In Pursuit of Profit
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As business technology continues to get more sophisticated, business owners may wonder if an accounting software can simplify their staffing needs while still providing high-quality bookkeeping and financial reporting. Accounting software companies would have you believe that managing your books is as simple as generating customer invoices, adding receipts for your expenses, and linking your bank accounts. And while software can certainly streamline these day-to-day operational activities, the question still remains, are these types of platforms a true substitute for your in-house or outsourced accountant role?
So, can you replace your accountant with some shiny sleek software?
As the year wraps up, now is the time to plan and prepare for your upcoming tax filings. What should you be thinking about now personally and professionally to make smart tax decisions? When will you need to bring in professional to ensure you are on the right track to minimize tax obligations and facilitate business growth? Use this comprehensive checklist to avoid missing any critical components of your tax strategy:
The IRS lays out a set of six best practices that tax professionals must abide by to protect taxpayer data, referred to as the “Security Six.”
While the phrase Security Six applies specifically to tax accountants, tax preparers, and tax auditors, anyone can (and should) follow these same safeguards with sensitive data. Additionally, if you are outsourcing your financial functions to a third-party bookkeeper or accountant, they should be taking these precautions on your behalf as a component of your overall cyber security strategy.
Ask yourself what kind of security measures you have in place to protect your financial information and your customers’ information. How many of these Security Six protections are you using right now?
Business expense fraud is an age-old problem at companies of all sizes. However, with the recent shift toward virtual work the opportunity for expense fraud has multiplied.
Even “good” employees are capable of committing fraud. In fact, a study done in the UK revealed that 74% of employees have committed some form of dishonesty in the workplace. The reported top reasons for dishonesty include “Little chance of getting caught,” “It’s normal – everyone does it,” “The employer can afford losses,” and “Bosses are dishonest as well.” Simply put, employees can be tempted to take more than they should because unlike stealing a stack of cash from a register, buying a nicer version of the technology you need to work from home when someone else is paying for it feels a little less like theft. The problem is exacerbated when employees perceive their peers and management are doing it as well.
When it comes to expense reimbursement requests, if you can imagine it, management is seeing it right now.