Topic: accounting

Study: Fraud Hits Smallest Companies Hardest

Many never fully recover. By CPA Trendlines The typical organization is losing 5% of revenues per year to fraud, costing about $145,000 per company – and smaller businesses are disproportionately victimized, according to a new research report. The losses translate to $3.7 trillion globally, says the group which has been conducting the research since 1996. PRO members: Download the full report here. Highlights…

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Ten Things Every Firm Needs to Make Clear Firmwide

The main categories of information for internal communications and management. By Bruce W. Marcus Professional Services Marketing 3.0 While the substance of information varies from firm to firm, there are 10 categories that cannot go unconsidered:

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5 Ways to Find Your Focus for Summer Success

By Sandi Smith Leyva With so much to do as business owners, we can get pretty overwhelmed at times.  We can start believing that we have a “time” problem, but since all of us have 24/7, there really is no such thing as a time problem.

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The CPA’s Responsibility in Creating Good Governance

By Sean Stein Smith, CPA, CMA, CGMA A Fresh Pair of Eyes Scandals that have rocked public and regulatory confidence in the business community are not difficult to name: AIG, Lehman Brothers, the “London Whale.” Good governance, the argument goes, can be the difference between mediocre performance and outstanding performance. It can even be the difference between staying in business and going under.

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The 4 Dark Clouds Hovering Over Cloud Accounting Software

And the two professional remedies you already know. By Frank Stitely, CPA Stitely & Karstetter PLLC Cloud accounting software revolutionizes our relationships with our clients, enhancing our ability to provide real-time and forward-looking tax and accounting services. At the recently concluded Sleeter Conference in Las Vegas, cloud vendors promised zero data entry, the editing of transactions in spreadsheet format and seamless integration with best of breed third-party applications. They didn’t mention, however, that their programmers redefine accounting principles by sacrificing sound internal control at the ease of use altar. Before launching your clients into the accounting cloud, evaluate the risks currently ignored by many, if not most, cloud vendors.

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49 Money-Making Ideas with Outsourced CFO Services

By Ed Mendlowitz “Tax Season Opportunity Guide“ QUESTION: I have clients that are growing and seem to need more services in house than they can afford and they are leaning on me to set in and provide them. I gather this is an additional engagement and want to know how I can go about it. RESPONSE: It seems that the client is crossing the line into a more sophisticated area, but is not able to afford a full-time CFO.

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REPORT: IFRS Spreads to 122 Nations

The IFRS Foundation says it has “solid evidence” that IFRS has already become the de facto global language for financial reporting in an additional 41 countries, bringing the total number of countries surveyed to 122. Key findings based on all 122 jurisdiction profiles include:

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Joining Professional Associations

By Ed Mendlowitz “Tax Season Opportunity Guide“ QUESTION: I do not belong to the NJSCPA and see no value in it. What are the benefits if I am a sole practitioner and just starting out? RESPONSE: I belong to the AICPA, NJSCPA and NYSSCPA, feel strongly about supporting these societies and believe it is a responsibility of professionals to do so. I am also active in these three organizations, in different ways and not always at the same time, although I have never been on the board of any of them.

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Serving on a Not-for-Profit Organization Board

  Question: I am on the board of directors and am treasurer of a not for profit organization.  One of the board members is an officer of a commercial bank where we have our accounts.  The organization wants to get a one-year CD with some excess funds they have.  It turns out that the interest rate is less than half of what we could get from a local savings bank.  I suggested that we open the CD in the savings bank and the bank officer got very agitated and threatened to cut off the bank’s support of the organization if we did not keep the funds in his bank.  The bank is a substantial contributor to the organization, and I […]

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