Monthly Archives: October 2011

Benefits of using outsourced payroll

For most small business owners, payroll is a time consuming and confusing source of frustration. There are a number of intricacies with small business payroll that require meticulous organization and accuracy to avoid penalties and provide timely payment to your ...
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Know your auditor!

Are you a rapidly growing company with dreams of going public? Are you are preparing now for your first audit? Perhaps you are an established company with an internal audit department or you are a small business that wants to ...
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Understanding segregation of duties

Most U.S. companies use the internal control framework created by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Under this framework, there are five components of internal control: the control environment, risk assessment, control activities, information ...
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Basics to bank lending

“I need more cash,” is a phrase often used by business owners. Banks are the traditional source of that cash. It is worth reminding ourselves of two often overlooked “basics” about bank financing especially given the recent trends in credit ...
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What is a prepaid expense?

A prepaid expense is an asset that appears on the balance sheet as a result of making advance payments for goods and services to be received within the next 12 months. The actual expense is recognized on the income statement once the business receives ...
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What is a source document?

A source document is any original document of a transaction. This document will always include the date the transaction took place, the amount of the transaction, and any other terms or conditions that pertain to the transaction. A source document ...
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