Staff Accountants are the backbone of any good accounting firm and handle the majority of basic accounting functions for your company. When you have great Staff Accountants, your business will run more smoothly, and your CFO will be able to make the best possible decisions. When it comes to accounting, every small decision matters in a big way for the company as a whole. Here are a few qualities to look out for when hiring Staff Accountants:
Small businesses are among the most vulnerable groups to fraudulent activity. These businesses are more susceptible and face a greater risk of fraud because typically, they have employees working across many different departments as their job description, there is a closer relationship between the staff and owners, there are few oversight procedures in place, their accounting department has less expertise on financial functions, and there is a larger impact on the bottom line of a small fraudulent event.
How can you prevent fraud in your small business? Here are a few tips to help you keep your company safe:
As a developer or private equity firm, it is important to streamline your accounting and forecasting processes—particularly when there is complexity involved—in order to ensure the greatest amount of transparency across your company’s financials. This becomes more complicated (and important) when you have multiple LLCs, a complicated ownership structure, and poor communication with investors. Here are a few ways to ensure clarity in the face of complexity:
A skilled finance team provides strategic direction, sophisticated insights into the company’s financial situation, financial forecasting, growth planning, and tight control over budgets and cash flow.
However, interviewing, hiring, training, and paying full-time salaries for each of these employees can be expensive and time-consuming. Many small businesses just don’t have the resources to assemble a full-time finance team. Outsourcing can help!
As most business owners know, the team behind your bookkeeping is vital to the success of your business. Still, things can get a little complicated when it comes to understanding the roles and responsibilities of each person. In the interest of clarity, we at TGG are always interested in the numbers and transparency, let’s outline each of their roles and responsibilities.
Small and medium-sized businesses have historically had challenging relationships with traditional lenders. When these business owners are in need of more cash flow, they are the least likely to be approved.
If you’re a new business owner you’re going to find it difficult to obtain a traditional loan from a bank. In most cases, any of the following could prevent you from getting a loan:
You’ve been in business for less than two years
You have a credit score below 640
You want to borrow less than 250,000
The good news is that technology in the financial sector is revolutionizing the way lending is done and big banks are no longer the only option for SMB loans. Alternative financing in the U.S has tripled in size from 2014 ($11 billion) to 2016 ($34 billion)*:
When it comes to accounting, a multi-layer structure is critical to provide appropriate internal controls and to produce accurate and timely financials to manage your business. Check out our infographic and click here to read our blog to learn more about each accounting level.
Only one in 20 small businesses has accurate financial statements.
That makes up only five percent of businesses. Almost half of all small businesses experience some kind of accounting theft at their company, which costs them an average of about $114,000 per occurrence.
The Association of Certified Fraud Examiners puts out a report annually that is a giant eye-opener for how much fraud and theft is out there. The numbers are staggering–and it’s was one of the factors that led CEO Matt Garret to found TGG Accounting. Small business accounting can help mitigate these threats.
In an interview with Stay Wealthy San Diego, Garrett shares the story behind TGG and how it’s turning traditional accounting on its head.