seminar
DOE hosts Veterans Business Conference
Monday, August 2nd, 2010 | consulting | No Comments
The Department of Energy’s Y-12 complex is hosting a free Veterans Business Conference on August 3, 2010 to support veteran-owned businesses seeking to work with government agencies. As we are a veteran-owned business, we will be attending the conference. We will be listening to small business owners and seeking ways to help them do business better, whether their revenue comes from government agencies and contractors or from the private sector. Here is the link to learn more and register.
Seminar presentations
Tuesday, June 8th, 2010 | consulting, tax | No Comments
Van and Karen presented at a seminar for business owners and managers in Morristown, TN today. Van talked about the increase in IRS audits and how companies can prepare for that possibility. Karen talked about detecting and preventing fraud in the workplace, which the latest study from the ACFE estimates costs the typical company 5% of annual revenue. Both shared many real-life stories from their experiences dealing with these issues. We also gave the participants practical ways to improve their recordkeeping and internal controls that they can implement in their businesses.
Fraud and Embezzlement
Tuesday, May 25th, 2010 | consulting | No Comments
Workplace fraud is an age-old problem in all types of businesses. Whether it takes the form of financial statement fraud, corruption, or misappropriation of company assets, the cost to businesses is estimated at seven percent of annual revenues, according to the Association of Certified Fraud Examiners (ACFE). Their new report, to be released June 2, indicates that almost 90% of workplace fraud consists of misappropriation of assets. This may range from pilfering office supplies to complicated large scale schemes. Frauds may continue for years before they are detected. In forty percent of cases, the fraud is revealed by a tip. This report shows a snapshot of workplace fraud and how it is detected.
Small businesses are especially vulnerable to occupational fraud because internal controls often are not robust enough and because various duties must be combined and carried out by the smaller staff.
We are presenting at a small business seminar in Morristown, TN on June 8 sponsored by First Tennessee Bank. We will show how workplace fraud and embezzlement can happen right under the owner’s nose. We will also give attendees some practical ways to improve their companies’ internal controls.
In another presentation that day, we will talk about the increase in IRS audits and what business owners can do to make sure their books and records will withstand IRS scrutiny.