This is one of those times. Ever so often, I have to jump on a soap box. I think there is a huge issue in our country today when it comes to financial education. Most people don’t understand the difference between an asset and a liability or how expensive credit card debt really is. I [...]
As business owners or investors, most of us are at least familiar with the concept of financial statements. We understand that we need them for preparing tax returns, for handing over to a bank or credit company in order to secure a loan, and to offer up to a potential purchaser, if we’re selling our [...]
On August 2010, Heather Wylie of Butte, Montana, admitted to stealing thousands of dollars from her employer, a local attorney and his clients. She pleaded guilty to two felony charges while some of her victims sat silently in the courtroom. Heather Wylie, 38, was charged with embezzling approximately $60,000 while employed as an administrative assistant [...]
Analyzing your financial information is the most effective way for you to keep track of your business’ financial health. Your financial information is much more than just numbers. The key is to find the ability to understand what the numbers mean and how they will affect your organization. Get the most current copy of your [...]
The risk of fraud is a valid and increasing concern for today’s business owner. Even financial giants have to struggle with this problem. Fraud doesn’t only affect the business owner; it takes valuable resources away from employees, vendors and customers. Implementing and maintaining strong internal controls is the best strategy. Business owners should be prepared [...]
There are two purposes for the Business Financial Scorecard: To assess the past and to predict the future. The more frequently you come back to look at your statistics, the easier this process will become. A forecast is the end result of a continuous process aimed at predicting the future. What are your leading indicators? [...]
