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What does the world of accounting look like to a "newbie?" Here is what a recent hire learned about what we do and how we do it. 1. Public accountants are passionate. Really. They love their jobs and many of them love their lives. Work hard, play hard. You thought that was for those more in the limelight, didn't you? Yeah, I did, too. Not so. I know it's hard to picture eyes lighting up and ... [Continue Reading]
Most of you are probably familiar with the internet company Wayfair, and if you watch any television (especially HGTV, like my wife), you’ve probably seen their commercials and heard their jingle. In fact, if you know what I’m talking about, you’re probably already humming the jingle “you got just what I need” in your head right now! I can’t say I’ve ever visited their website, but their ... [Continue Reading]
With new cryptocurrencies surfacing (what seems like each week), we thought it was necessary to give you a rundown on one of the most popular—Bitcoin—and its current and intended uses. But first...the basics: What is Cryptocurrency? It's a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units and to ... [Continue Reading]
Trying to reclaim unclaimed property? If a bank or company has property which is unclaimed or abandoned for a period of time, Michigan law requires the property be turned over to the State (more on that here). But, how do you find out if you have unclaimed property and how do you reclaim it? Finding Unclaimed Property Simply visit the Michigan Department of Treasury's website and choose the ... [Continue Reading]
Everyone, regardless of income level, can benefit from a good, hard look at where they stand with their finances. A very important first step toward getting a handle on your own financial situation is to create a budget. This does not have to be an intimidating step. To start, just create a spreadsheet or record your monetary activities over a month’s time, while spending is as usual. Include ... [Continue Reading]
To protect your business against asset fraud (including misappropriation) it is important to implement procedures and internal controls. Here are a few we suggest using, at minimum: 1. Screen and monitor your employees It is important to conduct background checks on key employees, especially those who have cash handling and record keeping responsibilities. Once hired, it is important to ... [Continue Reading]
From time to time, reporting unclaimed property is brought to our attention. The Michigan Uniform Unclaimed Property Act (Public Act 29 of 1995, as amended) strongly suggests that all companies with unclaimed property file reports for 2017. Beginning in 2018, all entities registered to do business in Michigan will be required to file unclaimed property reports whether or not there is unclaimed ... [Continue Reading]
The Association of Certified Fraud Examiners conducts an annual survey open to approximately 42,000 Certified Fraud Examiners (CFE’s). Participants were asked to provide a detailed narrative of the single largest fraud case they had examined since 2014. Following are some interesting facts and figures that shed some light on the impact of occupational fraud from the study. Fraud Facts The ... [Continue Reading]
Internal controls can help organizations reduce the risk of fraud. It can be designed to prevent fraud from happening or to detect fraud after its occurred. While prevention is most ideal, the costs could outweigh the benefits for smaller organizations. Here are a few basic tips to help improve internal controls involving cash. It’s probably no surprise that transactions involving cash and ... [Continue Reading]
PSA: Now more than ever, it's easier for your identity to be stolen. The modern ways of scammers, hackers, thieves and swindlers place a great burden on those effected: individuals, businesses, organizations, government agencies and even the IRS. Before it happened to them, many victims weren’t aware of warning signs, gimmicks or what to look out for. Take a few minutes to read how scammers are ... [Continue Reading]