Embezzlement: You Need To Know How it works and how to prevent it

  • May 05, 2018
  • Categories: Business, Processes

It has been said that if fraud were a country, it would be the fifth most productive country in the world.

Whether this is true or not, fraud is responsible for crippling many businesses.

Embezzlement is a huge part of the fraud industry. Because the...

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How To Reduce Inventory Risk In Your Business

  • May 05, 2018
  • Categories: Business, Processes

Study the balance sheet of most retail or manufacturing businesses, and you’ll find inventory near the top of the asset list. Accountants define inventory as raw materials, supplies, work in progress, and finished goods. It’s the stuff sitting on shelves, parked in the lot, or being produced...

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Obsolete Inventory Can Be Costly

  • May 05, 2018
  • Categories: Business, Processes

Walk through most commercial warehouses and you’ll find products that have been collecting dust for months, even years. Tires that no one wants to buy, raw materials that are no longer used, tubes of caulking that are good for nothing but the dumpster, textbooks that college professors revised...

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Manage Wait Times To Improve Customer Satisfaction

  • May 05, 2018
  • Categories: Business, Processes

Whether you’re sitting in a busy dentist’s office or standing in line at the airport, waiting for service can be frustrating, stress-producing, and downright annoying. As the owner or manager of a business, it’s crucial that you mitigate such frustration. Handle wait times effectively, and even...

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Recordkeeping: How To Get All That Paper Under Control

  • May 05, 2018
  • Categories: Business, Processes

It’s spring cleaning time, and that includes your tax paperwork. While it can get a bit confusing, there are some general guidelines that you can follow.

Income tax returns. These should be kept indefinitely. You would be amazed how many times the IRS will “lose” a tax...

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Make Sure Your Inventory Numbers Are Accurate

  • May 05, 2018
  • Categories: Processes

For many companies, inventory is a significant dollar amount on the company’s financial statements. So it’s crucial that recorded inventory balances reflect actual values. When such accounts aren’t properly stated, the cost of goods sold and current ratios — numbers that often matter to decision makers — may...

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It’s Smart Business To Create Clean Audit Trails

  • May 05, 2018
  • Categories: Business, Processes

Whether or not your company is ever audited, maintaining a clean audit trail makes good business sense. A clear and supportable record of your firm’s routine and not-so-routine transactions can be used to manage operations, detect fraud, ensure compliance with government regulations, even speed up the audit process...

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Underestimating The Sales Cycle

  • May 05, 2018
  • Categories: Processes

The sales cycle, the process from initial client contact to final settlement of the account, has a deep impact on the success of your small business. Small businesses often underestimate the complex aspects of this cycle- the very cycle that converts your hard work into success.

Three...

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How To Boost Positive Customer Feedback

  • May 05, 2018
  • Categories: Processes

There are many ways to encourage client feedback. Surprisingly, both positive and negative reviews can be beneficial to your firm.

A recent study conducted by Econsultancy, found that 68% of consumers trust reviews more when they see both good and bad scores.

“Carefully handle negative reviews...

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Using Offers To Win Business

  • May 05, 2018
  • Categories: Processes

One of the most important factors to consider when trying to appeal to the consumer is the “What’s In It – For Me?” (WIIFM) element.

It is the main driving force behind almost any buying decision so a similar thought process occurs when consumers read or hear...

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