Online retailers suffered a setback in their battle over the collection of sales taxes recently when the Supreme Court declined to hear an appeal of a New York law from Amazon.com and Overstock.com. The Court announced its decision to reject the appeal on Dec. 2, 2013, which ironically fell on Cyber Monday. The court’s refusal to hear the case gives states the authority to require online retailers to collect sales taxes. […]
Proper handling of finances is important in any company, but for mid-size businesses it is especially critical to the longevity of the business. Bookkeeping and staying on top of financial issues can be time-consuming and overwhelming. Audit requirements and tax laws are intricate, confusing, and tend to change frequently. Making even a small mistake in submitting your audited financial statements or filing your taxes can result in big penalties that could devastate a mid-size business. Hiring an accounting firm can help you avoid costly mistakes and improve the financial function of your business. […]
During poor economic times, many businesses see an increase in fraud. Businesses tend to see a rise in employee fraud, also known as embezzlement, in particular as employees struggle with personal finances. Small companies are especially vulnerable to employee fraud due to the fact that they tend to have fewer formal financial controls in place to prevent it. A 2010 survey by the Association of Certified Fraud Examiners found that 31 percent of employee fraud occurs in companies with less than 100 employees, compared to 21 percent in companies with more than 10,000 employees. The losses due to employee fraud were also greater in smaller companies, reporting losses of nearly $150,000 versus losses of about $84,000 in larger companies. […]
As more companies are looking for ways to cut costs and improve efficiency, many are moving to cloud-based software for a variety of purposes. However, companies have been slower to adopt cloud-based financial, primarily due to concerns about security and compliance. Companies that have made the move to the cloud are finding those fears to be unfounded. […]
