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W9 vs. 1099

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...

10 Steps to a Successful Audit

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...

QuickBooks Tips To Simplify Your Life

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...

Preventing Occupational Fraud

* 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...

Recognizing Occupational Fraud

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...

Best Practices for Repaying your Loan

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...

QuickBooks tips cont.

1. Use the QuickBooks Audit Trail to protect against risk The 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...