November 2017 Blog Posts
November 30, 2017
Management accounting generates monthly or weekly reports for a company or business’s employees including managers and the CEO. These reports show the available money, sales revenue, state of accounts payable, debts, charts, analysis and other statistics.
This system and type of reporting is used by company leaders to make decisions about day to day operations. Management accounting allows for forecasting the market and trends.
The main difference in financial account and management accounting is financial accounting is important for future investors and management accounting helps executives make important decisions that impact the company and business’s future.
Management accounting can also serve as a motivator for other employees. Not only does it help the company solve problems but it can also motivate employees to reach specific goals that this form of accounting has set.
While this form of accounting encourages executives make decisions, the main purpose is to analyze information. They find problem areas within the company and suggest ways to correct these things. This in turn, leads to the recommendations for company leader’s decisions.
Management accounting comes in many different forms. These forms include forensic accounting, business check-ups, turnaround management, receivership, crisis management and more. No matter the size of your company or business, management accounting is crucial. It can help set future business goals as well as find any potential risks and stop them before they happen.
Our team at here at BIG offers a wide variety of management accounting services. To learn more contact us at http://www.bizimprove.com/contact/.
November 15, 2017
Company fraud or theft can happen without you even realizing. Fraud can mean a number of things including embezzlement, employee diversion of cash, improper use of cash from the company, etc. Even though you know you’re not guilty of committing fraud, hiring a forensic accountant could make or break your company down the road.
What is forensic accounting?
Forensic accountants analyze and interpret complex financial situations. These accountants are often hired in legal situations to aid in the lawsuit.
Fraud can happen when you least expect it. Whether you’re a thriving company or ending a partnership, fraud exists. It could be a shareholder that was responsible for managing accounts and started to spend company money for personal use. When you and your partner split and dissolve the company, you’re going to need to know where all money went to.
Even with your current business, fraud can be present. It’s smart to hire a forensic accountant to be another set of eyes on all money going out as well as coming in. You don’t want to be punished for something that could have been avoided had you had someone looking at all transactions.
The problem with most businesses is that they don’t want to admit there could be a problem such as fraud or theft occurring inside their own walls. Simple forensic accounting begins by auditing financial records and risk areas are presented then.
Even if fraud or theft isn’t occurring quite yet, forensic accountants can find potential risks that could lead to a problem later on. Even if you don’t think your company needs forensic accounting, you do.
Here at BIG, we specialize in auditing financial records, company methods and employee structures to prevent potentially dangerous activity.