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Best Practices of Cash Controls in a Small Business

By |2021-10-24T09:53:19+00:00November 29th, 2016|Uncategorized|

Cash controls are the controls used in a business to protect a business from cash theft and mismanagement. In a previous blog (Fraud in Small Business), I discussed how a front desk / bookkeeper stole cash from the business. Ultimately, the reason this occurred was a lack of cash controls. Each business is different and each should assess their own cash controls. However, I wanted to provide a quick guide on cash controls that could assist a business owner in looking at their own processes. Cash Controls Separation of Duties This is a big one but is also the hardest one when [...]

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Why I became a Cloud Accountant (3 minute read)

By |2021-10-24T09:53:19+00:00November 22nd, 2016|Uncategorized|

Cloud accounting is when the accounting software you use is accessible by the internet and not downloaded onto a specific computer. In my practice, I am a Cloud Accountant (also called a Virtual Accountant) and work only with cloud software. Before I outline the main reasons why I became a Cloud Accountant it is important to understand what cloud accounting is. Cloud software is software that is stored on someone else’s server (Amazon or Google are the two main providers). Individuals access it through an internet connection.   Ease of Use – Apps on your Phone I love that I can [...]

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Fraud – Three Examples of Fraud that Hit Small Businesses (4 min read)

By |2021-10-24T09:53:19+00:00November 15th, 2016|Uncategorized|

Fraud is not a common topic in small business but when it does occur the results can be devastating. Fraud can take many forms and be difficult to identify. Every business owner must ensure they are taking precautions to protect themselves. To give business owners and idea of what can happen, I will tell you three real world examples that I have come across. The details have been kept vague to maintain privacy. Two stories are from my work as an Accountant and one dates to my University years. In that case, speaking to students about wrongful doings was part of the fraudsters [...]

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Is Delaying Paying Suppliers Good for Cash Flow or Just Bad Manners? (3 Minute Read)

By |2021-10-24T09:53:19+00:00November 8th, 2016|Uncategorized|

By Alissa Bryden, CPA, CA In September, I was part of a twitter chat that discussed cash flow for start-ups (StartupCanada Chats). There was a lot of great advice given by the panel of experts. My twitter name is @vhaccounting and I have been involved in a few of these. The next one is coming up on Friday November 11th at 9am PST. There was a lot of discussion around delaying payments to suppliers while trying to collect accounts receivables asap. This cash flow technique is not new, if you get the money from your customers upfront but don’t pay your [...]

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