There are a couple items that we as business owners need to know regarding W9 and 1099 forms.1. Obtain a W9 from all vendors who are providing services for your company. If there is already one on file, make sure to have the correct, updated address. Make sure the...
1. Plan ahead – To be ahead of the curve, treat audit preparation as a year-long process. By keeping schedules and reconciliations up-to-date throughout the year, you can reduce the time it takes to prepare for the audit at the end of the year.2. Stay up-to-date...
1. Use ProAdvisor – ProAdvisor is part of the QuickBooks Intuit Package and connects you with a local accountant who can help get you up and running on the software. They can also advise you on issues like tax requirements, offsetting of expenses and business...
* If you run a small business, chances are you have a few employees that are in charge of several different areas of the organization. Split up the duties among a larger pool of employees to decrease the likelihood of fraud.* Perform a pre-employment screening on all...
Types of occupational fraud include embezzling, insider trading, forging checks, expense reports and vendor invoices. * Invoices from fake vendors – an employee can create a fictitious vendor, mail a check to the fake vendor with your business’ name on it and...
1. Accounting Period: The period communicates the span of time that is reported in the statements. 2. Allocation: The term Allocation describes the procedure of assigning funds to various accounts or periods. For example, a cost can be Allocated over multiple months...
1. Cost of Goods Sold (COGS) – Cost of Goods Sold are the expenses that directly relate to the creation of a product or service. An example of COGS would be the cost of Materials, or the Direct Labor to provide a service.2. Depreciation –...
1. Accounts Payable – All Expenses a business has incurred but has not paid yet.2. Accounts Receivable – All revenue (sales) that a company has provided but has not yet collected payment on. 3. Asset – Anything the company owns that has monetary value.4. Balance Sheet...
1. Make a budget – To ensure the money is always there, it’s best to make a budget—or adjust your budget if you already have one. By keeping track of where your money is coming from and going to, and how much you’ll need for each month, you’ll be able to...
1. Use the QuickBooks Audit Trail to protect against riskThe QuickBooks Audit Trail quickly bolds and italicizes any transaction that has been manipulated or changed. If more clients are using the Audit Trail report as part of their ongoing monthly review and...
