Constant vigilance is the most critical control to prevent fraud risk. Employee fraud happens when a motivated individual who knows of a weakness decides that no one is paying attention. The minute that directors and employees let their guard down, someone who has been thinking about stealing will become much more likely to start doing [...]
Every year, businesses lose billions to fraud schemes perpetrated by employees who found ways to take advantage of inadequately protected systems. In many cases, these losses could have been limited or even prevented by following some very basic low-cost and even no-cost business practices for fraud prevention. Set an Ethical Tone More than anything else, [...]
The CFO is an important ally in the fight to keep information and IT assets safe and secure. “Given the risks that cybersecurity threats pose in a technology-driven, global economy, today’s CFO must ensure that adequate steps are taken to protect the company’s reputation, stock price, and mission-critical assets,” said information security expert and former [...]
Headlines about data breaches seem to hit us nonstop. The March 2019 hack of Capital One’s databases exposed the personal information of over 100 million people. Capital One says its stolen data probably wasn’t used by the hacker or disseminated to anyone else, but even if that’s true, data breaches are all too common. Equifax [...]
In today’s hyperconnected environment, many different stakeholders expect assurance regarding your information security practices. Increasingly, major companies are expecting their business partners to achieve certification against the HITRUST Common Security Framework (CSF). This robust risk management framework builds on many established security and data privacy standards, such as the ISO 27000 series, HIPAA, PCI Data [...]
You may already know that the biggest data security risk for businesses of all sizes is employee negligence. People fall for simple phishing scams and leave their work phones unlocked, and we’ve all seen that file named “passwords.txt” right on someone’s desktop. Data security training is crucial, and it can go a long way toward [...]
As of May 1, 2019, Alabama became the latest state to sign into law heightened standards within the insurance industry for cybersecurity and data privacy. The new Law implements an exhaustive set of requirements for data security pertaining to entities or individuals licensed through the Department of Insurance. Both persons and institutions have one year—until [...]
Business owners often have a majority of their personal net worth tied up in the business. However, many owners are unsure how much their greatest asset is really worth, putting them at a disadvantage in making decisions that range from estate planning to deciding when to sell the business. A common misconception about business valuations [...]
No matter how many times innocent people become victims to Ponzi schemes, it continues to happen both with alarming regularity and extraordinary costs. What are Ponzi Schemes? Ponzi schemes first evolved when Charles Ponzi began enticing innocent people to invest in something with the promises of an abnormally high return. Ponzi would explain the rationale [...]
Hurricanes and other disasters – floods, earthquakes, tornadoes, and even cyber attacks or power outages – can cause devastation to businesses and disrupt their operations. Business owners who have had to close shop due to an unexpected disaster should review their commercial insurance policies to determine if they have a business interruption rider. While reviewing [...]
If you’re traveling somewhere by airplane, perhaps one of the worst things that can happen to you at the airport is missing your scheduled flight. Your two big questions are probably: When can I get on the next flight and resume my journey? and, How much money is missing that flight and getting on a [...]
Backup electronic accounting records. Accounting records can include anything from accounting software to spreadsheets that are used for budgeting. Consider subscribing to a cloud-based storage service, or — at a minimum — store your backup data in multiple locations. Backup electronic records regularly to ensure data remains current and easily recoverable. Protect computers and [...]
Managing the “family” part of a family business can be complicated — especially as your family continues to grow. Multiple generations mean added challenges, from ambitious siblings competing for a position to the older generation crusading against health and succession issues. Mix in marriage, divorce, children, and more children, and suddenly the family business is [...]
Business plans can be overwhelming at the onset. However, if you answer some simple questions before beginning, then you will avoid major headaches and save on your Tylenol expenses. So take time to consider the below money-saving parameters for business plan creation. What is the purpose of the plan? Identify the purpose as briefly and [...]
Regulations and red tape can sometimes rip the fun from running a business – regardless of the size of the entity. Just like a large corporation, small businesses risk fines, penalties, and negative tax implications if they do not stick to the necessary rules. So read on for our tips and tricks regarding four major [...]
Walk into the offices of any Fortune 500 company, and you may see a mission statement — words that define the company’s vision, values, and purpose – prominently displayed. It may be in the lobby. It may be in the boardroom. But you more than likely will find one. Nike’s mission is to “bring inspiration [...]
Let's discuss the importance of customer base diversification. The saying “don’t put all of your eggs in one basket” might be out of pace with modern society, but the wisdom behind the statement still stands. For businesses, it’s similar to putting all sales expectations and company potential into a single large client. When a company [...]
A California Labor Commissioner recently ruled that a driver for Uber Technologies, Inc. should be put in the lane of an employee of the company versus an independent contractor. Meanwhile, in a separate worker classification matter, a U.S. District Judge allowed a lawsuit by two Uber drivers to proceed in court—rejecting Uber’s arbitration attempts. Uber [...]
Now that the echoes of “Auld Lang Syne” have faded away, it’s time to get back to the business of building your business. As you’re making your list of New Year’s resolutions, consider these recommendations for the 15 priorities that will help keep your business healthy. 15 Business Finance Tips Plan now for your exit.Your [...]
As with all good marriages and lasting friendships, the relationship you have with your CPA is a two-way street and its success is based upon regular communication. To maximize the benefits of your CPA relationship, make your CPA an integral part of your management team. Don’t let tax time be the only time you see [...]
