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Cybersecurity past and future - Complete Controller

Cybersecurity is closely related to the field of information technology. There is a direct relationship between the two. As the field of information technology advances, so does the developments in cyberspace. The role of cybersecurity will turn out to be even more in our business and personal lives.

In this day and age, most critical systems are interlocked and operated by computers. If we try to imagine the future of cyberspace, this connection will become even tighter and stronger.

Decisions will become computerized. We will become dependent on virtual assistants in all aspects of our personal lives. IoT connected machines will become a part of our lives. We will be commuting to connected cars. Nearly all of our private data will exist in cloud computing. Check out America's Best Bookkeepers

The connectivity and complexity of these systems straightaway influence their level of susceptibility. Some would debate that to defend our operations; we must understand the hackers’ motive.

The future of cybersecurity and its changing dynamics

In about ten years or so, there will be a rise in nation sponsored organizations developing cyber-attack technologies intended for their offense and defense. It is also predicted that financially driven criminals will increasingly find out ways to earn money through cyber-attacks. The time will come when hacktivists will use cyber to forward their messages. There are a chance terrorist groups will move towards cyberspace. Finally, those individuals with no evident motive will continue to prove their technical skills and “contribute” to the invaded ecosystem.

Another such challenge we will inevitably encounter in cybersecurity is the fact that we will have no clue who our enemy could be in cyberspace. In contrast to the physical world, we somewhat know who our prospective rivals and enemies are. We can also be aware of the “weapons” they might use. In the case of cyberspace, possibly any person could be our rival. Check out America's Best Bookkeepers

Cybersecurity and its prevention techniques

The risk from online and cyber-attacks has been increasing with time. Cybercriminals and hackers know how to find new and innovative ways to target individuals as well as organizations.

The majority of the organizations, small and large, discover that it can be tough to guard themselves with the primary defenses to safeguard their data and assets.  

At any rate, we need to keep our guard up and do all that we can to keep up with the changing dynamics of cybersecurity and its prevention techniques. We need to ensure that our bookkeeping records are safe, secure, and don’t fall into the wrong hands.

Simple steps to ensure a secure organization Check out America's Best Bookkeepers

  1. Ensure that you have informed your staff to create strong passwords and change them regularly.
  2. Sending updated and regular patches for all workstations within the network, particularly for firewalls.
  3. Making sure that your staff is fully aware of possible implications and threats of their activities online.
  4. Providing training to your staff on best practice as well as importance on cybersecurity.
  5. Ensuring that you have a regular standby system set up for all your systems and data.
  6. Having consistent, clear, and updated cyber and online processes in place ensures that the entire organization is sticking to it.
  7. Understanding what your weaknesses and exposures are and making pro-active and regular improvements to it.
  8. Using safe and secure services and products that can prevent any possible cyberattacks on the organization.
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

With the world changing rapidly, and global warming and technology taking over us, we can predict how our future is going to be. We know that robots have been invented and soon self-driving cars will become more popular.

 

With all this happening, where do we see household finances in 100 years? We know household finances are the finances required to pay for the day to day and long term running of our household. It includes all the inflows and outflows.

 

With all of this happening, we have made a list of predictions and what household finance will be like in 100 years. Check out America's Best Bookkeepers

 

Everyone will be competing with each other

Forget about companies and products of the same category competing with each other. We now see people competing with everyone around them just to prove that they are better. As technology has already taken over us and will continue to do so in the future, we will witness everyone competing to show that their household is managed and more advanced in comparison to the other. Household finance management will play a significant role in this.

 

Everyone will have a budget in hand

Everyone will be organized; the trend of managing household finance has recently gained much traction. In 100 years, everyone will be on top of their game. They will be well informed about what exactly their income and expenses are and how they can save for a better future.

 

Everyone will have a savings plan

In 100 years, people will be so well informed about their household finance that will have a savings plan in place. They wouldn’t need to hire any financial consultant as information will be widely available in the future due to all the great inventions we are about to witness.

 

Family members will be smart

Don’t you think we are smarter than our previous generation when it comes to household financial management, imagine what family members 100 years from now will be like? They will be super smart! Because of this, you will witness every family member managing finances in such a way that it leads to their well being in the future.

 

People will have additional income streams

It is advisable to have more than just one stream of income as they say it is wise not to put all your eggs in one basket. We see younger people than us making such well informed decisions about investing in different options for an additional income. Imagine how people will be like in 100 years from now. They will know how to manage their household finances, along with having multiple streams of income.

 

There will be more entrepreneurs

We have recently seen an increase in the number of people becoming entrepreneurs. This increase is because this gives them the liberty to be their boss and channel their creativity in a way that makes the venture profitable. Instead of putting money into options like mutual funds, people will prefer investing in their own business to make more money. This will not only leave them with an additional income stream but will also allow them to manage their household finances better.

 

With all the predictions we have in place, household finances will indeed be managed better in 100 years from now. Also, now that we know that it is important to manage our income and expenditure, we should start taking small steps towards better managing our finances.

 

It is a fact that most of us know very little about how to manage our finances. In such a scenario, we have the option of consulting with or hiring a financial consultant who can do the job for us. However, that can be a costly option. On the other hand, we can have discussions with our friends and family members and take financial advice from them. Doing a little online research can also be a great aid. So much information about household finances is available online for free. With that information, we can gain much insight.

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
crystal ball business future - Complete Controller

A business owner uses accounting statements to converse about its financial statistics with interested parties, including investors and creditors. No matter how big or small your business is, whether you do your bookkeeping, or you have an entire accounting team, three financial statements must be arranged to deliver detailed information about a business’ financial condition. The following three financial statements cover subjects on everything from assets, liabilities, and equity to net income and cash flows.

Balance Sheet Check out America's Best Bookkeepers


A balance sheet is a financial report that lists the accounts and balances of a business entity’s assets, liabilities, and shareholders’ equity. A business entity reports such financial statistics in its balance sheet at the end of a bookkeeping period, providing a snapshot of its financial situation at that point in time.

Income Statement

An income statement, occasionally mentioned as the statement of profits and losses, reports a business entity’s various profit, costs, and expenses, as well as the net. Therefore, an income declaration is a summary of a business entity’s financial performance during a given bookkeeping period. An income statement typically is systematized to cover functional activities and non-operating events such as investments and any withdrawn processes. Check out America's Best Bookkeepers

Cash Flow Statement

The statement of cash flows displays the cash inflows and outflows between a business entity and the outside domain during a bookkeeping period. While incomes and expenditures reported in the income statement involve many cash transactions, they also include certain non-cash exchanges. In addition to operating activities, cash flows also come from financing actions and bankrolling activities.

Accounting Statements provide valuable information to a wide range of users:

  1. Managers require these statements to manage the dealings of the business by evaluating their financial performance and position and making important industry decisions.
  2. Stakeholders use these statements to weigh the risk and return of their investment in the enterprise and make investment verdicts based on their exploration.
  3. Prospective investors need these statements to measure the feasibility of investing in a business. Stockholders may foresee future dividends based on the profits disclosed in the reports. Moreover, risks related to the investment may be assessed from the statements. For example, inconsistent profits indicate higher risk. Consequently, financial statements provide a basis for the investment resolutions of potential investors.
  4. Financial institutions (e.g., banks) use these statements to select whether or not to grant a loan or credit to a business. Financial institutions gauge the financial health of a business to determine the probability of a bad loan. A sufficient asset base and liquidity must sustain any decision to lend.
  5. Suppliers need these statements to evaluate the creditworthiness of a business and determine whether to supply goods on credit. Dealers need to know if they will be repaid. Terms of credit are set according to the assessment of their customers’ financial health. Check out America's Best Bookkeepers
  6. Customers use these statements to measure whether a supplier has the means to ensure the steady supply of goods in the future. This is especially vital where a customer is reliant on a supplier for a specialized module.
  7. Employees use these statements for judging the company’s profitability and its significance to their future compensation and job security.
  8. Competitors compare their performance with opposing companies to learn and improve strategies to progress their competitiveness.
  9. The general public may be interested in the effects of business on the economy, environment, and the local community.
  10. Governments require these statements to decide the correctness of tax declared in the tax returns. The government also keeps a trail of economic development through analysis of financial statements of companies from different sectors of the economy.

Final Note:

Engaging yourself in your business’s bookkeeping can be eye-opening. It’s the best way to see how cash flows in and out of your trade and gain the framework you can use to ask yourself, your employees, and your stakeholders the right questions.

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