Simple Best Practices For Managing Employee Benefits Programs
To be able to effectively manage an employee benefits program it is first necessary to grasp its purpose. So, to that end, such programs are structured offerings that support employees’ health, financial security, work-life balance, and professional growth—beyond base salary. They typically include health insurance, retirement plans, paid leave, wellness resources, and perks like flexible […]
Regular Business Audits Reveal Fraud
Last time we considered the role of internal controls for fraud prevention. This time we focus on business audits, a major aspect of internal controls, for mitigating the incidence of fraud. Recall that we had identified in the article “Prevent fraud in your business with trustworthy internal controls” several fraud schemes including embezzlement (cash skimming) inventory theft, […]
Handle Lurking Payroll Tax Compliance Issues
Payroll tax compliance issues abound. These issues stem, mainly, from constraints imposed by various laws, regulations, and standards. Businesses need to be on alert and cognizant of the imposed constraints and their changes and take measures to handle payroll tax-related issues. What are Payroll Taxes? Payroll taxes are taxes imposed on wages and salaries that […]
Fraud Prevention With Trustworthy Internal Controls
It is important to implement trustworthy internal controls to prevent fraud in your business. There are many opportunities for internal and external actors to abuse a position of trust and perpetrate various schemes. Possible schemes include but are not limited to, embezzlement (cash skimming) inventory theft, payroll fraud (ghost employees) expense reimbursement fraud, inflated revenue […]
The Exciting Role Of Artificial Intelligence In Accounting Practices
Generative artificial intelligence (AI) has found numerous roles in various industries, occupations, and professions. The prognosis for artificial intelligence in accounting practices is similarly significant. In general, generative AI can perform analysis tasks, make decisions, provide insights and recommendations, predict outcomes, and generate original datasets or business processes. It has proven valuable in describing products, […]
Assured Smooth Transition Thru Business Succession
It is best for small businesses take a strategic approach to ensure a smooth transition thru business succession planning. Small businesses face significant risks from an unplanned transition that could threaten their continuity, financial stability, and long-term survival. These risks arise from leadership uncertainty, operational disruptions, family conflicts, financial instability, employee uncertainty and poor morale, customer […]
The Full Benefits Of Automating Financial Processes
Financial Processes Financial processes refer to standardised and sequenced activities that manage financial transactions, resources, and decision-making within an organization. These processes ensure financial stability, compliance, and strategic planning, encompassing all financial transactions and events with financial repercussions from revenue generation to expense tracking. As such, on the way to automating financial processes, one must consider that financial processes include […]
Basic Succession Planning For Family-Owned Businesses
Succession planning is crucial for family-owned businesses—it ensures the longevity, stability, and seamless transition of leadership from one generation to the next. At a granular level, it preserves a legacy, avoids leadership gaps, mitigates family conflicts, ensures business continuity, develops future leaders, and strengthens financial health. https://www.youtube.com/embed/0crckse8cqk?feature=oembed Small Business Legacy First, to preserve a business legacy, a […]
Common Bookkeeping-Mistakes Relief With Cloud Computing
Common Bookkeeping Mistakes On the way to completing bookkeeping tasks, i.e., source analysis, journal entries, and posting to ledgers, there are many opportunities for mistakes. Common mistakes or issues include data entry errors, misplacing records, failure to track expenses or to a lesser extent failure to track revenues, inconsistent reconciliation, tax compliance failures, delayed cash flow visibility, and security […]
Know Your Small Business Performance – Key Financial Ratios
A conscientious and responsible manager must be concerned about the financial performance of his/her business. Such an appreciation will help him/her gauge whether the company is underperforming, failing, or excelling. For that purpose, he must decide on the appropriate metrics, in this instance financial ratios. There are around 20 to 25 key financial ratios, from […]