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Track Your Business Expenses

Posted on January 3, 2020July 11, 2022 by Jennifer Brazer

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

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

Create a separate business bank account

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

Use online tools to track expenses as they occur

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

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

Hire a bookkeeping expert

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

Consider your employee costs

When tracking your other business expenses, do not forget to include one of your major expenses: labor. Ensure that you are properly tracking the cost of wages, benefits, overtime, and other costs related to your employees. By accurately determining the costs of maintaining a workforce, you can decide if they need better incentives or if you are overspending the budget. Whatever the case, tracking business expenses will undoubtedly help you with better decision-making regarding managing your labor force.

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.

IRS vs Divorce- Which Is Scarier?

Posted on January 2, 2020February 1, 2024 by Jennifer Brazer

The IRS and divorce are two boogeymen on most people’s fear lists. But why are they so scary? Financial ruin, of course! Let’s break them down into bite-sized pieces and see what we can do to protect ourselves.

Internal Revenue Service

I think it is a healthy response to fear the IRS to some extent; a bit of fear keeps us, taxpayers, in line! However, there are a few circumstances that can trigger scary events. Let us look at those more closely.

A Windfall Year

Having a windfall year and not paying taxes on the windfall when it happens. The following year, the taxpayer discovers that they owe money. However, they do not have the money to pay because that income was just a windfall, and now it is gone. Why does this happen? It is the way people think about taxes.

Most people think of taxes as something you must calculate at the end of the year, by April 15th and March 15th for some businesses. You would do better to consider taxes as “a portion of your income” supporting local and federal structures. That is right, a portion of your income. Being employed as a W2 worker is easy, and your employer is handling your tax withholding. You do not even have to think about it because the taxes are going to the IRS like clockwork.

The same rules apply to the income you receive outside of your usual paycheck. Every time you receive earned income, you trigger a taxable event. If you do not send the money to the IRS, who will? And, if you do not, that money will still be due when you arrive at year-end to pay your taxes. The problem with waiting is that the penalties for late payments are very stiff.

You are usually better off just sending the payment in and getting a refund at the end of the year rather than taking the chance to owe more than you can pay and having those penalties added to your balance. Sure, you could impound the money into a savings account set aside for taxes, but only if you have the self-control not to touch it!

Facing an Audit

Audits are not fun, but they are incredibly taxing (pun intended) if you do not have your bookkeeping and records together. Think about it. Do you know where your medical bills from 2012 are right now? Maybe you always take the standard deduction, so you do not care, right? Do you have copies of the paperwork from that IRA you rolled over when you got the new job six years ago?

Did your employer reimburse you for cell phone expenses that you incurred on their behalf? Where do you have the cell phone bills for those periods, you know, the ones from that phone company you do not use anymore? I think I have made my point.

It is time to enter the 21st century. It is advisable to have all your tax records scanned and saved electronically for ease of access and IRS submission. You can use a bookkeeping service, like Complete Controller, to keep the books, scan them, name them, and store your source documents securely. You can also create your filing system and do your books.

Stay aware of security issues around solutions like Dropbox or solutions that disappear if you do not maintain your software subscription, like QuickBooks. Choose carefully and name your documents in a searchable manner—for example, YYMMDD Name of Document $XXX.XX.pdf matches a transaction on the books. Your audit will go faster and smoother. And, if you have not broken any rules, you have little to fear.

Divorce

Divorce is awful. It is the end of a chapter and the last resort for two people who were, indeed, madly, deeply in love at one point. And it usually comes after you both have made mistakes you cannot repair, leading to irreconcilable differences. What are some of the divorce’s most damaging financial impacts, and what can you do to prevent them?

The 3-Ds

Single-income families now have twice the expenses and half the wealth. When you are young and falling in love, you might find it awkward to have conversations about earnings, savings, credit, and financial planning. You might know every intimate secret and physicality about someone and don’t know anything about their bank account, spending habits, saving goals, and plans to get to happily ever after.

I strongly advise you not to enter a marriage (which is effectively a business partnership with benefits) until you fully grasp your partner’s financial strengths and weaknesses. Frank and open conversations about finances will help you groove healthy habits like budgeting and financial planning, preventing divorce.

While planning your finances, it is necessary to work a contingency into your plan that solves the problems of death, disease, or divorce (the 3-Ds). Insurance is a great way to cover these risks. Individual retirement accounts are also great tools.

If you plan for one family member to earn more while the other provides support that is not financial, such as schooling or child-rearing, it is essential to talk about how that person will be covered in case one of the 3-Ds happens to the family. Equal attention should be given to each person’s financial stability, and whenever possible, the family should try to limit living expenses to one-half of their after-tax income. This is not only a good habit but will also let both parties know they will be fine if the family income gets split.

Financial Transparency

Nothing is more devastating than discovering that the person you let into your inner circle of trust, who vowed to have your back under all circumstances, is hiding financial irresponsibility. This can show up in many ways: spending the kid’s college funds, applying for credit or entering a financial contract without spousal consent, failure to pay taxes, exposure to current or future financial risk by not paying insurance bills, or failing to fund the 401(k). Do not let your partnership suffer this violation; insist upon transparency now.

Household and business finances are everyone’s business unless you have a prenuptial agreement that states otherwise and absolves you from responsibility. Ignorance is not bliss; it is dangerous. No matter what the news, it is better to both know it and work to solve it rather than having the burden and shame fall on one person’s shoulders while the other enjoys what turns out to be only a facade. The worst thing you can steal from someone is the truth.

By practicing transparency, each member is equally responsible for the financial outcome and knowledgeable about the risk. Plans can be made, and desperation might breed ingenuity. Use a service like Complete Controller to manage your household books and records on a secure platform where the information is available for you and your partner to view or manage your budget and bookkeeping in a shared document or app and make sure the bank accesses are available to anyone with skin in the game. Use Credit Karma and share those credentials, too. Divorce is nasty enough without having debt and dishonesty rear up months or even years later. Make it your responsibility to know.

Conclusion

We can all agree that the IRS and divorce are equally scary. Hopefully, with some advice from your friends at Complete Controller, you are a step ahead if you must face them!

Medical Benefits and Health Insurance

Posted on January 2, 2020February 27, 2025 by Jennifer Brazer

Health benefits such as health insurance policies are provided to ensure that residents of the country are healthy enough to live a prosperous life. From government to private insurance policies, they all are beneficial for an individual and their family.

What are Medical Benefits?

Medical health benefits include the entire medical care that a person requires in order to preserve, promote, and restore one’s health. Medical benefits offer additional medical and surgical services like:

Physical therapy
Surgeries
Critical care
Mental health
Orthopedic services

Surgeries that medical benefits support are:

Vision care
Speech and audio pathology
Cosmetic surgeries
Dental surgeries
Prosthetics
Neurological surgeries
Surgeries related to cancer and tumor
Podiatry
Plastic surgery
Organ transplant

How to Get Medical Benefits

In order to receive medical health benefits, first you have to determine whether you will opt for private or government insurance. Both have different medical coverage. Once decided, determine if your insurance will cover the costs of your family or just yourself and what medical services it will cover.

Below are some preventive care services that are usually provided in healthcare insurance:

Health education including nutrition education
Immunization against lethal infectious diseases
Counselling of diseases that are genetically inherited
Regular medical exams that are inclusive of periodic medical exams

Finding Healthcare Providers

Healthcare providers include:

Specialists
Doctors
Therapists
Clinics
Clinical institutions
Hospitals

Here is how to find your healthcare provider:

Contact and ask people that you trust. Ask members of your family and your friends about their healthcare providers
Check the provider’s network that your insurance plan provides

If you are not satisfied with the provider that your insurance scheme has provided, you can view their network and choose another provider until you find someone with whom you are comfortable and satisfied with.

Find suitable doctors that specialize in the services you need, and opt for someone who is nearest to your house.

How to Use Health Insurance

Once you have your health insurance in hand, you will be eligible to get the health care that you need when you need it. Here is how to get started with using your health insurance:

Understand your health insurance

As all insurance plans differ from each other, check your plan so that you can determine what services it covers. Review the summary of the benefits that will be provided to you. The summary will also provide you with information about the preventive services that are mostly at no cost, alongside the benefits and the costs of the insurance provider. Here is a breakdown of the kind of doctors you will have:

The physicians related to primary care are the main doctors who treat you for common ailments. They take care of your health and they also refer specialists, if required, for a specific type of treatment.
Specialists are medical providers who have extra training in specific fields of medicine. They treat patients who suffer from a specific kind of medical condition. For example, a cardiologist will only treat patients who have a heart issue, while a psychiatrist will treat a patient who has emotional and mental issues. Make sure that you understand the entire process of going to a specialist. It is possible that some insurance policies may only allow treatment from a specialist after you have consulted your main doctor.

How to make an appointment

Contact the providers: Explain that you are a new patient. Provide details about your insurance company and ask for appointments available. Choose the one that is suitable for you.
Ask for paperwork: After you have set an appointment and visited the doctor, make sure that you get the paperwork defining your appointments and insurance policies. Keep a check on the bookkeeping records that your insurance provider will maintain.

Conclusion

In conclusion, health benefits, including insurance policies, play a crucial role in ensuring the well-being of individuals and their families. Medical benefits encompass a wide array of services, from preventive care to specialized treatments, promoting and restoring health. To access these benefits, individuals must navigate private or government insurance options, understanding coverage details for themselves and their families. Finding suitable healthcare providers involves trust, network checks, and personal preferences.

Once armed with health insurance, understanding its nuances, recognizing primary care physicians, specialists, and making appointments become essential steps in utilizing the provided healthcare services effectively. Overall, a well-informed approach to health insurance enables individuals to proactively manage their health, accessing necessary care promptly and efficiently.

Effective Business Credit Management

Posted on January 2, 2020February 1, 2024 by Jennifer Brazer

Cash flow is crucial for any business, so companies must ensure that their customers pay on time. Debt recovery can be very time-consuming and energy-consuming and can still fail, regardless of the efforts. The solution to this can be adequately streamlined procedures to identify bad debts beforehand. Setting a practical and comprehensive credit control and management policy is crucial for getting paid on time.

Getting Started

The first thing to do is identify the requirements of your Credit Management Policy. It would help if you looked clearly at your business to identify the requirements. The first thing you must look at is your margin. A bigger margin allows for a more relaxed credit control policy. In comparison, businesses with a smaller gross profit margin might not be able to sustain a significant lousy debt, thus making the magnitude of gross profit margin a factor that cannot be neglected in your credit control strategy.

Consider the following tips for an effective credit management strategy. They will enable you to identify existing deficiencies and get a clearer picture with which you can reevaluate your company’s credit control policy and procedures.

Order Stage

Your company’s credit control policy must be clear to the sales staff.
Using a credit application form to keep everything organized makes bookkeeping less of a logistical nightmare.

Use the credit application to get the following details:

The name of the company you are dealing with
The name of your contact with the company
Contact information such as phone numbers and email addresses
VAT number of the company you are dealing with
You should also inquire about the registration number if the company is a registered limited liability company.

Make credit checks for new customers, things such as bank references.
Get a personal guarantee from customers you think can lead to bad debt.
Analyze your customers, make criteria for credit recipients, and do not be afraid to decline credit.
Look at your margin and analyze the feasibility of credit insurance.
Set a limit for the credit a new customer can receive. Minimizes the risk of having a bad debt that can lead to a loss
In the case of regular customers, carry out credit checks regularly.
Document your Terms of Trade; this will help you in the recovery process and discourage bad debts.
Include a clause highlighting the fines a customer is subject to for late payment or providing a check that bounces.
Add a Retention of Title Clause in your Terms of Trade, and utilize the services of a solicitor who knows your business to do this for you.
Add a clause in your Terms of Trade that gives you the right to charge interest on late payments.
Include streamlined procedures for any disputes you might face regarding trademarking your credit terms, ideally setting a 30-day due date after the invoice date.
Sign an agreement marking the terms of payment.
Keep a record of the payment due dates.

Invoicing

Ensure that invoices have no errors. Be sure to include these details on the invoice:

Your business’ bank details (such as account number and title)
The terms and conditions that apply to the sale.
The name of the organization that has placed and will receive the order.
Payment address
Order Relevant Details include order description, order identification number, date of delivery, and the total costs and per-unit prices.
VAT Numbers and the rate of VAT applied.
The total amount that is due, along with the payment due date
Terms of payment
Discounts, if any

Ensure you issue the invoice as soon as possible, preferably no longer than 24 hours after the goods have been delivered or the services have been provided. Monthly statements from bookkeeping records allow you to know which invoices have been paid and identify and update the customers who have not paid their accounts.

Collection

Set discriminating criteria, dividing your business’s customers into bad, average, and good debtors. Each category may have a slightly different policy.
Contact the customers with significant debt value in the days preceding the due date; this will ensure that the invoice holder knows they must pay their dues.
Pursue payments that have passed their due dates and try to pressure the debtor to pay within one week of the due date.
Charge the customer a late payment fee or interest.
If all else fails, refer to a solicitor or debt collection agency.

Recovery

Stop supply or put current deals on hold if the payments have not been made for a particular time beyond the due date. This time can be different for each type of customer.
Consult and hire the services of a solicitor or debt collection agency.
Chase the debtor through court.

Management

Set goals for your credit control policy and keep track of them to measure progress and success
Ensure that your sales staff is trained in handling situations requiring questions, persuasion, and negotiation skills.

HIPAA Compliant Document Storage

Posted on January 2, 2020August 4, 2025 by Jennifer Brazer

Secure Your HIPAA Compliant Document Storage Solutions Today

HIPAA-compliant document storage protects patient health information through encrypted, access-controlled systems that meet federal regulations for healthcare data security. These solutions safeguard sensitive medical records while enabling authorized users to access, share, and manage patient files efficiently across cloud-based platforms.

Leading the financial services revolution at Complete Controller for over two decades, I’ve witnessed firsthand how healthcare organizations transform their operations through secure document management. My team and I have guided countless medical practices through the maze of compliance requirements, watching them evolve from paper-heavy offices drowning in filing cabinets to streamlined digital powerhouses. The shift to HIPAA-compliant storage isn’t just about avoiding those terrifying six-figure penalties—it’s about building patient trust, improving team efficiency, and creating a foundation for growth that positions your practice for long-term success.

What is HIPAA-compliant document storage, and why does it matter?

HIPAA compliant document storage secures patient health information through encryption, access controls, audit trails, and Business Associate Agreements
Encryption protects data both at rest using AES-256 standards and in transit through SSL/TLS protocols
Access controls limit who can view, edit, or share patient records based on job roles and responsibilities
Audit trails track every interaction with patient files, creating accountability and compliance documentation
Business Associate Agreements establish legal responsibility between healthcare providers and storage vendors

Understanding HIPAA Document Storage Requirements

Healthcare data breaches will cost organizations an average of $9.77 million per incident in 2024, making HIPAA-compliant storage a critical investment for protecting patients and practices. The Health Insurance Portability and Accountability Act mandates specific technical, physical, and administrative safeguards that storage solutions must implement to protect patient health information.

Modern HIPAA-compliant systems go beyond basic file storage. They incorporate sophisticated encryption protocols that scramble data into unreadable formats, accessible only through authorized credentials. These platforms maintain detailed logs of every file access, download, or modification, creating an audit trail that proves compliance during regulatory reviews.

Essential Security Features for Compliant Storage

Encryption standards

Medical records require military-grade encryption both when stored and during transmission. Leading platforms implement AES-256 encryption for data at rest, while TLS 1.2 or higher protocols protect information moving between servers and devices. Zero-knowledge providers like Sync.com take security further by encrypting files before they leave your device, preventing even the storage company from accessing your data.

Access management systems

Role-based permissions form the backbone of HIPAA-compliant access control. Administrative staff might view appointment schedules without accessing clinical notes, while physicians receive full patient record access. Multi-factor authentication adds another security layer, requiring both passwords and secondary verification through mobile devices or biometric scans.

Comprehensive audit trails

Every interaction with patient data generates a timestamped record showing who accessed which files, when, and what actions they performed. These logs prove invaluable during compliance audits, breach investigations, or internal reviews. Automated reports can flag unusual access patterns, such as after-hours logins or attempts to download large data volumes.

Top HIPAA Compliant Cloud Storage Providers

The market offers numerous HIPAA-compliant solutions, each with distinct strengths:

Box for Healthcare delivers enterprise-grade security with DICOM medical imaging support and disaster recovery options, ideal for large healthcare networks
Google Workspace provides seamless integration with existing tools, plus scalable storage for tech-forward organizations
Sync.com offers zero-knowledge encryption and private sharing capabilities, perfect for smaller practices prioritizing maximum security
Microsoft OneDrive for Business integrates naturally with Office 365 and Azure Active Directory for organizations already using Microsoft infrastructure
Dropbox Business balances affordability with security through advanced tiers and file recovery tools

Critical consideration: only enterprise-tier plans from these providers include the Business Associate Agreements required for HIPAA compliance. Basic or personal accounts cannot legally store patient health information.

Implementing Your HIPAA Compliant Storage System

Phase 1: Current system assessment

Begin by auditing existing storage methods. Document where patient files currently reside—paper charts, local servers, personal computers, or existing cloud services. Identify security gaps such as unencrypted hard drives, shared passwords, or missing audit logs. This baseline assessment reveals exactly what needs upgrading.

Phase 2: Provider selection and configuration

Choose a provider offering signed Business Associate Agreements and meeting your specific needs. A solo practitioner might select Sync.com for simplicity, while multi-location clinics benefit from Box’s centralized management tools. Configure security settings immediately upon signup: enable two-factor authentication, establish role-based permissions, and set automatic logout timers.

Phase 3: Data migration and training

Transfer existing records systematically, starting with active patient files. Create naming conventions and folder structures that support efficient retrieval. Train every team member on proper usage, emphasizing password security and recognizing phishing attempts. Annual refresher workshops reinforce best practices and address new threats.

Phase 4: Ongoing compliance management

Schedule quarterly reviews of access logs and user permissions. Remove accounts for departed employees immediately. Update retention policies to automatically archive or delete records according to state and federal requirements—typically six years for most medical records. Regular security audits catch vulnerabilities before they become breaches.

Real-World Success: TCS Healthcare’s Cloud Transformation

TCS Healthcare Technologies faced a critical challenge: its care management software, which serves Medicaid clients across multiple states, needed modernization without compromising security. Partnering with LightEdge, they transitioned to a fully HIPAA-compliant SaaS model that transformed their operations.

The new system delivered 99.99% uptime, automated disaster recovery, and seamless scalability as their client base expanded. Most importantly, the robust security infrastructure eliminated compliance concerns, allowing TCS to focus on improving patient care rather than managing servers. This transformation demonstrates how proper HIPAA-compliant storage becomes a competitive advantage, not just a regulatory requirement.

Common HIPAA Storage Mistakes That Cost Millions

Overlooking third-party tools

Cedars-Sinai Medical Center learned this lesson expensively when website tracking pixels from Google and Meta shared patient data without proper agreements. Even using HIPAA-compliant primary storage doesn’t protect you if other tools access that data without Business Associate Agreements.

Assuming all cloud storage qualifies

Free versions of popular services lack the security features and legal agreements HIPAA requires. That convenient Google Drive account or basic Dropbox plan might seem sufficient, but without enterprise features and signed BAAs, they violate federal regulations.

Poor access control management

Granting broad permissions initially saves time but creates massive vulnerabilities. Billing staff accessing full medical histories or former employees retaining login credentials represent common oversights that lead to breaches. Implement the principle of least privilege—users receive only the minimum access necessary for their roles.

Neglecting physical security

Digital compliance means nothing if backup drives sit unencrypted in desk drawers or paper printouts accumulate in unsecured areas. Physical safeguards remain equally important, requiring locked storage, clean desk policies, and secure disposal methods for any medium containing patient information.

Future-Proofing Your Healthcare Data Storage

Healthcare technology evolves rapidly, and storage solutions must adapt accordingly. Artificial intelligence now monitors access patterns to detect potential breaches before they occur. Machine learning algorithms flag unusual behavior like midnight downloads or access from foreign locations, alerting administrators to investigate.

Hybrid cloud architectures balance security with flexibility by keeping ultra-sensitive data on private servers while leveraging public cloud resources for less critical information. This approach optimizes costs while maintaining compliance across different data types.

Zero-trust security models represent the future of healthcare data protection. Rather than assuming internal users are trustworthy, these systems verify every access request regardless of source. Users must prove their identity and demonstrate legitimate need before accessing any patient information, dramatically reducing insider threat risks.

Taking Action to Protect Patient Trust

Implementing HIPAA-compliant document storage transcends regulatory checkboxes—it demonstrates your commitment to patient privacy and practice excellence. The financial risks of non-compliance pale compared to the reputational damage from a preventable breach. Patients trust you with their most sensitive information; honoring that trust requires robust security measures.

Starting your compliance journey feels overwhelming, but breaking it into manageable steps makes transformation achievable. Assess your current vulnerabilities, select an appropriate provider, configure security settings properly, and maintain ongoing vigilance through regular audits and training.

My team at Complete Controller has guided hundreds of healthcare organizations through this exact process. We understand the unique challenges medical practices face in balancing accessibility with security. Ready to protect your patient data while streamlining operations? Visit Complete Controller to discover how our expertise can transform your document management and strengthen your practice’s foundation for growth.

Frequently Asked Questions About HIPAA Compliant Document Storage

What types of information qualify as protected health information under HIPAA?

Protected health information includes any data that could identify a patient when combined with health details. This covers names, birthdates, Social Security numbers, medical record numbers, photographs, and any notes about health conditions, treatments, or payments. Even appointment times linked to patient names constitute PHI requiring protection.

Can small medical practices use free cloud storage services for patient files?

No, free consumer versions of cloud storage services cannot legally store patient health information. HIPAA compliance requires enterprise-level features, including encryption, audit trails, access controls, and signed Business Associate Agreements. These features are only available with paid business plans specifically designed for healthcare use.

How long must healthcare providers keep patient records in compliant storage?

HIPAA mandates retaining patient records for at least six years from the date of creation or the last effective date. However, state regulations often require longer retention periods. Some states mandate keeping pediatric records until patients reach age 21 plus additional years. Always follow the longer requirement between federal and state rules.

What happens if a HIPAA-compliant storage provider experiences a data breach?

Your Business Associate Agreement outlines breach responsibilities. Typically, the storage provider must notify you immediately upon discovering any unauthorized access. You then have 60 days to notify affected patients and the Department of Health and Human Services. Document all breach details, investigation steps, and remediation actions for compliance records.

Do HIPAA storage requirements apply to telehealth recordings and communications?

Yes, any electronic communication containing patient health information must meet HIPAA security standards. This includes video consultations, chat transcripts, voicemails, and emails discussing patient care. Telehealth platforms and communication tools require the same encryption, access controls, and Business Associate Agreements as document storage systems.

Sources

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Jennifer Brazer Founder/CEO

Jennifer is the author of From Cubicle to Cloud and Founder/CEO of Complete Controller, a pioneering financial services firm that helps entrepreneurs break free of traditional constraints and scale their businesses to new heights.

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Household Stability: Essential Steps

Posted on December 30, 2019February 1, 2024 by Jennifer Brazer

The most important stages for adequate household finances will be discussed under this topic. The following steps should be valued, evaluated, and addressed before formulating an effective household finance strategy. Important decisions should be taken after careful evaluation.

Protection Management

It is one of the most significant steps of family financial management. A household financial plan or strategy must include protection management against unforeseen financial loss and accidents. Protection management has four considerable fundamentals.

Life Insurance

Life insurance is a crucial protection management step. A life insurance plan should be taken as early as possible. It will cost less for a healthier and younger individual. This plan will provide financial safety to the family if the guardian dies.

Emergency Savings Account

An emergency savings account is essential for protection management. Life is very unexpected, and any type of unforeseen incident can happen at any time. An emergency fund or savings account must be maintained to prepare for these unplanned emergencies. You must borrow money from a bank or other people if you don’t have such an account. This situation drags you into debt. Sufficient funds must be saved in an emergency fund to avoid debt.

Legal Protection

Legal protection protects against accidents, agreements, lawsuits, and contracts. Wealthier individuals are more prone to legal issues. They need a lawyer to take legal advice from. Legal protection is a must included as part of any household financial strategy.

Long-Term Care Insurance

People often work hard in life. They spend their lives securing their future with savings to be used after retirement. However, if they get a severe illness, all their savings may be utilized in one go with nothing left to spend on other household expenses and utilities. Long-term care insurance protects against such a financial crisis. This protects the assets you have worked hard to earn over your lifetime.

Debt Management

This is the next most vital step to be inserted into a household strategy to make it effective. This plan aims to make you debt-free and enjoy financial freedom. Most people assume debt is a reality and a necessity of life, but this is not good practice. Your target must be to eliminate debt from your life. Debt makes goals and dreams almost impossible to achieve. Every time you plan to improve your financial position, debt is one of the biggest and toughest hurdles.

Making a strategy to remove debts must effectively prioritize managing household finances.

Savings Management

Savings Management aims to identify and recognize future targets’ financial challenges, tolerate education expenses and retirement plans, and create saving strategies to protect plans. It involves a clear understanding of expected finances, such as education expenses, wedding expenses, retirement expenses, etc., and then starting a savings plan accordingly.

Savings management is a necessity for managing household finances effectively.

Income Management

Income management must be included in your household finance strategy or plan. The purpose of Income Management is to manage capital. If you don’t take control of your money, money will otherwise control you. Focus on cash flow management; understand where your cash is going. Spend money where it is required in reality. You can manage your financial plan effectively and improve your standard of living by controlling your money flow.

Conclusion

In conclusion, protection management constitutes the linchpin of effective family financial planning, encompassing vital elements such as Life Insurance, Emergency Savings accounts, Legal Protection, and Long-Term Care Insurance. These pillars act as vigilant safeguards against unforeseen adversities, providing financial resilience to families.

Additionally, Debt Management, Savings Management, and Income Management play integral roles, dismantling barriers, fortifying against future challenges, and empowering households to take control of their financial destinies. The amalgamation of these steps forms a comprehensive strategy that not only mitigates financial risks but also enhances the prospects of achieving economic freedom, allowing households to navigate complexities, optimize opportunities, and chart a course toward sustained prosperity and independence.

Startup Success: Marketing Tips

Posted on December 29, 2019January 31, 2024 by Jennifer Brazer

Start-up Marketing strategies are activities in marketing to analyze the startup position of a business and develop market-oriented policies to achieve the company’s goal towards the sales of its product or services.

Marketing Strategies That Work For Start-Ups

Focus on Your Audience

Start by targeting a specific audience and gradually expand your marketing efforts. This focused approach lays a solid foundation for effective campaigns.

Utilize Social Media

Leverage social media for cost-effective marketing with direct interaction capabilities. Engage with potential customers, respond to queries, and build a community around your product.

Listen to Feedback

Pay close attention to customer feedback on social media. Respond to inquiries and identify potential buyers. Actively engage with your audience to understand their needs.

Embrace Creative Ideas

Promote your product creatively to capture attention. A well-crafted message or video on social media can resonate with consumers and be shared within their networks.

Avoid Marketing Delays

Initiate marketing early; delaying until product launch hinders success. Implement your marketing plan creatively when it’s ready to generate anticipation and interest.

Highlight Benefits

Emphasize your product’s benefits; people buy based on value. In start-up marketing, focus on showcasing how your product meets customer needs.

Innovative Strategy Development

Craft a unique and innovative marketing strategy tailored to your start-up. For instance, allow potential customers to experience your food product before purchasing.

Thorough Marketing Plan

Prioritize clear audience understanding and meticulous planning before executing your marketing strategy.

Marketing First, Product Second

Commence marketing before product launch to attract attention and build anticipation among potential customers.

Test Marketing Ideas

Gather customer feedback to refine and enhance your marketing ideas, ensuring they resonate with your target audience.

Customer-Centric Approach

Rather than solely selling, prioritize understanding and satisfying your target audience to improve sales naturally.

Proactive Customer Interaction

Identify and connect with your customers on social media or other relevant platforms. Tailor your approach to make them feel valued and central to your business.

Aim for Repeat Business

Offer discounts during holidays to encourage repeat business and foster customer loyalty.

Focus on Existing Customers

Don’t neglect existing customers while acquiring new ones; they are the backbone of your business.

Set Marketing Goals

Establish clear marketing goals and work towards achieving them. Goals provide direction and purpose for your marketing efforts.

Free Samples and Gifts

For unfamiliar brands, distribute free samples or small gifts to potential customers, creating awareness and interest.

Shape Public Opinion

Utilize various media platforms such as magazines and blogs to shape a positive public opinion about your product.

Customer-Centric Marketing

Incorporate customer voices into your product presentation and development. Tailor your product to meet their needs and expectations.

Utilize PR for Branding

Harness the power of PR to establish and promote your brand without significant costs.

Stay Informed

Keep abreast of industry trends, learn from others’ mistakes, and continuously adapt your marketing strategies for sustained success.

Conclusion

Start-up marketing strategies are useful techniques and plans that must be used to market a new product or service. Using the above-mentioned strategies will help attract customers to your business. But first, know your target audience and work to their satisfaction.

Hire Bookkeeper: Business Success

Posted on December 28, 2019January 31, 2024 by Jennifer Brazer

Bookkeepers help businesses with day-to-day accounting, record keeping, and essential business transactions. How do you know if your business should hire a bookkeeper?

In the intricate dance of business operations, bookkeepers emerge as unsung heroes, diligently managing the financial intricacies that underpin every successful enterprise. From daily accounting tasks to crucial record-keeping and facilitating vital business transactions, the role of a bookkeeper is pivotal. However, the question persists: when is the right time for your business to bring a bookkeeper on board?

Bookkeepers are Valuable Assets

Bookkeepers are undoubtedly valuable business assets and are always a large part of a big corporate operation. Large-revenue businesses complete multiple daily transactions and need an accountant to track and record this financial exchange. Smaller startups tend to rely heavily on software and spreadsheets and may be doing the bookkeeping themselves. How do you know if it is time for your growing business to hire an official bookkeeper?

The Sooner, the Better

It is a wise idea to hire a bookkeeper as soon as possible. They are trained to handle core business responsibilities and will be beneficial to have on board from the beginning. Developing and maintaining healthy financial habits from the start can ultimately help you avoid hiring someone unfamiliar with your business in the future and then having to trust them with sensitive information in your operation. Also, it can be much more expensive to bring on a bookkeeper later who has to spend time and resources repairing the books before they can even get started.

Investing in a Bookkeeper Pays Off

For your company to make accurate and strategic financial predictions for the future, it will need to have a strong and reliable record of accounts now. Consider investing in the success of your company’s future now by adding on the appropriate bookkeeping services today.

What Do Bookkeepers Do?

Bookkeepers are associated with many daily tasks and responsibilities on a day-to-day basis. These may include:

Recording Daily/Weekly/Monthly Sales
Receiving and Paying Vendor Invoices
Preparing Customer Invoices
Managing Company Expenses
Creating Receipts
Handling Payroll
Reconciling transactions and books at the end of each business day
Files Taxes

In addition to these responsibilities listed above, they can help categorize and organize your financial operations and processes and provide valuable information on sales and the growth of the business.

Hiring a Bookkeeper

If your business is growing and you find it is time to hire a bookkeeper, you will need to search and find the most qualified candidate for the job. You want someone who is trained and has an educational background in finance. You want them to be able to communicate well and who can provide clear insight. They need to be trustworthy and prove that they have the potential to deliver accurate and strategic results. They must make wise financial decisions, be committed to, and plan for the future.

Although DIY bookkeeping software is a cost-effective solution, it does not compare with having a suitable and qualified working team of staff. They can also help utilize the bookkeeping software most effectively and may be more knowledgeable about the most appropriate accounting tools for your business and financial needs.

In conclusion

To make the right decisions for your firm, hire a bookkeeper to ensure your company’s growth and success with their knowledge, skills, and experience.

Hiring a professional bookkeeper is often considered pricey. But it does not need to be associated with a high price. There are plenty of options for cost-effective bookkeeping services that will fit your business needs and your budget. Invest in your company’s future and consider looking for a bookkeeper today. You just may find that it pays off in the long run. A skilled and efficient accounting department can genuinely increase the productivity of a business.

Navigate Stock Market Success

Posted on December 28, 2019January 31, 2024 by Jennifer Brazer

Are you interested in investing your money in the stock market and considering investing in a stock portfolio? If you know what you want, that is already a good start. You already know how investing can increase your net worth. Here are three tips to avoid making a fatal mistake on this path strewn with pitfalls.

Diversify Your Portfolio

No one is immune to a failed stock market investment. It happens to the best fund managers, even when they manage billions of dollars in assets. There is only one solution to limit the damage when this event occurs. It is to diversify your portfolio of actions.

First, avoid investing all your savings into corporate stocks. You can never rule out a recession or a stock market crisis, and holding a certain percentage of bonds (directly or through funds) in your portfolio is advisable. You can also add real estate, raw materials, etc. However, the shares should rarely exceed 60% of your assets, except in exceptional cases (if you are a business executive, for example).

To obtain a diversified portfolio, you must hold shares in different sectors of the economy. Do not buy only banking and financial stocks, even if they seem like the best deals. In the same way, vary the countries. None of the markets progress at the same time or speed.

Know-How to Make Mistakes

When dealing in the stock market, you must recognize your mistakes quickly to limit the damage. You cannot be against the market; it is more powerful than you, and it is what decides the price of the action. It is risky to face the market unless you are very well informed and know something that the public does not. Stocks do not have a maximum price, but they can go down to zero. Bankruptcies are commonplace in the stock market, and many more companies disappear than companies still in business today.

If you maintain adequate risk limits (through the diversification mentioned above) and decide to close a position when one of your investments turns sour, you will be able to recognize your mistakes and limit the damage. Of course, selling a losing position requires a step back and great wisdom, but it is often the best decision.

Do Not Burn the Steps

It isn’t easy to go public with a portfolio that works very well. There are a few steps you will need to take. Do not invest all your savings in one go on the stock market; go gradually by paying a sum monthly or quarterly on your account title. We advise you to start, for example, by investing in trackers that will ensure the task of diversification.

Trackers or ETFs make investing in a sector (non-diversified) or more general (and therefore diversified) index possible. With fees and annual fees often limited (less than 1%), they are an inexpensive alternative to investment funds, and their performance does not have to blush those of some hedge funds.

Once you are used to placing orders, you can start taking positions with more potential in the forex market, CFDs, commodities, or shares of small businesses. Continue watching and learning on an ongoing basis by consulting specialized forums on the internet and reading the works of experts on the stock exchange.

With a little methodology, you will unlikely regret your investment in the stock market. Hopefully, you will reap the benefits after some effort and not miss this opportunity to grow your capital.

Conclusion

In conclusion, investing in the stock market offers potential for wealth growth but comes with risks. Diversification, learning from mistakes, and a gradual approach are key to navigating this financial journey. By building a diversified portfolio, recognizing errors, and taking measured steps, you can increase your chances of success in the stock market and potentially see your capital grow over time. Stay informed, manage prudent risk, and embrace a continuous learning mindset to maximize your investment journey.

Defend Small Businesses: Cybersecurity

Posted on December 27, 2019October 16, 2024 by Jennifer Brazer

There is no denying that small to mid-sized businesses are more vulnerable to cyber theft than larger businesses. They are an easy target for cybercriminals as, often, these businesses have no IT department or simple networks and are less likely to follow industry best practices to prevent their sensitive data from being stolen. This is causing US-based companies to lose billions of dollars each year, which is why hiring top IT professionals to prevent cyber fraud is becoming inevitable.

Unarguably, a data breach can be costly to companies looking to expand their business operations in other IT domains. In short, cyber fraud is a curse that is kicking many multinationals out of the competitive race, which is why companies need to come up with a sound theft prevention plan to achieve their intended business goals and ambitions.

Cyber Fraud In Small Businesses

Prevention of cyber-fraud is critical to a company’s long-term success. The biggest dilemma is that many small business owners fall prey to the idea that their company is too small to be a playground for cybercriminals and mistakenly believe that their business will not be a target. Regardless of the company’s size and scale, cyber attackers will exploit any opportunity at hand and steal sensitive information using sneaky tactics. They are smarter than you think and imagine, and their hacking knowledge encourages them to get into this “so-called” profession and make the most out of it.

The age of digital evolution has brought vulnerabilities, strains, and repercussions. Along with it, cyber fraud is becoming much more common in today’s corporate setting. Generally, we hear news about multinational corporations that have been affected by malware infections, viruses, and other advanced persistent attacks costing billions of dollars each year. But what about small businesses? Small business owners feel reluctant to accept the fact that cyber fraud can happen to them, and they, too, can be under the radar of malicious cyber-attacks.

What’s more?

According to a study conducted by one of the top IT firms in the US, as much as 63% of cybercriminals target small businesses. Cybercriminals are generally known to be magicians who know the art of stealing by skimming through online channels and networks. Therefore, small businesses need to change their approach and prevent their sensitive information from leaking out of their company networks.

Why Are Small Businesses A Target For Cyber Criminals?

There are countless reasons why cyber attackers often target small businesses. Here are the top two reasons why small businesses are more vulnerable to cyber fraud.

No IT department

Small businesses usually lack the resources to hire top IT professionals to secure their networks, devices, websites, servers, and online operations. Therefore, they are more likely to face potential threats from cyber criminals every single minute of the hour. The biggest misconception about hiring IT professionals is that ‘they are expensive.’ However, this is not the case. There are many IT professionals and start-up cybersecurity agencies that offer services at competitive rates.

If you are doing it yourself, you need to update your servers and install the latest security software to take more control of the rising situation.

Simple network and systems

Small businesses have simple networks and systems compared to larger businesses. A small business generally lacks a room full of servers and network devices. Even if they have on, they are often outdated and non-operational. New networks and systems now have advanced security and layers of encryption that prevent the leakage of information. Cybercriminals find it hard to break into advanced networks and systems, which allow businesses to identify the intrusion and give them time to secure their data.