrawals.

International storage, particularly in Switzerland and Singapore, appeals to investors seeking geographic diversification and potential protection against domestic policy changes. Swiss facilities like Swiss Gold Safe provide bank-independent storage in politically stable jurisdictions with strong privacy protections and established precious metals markets. Singapore’s freeport facilities offer tax-advantaged storage for international investors.

Segregated versus commingled storage strategies

Segregated storage keeps individual investor assets physically separated from other holdings, providing maximum security and transparency while typically commanding higher fees ranging from 0.4% to 0.6% annually. This option suits investors with substantial holdings who prioritize absolute ownership clarity.

Commingled storage pools multiple investors’ assets within secure areas, reducing costs to approximately 0.12% to 0.3% while maintaining allocated ownership rights through detailed record-keeping systems. The choice between these options often depends on portfolio size, with larger holdings justifying segregated storage premiums.

Secure Gold Investment Benefits and Wealth Preservation Advantages

Professional vault storage transforms gold investing from a storage challenge into a streamlined wealth preservation strategy, offering multiple advantages over traditional precious metals ownership approaches.

Professional gold vaults implement security measures far exceeding typical bank safe deposit boxes or home storage solutions. Modern facilities feature redundant security systems, including motion detection, thermal imaging, armed response protocols, and insurance coverage often exceeding $1 billion. These comprehensive security measures eliminate investor concerns about theft, damage, or loss while providing verifiable chain of custody documentation essential for resale transactions.

Vault-stored gold offers significantly enhanced liquidity compared to privately held precious metals. Professional facilities maintain relationships with bullion dealers and institutional buyers, allowing investors to execute sales within 24-48 hours without physical transportation, purity verification, or buyer location challenges. This liquidity advantage proves particularly valuable during market stress periods when rapid portfolio adjustments become necessary.

Central bank confidence validates gold storage strategy

Central banks purchased 1,045 tonnes of gold in 2024, marking the third consecutive year that purchases exceeded 1,000 tonnes. Poland led purchases with 90 tonnes, while India added 73 tonnes and China purchased 44 tonnes. This institutional buying represents about 25-30% of primary mine supply, demonstrating sovereign confidence in gold as a strategic reserve asset.

Precious Metals Vault Selection and Provider Evaluation

Selecting appropriate vault storage requires careful evaluation of provider credentials, facility locations, insurance coverage, and fee structures to optimize security while managing costs effectively.

Reputable vault operators maintain accreditation from recognized industry organizations and undergo regular third-party audits to verify security protocols and asset accuracy. Key accreditation bodies include the London Bullion Market Association for international standards and various national regulatory authorities for domestic compliance. Investors should verify that chosen facilities maintain appropriate insurance coverage, typically including comprehensive protection against theft, natural disasters, and operational risks.

Gold bullion investing cost analysis and fee optimization

Professional vault storage involves several cost components requiring careful analysis for optimal investment returns:

• Annual storage fees: 0.12% to 0.5% of gold value
• Setup fees: $0 to $500 depending on provider
• Insurance premiums: Often included in storage fees
• Transaction fees: 0.5% to 2% for purchases and sales
• Delivery charges: $200 to $1,000 if a physical withdrawal is needed

Gold IRA storage specifically ranges from $100 to $500 per year, with segregated storage generally costing more than non-segregated options but providing enhanced security and accountability.

Investing in Gold for Retirement and Long-Term Wealth Building

Gold vault investments integrate effectively with retirement planning strategies, offering portfolio diversification and inflation protection within tax-advantaged account structures. Gold’s 2024 performance of 26.3% represented the strongest annual returns in 14 years, significantly outpacing the S&P 500 by 2.3%.

Gold Individual Retirement Accounts enable tax-advantaged gold ownership through approved vault storage, combining precious metals benefits with retirement account tax efficiency. Qualified gold IRA custodians facilitate vault storage relationships while maintaining IRS compliance for approved bullion products. This structure allows investors to allocate retirement funds toward gold while maintaining professional storage and avoiding prohibited transaction rules.

Real-world gold IRA success example

Mr. Smith, a retired airline pilot with 35 years of service, successfully diversified his retirement portfolio by rolling over funds from his employer plan into a Traditional IRA and purchasing 100 American Gold Eagles. The process involved selecting a dealer, providing proof of funds, submitting a signed invoice, and having the gold delivered to his chosen regulated depository within 24 hours of authorization. His strategic approach protected lifelong savings while planning for future in-kind distributions.

Gold Investment Safety and Risk Management Considerations

Understanding potential risks and mitigation strategies helps investors make informed decisions aligned with overall wealth preservation objectives.

Even allocated gold storage involves some counterparty risk related to vault operator stability and regulatory compliance. Investors should verify that chosen providers maintain appropriate financial strength ratings, regulatory licenses, and segregated asset protection. Understanding applicable tax obligations for gold investments, including potential capital gains treatment and reporting requirements, prevents unexpected tax liabilities upon sale or distribution.

Gold’s primary function as wealth preservation rather than growth generation requires balanced portfolio construction acknowledging opportunity costs. While gold provides stability during market turbulence, excessive allocations may limit portfolio growth potential during favorable equity market conditions. Successful gold vault investing involves maintaining sufficient precious metals exposure for protection while preserving capital allocation for growth-oriented investments.

Getting Started with Gold Vault Investments

Implementing gold vault investment strategies requires systematic evaluation of options, provider selection, and account establishment processes designed to optimize security and cost efficiency.

Beginning gold vault investing involves these key steps:

1. Research and select reputable providers with strong track records
2. Compare fee structures and minimum investment requirements ($5,000 to $50,000)
3. Complete identity verification and investment experience documentation
4. Choose storage preferences, including vault location and segregation options
5. Fund account and execute initial gold purchases
6. Establish portfolio monitoring and rebalancing schedule

Successful gold vault investing requires periodic portfolio rebalancing to maintain target allocations as asset values fluctuate over time. Most providers offer online account management systems enabling real-time portfolio monitoring, transaction execution, and performance tracking.

Final Thoughts

Gold vault investments represent a sophisticated approach to precious metals ownership, combining physical gold’s wealth preservation benefits with modern investment convenience and institutional-grade security. Through two decades of guiding clients at Complete Controller, I’ve seen how professional vault storage eliminates traditional gold ownership barriers while providing superior liquidity and peace of mind during volatile economic periods. The key to success lies in selecting reputable providers, understanding cost structures, and maintaining appropriate portfolio allocations aligned with long-term wealth preservation objectives. Contact the experts at Complete Controller to discover how precious metals investments can strengthen your overall financial strategy and protect your business wealth for generations.

Frequently Asked Questions About Gold Vault Investments

What exactly are gold vault investments, and how do they work?

Gold vault investments involve purchasing physical gold that is stored in professional, secure facilities on your behalf. You maintain full ownership of the gold while the vault handles storage, security, and insurance, typically charging annual fees of 0.12% to 0.5% of the gold’s value.

Are gold vault investments safer than keeping gold at home?

Yes, professional vaults offer superior security through 24/7 surveillance, biometric access controls, armed response protocols, and comprehensive insurance coverage often exceeding $1 billion, far surpassing typical home security measures.

How much should I invest in gold vault storage for my portfolio?

Financial experts typically recommend 5-20% gold allocation depending on your risk tolerance and investment goals, with conservative investors favoring 5-10% and those seeking inflation protection considering up to 20% during uncertain economic periods.

What are the main costs associated with gold vault investments?

Primary costs include annual storage fees (0.12%-0.5%), insurance premiums (often included), setup fees, transaction costs for buying/selling, and potential delivery charges if you decide to take physical possession of your gold.

Can I use gold vault investments in my retirement account?

Yes, Gold IRAs allow tax-advantaged gold ownership through approved vault storage, combining precious metals benefits with retirement account tax efficiency while maintaining IRS compliance for approved bullion products.

Sources

• Trustable Gold. “Vaulted Gold – Physical Gold as a Modern Investment Product.” Trustablegold.com, 2024.
• Zerodha Fund House. “What Happens When You Invest in a Gold Fund: The Journey from Your Bank Account to Gold Bar in a Vault.” Zerodhafundhouse.com, 2024.
• BullionVault. “Buy Gold, Silver and Platinum Bullion Online.” Bullionvault.com, 2025.
• Scottsdale Mint. “A Beginner’s Guide to Vaulting Gold.” Scottsdalemint.com, 2022.
• Preserve Gold. “The Best Gold Storage Companies.” Preservegold.com, 2024.
• Baird Mint. “Benefits of Vault Storage for Your Gold and Silver Investments.” Bairdmint.com, 2024.
• J.P. Morgan Research. “A New High? Gold Price Predictions from J.P. Morgan Research.” JPMorgan.com, 2025.
• BlackRock Investment Institute. “Stay Long Gold, Just Not as a Hedge.” Blackrock.com, 2025.
• Flexible Plan Investments. “How Gold Can Help in Creating a More Optimal Portfolio Allocation.” Proactiveadvisormagazine.com, 2024.

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. Reviewed By: Brittany McMillen

Brittany McMillen

Brittany McMillen is a seasoned Marketing Manager with a sharp eye for strategy and storytelling. With a background in digital marketing, brand development, and customer engagement, she brings a results-driven mindset to every project. Brittany specializes in crafting compelling content and optimizing user experiences that convert. When she’s not reviewing content, she’s exploring the latest marketing trends or championing small business success.

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Companies used to store their business’s bookkeeping records in filing cabinets. This took up lots of space with many paper documents linked to the company’s and clients’ financial details. These documents had all the details in an organized fashion, such as: 

1. Paid invoices of clients
2. Unpaid invoices of clients
3. Information regarding the payroll of every employee
4. Payment records of business contractors
5. Plenty of business-related files that are important yet of no specific use now.

These paper or cabinet files are never easy if you are looking for essential data, and viewing those records becomes troublesome. A company must review all files to collect the required data if it plans to prepare for the upcoming tax season.

However, today, we are lucky to have more technologically advanced management systems that have made the process much easier and more convenient for all accountants and bookkeepers. In this technological era, companies have a proper computerized system for entering all company records, including the employee management system, product management system, inventory system, and customer management system.
All these systems have made it easier for a business to locate any digital data and use it easily. Similarly, suppose companies adopt electronic filing methods for financial documentation. In that case, storing data, locating it within minutes, retrieving information, and sharing all bookkeeping records with other authorized employees digitally is much easier.

Getting Started with an Electronic Bookkeeping System

If your business uses the manual paper system for bookkeeping, this is the ideal time to turn towards digitalization. Digital bookkeeping has many benefits over the traditional bookkeeping system. It saves the employees’ time, retrieves the information much quicker, and even saves office storage space.

However, consider the shift towards the paperless filing of your financial data. In that case, you need to ensure that you properly backup all the information to a cloud to retrieve it in case of an accident or data loss.

Shifting from a manual to a digital system will require time and effort at an initial level. A company needs to train its current employees regarding its new document management system to get familiar with its outlook and technicalities. This tailored system should align with the company’s business needs, offering features like drag-and-drop storage, sub-folders for organized data management, and a scanning utility for efficient text search. Choosing an enterprise management system akin to a file cabinet ensures the security of sophisticated business data, avoiding reliance on online cloud services.


The system’s implementation involves creating a structured hierarchy of folders, including Accounts Payable, Accounts Receivable, Vendor Receipts, Banking, Payroll, Tax, and Loans. Once the folders are set, seamlessly transfer files and organize data in paperless filing cabinets to ensure a successful transition to digital bookkeeping. The designed system should keep the company’s business in mind. 

The main idea is to avoid online cloud services such as Google Docs or Dropbox to maintain the security of the business’s sophisticated data. It is ideal to look for an enterprise management system for documentation, such as a file cabinet. The file cabinet has multiple packages with plenty of options for accountants, such as drag-and-drop storage systems, sub-folders for more organized data management, and a utility for scanning and searching text.

When you have finalized your document management system, you can begin by forming all the folders for your company. Designing a structure of your folders is the key to an organized management system. 

Once you create a proper structure for the folders, you can put all the files into these folders and organize your data in paperless filing cabinets. Keeping your data safe and in the proper place will ensure your 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.

Bookkeeping can be a time-consuming chore for business proprietors, but tracking, managing, and optimizing your company’s growth over time is compulsory. Sooner or later, you must capitalize on a small business accounting software and system to regulate your cash flow and formulate for tax time. From bookkeeping to invoicing to tracking expenses, there are many different things to consider when choosing the right software for your requirements. It is an important choice since it can completely simplify your small business finances. Below are a few options we recommend when selecting your accounting software for your business.

QuickBooks Online

Intuit QuickBooks Online is the customary small business accounting and bookkeeping software program. It proposes many of the features and bookkeeping functionality that most companies need. QuickBooks makes it easy to select and pay for the features you need for your specific purposes. They include:

• Billing
• Payroll
• Handling bills from retailers and suppliers
• Expenditure tracking
• Inventory tracking

FreshBooks

FreshBooks is a popular billing solution with built-in outlay management, time-tracking features, and the facility to accept client payments. Logically, this makes it great for freelancers, agencies, and other service-based productions with the ability to automate late payment reminders to customers, manage your different clients, and develop pricing based on the number of active customers you have at a time. FreshBooks is recognized for being user-friendly and providing stellar customer support when you need it, and it is an easy choice if you sell services rather than products.

Xero

Xero offers an extensive breadth of accounting tools that comprise everything from bookkeeping to paperless expenditure management and the capability to get paid in over 160 currencies with programmed conversions and exchange rates updated hourly. Xero lets you send proof of purchase and quotes and mechanically reconcile your accounts, as expected from a decent accounting program. However, the attainability of inventory tracking and the ability to make procurement orders to your dealer on affordable plans makes it a good option if you sell products online or offline. 

Zoho Books

Zoho Books is part of the Zoho collection of corporate software that also includes a CRM, help desk, and, in this case, accounting applications. If you currently use or plan to use other Zoho tools, particularly their CRM, it might also make sense to use their business finance software. You get most of the features you’d expect from bookkeeping software, plus time-tracking and other features perfect for selling amenities and not just products.

Accounting apps for your Shopify store

If you are a Shopify dealer, you might manually copy sales and customer data from your store to bookkeeping software or a spreadsheet. But some apps can systematize the flow of data, give you access to essential inventory and financial and purchaser data, and free up time you can devote to growing your industry.

Connector apps

Getting your numerous software solutions to “speak” to one another can save time and help you systematize data transfer. That’s where “connectors” or integration apps come in. Connector apps let you faultlessly export product, payment, tax, and customer data with a single click.

Simply cost

SimplyCost is a simple and reasonably priced Shopify app that lets you produce profit-based reports founded on the cost of properties sold. 

Profiteer

Profiteer is another Shopify app that can help trail the COGS of your products and variants. It does not assimilate with accounting software directly. It can transfer a CSV report showing your inventory’s total cost or even profits within a specific time frame.

Conclusion

Factors ranging from the size of your business, your industry, your employees, and whether you sell products or services, among others, are important to consider when choosing an accounting system that works for your business and your budget.

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

Protecting your digital assets, such as your website and your company’s online network, is extremely important. As digitization accelerates, companies must shore up their defenses against potential online threats to ensure data is well protected. 

There is no denying that the cybersecurity landscape is constantly shifting, and business owners often need help with the ever-growing cybersecurity challenges. Today, businesses are discovering that to stay ahead with cyber security, they must employ the right tools and techniques and hire the right people to ensure their protection. Although there are countless viruses, malware, and online threats, the prevention tools are almost always there. It would help if you integrated the proper cyber security options that you feel are right for protecting your business.

Staying Ahead of the Game

Staying ahead with cyber security can only be possible if you constantly learn and explore new techniques to protect your network. Besides adopting a DIY strategy, you can hire someone to expose your cyber security flaws. The ‘ethical hacking’ concept prevailing today has undoubtedly answered the unspoken cyber security needs of business security flaws and network imperfections. 

This has become a professional career for those good at identifying cyber errors. Businesses that generally rely on their online presence can avail of this golden opportunity to hire the services of a professional, ethical hacker who can prevent the leakage of important data or bookkeeping records from a company’s servers.

Come Up with a Sound Data Prevention Plan

The data breaches in MNCs such as eBay, Yahoo, Target, Sony, and many other reputable brands bear testimony to the fact that cyber security threats are certain, and you need to come up with a data prevention plan to ensure your business data is secured and well-protected against all cyber threats. Data breaches negatively impact and hurt the integrity of a business. 

If it continues, no business can expect to survive in the market for long. How? It slowly and gradually diminishes its market share, eventually kicking the business out of the competitive race. Moreover, breaches in MNCs teach us that no company is safe from the potential dangers of the internet, and we need to organize our servers and strengthen our cyber security systems to mitigate risks. 

Always Keep Learning

You are staying on top of cyber security, which requires you to always be on your toes. It would help if you continued to learn how cybercriminals can enter your system, servers, or network to steal your company’s vital information and know what tactics they generally use to do so. To be resilient in today’s business climate, you need to fine-tune your plan of action and develop a comprehensive cyber security plan to protect your company from threats and potential dangers. 

Arguably, there are many multifaceted aspects of cybersecurity that we may be unable to understand or comprehend, making it clear that hiring a professional cybersecurity expert is a wise choice for any business. They are experts in their field and know how things work practically.

Learn from the Mistakes of Others

Besides learning what potential threats are out there, you also need to learn from the mistakes of others. It would be best if you learned those lessons to draft a fantastic cybersecurity strategy for your company that works for you. Staying updated with newer and advanced insights from the industry helps you know what’s right for your business. 

Suppose you think your business is too small and you cannot afford to hire a professional IT expert. In that case, you can use a DIY strategy and install antiviruses and firewalls to prevent cyber criminals from attacking your servers and stealing sensitive data.

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.