How to Prevent Fraud in a Small Business

Small businesses are the most vulnerable to occupational fraud and abuse, according to the Association for Certified Fraud Examiners (ACFE). In its 2002 Report to the Nation on Occupational Fraud and Abuse, ACFE cites that the smallest organizations, 100 employees or less, suffered higher median losses than did the largest organizations (10,000 employees or more). While the largest companies suffered losses of $97,000 on average, small businesses’ losses averaged $127,500 based on…

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7 Keys to Becoming an Effective Leader

Follow these leadership tips to turn your business into one that consistently outperforms the competition. For many businesspeople, the last thing you want to worry about (or do) is managing people. You want to get out there and meet customers and create awesome products and bring exciting new opportunities through your front door. But unless you’ve hired people to take on the task of managing your employees, then you’re still on…

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Are You a Small Business Owner With Back Taxes?

The stress of owing the IRS money can be crippling. The IRS can place a lien on your property or even levy your bank account. For whatever reason, you’ve gotten into a tough situation but how do get out? Here are a few options the IRS offers to help. 1. Offer in Compromise (OIC): With an OIC, you offer the IRS an amount of money to settle your tax debt.…

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Tax Cut and Jobs Act – Guidance needed as Sec. 199A appears “poorly defined”

House Ways and Means Committee ranking member Richard Neal, D-Mass., has asked the Treasury and the IRS for guidance on the tax code’s new passthrough deduction. In a May 1 letter, Neal asked Treasury Secretary Steven Mnuchin and Acting IRS Commissioner David Kautter, for clarifying guidance on Code Sec. 199A. Passthrough Deduction The new Code Sec. 199A, enacted under the Tax Cuts and Jobs Act (P.L. 115-97), provides a 20 percent deduction…

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Is Outsourcing a Good Idea?

Would you like to focus on your core business, concentrate on the client base, and be more productive? Of course, you would! Almost every business owner would love that. Accounting tends to take a lot of your time from actively growing your business but it’s a necessary function. So, why not outsource your Accounting and focus on your core competencies? Let’s look at 5 reasons why you should outsource your Accounting ASAP: Focus…

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Experience Breeds Success

The age you’re most likely to start a successful company isn’t what you might think. Bill Gates is an anomaly.John Lamparski/Getty Images Many people think of young examples — like Mark Zuckerberg and Bill Gates — when they think of successful startup founders. New research shows that these cases are more the anomaly than the status quo — the average age of the most successful founder is about 42 years…

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Beware of “Magic Bullets”

I heard a commercial on the radio the other day. A very confident voice saying, “I was able to grow my business by using (some accounting software), in fact, I can run my business from a dashboard on my phone!” Like some sort of “Magic Bullet… I understand the marketing aspect of this statement. The reality is, you can have the best software on the planet but if the data is…

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Back to the Basics – Business Strategies

What Are the Different Types of  Basic Strategies in Business? Some leaders act as if their companies are poised to outperform rivals and, as a result, fail to do the work necessary to devise an effective business strategy. Others attempt to create business strategies, but all too often the strategies are a bit wimpy and not worthy of the name. These leaders fail to recognize that the crux of a business…

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5 Things to Consider When Hiring A Business Consultant

IS THERE A NEED TO HIRE A BUSINESS CONSULTANT? Who Should Read This? This guide is written for all business owners and executives who want to get help turning their company, one area at a time, into a best-in-class operation. It is especially aimed at small business owners and especially anyone who may need to access capital or implement a succession plan in the next 5 years. The problems discussed…

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Outsourcing Your Accounting Functions

Should You Outsource Your Accounting Functions? As your organization strives to use its resources as effectively as possible, you might at some point consider outsourcing the functions that fall under your accounting and financial umbrella. Here are some factors to weigh before making this important decision. What Are the Potential Advantages of Outsourcing? Companies often outsource work in areas that require specialized knowledge or a significant number of hours, such as…

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