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Understanding the Components of a Buy-Sell Agreement

Mon, May 13th 2019
You want to protect your company against disruptive, harmful and nonproductive owners, which may include divorced spouses, competitors and disgruntled former employees. And you’re also thinking that your estate needs protection. You decide to enter into a buy-sell agreement while the interests of the parties — your partners and yourself — are aligned or at least not sufficiently misaligned that it would be impossible to discuss the business and valuation aspects of these agreements. You know... Read More »

The High Cost of Internal Fraud

Mon, May 6th 2019
Every so often a dramatic case of financial fraud makes the headlines because of the sheer amount of money involved. But, on average, companies with fewer than 100 employees suffer the largest median loss and 42% of fraud cases are caused by a lack of internal controls. Internal fraud exacts a high cost in terms of financial losses (only about 39% of stolen monies are recovered), company reputation and company culture. No one wants to think that someone at their company is capable of fraud, but... Read More »

The Ins and Outs of Depositing and Reporting Payroll Taxes

Mon, Apr 29th 2019
Employment taxes must be reported and deposited on a regular schedule set by the government. Although handling employment taxes may seem confusing at first, once you get your deposits and reports on the calendar and have gone through a few cycles, it gets easier. The general advice that follows covers many businesses, but not all. Your business may be different, so consult with a professional who is well versed in taxes to confirm your business's deposit and reporting schedule. Depositing... Read More »

Keep Your Business Safe with Internal Controls

Mon, Apr 22nd 2019
Employee fraud can cost your business real money — perhaps more than you may realize. A 2016 study of occupational fraud published by the Association of Certified Fraud Examiners found that small businesses accounted for approximately 30% of fraud incidents, with a median loss of $150,000. How can you be certain that your company is protected via your own internal controls? Perhaps more important, do you have adequate internal controls in place? Internal controls are categorized as "before" and... Read More »

What to Know About Lease Accounting

Mon, Apr 15th 2019
The Financial Standards Accounting Board has issued an Accounting Standards Update (ASU) aimed at improving financial reporting about leasing transactions. The ASU affects all companies and organizations that lease such assets as real estate, airplanes and manufacturing equipment. Lessees are required to recognize on balance sheets the assets and liabilities for the rights and obligations created by those leases. The update responds to requests from financial statement users for a more faithful... Read More »

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