It is important for franchisors to periodically audit individual franchisees. These routine ‘check-ups’ are especially valuable in a store’s early years of operations or if performance starts to deteriorate. They can be used to detect symptoms of unhealthy performance and treat problems before they spiral...
How well do you listen to your non-profit’s supporters? If you do not engage in ‘social listening,’ your efforts may not be good enough. This marketing communications strategy is popular with for-profit companies but can just as easily help non-profits attract and retain donors, volunteers,...
Like most business owners, you have probably been urged by industry experts and professional advisors to identify the most important key performance indicators (KPIs) for your company. So, just for the sake of discussion, we will say you have done that. A natural question that...
Early revenue recognition has long accounted for a substantial portion of financial statement fraud. By recording revenue early, a dishonest business seller or an employee under pressure to meet financial benchmarks can significantly distort profits. Fortunately, fraud experts have tools to expose such manipulation. Multiple methods Early...
Many growing businesses and other types of employers want to offer a 401(k) plan but do not want to deal with the stress and administrative challenges of following the IRS’ nondiscrimination testing rules for elective deferrals and matching contributions. One potential solution may be to set...
Financial reporting generally focuses on the results of continuing operations. But sometimes businesses sell (or retire) a product line, asset group, or another component. In certain situations, such a disposal should be reported as a discontinued operation under U.S. Generally Accepted Accounting Principles (GAAP). Starting...
Many business owners reach a point where managing the financial side of the enterprise becomes overwhelming. Usually, this is a good thing — the company has grown to a point where simple bookkeeping and basic financial reporting just does not cut it anymore. If you can...
Have staffers complained because their expense reimbursements are taxed? An accountable plan can address the issue. Here is how accountable plans work and how they benefit employers and employees. Be reasonable Under an accountable plan, reimbursement payments to employees will be free from federal income and employment...
If you are lucky enough to be a winner at gambling or the lottery, congratulations! After you celebrate, however, be ready to deal with the tax consequences of your good fortune. Winning at gambling Whether you win at the casino, a bingo hall, or elsewhere, you must...
When it comes to reducing fraud loss and duration, active detection methods (such as surprise audits or data monitoring) are far more effective than passive methods (such as confessions or notification by police). This was a major finding of the latest Association of Certified Fraud...