Small-Business-CFO

11/01/2019

An interesting article … Why many business mergers disappoint.

It's not uncommon for a seemingly well-designed merger to fail miserably. Knowing pain points can help you avoid mistakes that derail many deals.

05/06/2019

A good article regarding how to maintain employee HR files.

In this Tip, we answer frequently asked questions about personnel files.

02/28/2019

Very important information for those who stand to inherit IRA's

Over the next 25 years, baby boomers will pass to their children a mind-boggling $68 trillion — the biggest generational wealth transfer ever. Here's how those lucky heirs can keep the taxman at bay.

12/26/2018

A good bet this has happened to you one or more times. I always save a back up for my spreadsheets.

Have you recently experienced the broken file error in Microsoft Excel? Here is the most effective way to recover a "Broken" file in Microsoft Excel.

09/13/2018

A great and accurate article.

Political polarization, populism and protectionism suggest the next crisis will be met with far less political will than the last.

09/13/2018

Very accurate article. Inventory can grow out of control in a hurry which ties up precious cash needed to run the business - small and large businesses.

Skoda Minotti shares insights on the inventory turnover ratio and its critical role in boosting efficiency for manufacturing and distribution businesses.

04/18/2018

A very interesting video about Social Security. Bottom Lline, it is not going away when the Trust fund is exhausted.

Here's why clients shouldn't be worried that Social Security will completely disappear.

02/02/2018

The new tax law changes the rules regarding meals and entertainment expenses

07/08/2017

Please check your computer settings and make sure this function is turned off. If not, Microsoft can be spying on you.

Windows 10 can not only record your every keystroke, but it can also record your voice as you talk.

06/01/2017

A good article for cost controls.

What are the five core business costs and how can they help free up needed cash to fuel growth initiatives for growing businesses?

05/16/2017

Be careful when guaranteeing bank loans to your S Corporation. Discuss the proper structure with your Tax CPA first,

The Tax Court held that an S corporation shareholder could not claim losses from several wholly owned S corporations due to insufficient basis.

03/25/2017

Interesting article from Skoda Minotti regarding preventing fraud at small non-profits.

Many of us volunteer our time on behalf of a charitable organization. However, nonprofit organizations can easily fall prey to fraud due to the lack of internal controls and financial oversight.

02/27/2017

Do you stand to pay more or less taxes if these proposals are enacted?

This article reviews recent developments in three areas.

02/23/2017

Beware of these Tax Scams that become prevalent this time of year.

The IRS issued its roundup of the 12 biggest tax scams that taxpayers should watch out for this filing season.

02/07/2017

Beware of criminals attempting to trick you into providing them with your employee's sensitive information.

The Internal Revenue Service (IRS) has issued an urgent alert to all employers that the form W-2 email phishing scam is now targeting school districts, tribal organizations, and nonprofits. Previously, the scammers had been focusing their energies on for-profit corporations.

01/24/2017

IRS announces 2017 mileage rates. For 2017, the new mileage rate for business use of a personal vehicle is $53.5 cents per mile.

Calling all commuters! The IRS recently announced the 2017 “standard mileage rates”. Whenever you drive for business, medical reasons, moving for work or in support of a charitable organization, yo…

12/26/2016

The Internal Revenue Service (IRS) has announced the updated numbers for 2017. You'll find the 2017 tax rates, standard deductions, personal exemptions, and more here.

09/29/2016

When an IRA owner dies, the IRA proceeds are payable to the named beneficiary--or to the owner's estate if no beneficiary is named. If you've been designated as the beneficiary of a traditional or Roth IRA, it's important that you understand the special rules that apply to "inherited IRAs."

05/18/2016

Business owners need to be aware of these new rules regarding overtime.

US Department of Labor: The Wage and Hour mission is to promote and achieve compliance with labor standards to protect and enhance the welfare of the Nation's workforce.

05/08/2016

Organizations of all sizes need to have internal controls to protect themselves from fraud. This is especially true for small businesses.

Fraud costs the typical organization about 5% of revenues in a given year, according to a study released by the Association of Certified Fraud Examiners.

03/25/2016

Interesting take on your HSA plan from Skoda Minotti

It may sound counterintuitive to recommend not spending the money in your HSA account—after all, it’s meant to be spent on healthcare needs. But think about the HSA another way. HSAs can be a tremendous way of building a nest egg for healthcare needs in your retirement.

03/03/2016

Great article regarding employee fraud every business owner should read.

At times, even good employees may have a tendency to steal. But what can possibly motivate an honest person to make a bad decision?

02/26/2016

Are you selling your business? Get your Accountant involved early to avoid unintended surprises later.

There is a significant amount of flexibility afforded to buyers and sellers in an acquisition when the target company is a pass-through entity. While there are still differences in the proceeds that a seller will receive depending upon whether a transaction is structured as an asset deal or stock de…

02/19/2016

Some steps to mitigate potential fraud in electronic transactions

Electronic Fund Transfer (“EFT”) fraud is not new – nor with the increasing reliance on paperless financial activity, is it going away any time soon. Here are a few simple points to keep in mind.

02/04/2016

If you think this won't happen in your small business, think again. Most employee frauds occur in small businesses.

In some ways, embezzlement can be perceived as similar to any addiction. Once a fraudster starts, they have a hard time stopping. Worse, with each repeated theft, the “good employee gone bad” gains confidence that they will never get caught. They think that they cannot be caught, or at minimum that…

01/28/2016

6 Ways to Safeguard Your Business from Fraud

Studies show that occupational fraud now results in the loss of five percent of a business’ annual revenues. Do you suspect fraud in your business or are you concerned about weak internal controls?
While no internal controls system is infallible, there are steps that can reduce the risk of fraud in your organization. Below are 6 ways to safeguard your business from fraud.
1. Hire and promote trustworthy people. Do background checks before hiring, and implement ongoing performance reviews and promotion procedures. An important step to preventing fraudulent employee behavior is to make the right hiring decision. Basic pre-employment background checks are a good business practice for any employer, especially for those employees who will be handling cash, high-value merchandise, or have access to sensitive customer or financial data.
2. Check Candidate References. Few employers reach out to check candidate references’ often assuming that a reference will never be anything but glowing. However, it’s good practice to check references particularly those of former employers or supervisors. If your candidate has a history of fraudulent behavior, you will want to know about it before you give them the job offer.
3. Proactively Communicate Conduct Guidelines. Every business needs an employee code of ethics and conduct. It won’t prevent criminal or fraudulent behavior, but the standards it outlines will set a clear benchmark for employee behavior and guidelines on how to do business based on a series of principles that promote ethical and lawful conduct.
4. Adopt anti-fraud internal controls & management review programs. One of the best techniques for preventing and combating employee theft or fraud is to create and communicate a business climate that shows that you take it seriously. Create a positive work environment by implementing a code of conduct and ethics. Institute fraud awareness training programs that communicate expected moral behavior to staff members

5. Protect computer systems by implementing security and staff access controls.
6. Don’t be Afraid to Have an Internal Control Check Done. Having your CPA firm come in to review internal controls can help you deter and detect fraud. Identifying high risk areas for your business and looking for violations on an annual basis can help prevent your business from being a victim of fraud. At PDR, we have forensic accountants that will:
• Evaluate your current internal controls to determine how effective they are
• Investigate and analyze financial evidence to detect & deter employee theft
• Assist you in strengthening your internal controls and preparing a manual
• Act as your advisor to increase your awareness of the most current internal control issues and approaches
In an age where securities fraud, shareholder disputes, employee theft, insurance fraud, personal injury claims, and other criminal investigations are running rampant, forensic accountants are not just useful – they’re essential in the business world.

01/27/2016

All 501c-3 organizations that raise funds for a cause should read this. If you would like to have a controls review performed for your fundraising organization, please contact me at 813-205-2691

Contributions - whether by cash, check, or online giving - are the lifeblood of faith-based organizations. Many do not realize how often these donations get into the wrong hands. There are primarily two types of theft that occur in faith-based organizations –larceny and skimming. Larceny occurs afte…

12/19/2015

I second this article

Many small business owners believe that a CPA is not a necessity due to the fact that they are too small, can handle the finances themselves, have a part-time bookkeeper to handle the accounting, etc. In reality, small businesses are those that benefit the most from the expertise of a CPA.

12/19/2015

Standard mileage rate reduces to 54 cents per mile beginning 2016.

The IRS issued the standard mileage rates for business use of an automobile and for driving for medical or moving purposes for 2016.

12/12/2015

Quality background checks are an important part of the hiring process

Rachid ZahidiFollowUnfollowFollowingLoading8 Common Myths About Background Checks—Debunked! Dec 11, 201518 views2 Likes1 CommentShare on LinkedInShare on FacebookShare on Twitter Here’s the truth about background checks and how they can help you hire right While there is a lot to consider when scree…