This loyal employee is accused of carefully skimming off money for herself. Ten years later, her embezzlement appears to add up to over a $1.78 million dollars.

For a small business owner, even a theft of a few hundred dollars can seriously rock your bottom line. Having internal accounting controls in place can help protect you form loss.

Stealing can take different forms. Retailers call it “inventory shrinkage” – when the stock seems to naturally erode and go missing. Non-profits and small business both struggle with employees everyday “loss” such as using the copier machine for personal use, sending personal packages using office postage accounts, and running their own purchases through as “expenses.”

Even these smaller violations can add up to hundreds – if not thousands – over time. Having the appropriate internal controls can help you keep such loss to a minimum and set clear standards and expectations to keep your team on track, while protecting your bottom line.

When the time comes that you need accounting outsourcing service to evaluate your company’s operations, call Dashboard Accounting. Our professionals will determine if the appropriate internal controls are in place to ensure proper handling of resources. The small business accountants at Dashboard Accounting will help you protect yourself from employee theft.

Evaluating and developing internal controls is one of our specialties. First, we assess the “checks and balances” you already have in place to determine the efficiency and effectiveness of your operating procedures. Then we make recommendations that help your company become stronger and more profitable by fixing any sloppy or weak operating procedures we find.

By outsourcing your small business bookkeeping services, small business payroll services through virtual bookkeeping, you’re in a better position to protect your small business from loss.

Even though the Akron woman may receive a stiff fine and years behind bars if convicted, it does little to repay to lost money and broken relationships that can result from employee-theft situations. Having strong controls will help you avoid such stress so you can focus on what’s most important — your clients.

Contact Dashboard Accounting today. Together, we’ll drive your business forward.

Not Saving Receipts-

Here there are two main points to look at. One, some business owners think that as long as they have their statements (Bank and Credit Cards) they are ok and do not need their receipts. Statements do not count. The reason is the statements are not like the receipts; statements do not give you a breakdown of the items you purchased. The IRS needs to see the receipts to they can make sure it is business related and not personal.

The other point is some do not keep receipts under 75 dollars. Yes, it is true that the IRS only requires receipts of 75 dollars and higher. However the lower receipts might prove to be useful come tax time. Everyone wants to ensure that they receive everything back that they are entitled to; keeping those receipts would help ensure that.

Doing it yourself-

Many small business owners choose to do their own bookkeeping. Outsource bookkeeping might be the smartest action a small business owner can do. The reason is, as the owner of a small business, your time is the most valuable. There are so many other details you could be focusing on, but you’re spending your time on your bookkeeping. Also not only does it give you more time it will give you peace of mind, knowing that your books are being kept by professionals who know the ins and outs of accounting. Hiring an accounting outsourcing service will prove to be beneficial with the fact that they have the skills needed and the ability to do the job quickly and efficiently.

Dashboard Accounting is available and offers bookkeeping help to small and middle sized businesses. Dashboard Accounting offers their book keeping service to the northeast Ohio, including Akron and Cleveland.

Virtual bookkeeping can help your small business can do better than that.

When times are tight, an outsourced book keeping or outsource CPA service can give you the bookkeeping help you need, while helping you run your business at greater efficiency. It helps make your “break even” and your profitability easier to manage.

A basic break-even analysis is the number of units you need to sell in order to make a profit of zero. When your total revenue equals your total costs, you’re at break even. That’s the sweet spot – anything over that amount is the gravy that makes business profitable and worthwhile.

To make this easy for you, plug in your fixed and variable costs and other details into the free calculator tool at the Dashboard Accounting website,  www.DashboardAccounting.com (see “Resources” for “Financial Calculators” for the Sales Volume Break-Even Analyzer).

But use your best judgment here. As wonderful as our free calculator tools are, they may not give you the complete picture… especially if you don’t have solid data to feed into the equation. (It helps is you use bookkeeping firms or at least part-time bookkeeping to make sure your data is up to date and accurate.)

For instance, one area often underestimated without a small business accountant is your fixed costs (versus variable costs). This is the sum of all costs involved in producing any product at all. This fixed-cost number should include the salary you ought to be paying yourself. Also remember that the fixed cost amount does not change as sales/production volume increases or decreases. Consider it your core expenses.

Professional small business accounting is highly valuable to your business growth. Once you have a solid break-even analysis, your expectations become clear. You can create realistic goals… and then have “stretch goals.” You’ll know your “at least” amount you can afford to sell… and then your specific requirements for increase from there.

When you outsource bookkeeping, you’ll have professionals helping you to gather the details you need so your calculations are based on fact — and not on hunches and “guesstimates”. It gives you the edge you need – for less than you’d expect to pay for the quality support you receive.

For more information about accounting outsourcing service, and great calculators and other business tools, check out www.DashboardAccounting.com.

It is also important to determine the organizational structure that best suits the business.   This decision will impact operating efficiency, the way you report income, the taxes you pay and your personal liability. 

Here are a few reasons business owners select each structure:

• Sole Proprietorship
  • Inexpensive to start and simple to run
  • One level of tax on net income
  • No separate tax return
• Partnership
  • Ownership not limited to one person
  • One level of tax on net income
  • Income and expenses allocation is unrelated to percentage of ownership
• S Corporation
  • Limited personal liability for shareholders
  • One level of tax on net income possible
• C Corporation
  • Limited personal liability for shareholders
  • Easy to transfer ownership/add investors
  • Perpetual continuity presumed
• LLC
  • Limited personal liability for members
  • All members can participate in management
  • Income and expenses may be allocated in a manner unrelated to percentage of ownership

Which structure is right for your business?   There are so many factors to consider, from business type to tax implications.  An outsource CPA has the background and expertise to help you make your decision and form your business properly from the start.  Dashboard Accounting can be your accounting outsourcing service.  We can also give you bookkeeping help by being your book keeping service.

 That is a scary concept, due to the fact that your accountant has access to all of your financial information. Keep in mind that not all Accountants are “bad guys”. Most accountants do have integrity, reliability and are very trustworthy. There are a few different organizations accounting firms can be members of.

AIPB- The American Institute of Professional Bookkeepers

                http://www.aipb.org/

NACPB- National Association of Certified Public Bookkeepers

                http://www.nacpb.org/

NBA- National Bookkeepers Association

                http://www.nba.org/

The Ohio Society of CPAs

                http://www.ohioscpa.com/Content/home.aspx

Dashboard Accounting is an accounting outsourcing service that you can trust. Owner, Terri Ream, CPA, is dedicated to Integrity, Ethics, Quality and Confidentiality. Terri also makes sure her team is also dedicated and values the same values she has, ensuring the best service for clients. Dashboard Accounting wants to serve as the CFO — bookkeeping accountant for small to medium-sized Cleveland, Akron and northern Ohio. They offer Quick Book Accounting for small to medium sized business, including small business payroll services, controller services, and many other bookkeeping help services.

Contact Dashboard Accounting today and see how they can help you drive your business forward!

With Dashboard Accounting…

• Access your data in REAL TIME, with 24/7 REPORTING.
• Map out your critical financials with a custom “Dashboard Report”.
• Receive SUPERIOR DATA; saving you time and money.
• Navigate any detours quickly with CPA interpretation and forecasting of your numbers.
• Make smart business decisions based on FACTS, not hunches.
• Document your company’s forward direction to assist in obtaining financing.

Test drive one of our small business bookkeeping services listed below for FREE! (Up to 1 hour professional CPA review and advisement)

• Cash Flow Analysis
• Financial Statement Review
• QuickBooks Company File Review
• Accounting Systems Review
• Data Security Review

Call Dashboard Accounting today at 330.908.0888 to take advantage of this opportunity!