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In a tight labor market, strategic outsourcing can yield benefits for a growing business. In this article, we will present four strategic advantages a business may realize when outsourcing all or part of their accounting function. […]
Each year brings its share of new laws and regulations. 2024 is no different. This article provides an overview of a significant new law known as The Corporate Transparency Act. The Corporate Transparency Act (CTA) was passed by Congress in December 2020 and took effect on January 1, 2024. The Treasury Department’s goal for the CTA is to prevent the laundering of illicit funds through anonymous companies in the United States.1 The gist of the CTA is that many companies formed or operating in the United States must now report information about their beneficial owners to the Treasury’s Financial Crimes Enforcement Network (FinCEN). Let’s break down the CTA. Who is affected by the Corporate Transparency Act? Companies required to report their beneficial owners’ information (BOI) to the FinCEN are known as “reporting companies”. BOI refers to the individuals who ultimately own or control the company. 2 Reporting companies may be a corporation, a limited liability company (LLC), or an [...]
You never think it’s going to happen in your business. After all, you trust your employees, and you want to believe everyone has the same interests at heart. It’s exactly this common scenario that can leave many business owners shocked to discover evidence of internal fraud in their businesses. But fraud is widespread. In fact, according to research, businesses with fewer than 100 employees account for 22% of detected fraud cases, with a median loss of $150,000 and an average duration of 12 months.1 What’s more, the median loss can be outsized for these small businesses, at nearly twice the median loss for larger businesses. As the old saying goes, however, an ounce of prevention is worth a pound of cure. Establishing and adhering to a system of strong internal controls is a proven way to protect your business and its assets. In addition to reducing fraud risk, a good system of internal control can strengthen business operations and [...]
Good accounting is strategic accounting. And strategic accounting is good accounting. It’s really that simple. Today, the rate of change in business is staggering. Markets and consumer preferences change rapidly. In such a fast-moving world, businesses need access to reliable, up-to-date information to make good decisions—and this includes financial and accounting information. Strategic accounting gives business leaders the information they need when they need it to make informed decisions and meet new or changing demands. This article explains strategic accounting and how it benefits your business. It also provides ideas on where to start to take a more strategic approach to accounting. What is strategic accounting? XPECT defines strategic accounting as accounting alignment. This entails alignment of accounting priorities, objectives, and systems with organizational priorities and objectives and relevant external factors impacting business results. Benefits of strategic accounting Taking a more strategic approach to accounting for your business can yield a range of benefits, including: More informed decision-making Increased [...]