General Article Archives - Page 34
Account Reconciliation
Best Practices: Account Reconciliation Account reconciliation is an underappreciated yet critical control to help ensure an organization's financial integrity. Weaknesses and inefficiencies in the reconciliation process often lead to mistakes on the balance sheet and overall inaccuracies in the financial close. Since the enactment of Sarbanes Oxley (SOX) in 2002 and other rules and regulations that have followed, ensuring the accuracy of ...
Read MoreInternal Controls To Prevent & Detect Fraud
A recent “KPMG Fraud Survey” found that organizations are reporting more experiences of fraud than in prior years and that three out of four organizations have uncovered fraud. Below are some internal control "Best Practices" that can reduce fraud opportunities or help detect fraud. Use a system of checks and balances to ensure no one person has control over all parts of a financial transaction. Require purchases, ...
Read MoreMyths and Realities about W-2 and 1099 Reporting
Beware of some common reporting mistakes of W-2 and 1099 reporting to avoid tax penalties. Greatland, a provider of W-2 and 1099 products for business, receives thousands of calls each year from customers who often mistakenly believe in one of the many tax myths that plague the industry. Failing to understand the real truth behind these myths can cause a business the cost to refile or potentially steep fines if reporting is not completed ...
Read MoreSafe Computing Tips
In today's world, computers are constantly under siege from hackers wanting to steal data or just create havoc for your operations. Here are a few Best Practices to protect your computer systems. Update, Update, UPDATE! Set up your computer for automatic software and operating system updates. A machine with non-current updates is more likely to have software vulnerabilities that can be exploited. Install protective ...
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