In Pursuit of Profit

8 Types of Internal Control Accounting Systems

2/13/2020

Business leaders understand it is essential to have accurate financial data to drive operations and measure success. However, without the proper controls in place errors, fraud, and other issues can occur, hindering operational efficiency and growth. While some small business owners assume internal control systems are only designed for larger organizations, these functions are crucial for companies of all sizes in all industries.

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6 Tips for Organizing Business Receipts

7/22/2019

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Many business owners struggle with back-end office organization, especially regarding financial items like business receipts. The problem is two-fold: most business owners underestimate the importance of business receipts, and receipts are hard to organize manually.

While it is advisable to keep all purchase receipts – personal and professional – a desire to reduce paper clutter and make the right choice environmentally has many people skipping the receipt altogether or asking for an emailed copy.

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How to Spot Asset Misappropriation

4/29/2019

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Asset misappropriation is a fraudulent activity that occurs when a company’s assets are stolen or diverted for personal use. Typically, misappropriation that involves cash is easier to identify while non-cash misappropriation is often harder for businesses to recognize. While all misappropriation can hinder cash flow, large-scale asset misappropriation can also lead to fines and penalties as a result of errors on financial statements and tax filings.

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