End purchase order chaos with a structured approval process

Whether hiring contractors, buying equipment or paying vendors, many businesses struggle with the procurement process. Here are some tips for streamlining your company’s purchase order (PO) approval process. Benefits of a formal workflow POs create legally binding agreements between buyers and vendors. For example, your business might outsource a function, such as payroll or marketing, […]

Why audited financials matter

Reliable financial reporting is key to any company’s success. Here’s why your business should at least consider investing in audited financial statements. Weighing the differences Most businesses maintain an in-house accounting system to manage their financials. The documents your staff prepares through your in-house accounting system are called “internally prepared financial statements.” In many cases, […]

Surprise audits are proven to fight fraud

Four antifraud controls are associated with at least a 50% reduction in both fraud loss and duration, according to “Occupational Fraud 2024: A Report to the Nations” published by the Association of Certified Fraud Examiners (ACFE). They are financial statement audits, reporting hotlines, surprise audits and proactive data analysis. However, the ACFE study also found […]

4 bookkeeping pitfalls for small businesses to avoid

Accurate bookkeeping is essential to operating a successful small business. The problems created by inadequate bookkeeping practices can have significant, long-lasting consequences. Here are four common pitfalls — and how to avoid them with the right knowledge and tools. 1. Commingled bank accounts It’s important to maintain a separate dedicated bank account for business transactions. […]

New survey reveals top audit committee concerns

Audit committees act as gatekeepers over the accounting and financial reporting processes, including the effectiveness of the company’s control environment. However, as the regulatory landscape becomes increasingly complex and organizations face evolving risks, the scope of an audit committee’s responsibilities may extend beyond traditional financial reporting. Top-of-mind list In March 2024, a survey entitled “Audit […]

It’s almost time for a midyear checkup on your company’s financial health

Interim financial reporting is essential to running a successful business. When reviewing midyear financial reports, however, you should recognize their potential shortcomings. These reports might not be as reliable as year-end financials, unless a CPA prepares them or performs agreed-upon procedures on specific accounts. Realize the diagnostic benefits Monthly, quarterly and midyear financial reports can […]

4 cost-cutting areas to help your business boost profits

Many businesses focus on selling more products and services to boost profitability. But sales volume alone doesn’t necessarily raise profits. In fact, pushing more sales through a bloated expense structure can result in lower net profits. That’s why it’s important to look at the other side of the ledger — expenses — as you aim […]

How to communicate accounting information to laypeople

Accurate, timely financial information is key to making good decisions for executives, board members, investors and other stakeholders. But not everyone who reads your financial statements will really understand the numbers they receive and what they mean to your organization. Here are some ways to present your financial results in a reader friendly manner. Consider […]

6 tips for lowering energy costs to boost profits

Earth Day reminded us that this is a good time to evaluate what your business can do to protect the planet’s natural resources for the next generation. “Green” initiatives can demonstrate your company’s commitment to responsible business practices — as well as lower your monthly bills. For many small and midsized businesses, utilities and fuel […]

Getting a handle on inventory

Inventory is a key balance sheet item for many companies. Depending on the nature of your operations, inventory may include raw materials, work-in-progress (WIP) inventory and finished goods. While you need to have enough inventory on hand to meet your customers’ needs, carrying excessive amounts can be costly. Here are some smart ways to manage […]