See Also: S Corporation General Partnership Limited Partnership Partnership Sole Proprietorship Role of a Company Back Office Limited Liability Company (LLC) Definition A Limited Liability Company or LLC is a business form which provides limited liability much like a corporation. There can be an unlimited number of members to the company. There are also many
See Also: Accounting Depreciation Account Reconciliation Cash Flow Projections How to Develop a Daily Cash Report Future of the Accounting Workforce Accounting Fraud Prevention A small business owner typically cannot afford to hire enough people to have proper separation of duties to gain the internal controls needed to prevent accounting fraud. Using Internal Control and
A balance sheet is a statement of the companies health. How does the liabilities and equity compare to the assets? Balancing the balance sheet is a critical part of accounting as it gives the company, bankers, and investors an idea of how the company is doing. Does the balance sheet need to balance? Yes. It
See also: Intangible Assets: Protecting Your Brand and Reputation The Red Flags of Fraud Dealing with Employee Fraud Marketing Plan 7 Warning Signs of Fraud Marketing Mix Protect Yourself: A Guide to Non-Compete Agreements Does Your Business Need A Financial Audit? Becoming a Smart CEO Marketing Fraud Definition The marketing fraud definition is the false
Does your company bank online? Have QuickBooks or PeachTree online? Take credit card transactions online? Have any financial information online? Have a website or an email address? If you answered yes to any of these questions, you are at risk for a cyber security threat. It’s no question that as technology evolves, the issue of
Businesses lose millions (if not billions) of dollars due to fraud. But how do so many cases of fraud go unnoticed until the damage is done? Often, it’s because businesses don’t recognize the red flags of fraud soon enough. Working with many entrepreneurs and their companies for the past 25+ years, I have unfortunately have
Does this sound like your business lately? Sales volume is down. Cash is tight. The company is losing money. And just when you think things can’t possibly get any worse, you discover that one of your employees has committed fraud… Sadly, this scenario is all too common and begs the question of whether fraud is
Recently, I was visiting with a potential client who had been the victim of fraud. Talking with him brought back unpleasant memories of the first time I discovered that one of my client’s employees had committed fraud against the company. Despite the fact that it happened a long time ago, all of the emotions associated with the
Unfortunately, companies of all sizes can become victims of fraud. In fact, a study on fraud published by accounting firm KPMG International found “a very large increase in cases involving the exploitation of weak internal controls by fraudsters up from 49 percent in 2007 to 74 percent in 2011.” Thus, internal controls are a first
See Also: Accounting Fraud Prevention using QuickBooks Audit Scope Bankruptcy Chapter 11 How to Hire New Employees Fraud Triangle Definition Donald Cressey created the concept of the fraud triangle. The creation of the theory required Cressey to interview about 200 convicted embezzlers around the Midwest which he dubbed “trust violators.” The people that had entered
See Also: The Fraud Triangle Larceny (fraud) Auditor Audit Scope Compliance Audit Skimming Fraud Definition Skimming fraud is the theft of cash from a business prior to its entry into the accounting system for that company. Although skimming is one of the smallest frauds that can occur, they are also the most difficult to detect.
See Also: How important is personal credit in negotiating a commercial loan? Loan Agreement Payment Terms Down Payment Self-Liquidating Loans Sinking Fund Definition The sinking fund definition is an accumulation of assets set aside to repay a loan when it becomes due. Use the accumulated amount to pay off the debt early to reduce the amount
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