Professional Accounting Blog

Accounting For Your Prosperity

ACFE Report: Awareness Can Help Fight Fraud

Posted by Meaden & Moore on Jul 20, 2017 10:45:19 AM

Topics: Investigative and Forensic Accounting

For the last 20 years, the Association of Certified Fraud Examiners (ACFE) has published a biennial study to raise awareness about occupational fraud. This article summarizes key findings from the 2016 Report to the Nations on Occupational Fraud and Abuse, including the costs and duration of fraud, common scams, and detection and prevention methods.

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2017 Mid-Year Check-In: A Good Time to be a Buyer and Seller

Posted by Lloyd Bell on Jul 18, 2017 2:42:09 PM

Topics: Corporate Finance

Like many of you, I recently uttered the phrase “I can’t believe it’s July already.” Well, it is. So I thought I’d make a list of the things that I’ve learned over the first six months of 2017:

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Fraud Watch – the Skinny on Skimming

Posted by Meaden & Moore on Jul 18, 2017 9:41:55 AM

Topics: Investigative and Forensic Accounting

Cash is an obvious target for dishonest employees bent on fraud. In addition to stealing cash on hand directly, dishonest employees may resort to thefts of cash receipts, such as skimming. This article explains how skimming works and what clients can do to prevent and detect it.

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Three Management Approaches to Choosing a New ERP System

Posted by Scott A. Holter on Jun 27, 2017 3:35:29 PM

Topics: ERP

Once every 10-20 years, most manufacturers and distributors shop for a new ERP system. Some go through a quick, simple exercise to determine if their current system is adequate for the near-term while others go through an entire evaluation and selection process that culminates with a purchase and replacement.  Through our 20+ years of experience, Meaden & Moore has identified three approaches, each appropriate under their respective circumstances.

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IRS and DOL Audits: Are You At Risk?

Posted by Brian Dunfee on Jun 20, 2017 9:33:39 AM

Topics: Benefit Plan Advising & Auditing

The American Institute of Certified Public Accountants (AICPA) recently held their annual Employee Benefit Plans Conference. The conference provided information on current initiatives of the IRS and the DOL, as well as common findings noted based on their respective examinations and reviews of qualified plans. 

In recent years, the IRS and DOL have indicated a focus on risk-based examinations and reviews, including identifying areas in plan operations where controls could be improved. As a result of these, they noted the following areas of focus:

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Construction Loan Interest and General Conditions in Builders Risk Claims

Posted by Meaden & Moore on Jun 19, 2017 3:30:18 PM

Topics: Investigative and Forensic Accounting

Introduction

Builders risk claims often include numerous complex issues. Delay-in-Completion claims add a layer of complexity with General Conditions and Construction Loan Interest. Each can involve significant claim dollars, and may be a source of dispute and confusion.  Part one of this series focused on General Conditions measurement deficiencies and considerations within Delay-in-Completion claims. Part two of this series focuses on Construction Loan Interest.

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Financial Budgets – Should I Prepare One?

Posted by John Nicklas on Jun 1, 2017 2:01:49 PM

Topics: Accounting & Auditing

The simple answer is yes. But what is your purpose for preparing one? How will it be used? And what can it do for your organization?

A budget is more than an excel template that needs to be completed as part of the monthly, accounting closing process. A budget should be a tool that is used to help the organization focus on their commitments and to achieve specific and well-defined goals. I have seen budgets used for two primary purposes or a combination of both: (1) planning and forecasting and (2) control and oversight.

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Manufacturing Lot Size Considerations for Inventory Reduction

Posted by Scott A. Holter on May 17, 2017 2:32:00 PM

Topics: ERP

Below is an excerpt from our whitepaper, “You’ve Been Charged with Reducing Inventory. Now What?”, which provides a detailed look at various methodologies and ideas related to inventory reduction. For even more information on inventory reduction, our firm, or our services, contact us today. 

APICS and college-level classes teach us the Economic Order Quantity (EOQ) formula, which approximates the proper make or buy quantity per item that balances ordering costs with inventory carrying costs.

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Highlights of Tax Provisions of the American Health Care Act (As Approved by the House)

Posted by Natalie Takacs on May 11, 2017 1:00:00 PM

Topics: Tax Planning & Strategies

On May 4, 2017, the House approved the American Health Care Act (“AHCA”) along party lines by a 217-213 vote.  The version of the AHCA approved by the House would repeal all of the ACA taxes, with the exception of the so-called “Cadillac” excise tax on high-dollar health plans (which would be delayed until 2025).  The bill now moves to the Senate, where changes are expected.  The following are the highlights of the tax-related provisions of the bill as approved by the House: 

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7 Best Practices Every Retirement Plan Committee Member Should Follow

Posted by Michelle Buckley on Apr 26, 2017 11:03:11 AM

Topics: Benefit Plan Advising & Auditing

Many plan sponsors create oversight committees for their qualified retirement plans. These committees are frequently called “investment committees,” “administrative committees,” or, simply, “retirement plan committees.” The duties of these committees are significant, and will typically include:

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