Author: Complete Controller

Bookkeeping and accurate financial records are essential to running a business. The financial aspect of the business is vital because it affects payroll, taxes, and the success of the business.

Business owners should be current on business accounting practices per the International Accounting Standards (IAS). Whether you hire an accountant or bookkeeper or use accounting software to handle your business finances, every business owner should understand the books.

When it comes to expenses, there are two types of costs. There are direct costs and indirect costs. Understanding these types of expenses and how they affect your business’s financial records will be crucial to the success of your business. 

Here are the differences between direct and indirect costs and how it affects your business.

Direct Cost

Direct costs are the expenses related to producing a product or service the business produces or provides. Some examples of direct costs would be labor costs, materials, and equipment related to producing products or providing a service.

For example, if you owned a furniture manufacturing company, the direct costs would be materials, labor, and other production costs. If you owned a carpet cleaning business, the direct costs would be the equipment used to perform the service, labor, and transportation.

There are multiple ways to determine direct costs. However, most businesses use the first-in, first-out (FIFO) method or the last-in, first-out (LIFO) method. The method used will be determined by how you use the direct costs.

Most businesses use the first-in, first-out (FIFO) method of calculating costs because, generally, companies do not hold onto old inventory. In the cases where there is old inventory to consider in the cost evaluation, last-in, first-out (LIFO) may be a better method of figuring costs. Either method will work. However, most find the FIFO method easier to understand.

Indirect Cost

Indirect costs are those that do not directly relate to the provision of a product or service. Examples of indirect costs include electricity, building leases and maintenance, gas, and the upkeep of company vehicles. Indirect costs are easily recognized because they are every business expense that is not directly related to providing what the business sells.

Why Do You Need to Know the Difference?

Understanding direct and indirect costs can impact your accounting practices when producing financial records, payroll, and tax information. Accurately recording expenses in each category will help understand the business’s financial health. 

Knowing the business finances will also help with business decisions regarding overhead, staffing, marketing, and pricing of products and services. It can also determine tax deductions, significantly impacting the business’s bottom line and saving it from being audited. Consider a few things when considering direct and indirect costs.

Activity Type

When it comes to expenses related to business activities, direct costs are related to production or providing the service. Indirect costs are related to business administration activities and management. You must be clear on the activity type to correctly categorize your financial statement line items. This categorization will be crucial when calculating taxes, reporting to shareholders, and keeping the business bookkeeping in order.

Variability

Direct costs are generally variable because changes in materials or equipment costs and other factors will cause these expenses to vary. Indirect costs are typically invariable, though they can vary with inflation or staff payroll changes. 

Tax Deductions

Direct costs are generally not tax-deductible, though some of the costs involved in the production or provision of a service can be deducted from business taxes. Indirect costs are typically tax-deductible, but this is not a given. 

Conclusion

In conclusion, maintaining accurate bookkeeping and financial records is indispensable for the successful operation of any business, as it profoundly influences payroll, tax obligations, and overall business prosperity. Adhering to International Accounting Standards (IAS) and comprehending business accounting practices is imperative for business owners, whether they employ an accountant, bookkeeper, or leverage accounting software. The distinction between direct and indirect costs plays a pivotal role in understanding and managing a business’s financial health. Direct costs of producing or providing goods and services include labor, materials, and equipment.

Recognizing these differences is crucial for accurate financial reporting, payroll processing, and tax compliance. This knowledge informs business decisions regarding overhead, staffing, marketing, and pricing and influences tax deductions, potentially safeguarding the business from audits. Categorizing expenses based on activity type and understanding the variability of costs are essential considerations for precise financial statement reporting and tax calculations. In essence, a nuanced comprehension of direct and indirect costs empowers business owners to navigate their financial landscape strategically and ensure the long-term financial stability of their enterprises.

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 companies utilize numerous management tools for the smooth processing of their operations. These tools are efficient with their tasks and provide business owners with critical insights into their company’s financial information and performance tools for operating the processes. One of the most valuable tools is budgeting, primarily used by businesses to manage their finances. A budget is crafted with advanced forecasting to predict future expenses. Presently, companies rely on the accuracy of their income and expenditure.

On the contrary, performance reports are usually an assessment of a particular function of a business. The performance report reflects the input of the resources and output of the services for every single company unit. Government officials and agencies commonly implement this activity to co-relate the tax-payer funds and the outcome of services the federal or state government provides.

 

Coordination of Budgeting with Performance Reports

Budget and performance reports are essential for every business, and highly professional accountants or bookkeepers are appointed to tackle them. The finance department is generally assigned the budgeting task, while an expert always creates a performance report. The process of budgeting is essential for a business to grow in health and profitability.

Role of Performance Report

Although budgeting contains significant information, it can’t offer additional variance-related facts. Additional costs of acquiring the resources or poor economic conditions are several factors to consider before the budget approval. However, performance reports are impacted if the government alters its laws. Half of these indicators are utterly financial, while others might be related to administration and management. Therefore, a performance report must be accurate to avoid any future surprises.

Role of Budgeting

There are numerous characteristics of budgeting for a business. One of them is how budgeting accurately assigns money. It provides an evaluated acknowledgment of your affordability and financial limitations. 

Let’s head over some of the most favorable characteristics of budgeting.

Controllable

Budgeting is a fantastic way of willfully controlling your money. The budget allows you to stay worried about the unexpected expenditures that might appear. Also, you’ll be able to determine the weakest parts of your business.

Cash Assignment and Profitability

It is effortless to lose sight of where a company is generating profit during the scramble of chronic management. An appropriately structured budget indicates what aspects of a business create money and which ones utilize it, which ultimately compels the administration to consider expanding neglected parts of a business. Additionally, a very minimal amount is available to invest in working capital and fixed assets, and budgeting forces the management to select the worthiest investments.

Avoid Business Chaos

 In smaller organizations, budgets became a rarity. Business owners prefer to manage themselves only with the reference of general budgeting. Undoubtedly, they aren’t professional accountants with much expertise in this field. When things don’t do as planned, the business owners might reserve the employees’ paychecks or invest in several financial operations, but many businesses fall anyway. There will be varied explanations for this failure. Giant corporations rely on budgets. It is a significant element for controlling and strategizing financial processes.

Productive Usage of Resources

It is a widespread practice for employees and managers to assign limited resources within many companies. Every business contains a deserving workforce, which usually creates employee disputes. However, with proper budgeting, the available resources will be naturally higher than the available funds.

Companies might opt for automated software and performance reports to track the financial information related to budgeting. It combines with the performance report that oversees comprehensive budgeting management. These reports often list attributes relating to several budget variances and other mandatory information for the 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.

Innovation is critical to economic growth and success for any manufacturing organization. The idea leads to higher levels of efficiency, progress, and productivity. Typically, innovation means looking out for something better by changing the traditional means. It helps to identify flaws and solutions to take on the existing methods to streamline and improve them.  

The manufacturing industry is constantly under a phase of change, whether it happens from the emergence of new technologies or techniques. This continuous transformation means the manufacturers must keep the shift relevant and ahead of the game. 

Innovation Helps Drive the Industry Forward

One of the reasons innovation is so important is that it helps drive the methods of the manufacturing industry forward. We understand that it is a challenge to do something you have never done before or test something without 100% surety. However, the risk of not innovating is also very significant. Innovations not only help your business grow and evolve, but they also impact the whole industry. After all, the introduction of widespread use of updated technologies or systems can completely transform the processes of the manufacturing industry.

Innovations Offer a Competitive Edge

Companies and businesses that innovate get an early competitive advantage that allows them to penetrate the market faster and easily make them stand out. When you offer the same products or services, a customer grows tired. Providing them with something new and unique that the clients or customers can utilize is vital. Many innovators take the products that are already popular and make them better. It makes them stand out in the sector and generates better revenue for the company. Innovation can facilitate and improve growth prospects; whether you are a startup or a medium-sized company, innovations help you immensely. 

Innovations Help You Meet Client Demands

Innovations in the manufacturing industry help you meet your client’s demands and requirements. Meeting demand is tied to the point that you stand out from the crowd after gaining a competitive edge and meeting market orders. Customer needs change constantly as they can be one thing today and another tomorrow. For this reason, with the ability to adapt to changes in the sector and innovate, your business has a higher chance of remaining competitive. Businesses become stagnant and will not succeed in the long run if there is no innovation present. You may lose market share to competitors, lose your talent pool, decrease productivity, and see your profit margins fall. 

Innovation Leads to Increased Quality

You will likely meet your customers’ needs by offering better and more innovative products and services. The company leads to higher sales and profits. Innovation is also essential to experience productivity improvements and reduced costs since invention allows manufacturers to be more flexible and adaptable. 

Important Innovations in History

The most vital innovations in the manufacturing industry happened with the Industrial Revolution. This period helped the manufacturing sector to enter a new era, and since then, the industry has never stopped evolving. The Internet of Things, 5G, and countless other innovations have taken the industry forward. In a few years or less, other innovations will further support the progress. It is also essential to consider that an innovative idea needs to work to solve any problem in the manufacturing world. Having thoughts is not enough if there is no progress, and this factor is crucial to keep the innovation moving forward. 

The Time is to Encourage Innovation

For any manufacturing business, you must nurture innovations and encourage change wherever necessary. To reap the maximum benefits and improved efficiency:

1. Incorporate changes wherever possible.
2. Put the processes in place, consider employee suggestions, and encourage risk-taking behavior for a better chance.
3. Reward innovation and celebrate success with employees whenever changes are implemented successfully. 

Innovation has a positive effect on company culture. It increases the ability to create, acquire, and use skills effectively. Innovative practices can help build a culture of continuous learning, growth, and personal development. This creative environment can motivate people to work together and improve their processes. 

When the organization is supportive and provides the right tools for the employees to succeed in their jobs, it positively affects how people perceive their roles. 

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.

Taxation can be quite a hassle, especially if you have just started your business and there is little profit margin. Due to the complicated business regulations, small business owners dread the taxation season and often need help. However, most people must understand that the Internal Revenue Code (IRC) has introduced various tax breaks, especially for new business owners.

Here, we have listed the top 7 strategies to help small businesses cut their taxes.

Deduct 20% From Your Qualified Business Income

The IRS allows up to 20% deduction from your qualified business income. The QBI deduction law was introduced in 2018 and enables business owners to only file taxes on 80% of the remuneration if the business is a sole proprietorship, partnership, or corporation. Notably, companies with incomes lower than $157,000 are eligible for the deduction in their QBI and thus save a lot of money on filing taxes at a lower income rate. However, consult your tax attorney to understand better the limitations and regulations required for QBI deduction. 

Take Benefit From Depreciating Assets

Another clever way to save on business taxes is by taking a tax write-off on business assets. These assets can include office equipment purchases, vehicles, or even property. If the purchased assets are used within the company’s first two years, the IRS has set specific rules for writing off the tax. Consult with your tax attorney to save that extra chunk of money from your tax returns. 

Decrease Your Business Income by Utilizing Tax Credits 

The Federal government offers many amenities to businesses involved in corporate social responsibility and welfare. One key benefit is tax credits. The government has set up a whole tax credit system that encourages businesses to do certain things in return for tax credits. You can get tax credits for public welfare activities, such as eco-friendly campaigns, donations, events for the elderly and disabled, and other community-building programs. 

Account for the Gifts and Endowments

Deduct the cost of any assistance and endowments to your vendors as well. There are strict rules and regulations regarding this one, and you might want your tax attorney to guide you on how to save taxes on entertainment and gift expenses. 

Manipulate the Time Frame of Your Income and Expenses

If you follow the accrual accounting method, your income and expenses might reflect your balance sheet. Review your income and expenses and see if you can move forward with payment in the next fiscal year to save on your taxable income. It is essential to consult a tax attorney because you don’t want to break the law while saving on your taxes. 

Write off Your Bad Debts

Take a thorough review of all the payments due to you and write off any such payments as bad debts. You can move these payments to your next fiscal year to save on your taxes. These bad debts can include unpaid credit lines, loans, or fees from vendors and service takers long pending. By writing these off as bad debts, you technically lower your business’ income, thus impacting the due taxes. 

An IRS Qualified Retirement Plan 

Another critical strategy to help you save on your tax filing is setting up an IRS-qualified retirement fund for yourself or your company employees. The IRS allows the deferment of taxes on several different retirement plans. Consult your tax advocate and set up a fund according to your business’s goals. 

Conclusion

In conclusion, dealing with taxation can be particularly challenging for small business owners, especially in the early stages with narrow profit margins. The Internal Revenue Code (IRC) does, however, offer crucial tax breaks tailored for new entrepreneurs. The top seven strategies outlined here provide effective means for small businesses to minimize their tax liabilities. From leveraging the Qualified Business Income (QBI) deduction to utilizing tax write-offs on depreciable assets, managing the timing of income and expenses strategically, and taking advantage of tax credits for corporate social responsibility, there are various avenues for savings.

Additionally, accounting for gifts and endowments, writing off bad debts, and implementing an IRS-qualified retirement plan are all valuable measures. Consulting with a tax attorney is essential to ensure compliance and optimize returns. By proactively utilizing these strategies and staying informed about tax regulations, small business owners can confidently navigate the taxation landscape, contributing to their ventures’ sustainable growth and 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.

Putting all your apples in one basket is never a sensible business strategy, especially when financing your new business. Not only will diversifying your monetary resources allow your business to take a productive start, but it will also enhance the chances to provide versatile financing to meet your business’s requirements.

The beginning of a new business venture is a challenging feat. Many entrepreneurs might be professionals in marketing products and services, but running a successful business requires many responsibilities. These responsibilities include contexts beyond their expertise. Most small companies fail in cash flow management as they can’t anticipate how banks access them.

However, remember that lenders never consider themselves your only source of funding. Also, representing that you have sought various funding sources proves you’re a proactive entrepreneur.

Whether you opt for a credit loan, an angel investor, a bank loan, or a public investor, each one has specific expectations and ideas about how they’ll evaluate your business.

An entrepreneur might not determine the financial mechanisms better than the lender when he invests; here are a few reasons.

Entrepreneurs Experience Financial Stress

Nearly one-third of entrepreneurs are always concerned about not having enough money to fulfill their business’s requirements. Another section indicates that their financial situation is a significant source of stress.

Financial management is one of the most challenging responsibilities for entrepreneurs. When appropriately utilized, business credit can provide the required capital to manage the fluctuations in cash flow. This act enhances an entrepreneur’s ability to pursue opportunities for business growth. They must acknowledge the available credit options to accomplish their business goals.

Lenders are also responsible for making it effortless for business owners to make effective decisions for their growth. Generally, credit cards are the most suitable option for regular purchases, including office supplies, equipment, or monthly supplier payments. On the contrary, a business line of credit for various larger purchases. Moreover, a business loan is also an excellent way to access all the funds simultaneously.

Entrepreneurs are Unaware of Secure Approval

Only a handful of entrepreneurs agree that developing a robust credit application takes time. Anticipating the right time when business financing would be workable for the company is a tough call. However, before approaching the lender, entrepreneurs need to know the key factors that might be useful to evaluate their credit application.

• How has the entrepreneur managed previous credit?
• Does the business have a positive cash flow?
• Does the entrepreneur have expertise in multiple fields of the industry?

Entrepreneurs who better understand these factors to determine creditworthiness can develop a strong business credit profile.

Entrepreneurs Don’t Get the Necessary Support

Most entrepreneurs desire a facile introductory session before they apply for credit. During the application procedure, they require payment terms to be evaluated. Predictably, they also want to seek out strategies for maximizing the funding.

Financing a business without accurate tools and support is a highly complicated task. While some entrepreneurs keep their credit organized, others might need guidance on establishing a successful credit profile.

The financial advisors are responsible for educating small business owners on how to get approved for funding. In this way, the entrepreneurs will be encouraged to make the most of their credit options and identify their hidden potential to grow their startups.

Entrepreneurs Often Forget to Follow the Credit Instructions 

Frequently, it becomes challenging for entrepreneurs to decide the correct timing for business financing. If the entrepreneur doesn’t have enough funds to invest in the business as capital, they might contact the banks or lenders to borrow money for the startup. At the beginning of any business, the owners might not understand the mechanisms of the debt, or they couldn’t get the facts provided by the lenders. Without financial knowledge, requesting credit can cause significant financial loss to entrepreneurs. That’s why it would be sensible if they acquired the initial acknowledgment of economic studies.

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.

With the rise of technology and electronic tools, businesses’ attention has shifted towards electronic means of distributing their products globally. In this way, the need for intelligent payment gateways is increasing rapidly.  

A payment gateway is a system that facilitates international payments for your business or e-commerce store. It processes the cash transaction from a website, enabling merchants to accept and manage payments and securely lessens fraud. In other words, you can contemplate it as a cash journal for your online business. 

When examining “payment gateways,” you’ll instantly come across the term “Merchant accounts.” A merchant account is a specific bank account used to receive debit and credit card payments. This account should be separate from your joint bank account as it holds funds from the debit and credit cards for a particular accounting period. Remember that financial institutions generally charge merchant accounts for setting up account keeping and transactions. 

The Need for Payment Gateways

Every business varies from the other. While some operate purely online, others opt for physical outlets and serve a multi-channel shopping experience to their customers. Therefore, it is essential to acknowledge their operational requirements to access their business’s most relevant payment gateway. 

Here are seven main factors to acknowledge when considering a payment gateway. 

Type of Payments

 Numerous payment gateways have now become commonplace for many businesses. The most relevant is the traditional key entry debit card or scheme credit card purchases. However, other feasible options are also becoming popular. 

One example of an easy payment gateway is PayPal, where only a password is required to complete the online cash transaction rather than entering the entire billing and shipping details. Also, you won’t need to register a merchant account with it. 

Encryption Standards 

Next, you’ll need to contemplate the encryption standards of the payment gateway you choose. This company will handle your client’s confidential payment data, and even a slight error could adversely influence your company’s reputation. Some payment gateways often promote their encryption standards. One of these standards includes tokenization, which entirely removes card data and adds another level of security. 

Prioritize Compatibility

Some payment gateways are easier to consolidate than others, though most strive for compatibility with as many technological mechanisms as possible to maximize their user bases. However, you might have unique requirements or requests, such as associating your payment gateway with the invoicing software or with another financial management platform you utilize. 

Security Against Frauds

Unfortunately, online fraud is a leading issue that every e-commerce business goes through at least once. Deceiving can become a high cost and can also ruin your business’s reputation. That’s why one must select a gateway that provides maximum security so that you’ll be saving your company’s funds in the long run. 

Immediate Payment Policies

Cash takes time to reach your bank account with any payment gateway because the funds must clear first. Payment gateways provide a payout session to be completed weekly or monthly to avoid a transfer every time a purchase is made. If your business is prone to refunds and cancellations, it is suggested that you select a monthly payout, as it will be more feasible. 

Budget-Friendly

The majority of payment gateways arrive at a cost equal to transaction fees. To examine whether the price is reasonable, take a sneak peek at the features you’re getting with it. Essential providers might enable you to process online payments cheaply or freely, but you can also enjoy multiple benefits against a fee. 

Reliability and Support

A payment process plays a pivotal role in your business’s success. You must prioritize reliability in high-volume implementations to ensure constant updates even during peak seasons. With any supplier engagement, it is essential to cultivate the offered support continually. Payment gateways are a significant process as issues could affect your ability to precede sales. Customer support can vary from instant 24/7 support to several days via email. 

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.

Implementing a comprehensive cybersecurity system was easy when employees worked in an office, and all sensitive data was held on-site. However, organizations have struggled to adapt their traditional cybersecurity strategy to the new paradigm with changing work attitudes and the increasing necessity of remote work policies. Customer data protection remains a critical component of every organization’s cybersecurity strategy.

Businesses must tackle cybersecurity differently in this new work environment. Most employees may access company network data via insecure workstations, exposing the organization to potential intrusion.

Methods To Preserve Security in Remote Work Environments

Cybersecurity is complex, even in normal circumstances. However, the coronavirus outbreak and subsequent lockdown have posed additional challenges for IT and security experts. With the movement to remote work, you must protect and secure all employees, data, and devices not on-site. Additionally, a hybrid environment, or where employees work both in and out of the office, maybe even more vulnerable. 

Clearly State Your Policy and Provide Training

Small businesses require a high level of security. Implementing a remote work policy and security strategy should be the initial step, as it will guide the business’s approach to ensuring employee security. The next stage is to educate staff about cybersecurity concerns. Finally, deploy technologies and processes, such as two-factor authentication, virtual private networks (VPNs), and administrator user account restrictions.

Specific Objectives-Oriented Policy

Maintain realism. A well-defined, stringent policy that is not adhered to is ineffective. Employees may be more inclined to develop workarounds outside of defined systems and processes by onerous security regulations. Define the objectives that must be met and adjust your policy to those criteria. Balance the procedure in such a way that it encourages users to adhere.

Examine the Software Requirements for Remote Employees

Specific licenses for Office 365 subscribers allow installing the Office suite on up to five PCs or Macs, five tablets, or five smartphones. Those with volume licenses can enable their staff to purchase offices for personal use. Depending on the platform and version of the office where you currently have a license, you may need to check your licensing options and alternatives.

If your users’ remote systems are not currently under your control, you may wish to add the capacity to administer and monitor them. Examine your current antivirus vendor’s options to determine if they offer cloud consoles that can be more readily used to manage these remote devices. Alternatively, if you are a subscriber to Office 365, you can use Intune with the appropriate licenses. Finally, contact any consultants you work with; they may be able to supply temporary permits for the screen connection software they already use to operate your network remotely.

Two-Factor Authentication Should be Implemented (2FA)

Consider adding 2FA to remote access solutions as you add more. You may easily integrate two-factor authentication solutions such as DUO.com with your existing on-premises remote access systems. DUO.com can incorporate two-factor authentication into its RDGateway and Remote Web Access products. While your organization may need to act swiftly to enable remote work for its employees, you can still ensure that only authorized administrators and users gain access, not attackers.

Employees Should Be Educated Against COVID-19 Fraud

The National Cyber Awareness system warned of the spread of COVID-19 scams. Instruct your users to avoid clicking on unwanted emails and to visit only authorized websites. Ascertain that the corporation maintains a central internet bulletin board for official communication and notification, particularly if any organization members become infected.

Maintain Work-Related Data on Office Computers

Perhaps you like attending to a few emails at home before you sleep. This habit may be completely acceptable if you take safeguards such as using your work computer, secure Wi-Fi, a VPN, encrypted data, antivirus, and endpoint protection. With that stated, it can be tempting to use your personal computer if your work computer is in another room or if you forget to bring your laptop charger from work. This simple mistake may pose a risk for both you and the business.

If you work for a firm with a competent IT team, these tasks may be apparent, such as installing frequent updates, running antivirus scans, and blocking harmful websites. There is a strong probability that you have not followed the same security precautions required at work on your computer. Additionally, your organization can afford more sophisticated technology controls than you can.

Without those running in the background, your personal computer is not secure for work-related information due to the possibility of third-party intrusions and compromise. In essence, by connecting a personal computer to a work network, even remotely, you are putting the company networks in danger, as well as yourself, by accepting the possibility of severe corporate damages due to policy, practice, or infractions.

Conclusion

While sound technologies and regulations are beneficial, the reality is that remote employees are a vital source of security risk. General work from home and small policies for computer and internet use can be beneficial, and technological and administrative restrictions can enforce these restrictions.

These security awareness methods and strategies will assist employees in safely operating company equipment and information regardless of location. These work-from-home security measures can be implemented into official employee and cybersecurity policies by CISOs and IT administrators. We propose that organizations train employees on these rules during new hire orientation as part of ongoing security awareness training, significantly when organizations alter their security and remote work policies.

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.

Novel branding is the most challenging problem for an individual, raising your author profile and lifting your book above the vast competition. Expecting to gain more exposure, you’re still already using a dozen or more tools and tactics, and then someone drops the word ‘brand’ into the conversation.

Indeed, it would help if you didn’t waste your time on false publicity.

But there you go, you’ve got a brand already! Whether you like it or not, even though you’ve never given it a single thought, you’ve already branded yourself. Additionally, you have a powerful and identifiable brand that reflects how you imagine your writing grabs the reader’s attention and grabs them to read your novel.

A genuine brand of an author will make you stand out from the audience and give you the attention you desire.

Identify the Brand

The brand is all that individuals understand. It’s your character, each word you compose, the text styles and shadings you use, and how you cause individuals to feel when they read your books or visit your site.

Numerous people think a brand is a brand to a logo or site tones. Although these are brand components, a brand is significantly more than merely these realistic points of view.

A brand is a predictable guarantee to a client about what they will get, regarding item quality, client support, the limit from there, and how they will be unique from the competitors.

When you begin constructing a stage (author platform) and putting yourself out into the world, individuals will feel your identity and what you do and structure an assessment based on that.

Whether you’ve never intentionally thought about which ones to use on your site, the ones you’re presently utilizing are saying something about you.

So it’s wise to assume responsibility for your image and assist individuals with accepting the things you need them to get about you as a creator before they reach their analysis.

Recognize the Reader

When you write about the audience, try to learn as much as you can about the reader, mainly the age group you are targeting. You should see the reader’s personas, so you must write according to your target audience’s interests and brand your novel.

Characterizing your ideal reader can require some investment and effort, yet it will be justified despite any trouble. When you find out about them, where they go on the web, and their favorite tone, you can effectively address them in such a way that they will like.

Develop Your Brand Voice

When you know whom your brand is attempting to address, it’s an ideal opportunity to examine yourself internally.

• How would you need others to see you?
• What do you need individuals to think when they hear your name?

You can direct much of this by building up your unique brand voice. Similarly, as finding your author’s voice can require some investment and rehearsal and be hard to recognize from the outset, setting up a steady brand voice will take some effort.

You get the thought. If you generally post motivational and inspirational content, it would be ‘off-brand’ to out of your tone. The audience who follow you doesn’t read or even load your content.

To build up your voice, consider your qualities seriously and what you need to address.

Find Out Your USPS

Knowing your USP or unique selling point is fundamental if you need to tell the audience why they should purchase your books. How are you unique? If you’re a sentiment author, what makes you diverse to the wide range of various sentiment authors? There are shows to follow regarding classification composing and cover plan, yet past that, what makes you stand out?

• Do you realize why individuals read your books?
• Is it the nature of the composition, your solid characters, or your superb pacing?
• What are your novel qualities?
• If you think it’s hard to tell what is considered a strength, ponder what you love about a different author. Do you share any of those characteristics?

Appearance

The general appearance is the part that the vast majority reflect when considering the brand. It includes the shading range, designs, clear prompts, photographs, and typeface.

While picking a search for your image, there’s no need to be excessive or to pay significantly for it; make sure to be predictable.

Pick textual styles and tones that help your image, voice, and message. For instance, if you’re a horror novel author, you may think about dark tones for your site.

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.

Starting a product or service-based business can be quite a daunting task. While you may have the funding, investment, and business plan sorted already, there will surely be several unpredictable bumps on the road that you will never be prepared for.

One of the critical challenges any SME faces is the limited budget for many things a business owner might want to change. These changes could include expansion in product and service lines, improvement of the technology infrastructure, addition of amenities to employee packages, and incentivizing specific clients with the prospect of significant business returns.

These challenges are worsened if your business is financed by someone else who keeps a keen eye on the regular business operations and refuses to invest in your ideas. This could potentially increase the risk of losing money earlier than expected (if all goes wrong, your business needs to flourish).

Here are some top strategies to help SMEs address business challenges more efficiently.

Retaining Profitable Clients 

Your foremost approach should be to find your unique selling point and then focus on finding targeted customers for that USP. If you already have a few clients on board, try analyzing their net worth for your business and tweaking your services and products according to their valuable feedback to maintain a long-term and retainable business relationship with them. While searching for a new client is pivotal to business growth, retaining the ones you already have is equally essential for the sustainability of your business.

A Pool of Experienced & Fresh Human Resource

Most entrepreneurs believe hiring the most experienced talent from the market is the perfect way to succeed. Experts believe otherwise. A professional and fresh human resource pool allows you to capitalize on the market experience. Training new employees per your ideologies and product base helps you better project your USPs in the diverse marketplace. According to a North American survey, over 82% of entrepreneurs in the region prioritize training fresh employees. They believe that investing in the exercise of their workforces promises better growth for SMEs.

Another finding from the same survey suggests that SMEs focus on hiring experienced managers with fresh workforces to delegate key responsibilities to experienced individuals who can foresee possible shortcomings in a business plan while benefiting from the enthusiasm and innovation of new blood.

Keep up with the Trends

 While digitalization has made businesses easier by clearing the ruffles in the communication between customers, clients, and business owners and making products a piece of cake, it has also become more competitive. Every other day, you see a new trend evolving. Be it a service or a product, inspirations and ideas dynamically lead to the innovation of products, thus making the market quite competitive.

Any SME needs to keep up with dynamically changing trends and innovate in its products and services to improve its retention ratios and position itself among the market leaders of its industry.

Automate Processes

Gone are the days when customer communication, procurement, and advertisement were managed on manual sheets and databases. Save time and valuable money by investing in good accounting, CRM, and procurement software to reduce the brunt of work and automate processes. With technologically advanced infrastructure and operations streamlined and well-versed, SMEs can easily overcome many challenges.

Grow Business Partnerships

Offering all the services related to your product in-house is not reasonable. A more appropriate approach is to make business partnerships with service-providing vendors to help you significantly cut costs. This measure is handy in the budding phases of your SME when business is considerably low and hiring human resources for little work can dramatically impact your business’ finances. Growing partnerships save that extra cost and establish a reputation for your brand in the market.

Consider Acquisitions

If your SME has already passed the budding phase and you are planning an expansion, it is best to look for potential businesses you could acquire. The acquisition doesn’t necessarily mean taking over a million-dollar business. You could start slowing down by looking at competitive SMEs going through operational crises. This approach automatically helps you grow your business better.

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 Internet of Things (IoT) is a technological innovation that has grown into an essential phenomenon for businesses over a short period. IoT is a simple term that entails devices or gadgets connected to the internet, such as remote TV devices, smartwatches, etc. This advancement has allowed homes and offices to be innovative workspaces at the touch of buttons.

IoT gadgets can swiftly share data and workflow, making our lives easier. They store our essential tasks and dates, reducing the need to carry extra devices for storage and collection. Gadgets also come with storage solutions that help you store vast amounts of data and save space.

However, because there is so much going on between devices, such as sharing information and storing essential work files and personal user data, a security risk of interruption by third-party members always exists in IoT devices. Unauthorized gains can be for various reasons, such as insider trading, manipulating data by competitive parties, and exposing personal information. To avoid fraud and malicious intentions, one must always stay vigilant to protect data over IoT devices.

Securing your Internet of Things devices

There are many ways to protect your devices and the information stored in them to avoid the hassle of losing them. Let’s discuss a few easy ways to ensure the security of your devices.

Frequent Password Update

This suggestion is easily the most overlooked of them all. Changing passwords on your devices at least once every six months reduces the risk of losing information and data to network interceptors. While changing passwords can be tricky, as you might forget them, a password manager helps update and store your passwords in one place.

You can also use the old paper and pen to note down your passwords and keep them safe. It is essential to realize that every device must have a unique password.

Encryption of Data

Anonymizing your data is an excellent way to prevent hackers or third-party devices from understanding the information they have illegitimately extracted. Using safe hosting platforms will also prevent inconveniences. Add good encryption software to your to-do list immediately and get one step closer to securing your devices and the information they encase.

Keep Devices from Starting Network Connections

Enable permission requests on your devices before connecting to open and unsecured devices. Most IoT companies will already do this for you, but to be solid, ensure you prohibit your devices from initiating any such connection before your permission first. One-way connection settings for built-in devices will keep your privacy intact.

Pick a Safe Hosting Platform

A secure hosting platform for your IoT product development will integrate applications, security, and scalability. This step is one of the initial steps to safety for you and your technological devices.

Restrict Cloud Storage Use

Many IoT providers offer free cloud computing solutions to store vast amounts of data and information for their audiences. Cloud storage solutions are a brand of artificial intelligence that helps brands and individuals one less thing to worry about. However, excessive use of this storage space has some issues. For instance, you need an active connection to access your stored data every time. Secondly, you need to ensure your data is completely secure before using the cloud. It is advisable to thoroughly read the terms and conditions before using any cloud storage.

Get Device-Based Permission Certificates

Certificates restrict the access IoT gadgets have to a particular network. You can configure the certification according to devices, networks, use cases, and clients. These certificates allow devices to communicate with the backend, and limiting devices means retaining the network’s security. Only some devices with an IP connection can access the backend.

Maintain Secure Backups

Users can set up an advanced network backed by security that maintains data and information backup to use it with complete confidence. The IoT company must secure all devices with certificates and should provide security backups to the customer to recover from any mishaps that may take place.

Get Your Hands on Internet Security Software

Installing trustworthy, popular third-party software for your IoT devices – tablets, mobile phones, computers, and Fitbits- will protect them against malicious viruses and hackers. There are many safe options available.

Conclusion 

Internet of Things (IoT) devices provide many benefits to users, including sharing information, remote access to data, and much more. With technology evolving daily, businesses and individuals must keep themselves updated to stay relevant and float in their respective environments. However, because of the constant data exchange between devices, networks can sometimes experience a breach that you can avoid by taking a few precautions.

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.