How can you be sure that an employee isn’t secretly stealing from you, that your company is tax-compliant, and that your financial records are reliable? Three words: internal accounting controls.
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How can you be sure that an employee isn’t secretly stealing from you, that your company is tax-compliant, and that your financial records are reliable? Three words: internal accounting controls.
Topics: Financial Reporting, QuickBooks Audit Trail, Bookkeeping Theft, Internal Audit
Identity thieves - and the fraud-based havoc they cause in the US – were responsible for losses exceeding $16 billion in 2016. In fact, according to a study by Javelin Strategy and Research, more than 15 million Americans fell victim to identity theft last year. And that’s a record high.
Topics: Grow Your Business, Bookkeeping Theft, Growth Coach
Identity theft complaints nearly doubled between 2010 and 2015, according to the Federal Trade Commission. Meanwhile, fraud incidents including those associated with compromised credit cards reached an all-time high in 2016 – an event that led to a whopping $16 billion dollars in individual losses!
Most business owners cringe when they hear the word “audit,” but the truth is that an audit isn’t necessarily a bad thing. Once you learn more about what an audit is and how it works, you will see that there are a few ways in which your company can benefit from the auditing process.
Topics: Financial Reports, QuickBooks Audit Trail, Bookkeeping Theft, Internal Audit
Accountability for cash flow is normally given to one person: your bookkeeper. In general, that gives them an opportunity to have a hand in different transactions that would make it easy to take cash from a business. However, there are some really simple steps that a small business owner can take to prevent such disaster. Not only that, but it can keep an owner or partner involved in a business on a regular basis, so that they always have a finger on the pulse of the business. This short infographic is a simple guide to how to balance a bookkeeper. If nothing else, it keeps a person away from temptation.
Topics: Bookkeeping, Bookkeeping Tips, Small Business, Bookkeeping Theft
Have you ever wondered how a small business bookkeeper handles the bookkeeping for their own business? Think about it, if you are using an outsourced bookkeeping service they have to handle their own business bookkeeping. Ask them what they do for their own bookkeeping that you currently are not doing. Here are five key things I do with our own small business bookkeeping.
Topics: Small Business Bookkeeper, Financial Forecasting, Financial Reporting, Business Budgeting, QuickBooks Budget, Small Business Bookkeeping, Reconciling QuickBooks, Bookkeeping Theft, Bookkeeper dishonesty
The number one reason we get new clients is because most small business owners are too busy to handle their bookkeeping. It is often true that a business owner is too busy to update their bookkeeping, but that doesn't mean it is important. I'm also quite a busy person but I find time for all the important aspects of my small business, even if I am not directly doing the work in a particular area. If you are too busy to handle your small business bookkeeping here are a few things you still need to know.
Topics: Bookkeeping Services, Bookkeeping Help, Bookkeeping Theft, Value-added Bookkeeping, I'm Too Busy, Outsourced Bookkeeping
I have noticed that small businesses typically have the time and money to fix their bookkeeping, but neither when they are first setting up their bookkeeping. This article was inspired when I read a quote from Seth Godin posted on Hubspot's blog. If you scroll down to #14 you will see Seth's quote: "Well, if you don't have time to do it right, what makes you think you'll have time to do it over?" This resonates with me on so many levels. When I was growing up, my dad always used to say in a harsh Massachusetts accent and sometimes slightly angry, "Matthew either do it right the first time or don't do it at all!" That has stuck with me into adulthood. Half-assing something is a waste of time and therefore counterproductive. When small businesses are setting up their bookkeeping most won't take the time or money to set it up properly from the beginning. However, when it comes time to fix a bad bookkeeping system there is always time and money and here is why.
Topics: Small Business Bookkeeper, Financial Reporting, Small Business Bookkeeping, Bookkeeping Theft, Investor Bookkeeping
Many small business owners think that bookkeeping has just one role; a means to filing your taxes. Those business owners that have this mindset are missing out on many benefits that a solid bookkeeping system can offer. Small business bookkeeping often falls behind because it is so easy to push to the back burner. If you are not getting any value from your bookkeeping then there is no urgency to update it on a regular basis. Those businesses that are extracting valuable information from their bookkeeping make it a priority to keep the books updated regularly. So exactly what can a solid bookkeeping system do besides file taxes?
Topics: Bookkeeping, Bookkeeping Tips, Bookkeeping Processes, Financial Forecasting, Financial Reporting, Small Business Bookkeeping, Bookkeeping Theft
Running a bookkeeping consulting firm geared towards small businesses teaches you a lot about business startups. We see all sorts of missteps, whether it is right from the beginning or several years down the road. It is very rare that a business will do everything right during the startup phase. The list of tasks that need to get done to get your business up and running can be overwhelming. No matter how experienced you are in business you can’t be an expert in every facet of launching a business. It is amazing to me how reluctant people are to ask for help during the startup phase of a business. I think many people have the mindset to get their business launched by spending as little money as possible. However, this approach often leads to costly mistakes, which are more expensive in the long-run. It is usually much cheaper to pay someone to do something correctly the first time rather than pay them to fix your mistakes in the future. Here are 8 common bookkeeping mistakes I see new businesses make when starting their business.
Topics: Accounting Reconciliation, Bookkeeping Errors, Bookkeeping Services, QuickBooks Reconciliation, Accounts Payable, Accounts Receivable, Bookkeeping Processes, Bookkeeping Help, Financial Reporting, Bookkeeping Theft
