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Workplace Records - Complete Controller

Workers are often confused about their reporting requirements. In an organization, there are so many regulations that manage some side of employer documentation and retention.

A successful workplace records strategy outlines, compliance, and agreement with the state and federal laws and regulations. Besides that, it is also practical guidance for effective and consistent record managing and retention. When organizations consider forming, executing, and maintaining their workplace records policy, some key elements need to be considered.

Once the company is familiar with the concept, they can apply it in all aspects of their workplace records policy management. Check out America's Best Bookkeepers

Retention Timetable

The workplace records system should precisely classify the period of retention for every group of documents. Moreover, it is common for individual accounts and records to be regulated by one or more laws. Nonetheless, the retention periods often fluctuate. This regulation makes it prudent to maintain the data for an extended period.

Format and Storage 

The business bookkeeping system will help to designate the location of records. Also, the format of business records for maintenance should either be automated or in a hard copy format. Check out America's Best Bookkeepers

Right of Access

There are various laws, such as data privacy rules and regulations, HIPAA, and many others that contain specific requirements for those eligible to access that information. There are also some specific requirements on how the user should use that information. 

Privacy and Security 

It is essential to look after the privacy and discretion of workplace records and the confidentiality of the enclosed date. A complete workplace records policy takes account of all measures to make sure that the workplace records are physically kept safe and sound.

Timely and Careful Shredding of Documents 

Business records must never be shredded without reviewing the destruction requirements and record retention. You also need to ensure that no litigations are pending. These types of business records include confidential, financial, or personal information need to be fully incinerated or completely shredded. This way, you will be protecting your employee privacy, and you will be complying with applicable regulations. Check out America's Best Bookkeepers

Following the Required Retention Laws in Accordance

In case any organization fails to comply with the federal and state laws related to record retention, they may have to deal with unwanted consequences. These consequences can be civil fines for discarding workplace records before the mandatory retention period has ended. If an employee files a workplace violation on the grounds of discrimination, the workplace records to help the organization defend themselves against the claim will not be available. This lack of availability can be taken as guilt by the court system or imply the documents were intentionally destroyed to hide the evidence.

Periodic Audits and Consistent Policy Implementation 

Workplace records retention procedures and rules should be applied as a way to ensure policy and legal compliance. Organizations that are charged for workplace records retention requirements need to audit their practices and procedures to certify that internal necessities are existing and are strictly being followed.

Check out America's Best Bookkeepers 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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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. Check out America's Best Bookkeepers
attorney doc storage - Complete Controller

Though it may seem like a no-brainer, law firms’ actual protocols and processes to stay compliant are complicated. Especially in Trust Accounting (otherwise known as IOLTA Accounting or Escrow Accounting), individual states’ compliance and requirements are of the highest importance.

From keeping thorough records (both print and digital) to grasping the main differences between unearned and earned income, Trust Accounting brings several unique challenges. Let’s look at some of the trust accounting compliance challenges a firm is the most likely face. Check out America's Best Bookkeepers

Challenge 1: Shortage of Trust Specific Rules and Knowledge

Every state has made its audit programs and compliance guidelines that their attornies are responsible for grasping. Further than this, the firm’s bookkeeper(s) and accountants must understand the legal accounting and bookkeeping procedures.

We stress on this point that there are many expert accountants out there who are not familiar with the new and unique trust accounting compliance requirements, and the challenges it brings with it. You need to ask your bookkeeper or accountant regarding their expertise and experience with law firms. 

Challenge 2: Restricted Resources and Means of Smaller Law Firms

Limited resources are another reason for law firms to face challenges in document storage compliance for their attorneys. When we say resources, we mean dedicated resources, IT systems, and training. These resources are reasonably hard to manage by many small firms. Nonetheless, the compliance requirements remain the same for every law firm. Regardless of the firm’s size, the chances of an audit will be the same for everyone. Check out America's Best Bookkeepers

Challenge 3: Systems Operating Manually

Law firms that keep track of their client funds through manual entries on paper spreadsheets increase the chances of errors. The bookkeeping process is slower. Despite the firm’s and attorney’s best efforts, a lot of valuable time will be wasted trying to find where the five-cent discrepancy occurs.

If the law firm makes use of an accounting solution, they need to make sure that the software is set up correctly. This software is not aimed at legal practice. That is why they require extra vigilance.

Challenge 4: Trust Funds Commingled

Commingling is of two main types:

  1. Losing tabs on the client trust account balances. In other words, no distinct ledger cards
  2. Mixing the firm’s funds with the client’s funds needs to be tracked individually

Although you can have various trust funds using one bank account, the trust funds must be recorded separately in the books. Check out America's Best Bookkeepers

Challenge 5: Lack of Safety Measures to Avoid Common Trust Blunders

Some common trust mistakes consist of lack of proof of identity for every matter, commingling of funds, repeated check numbers, overdrafts, and so on. Business owners of law firms cannot fulfill the part of a bookkeeper or CPA. Therefore, it is essential to implement processes and systems that can provide proper tools to the team.

Challenge 6: Disordered Bank Reconciliation

In trust management, bank reconciliation is even more critical. Trust reconciliation has a different way of reconciling as compared to operating accounts. It encompasses the “three-way reconciliation” where the total Individual Card Balance, Bank Balance and Book Balance, and Bank Balance is broken up. It helps you to discover any errors and correct them promptly speedily. This method dramatically helps at the time of the audit.

Check out America's Best Bookkeepers 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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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. Check out America's Best Bookkeepers
document compliance - Complete Controller

Human Resource professionals have so much to manage in the organization. In the information and records management world, employee files have to be appropriately kept and guarded tightly. It needs to be guarded to such an extent that the employee files are securely locked up. Human Resource professionals have to face a tremendous challenge to keep the files confidential and protected.   

The most common difficulties they face is when they need to share the employee files with the other departments or external organizations. Employee files can be digital or paper, and this is why the Human Resource department has to ensure a system for self-auditing the employee files to guarantee it is complete. Check out America's Best Bookkeepers

As per the federal guidelines, when the headcount of the employees in your organization reaches 15, it becomes your duty to maintain employee files for a specific duration of time. After you have landed yourself in this position, you need to keep in mind, some critical compliance risks:

  1. Missing Or Incomplete Documents
  2. Noncompliant record keeping
  3. Risks connected with sharing and passing employee documents

With the right technology and practices, these compliance risks can be evaded.

For this reason, the concept of bookkeeping is encouraged. Bookkeeping helps you understand how to manage and control your accounts. The idea of bookkeeping is not just limited to accounting and finance. It can be used in other fields as well. Check out America's Best Bookkeepers

Human Resource Technologies

In recent years, it has started to become a trend for businesses to adopt recruiting or onboarding software as a form of information management tool.

We must address and implement Human Resource technologies in today’s world, just as other Human Resource practices are implemented. Many businesses have an HRIS (Human Resources Information System), an external service provider, or a module of an ERP (Enterprise Resource Planning) system.

Document Record-keeping

It has been estimated that, on average, a sizeable Human Resource department utilizes a minimum of seven different systems, excluding those used for attendance and time. Every technology has its purpose in serving.  The same information or documents can be present in one or more systems.

It can be unimaginable to get a comprehensive assessment of an employee. Thanks to these technologically designed systems, people can easily print documents from any one of the methods and place the information in the other. Check out America's Best Bookkeepers

Records Incomplete can get challenging for the Human Resource Department and Increase Compliance Risks

Gathering all of the necessary documents, both digital and paper, can become quite nerve-wracking for the Human Resource personnel. It all comes down to the Human Resource personnel who have to deal with the responsibility of completing their personnel files. The fact that records are submitted to multiple systems can become quite perplexing to locate and maintain them.

HR and Legal experts say that having up-to-date, complete employee files is a company’s powerful defense against litigation. But suppose the records are incomplete and miss crucial information, such as unsigned acknowledgments, performance reviews, or the incorrect version of the employee offer. In that case, it can be disastrous to the organization.

Noncompliant and Unmanaged Record Keeping

It can indeed be challenging to cater to the criteria and retention requirements for different documents. The state regulations of USCIS (the United States Citizenship and Immigration Services) and other state employment acts (OSHA, ERISA, FMLA, and ADA) have set specific document retention guidelines that need to be followed.

Nowadays, all companies need to maintain a record retention schedule and policies in black and white.  The policies should include which documents are formed and maintained, by whom, and the location. Companies need to implement a policy through which the employee records are preserved in litigation or audit until the issue gets resolved.

For the Human Resource members to manage their compliant record-keeping program, they need to organize and control all documents and data during that employee’s life cycle, from the time of hiring till the time of their retirement. If there comes a time when new forms, regulations, and policies are changed and implemented, that employee’s files ought to be updated, along with the out-of-date forms and documents revised and deleted. You will notice a decline in your compliance risks.

Check out America's Best Bookkeepers 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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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. Check out America's Best Bookkeepers

1.   PCI compliance should never be separated from general security efforts

A lot of enterprises make the mistake of excluding PCI from their security program. Be aware that PCI is a data security standard. It does not make sense to separate a framework designed to test the reliability of an organization’s security program, specifically when it comes to the card payment data protection. This tactic is faulty and reflects how PCI has been misinterpreted and misapplied.

2.   You can make a lot of difference by choosing the right QSA (Qualified Security Assessor) Check out America's Best Bookkeepers

Businesses should hire PCI assessors with information security experience and understand the requirements of card payment industry security. Possible conflicts of interest can occur if a QSA company also provides remedy services and additional managed security services. While some reputable organizations fit this example, ask yourself whether the purpose of the QSA is to have the best security interests of companies in mind, or they just want to upsell additional services.

3.   Focusing on the requirements of the PCI DSS (Data Security Standard)

A lot of suggestions in the PCI DSS make sure that you can avoid being the victim of a breach and are secure. For instance, PCI highly recommends segmenting cardholder data. It requires controls that monitor and limit network traffic from back-office systems and POS (point-of-sale) registers to be implemented. If you are not following this, you are both insecure and non-compliant (regardless of the amount you have paid to be compliant.)

  Check out America's Best Bookkeepers 4. Acquiring and Implementing tech tools is not enough — you should understand them.

An automated review of all system logs is required by PCI for the detection of any malicious activity. As a result, a large quantity of analytics/automation tools that claim to be the ultimate solution exists. While analytics and automation may be necessary, getting and executing them is useless if you and your IT team have not tried to understand what is being observed and reported.

Some of the most secure networks are those where specific teams are responsible for thoroughly understanding their network, the data flows and business processes, and the operations as a whole. This will make sure they can point out anomalous behaviors.

5.   Having a professionally trained and highly valued security analyst team

Understandably, it can be challenging to find individuals like these. They are generally not motivated by the same thing as others, that is to say, they do not work solely for the paycheck. Most of the time, they care more about appreciation and recognition, not specifically from the management or from within the company, but from the peers in the community as a whole. Check out America's Best Bookkeepers

The PCI attempts to create a qualification standard for such individuals. It requires the operational processes to be assigned to specific roles/individuals– people who get acceptable continued training in their field. Aside from that, specialized yearly training is required for those who have responsibilities that involve handling incidents. They must learn the proper way to analyze and react to events and incidents.

A lot of merchants have their security monitoring tasks outsourced to outside providers. The question is, how can they know for sure that their selected provider has adequate staff, or whether they are trained to detect and review irregular behavior (instead of waiting for an automated alarm to go off)? Outsourcing the responsibility of your company’s network security to a third party means putting the life of your company in an outsider’s hand. If a financial need exists, ask yourself whether it will ultimately be cost-effective.

Check out America's Best Bookkeepers 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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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. Check out America's Best Bookkeepers
business compliance - Complete Controller

Compliance means adherence to or obeying a certain set of laws and regulations. Compliance in a corporate sector or business means that the company is obeying all legal regulations and laws required to manage the business, consumers, and employees. Compliance is an indicator of how responsible a company is.

Compliance regulations are categorized into two types:

  • The government imposes internal compliance regulations on specific entities.
  • State authorities impose external compliance requirements.

Internal compliance requires that records of business dealings, transactions, sales, profits, inventory, loans, investors, and lenders be well maintained, transparent, and updated.

External compliance requirements include annual reports and franchise tax. Check out America's Best Bookkeepers

Importance of compliance in a business:

  • The compliance of a business depicts that it is corruption-free and well-integrated.
  • Legal problems and penalties are prevented.
  • Operations and processes are improved.
  • Better image and public relations.
  • Less employee turnover.

Compliance and QuickBooks:

The following are the few important and significant compliance regulations required that can be perfectly managed by using QuickBooks.

Payroll taxes:

Regarding payroll, there are a few legal requirements.  The first is withholding payroll taxes from employees’ paychecks. Second, is that the business owner must pay half of the FICA taxes of employees. Third, and lastly, is severance pay, which is also included in taxable FICA wages according to recent affirmations of the supreme court.

With a paycheck calculator, paycheck withholdings can be estimated with great ease and in a simple way, using QuickBooks. Check out America's Best Bookkeepers

Employee classification:

Classification of employees is one of the most important compliance regulations.  In July 2015, the Department of Labor issued an interpretation of an administrator. In this interpretation, it was explained that most workers are categorized as employees and should not be considered as independent contractors.

The high degree of adherence, compliance, and regulations is required for employees. Withholding of taxes from employee paychecks is needed.  And, they are entitled to benefits.

In contrast, contractors are not entitled to any employee benefits. No withholding from their paychecks is required. Less regulation is implemented on them.

QuickBooks an easy and perfect solution to classify paycheck with holders by using W-2S while using 1099 Wizard for use with contractors.

A wrong classification of employees can result in steep fines, but QuickBooks is the perfect remedy.

Credit card Fraud:

The complete guide to EMW regulations of QuickBooks is used to replace old structures with new ones, i.e., EMW. EMW chips are implemented to impose more responsibility on business owners for fraud prevention. This EMW chip system is implemented by the authorities who issue credit cards and process payments. If the equipment is not upgraded to scan EMW chips, then your liability to prevent fraud on credit cards is increased. QuickBooks is perfectly equipped with this innovation. Check out America's Best Bookkeepers

State regulations:

Regulations of every state are different. Every business owner must be well aware of their particular state’s regulations so that fines and penalties can be avoided. Few examples of regulations are:

  • Many states have increased the minimum employee wages.
  • Paid sick leave is granted in some states.
  • Few states require to file employee paperwork early. This paperwork should match federal regulations and requirements.

QuickBooks is a great tool to handle these accounting regulations.

Overtime regulations:

QuickBooks helps in compliance with overtime regulations. Overtime regulations differ with each state. Just enter information on the QuickBooks app and calculate employee overtime and also track the working hours of employees.

Stay tax ready:

Various types of taxes are required to be paid by the business owners. All expenses are categorized in QuickBooks and easily converted to taxable sheets. Just take pictures of receipts or scan them and attached them with expenses via the QuickBooks mobile app. By using QuickBooks, your data is well organized and well prepared to file for taxes. Tax savings can be increased due to better compliance.

Affordable care Act:

Affordable care act states that a business with more than fifty full-time workers is required to grant health benefits. A full-time employee is one who works thirty or more hours a week. QuickBooks is used to track the working hours of an employee. By accurate calculation of working hours, you can follow government regulations effectively.

Conclusion:

QuickBooks has apps and software which are used to calculate and maintain the data required for perfect compliance.

Check out America's Best Bookkeepers 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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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. Check out America's Best Bookkeepers