What are Cost Accounting Standards? Cost Accounting Standards (CAS) are important because they promote a better understanding of costing as a whole, and exist to ensure consistency and uniformity in cost accounting practices. Having a system of standards and practices every government contractor can follow, ensures that investors and stakeholders can depend on the information […]
Employee embezzlement is, unfortunately, a frequent occurrence in the workplace and often goes unnoticed for months or even years. Both outright stolen and mishandled funds can constitute embezzlement and lead to significant financial losses for your company or business. What Is Employee Embezzlement? Employee embezzlement is when an entrusted person steals from the business they […]
Homeowner associations can be wonderful. They allow for community building, upkeep, and beautification of shared spaces and entire neighborhoods, and can increase property value. However, they do come with the risk of possible homeowner association fraud. Homeowner association fraud happens when funds are used inappropriately, irresponsibly, or even criminally. It’s important to be informed about—and […]
So you or your company is being audited. You might be tempted to run and hide, or even avoid it — but don’t. If your financial records are in order, an audit can be highly beneficial. Defining Audits Although audits inspire fear, they don’t have to. In the simplest terms, audits are an objective examination […]
Most businesses earn a modest income, even after-tax payments to the IRS. Still, there are many questions around businesses that conduct sales through a currency-only exchange. In fact, there’s often a heightened curiosity for cash-only type businesses across the United States. Namely, is it legal to accept only cash and what happens when they’re investigated? […]
Homeowner associations (HOA) and condominium associations (CA) are legal entities set up to manage the operations and finances on behalf of the owners. Typically, the management team (administrator) selected to run the HOA or CA is comprised of other homeowners or condo owners. If a lot of thought was put into the selection criteria, then the administrators […]
The bright line in ethics Ethics means Ethics is your moral code. Its your values, your sense of right or wrong. Its the principles you live by. However, ethics has degrees based on one’s values and principles. Ethical conduct does not always equate to following the rules. Breaking the law a little is the same […]
When a client voiced strong suspicions that her soon-to-be ex-husband was hiding assets, her attorney investigated the claim but found nothing amiss. However, he hired a forensic accounting expert to help ensure his client would receive an equitable share of the marital estate. The expert turned up a trunkload of hidden treasure — undeclared […]
Owning a business is hard work and it’s common for business owners to wonder how much their company is worth. Whether you are thinking about selling your business or not, have an offer on the table or are merely curious, there are quite a few misconceptions out there about how to value a business. Here […]
There are 3 important causes of loss profit (or loss fee) litigation in government contracts. Loss profit calculations are based primarily on a contract and a defined period of time (i.e. contract term). Scope creep, subcontractor disputes, and delays are the most common causes of loss profits/fees when performing work on federal contracts. All […]