How Segregation of Duties Can Protect Your Business

employees holding puzzles pieces representing segregation of duties

Running a small or medium-sized business comes with its unique set of challenges. This is especially true when it comes to managing finances. One of the fundamental tools you can use to ensure financial transparency, accountability, and integrity is an internal accounting control called: Segregation of Duties (also known as SoD or separation of duties).

Let’s explore the significance of the segregation of duties including practical examples of how it works. We’ll dive into why you need a separation of duties policy, especially when dealing with cash, be it depositing cash, cash receipts, or managing petty cash. We’ll also touch upon tools that can help you such as a Segregation of Duties matrix.

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Overcoming Internal Accounting Controls Challenges: A Guide for Small Businesses

small business paperwork needing internal accounting controls

Having solid internal accounting controls is important to make sure your company’s financial operations run smoothly. These controls not only reduce the risk of fraud or errors but also keep your assets safe from loss or misuse. Internal controls also give you reliable financial data for making smart management decisions. So don’t forget to these safeguards in place!

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3 Financial Statements and Why You Need Them

woman reviewing a financial statement.

In a business of any size, financial reporting is critical to the success of the organization. Why are financial statements important? Because when stakeholders need a clear financial picture of your organization, financial statements are the first thing they turn to. The process of financial statement preparation is an important one to be familiar with, whether you require these statements annually around tax time, or on a more regular basis. 

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Set Up an Electronic Filing System for Your Business

Going paperless is becoming standard in the business world. If your company has not converted to electronic filing, now is a great time to understand the benefits of digital documents and what steps you can take to implement an electronic filing system.

What Are the Benefits of Using an Electronic System?

Digital copies won’t deteriorate. Over time, paper documents can fade, fall apart, incur water damage, or disappear altogether. On the other hand, electronic documents that are added to a filing system will stay in the same condition forever.

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Why Hire an Accredited Business Accountant?

'cash flow' folder marker on file folders

Looking for an accountant that meets your business needs can be confusing. There are many certifications that can be earned, from a basic college degree in accounting to specializations in fraud, bookkeeping, and internal auditing. 

So how do you know who to hire? Like choosing a doctor, you want your accountant to have the skills and knowledge to do a trustworthy job. And like a doctor, that accountant should be certified by a well-known accreditation council.

Let’s take a look at what an Accredited Business Accountant is and if hiring one is right for your business.

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What Should A Business Expect From Financial Statement Preparation?

woman sitting at a desk and using a calculator while preparing a client's financial statement

In a business of any size, financial reporting is critical to the success of the organization. When stakeholders need a clear financial picture of your organization, financial statements are the first place to which they turn. The process of preparing financial statements is an important one to be familiar with, whether you require these statements annually around tax time, or on a more regular basis. 

Before we dive into the preparation of financial statements, first let’s explore what exactly they are and what they’re used for.

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9 Financial Tips During COVID-19’s Possible Recession

map of united states coronavirus outbreak

The Coronavirus known as COVID-19 has changed the world’s day-to-day life. The future is uncertain in terms of health and social interaction. One of the biggest concerns many face is financial stability. One in five American households are out of work because businesses are closing, and the stock market is becoming increasingly volatile. Because of this, income insecurity is turning into a very real problem.

However, there are elements that you can control to feel more stable in a time of instability. These tips for managing finances can help you to survive a recession while setting yourself up for success in the future.

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The Tax Cut and Jobs Act: Meals & Entertainment Deductions

deducting meals & entertainment inforgraphic header

Nearly all tax professionals have become familiar with the changes introduced by the Tax Cuts and Jobs Act of 2017, which went into effect at the beginning of 2018. Among other implications, the act affects deductions made for tax returns. Below is an infographic guide to the new laws surrounding meals and entertainment deductions for businesses.

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HRA: The Alternative Health Benefit Option

doctor taking patient's blood pressure

Health Reimbursement Agreements (HRAs) have been around since the 1970s, but are getting more attention due to the recent changes implemented by the Departments of Health and Human Services, Labor, and Treasury. On June 13, 2019, they issued a new rule beginning in 2020 that allows employees to use an HRA set up by their employer to pay for health insurance premiums, a perk that was not allowed under previous HRA rules.

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