Archive for the Accounting Category

7 Keys to Preventing Fraud in the Workplace

Prevent Fraud - and deal with it promptly

Believe it or not, most fraud happens in smaller companies. Why? Because they lack the controls and procedures to prevent it. In fact, more than 31% of small companies will experience some kind of embezzlement or check fraud, and the average loss is a staggering $140,000. Could your business afford that?

Fraud and embezzlement are crimes of opportunity. If you don’t have the right procedures in place to prevent it, you’re asking for trouble. It is imperative to set up a framework for protection. No matter the size of your company, click through to read the 7 fundamental steps you should take to help prevent employee payment fraud and embezzlement….

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Infographic: How Better Accounting can Help You Qualify for a Surety Bond or Contractor Bond

General contractors have long been required to purchase construction bonds to qualify for federal public works projects. These days, the practice is spreading to private projects too.  Now its more important than ever to qualify for a surety bond (or general contractor bond) no matter who your clients are. How can a GC qualify […]

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Credit Card Processing Glossary: 10 Terms You Need to Know

credit card processing

If your company engages in credit card processing, then you’re likely well acquainted with the complexity of deciphering a monthly credit card processing statement. Unfortunately, the credit card processing industry has a vested financial interest in maintaining a veil of confusion in their statements and uses jargon that is virtually incomprehensible, […]

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Ready for Apple Pay? Mobile Payments will Finally Reach Small Business

Mobile Payments - Apple Watch uses Apple Pay

Until today, mobile payments has been a fragmented — and mostly stalled out — attempt to make Point of Sale payments at retail shops easier, faster and safer. Companies including Visa and Target have all tried various ways to get us to use our phones or other devices instead of a plastic credit card. Some of the biggest collaborations, like ISIS Wallet (now called Softcard) have struggled to gain any traction.

But Apple just announced a real game-changer: Apple Pay.

Already 220,000 retail locations around the USA have pledged to use the ApplePay service.

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Flash Reports! Great Management Decisions Should be Based on Data

Flash Report Template XL

There are so many moving parts to worry about when managing your business. And to make a hard job even harder, accounting systems never seem to have a single report that draws all your most important data together in one place. Key Ingredients Instead of relying on 12 different financial reports, build one […]

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How Financially Disciplined is Your Company? 3 Rules for Surviving any Storm

Thousands of companies closed their doors during the recession. After working with both the wounded and the survivors, I’ve found a clear reason why some businesses made it through the recession unhurt. Those that survived (and thrived) had 3 things in common, all related to their willingness to use finance tools to drive decision making. How financially mature and disciplined is YOUR business?

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10 Things to Love about Xero Cloud Accounting Software

Like all great businesses, Xero started with a clear mission: to make life easier for small businesses.  In particular, Xero set out to:  – embrace simple user interfaces – help improve cash flow – improve collaboration between businesses, vendors and customers Sounds ambitious, but here’s 10 ways Xero brought the dream to […]

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What is Income? 4 Revenue Recognition Rules You Love to Break (but shouldn’t)!

business metrics

It seems to go against the grain of strict accounting rules, but it is true nonetheless: How you organize your financial statements is entirely up to you.  It’s a freedom that can help you better understand your business — so long as you tread carefully. Nowhere is this freedom more […]

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