Eight ways to make life insurance work for you
Posted by Andrew Brydon in Tax Planning, Wealth Management / Investing on October 27, 2012
Eight ways to make life insurance work for you
LinkedIn App Updated for BlackBerry 6 and 7 Smartphones
Posted by Andrew Brydon in Technology on October 27, 2012
LinkedIn App gotfor BlackBerry 6 and 7 Smartphones http://blogs.blackberry.com/2012/10/linkedin-app/
16 Tips for Avoiding Fraud
Posted by Andrew Brydon in Uncategorized on September 27, 2011
The most common method of detecting fraud and defalcation (embezzlement) is a tip or complaint from an employee, vendor, customer or anonymous informant. Although small business frauds have a relatively low detection rate by audits, this fact does not accurately reflect the effectiveness of audits as deterrents to fraud by putting personnel on notice that fraud is likely to be detected.
The following list of practical loss prevention tips designed to prevent fraud from occurring has been compiled from a variety of sources.
Internal Controls
1. Separate the duties of receiving funds, disbursing funds, writing checks, signing checks, and reconciling bank accounts. Having one employee responsible for all cash-related functions makes small businesses vulnerable to fraud.
2. Have the monthly bank statement delivered unopened to the owner, who should review it for unusual transactions such as declining deposits and unfamiliar payees.
3. Owners should look for signatures or endorsements that look forged, missing checks, check numbers that are out of order, and checks where the payee listed does not match the name in the check register.
4. Consider an independent review of the cash accounts and bank statements by an anti-fraud specialist.
Employment Conditions
5. Institute background checks on new employees, and notify job applicants that their backgrounds will be checked.
6. Employees who receive regular and recurring training about the detrimental aspects of fraud are more likely to aid in controlling it.
7. Employees who feel well-treated and adequately compensated are less likely to commit occupational fraud than those who don’t.
8. Employees who hold grudges against their employers—whether or not justified—are more likely turn to occupational fraud and abuse.
Workplace Conditions
9. Insist that employees take a vacation for at least one week every year and use that time to have the books reviewed for discrepancies.
10. Adopt a tip hotline or complaint-reporting mechanism that will enable employees, vendors, customers, or outside sources to report suspected fraud anonymously or without fear of reprisal.
11. Employers can gain valuable information by simply asking questions in a non-threatening, non-accusatory manner.
12. Conduct internal and external audits, especially a “fraud audit” instead of a “general audit” if you suspect fraud.
Automation
13. Have an accounting software program expert, preferably a CPA, do the initial set-up of the program to make sure that helpful features are turned on and unhelpful features are turned off.
14. Access to personnel and vendor master file records should be password protected and restricted by job function.
15. Computer systems should create an audit trail of all changes made to the vendor master file records, including an identification of those who made the changes.
16. Changes to vendor master file records should require supporting documentation, supervisory approval, and independent review.
Entrepreneurship Tips for Building a Brand
Posted by Andrew Brydon in Small Business on July 18, 2011
Here is an interview by Dan Schawbel with small business management columnist Gene Marks. Gene comments on delegating tasks and in his opinion when entreprenuers should consider selling their businesses.
Read the full article here. http://blogs.forbes.com/danschawbel/2011/07/17/entrepreneurship-tips-for-building-a-brand/
Source: Dan Schawbel – Forbes Blogs
Cloud IT Services – Every Business Should Consider for Cost Efficiencies
Posted by Andrew Brydon in Uncategorized on April 26, 2011
Facilitating business growth, agility and competitive advantage via infrastructure free IT.
Cloud computing – a dynamic business trend – is increasing its penetration into the business realm. Cloud computing is not just a better IT solution; its a better business solution – one that addresses the critical challenges facing today’s C-Suite executives such as accelerating business innovation, facilitating delivery of more personalized services, improving employee productivity and optimizing the total cost of technology.
The careful sourcing of IT -infrastructure and applications – which PwC refers to as cloud sourcing can empower enterprises to simplify their infrastructure and potentially reduce costs by standardizing platforms and introducing new skills and management practices. As a result, we are seeing leading organizations scaling back on traditional IT service delivery to leverage the benefits of the cloud. This paper describes the issues companies need to consider and the steps they need to take to develop a cloud sourcing strategy.
Follow this link for the full publication:
http://www.pwc.com/en_US/us/increasing-it-effectiveness/assets/cloud-sourcing.pdf
Importance of Business Advisory – Strategic Tax Planning Questions from Small Business Owners
Posted by Andrew Brydon in Small Business, Tax Planning on April 16, 2011
There are many areas that small business owners can use professional business advisory services to increase after-tax profits to themselves (and their families) through operational and tax efficiencies. Appropriate strategic tax planning can minimize and defer taxes paid, increasing after-tax cash in the pocket of owners.
Here are 10 important questions that professional business advisors can assist small business owners with. We always ask our clients:
- Do you pay yourself as an employee, a business owner, or both? Do you know the difference? And, what tax implications were considered in making this decision?
- Has your tax preparer and/or attorney ever discussed the business and personal financial benefits available to you from creating a strategic tax plan?
- Why did you choose the present legal structure of the company and what tax benefits do you gain from this legal structure compared to other alternatives?
- Do you have a tax-advantaged plan for your future exit from your business?
- What is your contingency plan for the business, if you are forced to exit involuntarily (e.g., death or disability)?
- How much money do you need to retire comfortably and what part will your business play in funding that future retirement?
- When was the last time your estate plan was updated?
- What changes in assets, intentions, or tax laws have occurred since you last reviewed your retirement plan and estate plan?
- How will the value of your business affect the estate taxes due upon your death?
- Has your tax advisor discussed with you current tax incentives applicable to your business, as well as those proposed in the new budget bill?
Global Survey Reveals Companies Still Fail to Communicate Strategy, Nurture Top Performers, or Accurately Align Pay-for-Performance
Posted by Andrew Brydon in Small Business, Strategic Direction and Planning on April 5, 2011
A good article about importance of ensuring your strategic vision and plans are communicated through to all levels of the organization in order to be effective.
Source: PRNewswire.com
