It has been about a week since we began our discussion on Fraud Prevention. Did you take time to review the first 5 tasks? Begin implementing them? If not, let’s take a moment to talk about why you should. According to the 2012 Global Fraud Study by the Association of Certified Fraud Examiners, a typical organization loses 5% of its revenues to fraud each year and these fraudulent acts continue, on average, 18 months before being detected. If you think you are immune because you are too small or have reliable long term employees think again. This same study showed that the smallest organizations suffered the largest median losses and that the longer a perpetrator has worked for an organization, the higher the losses tend to be.
Did you know that spending a couple of hours a month on your accounting could save you tens of thousands of dollars? According to a 2010 report by the Association of Certified Fraud Examiners (ACFE), 40 percent of small business owners are embezzlement victims and one-third of all bankruptcies are the direct result of internal fraud. Protecting yourself from fraud is easier than you may think, even if you don’t know a thing about accounting. In this two part blog (5 Tips this week and 5 next) we will review simple tasks that can be performed utilizing whichever accounting software you have in your business. The examples and screen shots shown here, however, are from QuickBooks Enterprise 2013.
Small Business Saturday is almost upon us – on November 24 to be exact. Just in case you haven’t heard of it, let me explain. In 2009, American Express started pondering the rampant consumerism that revolves around the holiday season. We already had Black Friday and Cyber Monday – both of which primarily benefit large chain stores like WalMart, Target, and Macy’s who have the resources to offer huge sales and the advertising budget to promote them heavily. With this in mind, American Express decided to designate the Saturday after Thanksgiving as a day to encourage consumers to shop at small and independent businesses. Thus, Small Business Saturday was born and from all reports, it has been a great success.
We are streaming live coverage and reactions from the Proformative Webinar on the topic "How New Technologies Are Changing the Role of Finance" on November 6, 2012 at Noon EST. Leading the discussion are Bruce Bendix, director at Baker Tilly Virchow Krause, LLP and John Kogan, CEO of Proformative. Key topics will include insight into new technologies such as cloud, mobile, social, big data and how analytics are creating new challenges and opportunities in areas under the responsibility of the CFO.
Frankenstorm Sandy has certainly lived up to the name that was bestowed upon her long before she came ashore in Southern New Jersey. She has relentlessly inflicted damage and destruction in her path from the Caribbean to the Northeast Coast of The United States – the most significant and visible being in the New York Tri-State area. And among those affected, small businesses will potentially fare the worst. Many small business owners were unprepared for the severity of this storm and the damage in her wake. Recent estimates from risk analysis firm Eqecat puts the total economic losses at $50 billion. In addition to the economic toll, the disruption to people’s lives due to property damage, transportation disruptions, prolonged business closures, electrical outages, injuries, and loss of life are immeasurable.