Archive | May, 2013

Fraud Impact on Small Businesses (Infographic)

Association of Certified Fraud Examiners (ACFE) released a study based on 1,388 cases of occupational fraud worldwide in 2011.This is an extensive report that analyzed fraud cases based on the type of schemes, perpetrator job function, region and  accounting functions that were successfully able to prevent or detect fraud schemes in the organizations. Most interesting [...]

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Free Infographic: Cost Benefit Of In-House vs. Outsourced Accounting

Following assumptions were used for the infographic. Hourly Rate $20 Full-time Hours 40 Health Insurance Costs 350 Paid Vacation 80 Payroll Taxes 10% Overhead 20% 401k Benefits 2% For calculating administrative cost, we used the following assumptions: Weekly Time 3 Time Value $100 CPA cost $200 Training    10 Hours   Outsourced Accounting Cost Benefit [...]

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Financial Forecasting for Small Businesses

There’s a long checklist that a new business owner has to consider before the doors can finally be opened. It’s an exciting time that is filled with anticipation. Some things on that checklist, however, can fill a business owner with trepidation and unfortunately filling out a financial forecast sometimes falls into this category. Small business [...]

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Common Bookkeeping and Accounting Myths – Part III

Myth: It Takes Too Much Time to Set Goals: No it doesn’t. If you want to be successful, you have to set goals and then track your progress against those goals. Any company you have ever known, read about, or been involved in has used goal-setting as an important part of running their business. No [...]

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Bookkeeping Mistakes Small Businesses Make (Part III)

For part II of this series, please see this post. In this, our third and final post of our series, we will wrap up our look at bookkeeping mistakes that small businesses can make. Using the Wrong Accounting Method: In accounting, there are two basic methods of financial reporting – cash and accrual. Wikipedia defines these two [...]

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Bookkeeping Mistakes Small Businesses Make (Part II)

For Part I, please see this post. In Part II, we will take a look at some other potential bookkeeping pitfalls you may run into as you run your business No Chart of Accounts: A “Chart of Accounts” (COA) is defined by Wikipedia as, “…a created list of the accounts used by a business entity to [...]

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Common Bookkeeping and Accounting Myths – Part II

Myth: Small Businesses Don’t Need Bookkeeping at First: Or as we like to call it, “I do not have to learn to swim, unless I am drowning”. Many small business owners are very busy trying to growth their businesses. They are spending so much time trying to keep everything going, developing products, customer service and [...]

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3 Reasons to get SOC1/ SSAE16 Certification

Under the new AICPA reporting standards, an audit that is conducted under SSAE 16 will result in a Service Organization Control (SOC) 1 report. These reports are focused on controls relevant to internal control over financial reporting. In essence, a SOC 1 report will be the form of reporting once the SSAE 16 audit is [...]

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Common Bookkeeping and Accounting Myths – Part I

Myth: Bookkeeping is Just Glorified Math: Well no. Sure you use math in accounting and bookkeeping, but so do sales people, marketers, software developers, bakers, hotel managers, and on and on and on. Basically any one that has a job uses math – even if it is just for figuring out how much they are [...]

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Bookkeeping Mistakes Small Businesses Make (Part I)

Your business is up and running. Product development has been completed and marketing strategy has been decided up and had your roll out has started. You are already beginning to see sales coming in – things are looking great. How’s your bookkeeping? If you are like most entrepreneurs, bookkeeping ranks really low on your list [...]

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