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Inventory Internal Controls
A company's investment in inventory is usually a large one, and it may be comprised of a large number of merchandise items that can be readily stolen and resold. If the inventory contains mostly raw materials, keeping track of it is essential for ensuring that the production processes using it will not run short of materials. This means that you need to implement an array of controls, either to prevent theft or to ensure that the manufacturing ...
Read MoreCompanies Still Behind on Implementing Revenue Recognition Standard
The majority of companies admit they are behind on implementing the new revenue recognition standard from the Financial Accounting Standards Board, according to a new survey, despite a delay of the effective date by one year. FASB and the International Accounting Standards Board released a long-awaited converged revenue recognition standard in May 2014, but later decided to extend the date it takes effect by one year to give companies more time ...
Read MorePhishing, Hacked Passwords Are Top Reasons for Data Breaches
Phishing, Hacked Passwords Are Top Reasons for Data BreachesVerizon released its ninth annual Data Breach Investigations Report last month, which reports on the major security breaches and methods used by hackers to compromise businesses and governmental organizations. When it comes to hacking, organized crime syndicates lead the way with phishing email schemes that are culpable in 89 percent of security breaches, followed by ...
Read MoreRecognizing the Unconventional Keys to Your Company's Success
If you want to change something in your company, you start with single-minded attention and promotion. The same applies when trying to replicate more of a good thing. Successful companies, in the constant pursuit of well-rounded teams, look for and find the intangibles that help drive performance. Here are three unconventional yet important and under-recognized keys to sustained success: Thinking and problem solving.Are you ...
Read MoreAccountants Rescued by the 'Magnificent Seven'
Forget about Yul Brynner, Steve McQueen, Charles Bronson, James Coburn, Robert Vaughn, Horst Buchholz and Brad Dexter. Accountants need a “Magnificent Seven” set of attributes to survive in today’s business environment, according to new research from the Association of Chartered Certified Accountants. To define what the 2016 finance professional must look like, the ACCA has developed a set of seven Professional ...
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