A business has many obstacles during its first year, and making costly financial mistakes is often inevitable. Unlike large companies, small businesses may not have the assets to rebound from such mistakes. What are the biggest financial mistakes small businesses make? Continue reading What are the Biggest Financial Mistakes Small Businesses Make?
Employers, and particularly owners of small or medium-sized businesses, have to be careful about developing a personal trading policy for their employees. Developing an in-depth trading policy could protect you from liability and even criminal charges. Do you have effective employee personal trading policies? Continue reading Do You Have Effective Employee Personal Trading Policies?
There are six areas of risk frequently capitalized upon by embezzlers. While these areas of risk are not the only ones containing “embezzlement windows of opportunity”, these are the areas that offer the most significant sources of exposure to your company and what lead to various embezzlement schemes. What are common embezzlement schemes? Continue reading What Are Common Embezzlement Schemes?
Financial controls are documented in your finance processes, policies, and procedures manual template. SOX, in general, has generated a lot of discussion about internal controls even requiring financial policies and procedures. How are financial controls implemented?
All companies have business processes. Some are well defined, but many are ad-hoc, leaving employees uncertain as to whether there is a process at all. Ask yourself: do company policies exist if they’re not documented? Many people then ask: what are the critical business processes, policies, and procedures in a company? Continue reading What are the Critical Business Processes, Policies, and Procedures in a Company?
With the implementation of the Sarbanes-Oxley Act (SOX), finance and accounting departments have scrambled to put in place internal control systems as required by SOX section 404. Compliance with SOX and SEC regulations are certainly good reasons for companies to create a financial control system.
Basic Cost Accounting Information starts with cost: a financial measure within your accounting management system defined as resources consumed or acquired in accomplishing a specified purpose such as performing a service, providing a product, or carrying out a project or program regardless of when the resources were ordered, received, or paid. Cost can be defined in a variety of ways depending on the objectives or information desired. Continue reading What Are the Uses of Cost Accounting Information?
There were two things at the heart of the financial crises: the sub-prime home lending fiasco (with the bad loans then bundled into investment securities) and the use of credit default swaps that had organizations falling like dominoes once bad mortgage loans started taking some institutions down. How can you make sure your company succeeds? One way is using financial strategies for business success. Continue reading How to Use Financial Strategies for Business Success