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The Health Insurance Portability and Accountability Act of 1996 (HIPAA) is a piece of legislation in the United States that ensures the security of all medical information for individuals. 

Today, the top healthcare organizations’ concern is compliance with HIPAA (Healthcare Insurance Portability and Accountability Act of 1996). HIPAA rules are meant to secure protected health information (PHI), whether electronic or manual. To achieve HIPAA compliance, healthcare institutes and professionals must follow guidelines to ensure the security and protection of their patients. If you are unsure about the rules, contact the Chief Information Security Office for review.

HIPAA Compliant – A Checklist

HIPAA rules and regulations have changed, causing healthcare organizations many challenges. Its complex language has often created a hindrance, making it hard for organizations to determine if their activities are correctly maintained according to HIPAA compliance. Healthcare organizations must address some specific rules by HIPAA, which are as follows:

• HIPAA Privacy Rule
• HIPAA Security Rule
• HIPAA Enforcement Rule
• HIPAA Breach Notification Rule

HIPAA Privacy Rule

The HIPAA Privacy Rule ensures that an individual’s healthcare information, including all medical records and personal information (healthcare plans, insurance, and financial), is adequately protected. The goal is to provide security while allowing secure access to healthcare practitioners, but not without a patient’s authorization. The rule balances the disclosure of information and protects an individual’s privacy. According to the HIPAA Privacy Rule, patients have full rights over their medical information, which means they can obtain their medical records or request a correction.

HIPAA Security Rule

The HIPAA Security Rule sets the national principles for safeguarding an individual’s electronic health information as declared under the privacy rule. The Rule ensures the electronic PHI’s reliability, security, and confidentiality. Three types of safety measures fall under the HIPAA Security Rule: physical protection, Technical protection, and Administrative protection.

Physical Protection

Limited Access to Facility—The organization must limit physical access to its amenities and ensure that only authorized personnel are allowed in the facility.

Workstation security—The organization must implement strict policies and procedures for using electronic devices. A covered entity must record all hardware activities, including people responsible for transferring or moving data.

Technical Protection

Access Control—The organization must allow only authorized personnel to access electronic PHI. Any removal of e-PHI from the system must be examined to ensure that it is appropriately altered or destroyed.

Audit Control—All hardware and software activities must be recorded and examined to prevent data theft or misuse. The organization is responsible for ensuring that only authorized people have access to the information.

Administrative Protection

Security Officials – The organization must entitle a security official to implement policies and procedures.

Training Management – The organization must train all its employees and brief them on the security measures of e-PHI and the consequences of violating any policies and procedures.

Assessment – The organization is responsible for assessing all its security measures and how well they are followed. Organizations must be consistent with the rules by limiting the disclosure of e-PHI to a minimum. Only authorized personnel should have access to the information.

HIPAA Enforcement Rule

The HIPAA Enforcement Rule requires enforcement of the Privacy Rule by all healthcare organizations. If any organization fails to comply with HIPAA, it must face penalties. There are several ways the OCR implements the Privacy and Security Rules:

• Investigation of complaints
• Determining whether healthcare organizations follow HIPAA
• Educate organizations and provide substitute compliance if required

HIPAA Breach Notification Rule

Any organization that allows disclosure of healthcare information without authorization, under any circumstances, will be convicted of violating HIPAA rules. The organization must notify the secretary immediately if it discovers an information breach.

Conclusion

In conclusion, the Health Insurance Portability and Accountability Act of 1996 (HIPAA) is a vital piece of U.S. legislation that safeguards the security and privacy of individuals’ medical information. Healthcare organizations face the crucial task of achieving HIPAA compliance, encompassing a range of rules such as the Privacy Rule, Security Rule, Enforcement Rule, and Breach Notification Rule. These rules collectively protect patients’ protected health information (PHI) in electronic and manual formats. The Privacy Rule ensures confidential healthcare data access is granted only to authorized personnel, while the Security Rule establishes national standards for safeguarding electronic PHI. The Enforcement Rule reinforces compliance through investigations and penalties.

The HIPAA Breach Notification Rule demands swift reporting of any unauthorized disclosure of healthcare information. HIPAA compliance is essential, ensuring the protection and privacy of patients’ medical data and underpinning modern healthcare practices.

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.

Document Security is a significant issue faced by almost all businesses operating worldwide. When a company uploads its documents onto the internet through cloud storage devices and platforms, they are at an extremely high risk of falling prey to malicious viruses and dangerous hackers. When placed in a physical form, there is an extremely high chance that they can be lost or damaged due to consequences like fire or theft.

Many businesses worldwide have faced difficult situations of data theft and security breaches, forcing them to pay a heavy price. Therefore, taking security measures seriously when uploading essential business documents such as bookkeeping records and financial transactions is vital.

An Introduction to Document Security

Document security, defined in literal terms, is the maintenance of all essential documents stored, filed, backed up, processed, delivered, and eventually disposed of when no longer needed.

As documents face major security threats, one must realize the importance of developing a document backup and storage plan. It is a much more complicated process than choosing a storage platform that provides ample space. It involves profoundly understanding the security features, capacity, and ability to maintain a backup if the documents are lost. If the documents are lost, your document storage platform should be able to retrieve them quickly.

Many businesses hire companies that provide storage facilities instead of spending cash on renting/leasing more storage space. This storage space is cost-effective and offers sufficient document safety because the storage facility companies guarantee adequate security.

A cost-effective method many businesses use for document storage is hiring companies that offer document storage services in document storage and management platforms instead of paying a lease for more space. Another primary reason that document storage should be a top priority for any business is document security. 

Document security is a highly sophisticated service for document storage that requires a secure, safe facility and provides individuals with expertise in handling, retrieving, and storing documents on behalf of other businesses/companies.

Although there are some mistakes related to document storage and management that should be avoided at all costs:

1. Documents that are not labeled or packaged in an organized manner are often challenging to locate. Most facilities complete the task for businesses, providing their packaging, retrieval, and storage systems.
2. 2. One major factor that many businesses are concerned about is the security of document storage. Most documents stored online are not as safe as they are likely to fall prey to malicious attacks on the internet. Documents are easily accessible to third parties and can be hacked despite having security. Therefore, the lack of an effective encryption method can be fatal for a business.
3. 3. document storage can get jumbled up if not appropriately managed daily, resulting in a troublesome and time-consuming retrieval process.

The Importance of Document Security

Although document storage is a bit costly and a little time-consuming, it saves the documents from vicious threats if they are adequately encrypted, providing the ‘make life easier’ benefit.

With document storage platforms, effective document management can quickly be executed. All of the documents can be placed in one spot in an organized manner. Businesses can store all essential documents like bookkeeping and employer records that can easily be accessed.

Secondly, employees working in document storage facilities are highly trained and have security clearance to protect them by placing them in damage-resistant areas.

Document storage facilities are undoubtedly the best option for adequate document security and efficient management, especially for businesses with essential data they want to keep secure. A cost-effective, reliable, and easy-to-use document security system is necessary for your business to execute effective management strategies.

Conclusion

In conclusion, document security is imperative to modern business operations in an era where digital and physical threats are rampant. Businesses face substantial risks regarding document protection, whether through digital avenues or physical storage. The potential consequences of data theft, security breaches, and document mismanagement can be severe and costly. It is essential to implement robust document security measures to address these challenges.

Avoiding common mistakes in document storage, such as disorganization, inadequate encryption, and poor management, is crucial for ensuring the integrity and accessibility of vital business information. When done correctly, document security and storage are not just cost-effective strategies but an essential safeguard against potential threats. In today’s business landscape, a reliable document security system is indispensable for efficient management and peace of mind.

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.

Businesses operate in a complex and ever-changing industry. Commercial properties are mushrooming in every corner of every city. Unfortunately, not many people are aware of what goes on behind the scenes of a construction company.

Those working for a construction company are aware of the challenges they face every day during their routine jobs. It’s a significant challenge for any construction company to complete a structurally sound commercial building on the designated time and budget. Here are the top five problems that a construction company faces regularly.

Government Regulations

Construction companies are one of the most regulated ventures. The government keeps these companies under intense scrutiny. Building codes are restrictive, and licensing and permit requirements are challenging to achieve. Companies must adhere to many different regulations, as unsafe buildings are a significant security risk for every city. However, it’s hard to meet the strict rules and safety standards set by the local and federal governments.

Social and Political Pressures

Social and political pressures pose a challenge to construction companies so much so that projects are in progress for years. Pressure from the local community could delay or cancel a construction project that could devastate a construction company with losses in millions. The political and societal challenges can be overcome by holding meetings with local communities and concerned parties.

Health and Safety Concerns

Commercial construction is one industry that suffers accidents causing fatal injuries. Every day, thousands of companies with millions of employees are working round the clock to meet deadlines. During their work, employees get exposed to different hazards from machinery, falling debris, malfunctioning equipment, electrical shocks, falls, trench, and scaffold collapses.

Apart from the human suffering, financial constraints hit commercial construction companies extremely hard.  Some losses from accidents can cost a company millions in compensation to the worker and damage of equipment. Many of these losses can make a significant impact on proper bookkeeping within a construction company.

Construction companies can take different measures to eliminate or reduce the risk of accidents by meeting health and safety concerns. Fatal human loss and financial crisis can be overcome by maintaining high safety standards.

Shortage of Skilled Labor

The biggest asset of any company is its human resource; commercial construction companies are no different in this regard. They must have competent, trained, and highly skilled human capital to keep everything correct.

The shortage of labor is a primary concern for commercial construction companies. To overcome this challenge, the construction company must take steps to work towards employee retention. Employee retention is particularly necessary for construction companies because not many people are willing to get into construction business as the construction work is physically demanding, tough, and sometimes dangerous. Paying better wages could help the company keep its employees for a more extended period.

Time Management

Construction is one of the toughest industries because the biggest challenge is effective time management to meet deadlines. Simple time management becomes a significant task in construction. A natural weather calamity can rip the project off the ground causing substantial delays in meeting deadlines. Every day a construction site is closed due to bad weather or any other issue. Each day costs the commercial construction company to suffer significant financial losses recorded in bookkeeping.

As construction is involved with other interdependent activities, cohesively forming a cycle to achieve the same goal. This goal is a significant challenge, particularly to the construction business. It is affected by seasonal changes, access issues, accidents, machinery malfunction or breakdown can cause massive delays. Companies can work to improve their time management by keeping a check on the weather forecast and manage the delivery dates for necessary raw materials.

Running a commercial construction company is not easy; it is challenging and complicated. Overcoming the challenges above is vital for a company to maintain its operations while managing to complete the projects on its due date.

Conclusion 

In conclusion, commercial construction is a complex and highly regulated industry that operates behind the scenes of our urban landscapes. Construction companies face many challenges daily, from navigating stringent government regulations and contending with social and political pressures to ensuring the health and safety of their workers and mitigating the shortage of skilled labor. Effective time management is crucial in a field where daily loss can lead to significant financial setbacks. To thrive and succeed, these companies must adapt, meet these challenges head-on, and strive for innovation while maintaining a commitment to safety, compliance, and workforce development. Running a commercial construction company is undoubtedly tough, but these businesses must overcome these challenges to deliver structurally sound buildings on time and within 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.

Trucking and logistics companies are highly significant in running the country’s economy. By transporting freight from one end of the country to another, trucking and logistics companies handle almost seventy percent of the cargo in the US. As the market becomes competitive and fuel prices continue to rise, the financial challenges for trucking and logistics companies have increased exponentially. Trucking companies need to plan and stay abreast of looming challenges and threats to be sustainable and augment their bottom lines.

Over the years, trucking and logistics companies have faced and overcome various financial challenges. Every year, new challenges are posed to these companies. Therefore, companies must continue identifying problems beforehand and effectively dealing with them. Similarly, in 2018, trucking and logistics companies faced the following financial challenges discussed below.

The Expected Increase in Fuel Prices

According to the forecast by bookkeeping experts who keep a keen eye on the global market, oil prices are expected to increase in 2018. The heightened tensions within the Middle East, particularly Saudi Arabia, and the increasing conflict between Russia and the United States in Syria have been identified as a catalyst for a spike in fuel prices. The political crisis led to increased oil prices due to the uncertainty regarding oil supply. If the oil supply or production is adversely affected by any event, it directly impacts the oil prices in the global market. Therefore, considering the recent developments in the oil-rich Middle Eastern region, a significant increase in oil prices is imminent.

As trucking and logistics companies rely heavily on fuel to carry out their daily operations, even a slight spike in diesel prices can pose a significant financial challenge. Therefore, fuel prices pose a potent economic threat to trucking companies in 2018.

Increase in Trucking Charges

Due to the increased fuel costs, fleet maintenance, and driver wages, trucking companies are forced to change the rates they charge their customers for transporting their freight. Price increases can potentially drive away customers, forcing them to look for cheaper options. Holding onto their current market share can be a real financial challenge for trucking and logistics companies.

Cutting down costs to keep the freight charges is also quite impossible. The companies cannot control fuel prices or maintenance costs. Cutting down drivers’ wages is not feasible as drivers expect to be paid a fair wage for their services. In 2018, it will be a tremendous financial challenge for trucking companies to sustain their market share while changing the rates they charge their clients. Fortunately, with effective bookkeeping decisions, trucking and logistics companies can easily overcome this challenge.

Death of Workforce

A lack of a qualified and trained workforce is one of the most potent challenges trucking companies face. Trucking companies will not meet their deadlines and serve the ever-increasing number of clients without an adequate number of drivers to operate their fleet.

According to experts who keep track of the industry’s trends, the trucking industry currently requires at least 30,000 more drivers to be sustainable. The lack of drivers is predicted to get worse with time. Acquiring a significant number of drivers in a limited timescale is a severe challenge. If trucking and logistics companies fail to address this issue, it could potentially hamper their operations and adversely affect the bottom line.

Conclusion

In summary, trucking and logistics companies are integral to the US economy, yet they face significant financial challenges in 2018. These challenges include an anticipated rise in fuel prices due to global geopolitical tensions, increasing trucking charges to cover rising costs, and a severe shortage of qualified drivers. To overcome these obstacles, these companies must employ effective bookkeeping strategies and adapt to changing market dynamics. Successfully addressing these financial challenges is crucial for sustaining their vital role in the nation’s economic 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.

Business expenses are part of the daily routine when it comes to running a company. Whether it’s 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 tax times.

If 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, it’s time to step up your organizational capabilities and devise a system for tracking the costs in real-time. Here are a few ideas that will help you develop a better expense management system.

Create a Separate Business Bank Account

Often, many sole proprietorship businesses have not prioritized their personal and business accounts, resulting in a lot of confusion. Separating your business and personal accounts should be a top priority for any business. This priority is so that business-related purchases and payments will move through a separate account from the beginning, making it easier to track business expenses later. The use of a 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 that you are eligible for business loans and other services.

Use Online Tools to Track Expenses as they Occur

There are many online tools on the market that are quite handy and easy to use for everyone. You don’t have to be an expert to use these bookkeeping tools that cater to most of your accounting needs, such as tracking expenses. As soon as 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 have access to updated information about business expenses at all times, 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. You’ll 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 tracking 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 check on all accounting tasks, among other essential business requirements. Having a professional manage your bookkeeping needs will ensure that everything is on track when handling the finances. It is suggested to hold a weekly meeting with the person in charge of your finances so that you will always know where your company stands. The right accountant will offer an honest valuation of your business finances and suggest a solid plan to reduce expenses. A bookkeeper that can help you stay out of trouble with the IRS is most certainly worth the investment.

Consider your Employee Costs

When tracking your other business expenses, don’t forget to include one of your significant expenses: labor. Ensure that you are correctly following the cost of wages, benefits, overtime, and other expenses related to your employees. By accurately determining the costs of maintaining a workforce, you will be able to decide whether they need better incentives or overspending the budget. Whatever the case, tracking business expenses will surely help you with better decision-making regarding your labor force management.

Conclusion 

In conclusion, efficient expense management is critical to running a successful business. Keeping track of your business expenses allows you to gain insights into your spending behavior, identify areas where costs can be cut, and plan effectively for tax obligations. Implementing organizational strategies, such as creating a separate business bank account, leveraging online tools for real-time expense tracking, and considering the expertise of a professional bookkeeper, can streamline this process. Including employee costs in your expense tracking efforts is essential to gain a comprehensive view of your business’s financial health. With a well-structured expense management system, you can make informed decisions and steer your business toward tremendous financial 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.

Having adequate health insurance can be considered a big blessing for many people. It can help save and protect an individual from the extraordinarily high costs of an injury or illness. Not just that, having health insurance provides an individual with regular health care services—for instance, vaccines and exams.

However, the main issue is that even just having health insurance costs an arm and a leg. Not to mention, selecting the best coverage for you and your family can be a daunting task. In this article, we will list some of the advantages to having health insurance, as well as provide a guide to use when selecting the appropriate coverage.

What are the Benefits of Health Insurance?

You will reap the benefits of whatever services the health insurance compensates. To use the benefits of health insurance, you have to need it. Only medically necessary services will be paid for by your health insurance.

The majority of health insurance companies cover a wide variety of essential services. Examples are:

1. Hospital care
2. Visits to specialists and primary care doctor
3. Outpatient procedures such as surgery
4. Diagnostic services and laboratory tests such as x-rays, blood tests, and mammograms
5. Newborn care and pregnancy
6. Routine and preventive care such as checkups and vaccinations
7. Mental health care such as therapy 
8. Urgent and emergency care
9. Rehabilitation therapy such as physical, speech, and occupational therapy
10. Nursing home care or home health care after being discharged from a hospital stay

All of these benefits listed are also known as essential health benefits.

Your Guide for Health Insurance

Do you need help in picking your health insurance? It would help if you did some serious research before you make your decision. You can end up saving a whole lot of money and stress with just a little time.

1. Do your Research Prudently and Carefully

Decisions happen to vary from family to family and state by state. Let’s take an example of this. You may have occurred to qualify for this year’s tax credits, even if you were not qualified for last year. Around 80% of people who purchase insurance through exchanges happen to be qualified and are entitled to a tax-credit subsidy. Instead, you should take the route of going through the whole procedure of entering your revenue, several kids, etc. Fight the impulses and urges to renew all information of what you had the previous year because there might have been some significant changes. Although this can get mindbogglingly complicated, you need to plow forward and do your research carefully.

2. Ask your Friends and Family

Many of us are already doing this. We tend to consider and follow our trusted friends, family, and colleagues’ advice and experience. We might even find their information more trustworthy than our insurer.

3. Compare and Match Different Kinds of Health Insurance Plans

The most common types of health insurance plans are EPOs, HMOs, POSs, or PPO plans. Whichever kind you select, it will determine which doctors you will be eligible to see, and your medical costs are taken out of pocket.

When you end up comparing the different plans, make sure that you search for a summary of all benefits that will come from that health insurance plan. Most of the online marketplaces typically offer a link where you can view the summary and the plan’s cost. If need be, get a hold of a provider directory. You will find an entire list of the clinics and doctors that happen to be a part of the plan’s network. If you’re going through the benefits as an employer, make sure to ask your office benefits administrator to provide you with a summary of the benefits.

Conclusion 

In conclusion, having health insurance offers numerous benefits, including protection against high medical costs and access to essential healthcare services. While the cost of health insurance can be substantial, its advantages are invaluable. When choosing the right coverage, thorough research is necessary, as insurance options and eligibility vary widely. Consulting friends, family, and colleagues for advice can be helpful, but comparing and matching different health insurance plans is crucial to ensure they align with your needs.

Careful consideration and understanding of the benefits offered by each plan and the network of providers will empower you to make an informed decision and secure the best health insurance for you and your family.

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.

Many people are feeling confused about the new tax laws and how they will affect them. It’s understandable, as there is still a lot of ambiguity surrounding the details. Before going to a tax consultant with your box of receipts, knowing the specifics will make your business tax filings much more manageable is important. Don’t hesitate to seek legitimate answers to your questions and concerns.

With the approval of the tax reform bill in December, people may assume that the changes have already taken effect and that they need to fill out the forms accordingly. However, it is important to note that the 500-page law primarily affects the filings for 2018 and not what is payable for 2017.

Key Highlights of the New Tax Bill

As you work on maximizing your deductions for the tax year of 2017, there are a few things to keep in mind. Firstly, consider paying your valued property taxes for the next year and increasing your charitable donations. Additionally, there is a modification that some may still be able to take advantage of. This modification is related to a retroactive decrease in the limit for medical bill deductions. For the tax year of 2017, if your medical bills exceed 7.5% of your income, you can deduct them from your business tax filings. This percentage is a significant decrease from the previous limit, which was set at 10%.

The changes are not as simple for small businesses as the information is not yet clearly provided. The treasury department has stated that some service-oriented businesses, such as bookkeeping and law firms, are not eligible for tax reductions for limited liability companies. They typically pay their taxes on the personal tax returns of the owners. However, which types of service-based businesses are liable to follow this clause is not clearly defined. This clause is to be clarified somewhere later in the year.

Your Paycheck will Increase, but is That a Good Thing?

Around 90% of Americans will see a rise in their paychecks, which should be considered good news. But not for long, as employers will adjust employee withholdings under the new law. A change in the IRS withholding table, which guides employers to deduct from employee’s paychecks, is responsible for the adjustment. This responsibility means taxpayers should ensure the exact amount being withheld from their paycheck as they do not want to own the IRS at the end of the current year. This change will significantly affect business tax filings for most of the population in the upcoming year.

Slower Refunds

If you expect a refund this year, you might need patience as all federal returns filed by standard mail might run late. However, it might not be such a significant issue for most citizens. However, low-wage earners who rely on these refunds to pay their bills will get a setback. Therefore, you are better off filing electronically as electronic business tax filings are not expected to be delayed.

Watch Out for Scams and Quick Refunds

As mentioned earlier, taxpayers are expected to get slower refunds. Because of that, short-term anticipation loans are expected to be in higher demand. Therefore, it is advised by the Center for Economic Progress that it is probable that these loans will charge predatory rates. Taxpayers should avoid them as much as possible. Moreover, if an outside company offers you quicker refunds, the likelihood of a scam is quite imminent. You are also advised not to trust any phone calls that are portrayed to be from the IRS, as they will only ever reach out to you through the mail.

Following these guidelines for business tax filings will ensure that you end up with a lesser tax burden for the upcoming year.

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

The vicious debt trap is something that almost all individuals in debt hope to escape. However, each faces the dilemma of deciding whether saving money is a more viable option than paying off debt. The decision to prioritize between these two has remained an immensely debated topic in the financial market’s bookkeeping umbrella. It is essential to be mindful of the various factors that will influence whether either option is more feasible – optimizing savings or paying off debt obligations. These factors are in detail in the paragraphs that follow.

When is Saving a Better Option?

It is usually a better idea to emphasize more on savings to prepare for unforeseen circumstances. This emphasis is a general belief that leads to individuals deciding to save when they have outstanding debt in their portfolio. However, these vary from person to person. Situations when keeping, instead of paying off debt, is a better option comprise of the following:

• If the interest rate on a loan is low, there is no point in paying off the debt before saving money. The amount you will use to pay off the debt may be saved for future use. Lower interest rates may be an excellent indicator to save money now, to be used later, by the principle that dictates that saving is a better option if the interest earned is higher than the interest paid.
• Another situation when saving for an ’emergency fund’ is a top priority is when you are close to retirement age. At this particular point in time, saving up for unexpected costs and emergency expenses is appropriate to safeguard for future years. The ongoing source of income is about to end. To ensure a stable life during retirement, saving is a likely option.
• Another situation that calls for saving rather than paying off debt is when your job allows you to access a retirement savings plan. This plan will automatically boost the savings made to retirement savings accounts if the employer is likely to match the 401(k) contributions. This contribution is essentially free money.
• In case of a small amount of outstanding debt, savings may be prioritized. Out of which, a small amount you can dedicate to paying off debt using minimum payments. This minimum is likely to ensure that the small loan amount is paid off and sufficient savings.

When is Paying Off Debt a Better Option?

Despite the need to save enough money to have backup cash available as and when needed, sometimes it is better to pay off debt rather than accentuate creating savings. The following situations will require prioritizing paying off debt:

• Paying off debt is a more feasible option to improve one’s credit score. Acquiring a higher credit score is essential to have sufficient credit for use in the future. As a result of a better score, lower interest and insurance rates can be better negotiated for future loans.
• Another reason to pay off debt is the higher than 6% interest rate on loans. With this kind of borrowing cost, it is less risky to settle the debt immediately. No one likes to end up in a situation where the interest paid exceeds the interest earned on savings. Higher interest rates are, thus, an indicator that debt must be paid off, effective immediately.
• To attract lower interest rates in the future, it is essential to lower the balance owed to any loan amount. Making higher payments initially will result in a more insufficient balance, and thus, a lower interest rate can be obtained in the long run.

Depending on the situation and one’s objectives, either one of the two options may be a priority. A few can successfully maintain a healthy balance between savings and paying off small debts. This debt relief allows them a good credit score/worthiness and enough cash savings to be used in times of future uncertainties. Whether you save money or settle debt, it is your personal preference based primarily on circumstances.

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.

Wouldn’t it be awesome always to have enough cash to buy whatever you wanted? Few have the liberty and liquidity to turn this into reality with their efficient use of credit. If used wisely, credit can alter your life in ways you can’t even imagine by allowing you to afford the lifestyle of your choice. It can fund your dream house or help you buy that dream car. You can further renovate your home as you please and spend quality time with your friends and family. The possibilities are endless, provided you make wise credit decisions.

Why Efficient Use of Credit is a Very Good Thing

People use credit for different purposes, depending on their preferences. The goal is to fill the affordability gap, ultimately allowing you to live a blissful life. Using credit efficiently has far-reaching benefits beyond just affordability—responsible use of credit results in a positive credit history and good credit scores on your credit report. A good credit score means you qualify for better insurance rates, can open free accounts with smaller security deposits, and secure loans for your business or personal use. The responsible use of credit also shows your credibility to your employer, which eventually translates into career growth.

Understanding How Credit Works

Whether it’s a loan or a credit card, asking for credit means that a lender will look at your credit report for information about managing your finances. Even if you want to do business with another company, they will look at your credit report for clues and bookkeeping records. Your credit report includes your financial history and previous use of credit. Your creditworthiness is determined by your credit report by anyone lending you a loan or looking to do business with you.

Your credit history translates into credit scores that go up and down depending on your financial decisions. Any missing payment on a loan or credit card will result in deductions from your credit scores, while making timely payments will improve your scores. The ratings are the precise measure of your likelihood of paying back a loan. Therefore, lenders rely on them heavily.

Certain types of credits are revolving, such as credit card payments, and there is no fixed end date for repayment. A credit limit is set for using credit, and you can borrow up to that limit and then pay part of it back every month. Each month spent in addition to the payments, a specific interest rate is accrued.

How to Improve Your Use of Credit

Because all your financial decisions get converted into scores, all types of credit impact them. Making responsible financial decisions in the early stages of your life will have fruitful consequences in your future. Don’t waste a loan on things you can live without; always pay off your debt in time. Once you build up a solid credit history, you will have plenty of opportunities to do what you desire.

Review your credit reports and scores regularly to ensure your credit use is handled responsibly. Keeping track of your report will allow you to make informed decisions about your financial life. Here are some ways to build up your credit.

• Paying off all your utility bills and similar payments on time each month can significantly amplify your creditworthiness. Set up automatic payments for these types of payments, so you don’t miss them.
• Ensure your credit card debts and other revolving loans are regularly paid off. Keeping low credit card balances is always a good idea because unsecured credits are still more expensive than secured ones.
• Pay attention to the use of credit for all types of credit. This attention shows the lender that you can efficiently manage different credit types, creating a responsible image.

Clever use of credit will elevate the standard of your life in all possible ways. Taking steps to improve your credit only leads to improving the quality of your life.

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

As more and more companies shift from traditional operations towards an IT infrastructure, the threat to privacy, identity theft, and online security risks are ever-increasing. Businesses must take precautions and security measures to tackle cybersecurity issues and enhance their online privacy and security.

Moreover, employees must follow company guidelines to protect user information from data theft. Data theft can be disastrous for employees as well as the customers of a company. Below are a few security measures businesses can take to ensure protection from data theft.

Using a VPN System

To secure the operations of a business, use a Virtual Private Network (VPN) to provide the business with additional security. VPNs allow access to the internet anonymously and encrypt all data traffic to and from the company servers. 

As a result of the VPN, it becomes challenging for hackers to track the servers’ computers and locations. Good VPN providers send a security warning when someone from the company tries to access suspicious URLs to improve protection from data theft.

Firewalls

Like most businesses today, all devices will likely be connected to an internet connection. If so, hackers have probably surveyed the computer network at least once. Hackers do this randomly, but when they find a valid computer address, they exploit all vulnerabilities to access the system and individual computers on the network.

Installing a firewall is the best way to prevent this type of attack. Firewalls distinguish between distinct network segments, allowing only authorized traffic to access protected sections. The firewall examines every web data packet to ensure its legitimacy and filters seemingly suspicious data packets.

Take Precautions When Dealing with Portable Devices

If the business provides its employees with portable devices like smartphones and laptops, they must ensure they have installed the latest data protection features. Mobile devices are the most vulnerable to data theft and invasion of privacy. Often, these devices are stolen; hackers try to break into these devices to steal user data. The data could include essential details about the business and its clients.

The best option for businesses is to have an IT security company to provide them with secure measures to protect their portable devices in case of theft. IT security firms have experts capable of accessing the devices if they are stolen and attempting to retrieve the information safely.

Performing a Data Backup

Two types of backups will help protect data from identity theft and secure the users’ privacy. The first backup is performing a complete backup of all data. When performing a full backup, the data that requires a substitute is copied to a secure device. The second kind of backup is an incremental backup. In this type of backup, new data gets added to the previous backup since the last backup of your system.

Combining the two backup processes for more security is the most effective method. Perform a full periodic backup and an incremental backup every day. It is also possible to do a full backup every day.

It’s essential to verify that the backups are working correctly. It would be catastrophic to lose all data only to find that the backup systems are not working. To avoid this issue, set a restore point of the data to a new location. This preset will ensure the backup systems are working; the process can identify any problems during the backup procedure.

Different Ways to Back Up the Data

Data backup can be performed in various ways. You can put them on a physical device such as a USB flash drive or a second hard drive. You can also place them in a shared folder on the network. Additionally, you can also keep backups in a secure offsite location. 

Cloud-Based Backup

Backing secure data to a specific physical site will not help in a natural disaster or theft. All companies should invest in a cloud-based backup system. A cloud system has several benefits, including giving complete access to data at any geographical location with added protection from data theft. Cloud systems ensure the privacy of the entire company, including employee and customer data protection.

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.