Estimates vary, but it is likely that at least one of ten businesses have an embezzlement problem at some time.
And that does not count other forms of theft (merchandise theft, expense account abuse, etc.).
Our publishing company will be addressing this very soon.
If you expect and/or allow your employees to use their personal smart phones for business, you need to be willing to accept a certain level of cyber risk.
If you provide smart phones for your employees, be very clear about allowable personal use.
There are sites on the Internet dedicated to stories about bad managers. Reddit in particular.
These sites also features reports of employee revenge (quitting, quiet quitting, malicious compliance).
Try not to be one of the managers who become a story on the Internet.
Bookkeeping, the mechanical accounting work of analyzing, recording and summarizing transactions, is critical to every company and organization because:
1) financial statements and tax returns depend on accurate bookkeeping
2) internal controls depend on accurate and timely bookkeeping
3) your CPA depends on accurate bookkeeping, especially at tax time *
4) internal analytics depend on accurate bookkeeping
The type of bookkeeping you need depends on the size and type of your business. The accounting system should be customized to your industry and your organization.
There are many computerized systems, some general and some specific, which can be customized to your organizations. Your CPA may have direct involvement, or less direct involvement, depending on circumstances.
Cheap is not better. Procrastination does not bring results.
*the cost and timeliness of your returns depends on your inputs
New Years is a good time for updating your estate planning. If you have children this is really critical.
And …. IF you own a business this is really critical.
Both? Super critical.
Think you are too young to die?
Been on a highway recently? Heard of Covid?
BYOD = Bring Your Own Device
The smart phone is a major part of our business and personal life.
Two problems:
1. doing business comms on a personal phone
2. doing personal comms on a business phone
The degree of the problem depends on what kind of business you are doing. Is your business super sensitive, or is your business somewhat mundane-but-important?
Even the security experts at the FBI have gotten caught up in using official phones for very unofficial calls and texts.
Selling wholesale hardware is important but not sensitive. Doing medical or financial work is both sensitive and important.
IF you provide phones to employees, there should be a clear policy and procedure statement.
IF you allow employees to use their phones for business, there should be as clear policy and procedure statement.
And whatever you do should be enforced.
(Either way there is likely to be some crossover, people being people and all that - it is the big issues that matter.)
Those of us over a certain age remember the word "Rolodex," a card file of names and addresses of important contacts.
These days the "rolo" is more likely to be an electronic file of some sort, and it is still critical.
A cloud backup is great as long as the Internet is working, a spreadsheet file is great if you back it up off site somewhere, and a printout may be useful if stored in a safe place away from the business site.
A separate file should include employee contact information.
And, speaking of employees, have they been briefed on your disaster planning?
Never depend on a single storage method for critical data.
Businesses in Florida and the west are learning that lesson the hard way (and families are also).
