Operating a business entails many pressing concerns: marketing your product, finding a location, hiring competent staff, and establishing a customer base, to name a few. However, one of the most important areas—business insurance—is often also one of the most frequently overlooked. Business insurance is critical to the survival of any...
In today’s troubled economic climate, cost concerns are spreading throughout the business community. As worries increase about excess spending, many businesses are feeling increasingly apprehensive about hiring outside assistance. However, while the tendency is to look inward for solutions to any issues, this may not be the best course of...
What is strategic planning? Strategic planning is the process in which an organization examines and analyzes its resources and defines a path for the near future. In other words, strategic planning is sitting down with a group of people who have different roles in an organization and mapping out where...
International Financial Reporting Standards (IFRS) have been at the forefront of discourse for the past several years, as the Securities and Exchange Commission (SEC) continues to bat around the notion of converting U.S. practices over from Generally Accepted Accounting Principles (GAAP). The conversion has been pushed back repeatedly over the...
[raw]The
most important tool in the effort to improve efficiency, prevent fraud, and
protect company reputation is an appropriately structured accounting department that is consistently applying strong internal controls. The accounting department is responsible for not only managing the company’s general finances, but also for...
Though the number of financial restatements has decreased somewhat since 2007, the overall number has risen dramatically over the past decade. Passage of the Sarbanes-Oxley Act in 2002 significantly increased the severity of rules and regulations related to corporate governance and accounting, which in turn has led to a marked...
Many business owners and company managers feel intimidated by the idea of an internal audit, thinking it akin to an external audit. However, these two processes are actually quite different and have very different objectives. Unlike an external audit that looks specifically at financial accounts, internal audits actually examine a...
Successful companies look for payroll and payroll tax processing solutions that are fast, accurate, versatile, reliable and easy to use. For companies with multi-state, multi-regional or multi-national operations, solutions must also be able to deliver functionality across geographic jurisdictions. All businesses with employees have responsibilities relating to payroll taxes. Payroll taxes...
A business plan means a lot of different things to different people. There are software programs that assist a new business to map out its plan, strategy, and goals. Or professionals in business plan writing can craft complex documents that include such items as detailed financial analysis and forecasts,...
Activity-Based Costing (ABC) is a special costing model that manages business costs or expenses by identifying activities used for the production of products or services. The costs of associated activities are assigned to all products or services in order to ascertain the actual value of the output. This model...