When we speak to clients about fraud prevention, they’re often overwhelmed. They often think they can’t possibly be watching every part of their operations all the time. Fraud doesn’t occur equally in all parts of an organization’s operation and is often committed in the same ways: false invoicing, fake vendors and inappropriate employee expense reimbursements. By watching for easy-to-spot signs in each of these areas, organizations can go a long way towards preventing fraud. (more…)
Archive for May, 2012
A CFO, or chief financial officer, is the financial head of an organization. Usually reporting directly to the CEO, or chief executive officer, a CFO is responsible for keeping an organization financially healthy.
CFOs work in businesses, not-for-profit organizations and even some government entities. They are responsible for the finances, but what all does that entail? A CFO has four “COAR” areas of responsibility:
Memorial Day is a great time to think about our veterans and what we can do to show our thanks for all that they’ve done for our country. One way to show your thanks: hire a veteran. All too often, our men and women returning from active duty come home to a weak economy and limited job prospects. But, as an employer, you have the unique ability to help ease their transition to civilian life – by giving them a job and a chance.
Hiring a veteran can be good for the veteran, the community and your business. The VOW to Hire Heroes Act of 2011 provides work opportunity tax credits to businesses that hire certain veterans. (more…)
The Economic Recovery has hit the Construction Industry.
While every industry has suffered during the Great Recession, the construction trade has been particularly hard hit. As tight government budgets were hampering major infrastructure projects, the foreclosure crisis was impacting new home construction – talk about a double whammy!
But, there’s good news for the construction industry: home prices and construction are beginning to turn around! (more…)
You’ve worked hard to build your business and probably can’t imagine a time when it won’t be a major part of your life. But, someday, you’ll approach retirement and you’ll want to spend more time enjoying your life and less time balancing your books.
Maybe you’ll want to leave your business to your daughter. Maybe you’ll want to sell it and cash out. Either way, business transition doesn’t just happen. It isn’t serendipitous. You need a “get out of business” or succession plan. (more…)
About 25 percent of businesses fail within the first year, according to Small Business Trends. Only 44 percent survive for four years. What if your business doesn’t make it?
If you don’t have a buy-sell agreement, things could get hairy. Or if you developed one in haste and never update it, the buy-out probably won’t be fair to all parties. The hassles from litigation that result from faulty buy-sell agreements could last for years and negatively impact your business. (more…)
Actually, there are two types of Ohio tax amnesty running right now:
- Ohio General Tax Amnesty
- Ohio Consumer’s Use Tax Amnesty (more…)
As auditors, we often hear about fraud after the fact. We’re asked to investigate what went wrong and how it happened. Organizations should not wait until after the fact to identify fraud. Through risk assessment and management processes, organizations can identify potential fraud and act to prevent it. (more…)
Ohio’s newest tax amnesty program, General Tax Amnesty, starts today. General Tax Amnesty gives taxpayers amnesty for previously underreported or unreported taxes (but it is not available for reported but unpaid taxes). General Tax Amnesty is available for most, but not all, types of Ohio taxes. A list of the types of taxes which qualify for amnesty can be found in my previous blog post about the topic. (more…)