Accounting Archives
Protecting Your Finances: How to Prevent Accounting Fraud Accounting fraud impacts small and large organizations, and it’s estimated that 5% of revenue is lost annually due to fraud. Businesses with less than 100 employees are at higher risk of being a victim of multiple schemes, including: Check tampering Billing schemes Fraudulent wire transfers Inventory theft […]
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Small businesses often face unique accounting challenges that differ from those of larger businesses. The differences between small business accounting and large business accounting are mainly due to the size, complexity, and regulatory requirements of the business. Small businesses have simpler accounting needs, while large businesses are more complex. Small businesses typically have fewer employees
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Avoiding Costly Mistakes: Common Accounting Errors Accounting errors often happen innocently. In fact, out of the 64% of small business owners using DIY accounting, it’s not uncommon for some to miscategorize a transaction. Over time, these can add up and create major issues that impact the health of your business, cause you to make poor
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Is Outsourcing Your Accounting Tasks Beneficial? The decision to outsource your accounting tasks depends on various factors such as the size of the business, the complexity of the accounting tasks, the available resources, and the expertise required. Whether outsourcing accounting is worth it depends on the specific needs and circumstances of each business. It may
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Business Financial Software Vs Personal Financial Software On the surface, the question of business financial software vs personal financial software may seem self-explanatory. However, there are some businesses that are using personal financial software for their business needs. The team at Redmond Accounting does not recommend that. At all. We’re here to shed some insight
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What is a Balance Sheet? A balance sheet is a financial statement that provides a snapshot of a company’s financial position at a given point in time. It is used to show the company’s assets, liabilities, and shareholder equity. The balance sheet is referred to by this name because it must always balance; meaning, the
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Controller vs. Comptroller – Key Differences In the accounting world, controller vs. comptroller has a contentious history. The two words have a similar definition which begs the question: is there really a need for both? As with all intellectual discussions, it’s best to examine historical facts first. Keep reading as we dive into the great
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Setting Your Accounts Payable Up For Success In the world of business, it’s not unusual for accounts payable to be a lesser priority over accounts receivable, especially in small businesses. It’s only natural because accounts receivable equals money into the business and that’s a priority. Nobody likes to talk about money, but money is
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Should A Small Business Use Cash Or Accrual Accounting? Running a business means you have your hands in many pots stirring away to keep the business going. If you run a small business, chances are you are doing 90% of the daily tasks yourself. One of those tasks is handling your small business accounting. Keeping
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What Is The Difference Between A CPA And An Accountant? Accountants, bookkeepers, CPAs, OH MY! In the financial world, many titles are given to accounting professionals that specify their jobs and skills. Controllers, CFOs, payroll specialists, CPAs, bookkeepers, tax preparers…the list goes on. So as a business owner who is not an expert in all
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