The principles of accounting have existed since the days of Mesopotamia. In fact, according to historian John Steele Gordan, humans likely began to write simply because they wanted to track their money. Those early primitive methods worked for several thousand
The IRS continues to increase its scrutiny of Form 1099 reporting by individuals and businesses. The IRS uses 1099s submitted to them to be sure Form 1099 recipients report the income on their income tax returns. Failure to comply with
All entrepreneurs understand that there is a major “chasm to cross” between a startup and a growing, fully-functional company. There are plenty of charts and graphs showing 5 or 7 stages of company growth. Regardless of your framework, we all
Cash management, cash forecasting, and burn rate calculations are frequent concerns for entrepreneurs. One metric we love at CoEfficient is Days-to-Zero. Put simply, if your cash receipts stopped tomorrow, how many days until your business ran out of cash? While
No matter what stage you are in your business you need access to adequate funding sources to ensure success. There is no “perfect” way to financing a business, but there are some fundamental steps owners need to take to ensure
Billing fraud, corruption, check tampering, skimming and expense reimbursement.
These are just some examples of accounting fraud schemes occurring in companies with fewer than 100 employees EVERY DAY.
According to the ACFE’s 2012 Report to the Nations, fraud is occurring at high
It happens almost every day. A large company, often listed in the Fortune 500, makes a strategic acquisition of a small entrepreneurial company to increase their product portfolio and to increase revenue . Usually when this occurs the small company
It”s common wisdom that setting goals makes things happen. I was out meeting with clients this week preparing budgets for next year. Since we work a lot with small business owners the first question is usually “what are your goals
When inquiring with small business owners about Internal Controls the answer is almost always, “we can’t afford the staff to have Internal Controls” or “we are too small to need Internal Controls”.
At the highest level Internal Control is defined as: