There are some businesses that are nothing more than one person’s knowledge, skills and hard work, all wrapped up in a business structure. It’s not really a business, it’s a job. But it’s a job where you “work for yourself.” At the end of the day, though, you haven’t built any assets, so you have [...]
You have a choice when you set up your bookkeeping. Well, you actually have a lot of choices, but this is one you might not think much about and yet it could cost you a lot of money down the road to change. The choice is how you will keep your books. You also have [...]
How exposed is your organization to bookkeeping fraud? No company, big or small is immune to this crime. True, none of us want to believe that our bookkeeper could take advantage of his position and of the trust deposited in him/her in such a way, but unfortunately, it happens all the time. Here are 10 [...]
Which way is your cash flow going? When you understand that, you’ve gone a long way in determining what the future for your business and your investments are. Let’s start by looking at the cash flow cycles of the poor, middle class and rich. So we’re going to look at what creates a poor, middle [...]
If you don’t know how to (or don’t read) your financial statements, you might as well not have them. Well, you do need to have financial statements for your year-end tax return. But even with all that, the financial statements aren’t perfect. There are some fatal flaws built into the way we currently do accounting. [...]
Extensive employee screening can be expensive but in today’s risky business climate, failure to do so can result in serious irreversible damage to your organization. These days, the business environment is exceptionally dynamic. People move constantly from company to company, new businesses are born every day, the working population can only be described as transient. [...]
Cash flow is the lifeblood of your business, and also the most misunderstood part of business by many business owners. Here are five common myths regarding the Cash Flow Cycle. Cash Flow Myth #1: If there’s cash in the bank, everything is fine. Use your statement of cash flow to find out why there is [...]
When you think of your ideal bookkeeper, what are the characteristics you think of? Maybe: Knowledgeable Thorough Trustworthy Efficient Local Does that list seem familiar? If you used “local” as one of your criteria, you may want to add one more to your list “national perspective.” Well, for that matter, even if you didn’t add [...]
The victim: Koss Corporation, Milwaukee, Wisconsin. The Perpetrator: Sujata “Sue” Sachdeva On January 20, 2010, a grand jury in Milwaukee indicted Sujata “Sue” Sachdeva on six counts of wire fraud for allegedly embezzling $31.5 million from Koss Corporation, a phone manufacturer where she had been employed as Vice President of Finance, Principal Accounting Officer and [...]
The Statement of Cash Flow is the most important of the three Financial Statements, because it deciphers the cash flow for you. It’s the translator, the one that bridges your Income Statement and the Balance Sheet. And, it’s probably the one you’ll have the most trouble learning to read. The Statement of Cash Flow begins [...]
