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​In Pursuit of Profit

Read our expert article below or sign up to get articles sent to your inbox.​

4/29/2019

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How to Spot Asset Misappropriation

 
Picture
​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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4/16/2019

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How to Avoid Billing Fraud

 
How to Avoid Billing Fraud
Billing fraud is the most common type of fraud that small businesses experience, accounting for 27% of all fraudulent activity.
​
Billing fraud primarily occurs in one of three ways, when employees:
  1. Submit fictitious invoices for a vendor that does not exist (also known as a “shell company scheme”)
  2. Inflate invoices for a real vendor that is unaware of the fraudulent activity occurring
  3. Invoice the purchase of personal items

​While employees may justify their illegal actions due to need or entitlement, billing fraud ends up costing small businesses billions of dollars every year.

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4/10/2019

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8 Signs That it May Be Time to Fire an Accounting Firm

 
Picture8 Signs That it May Be Time to Fire an Accounting Firm
Shrewd business owners understand the benefits of outsourcing accounting functions. Utilizing an accounting firm maximizes business value by improving financial reporting accuracy and timeliness, allowing for better strategic planning, and reducing tax burden. However, these benefits depend on a solid working relationship with an experienced accounting firm. When there is a poor fit or the firm is performing inadequate work, its value is likely lower than expected. In extreme cases, business objectives and strategic growth plans can also be stymied.
​
If you notice any of these critical issues, it may be time to fire your accounting company:

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