Fraud is in the Local news again. This time the target organization is the University of Louisville. The Executive Director of the Center for Family & Geriatric Medicine is alleged to have written checks to himself in excess of $2 Million. What I find interesting is that when interviewed, U of L President, James Ramsey commented that “there was nothing wrong with the University’s internal controls procedures, they just weren’t followed.”
If that doesn’t scream something’s wrong, I don’t know what does. We can all have the most elaborate policies, but if they aren’t followed, we aren’t protecting our assets. The development and implementation of Internal Controls must go together in a Asset Protection Plan. This alleged scheme has been allowed to go on for 7 years. This is not the first case that the university has had come up in the news … Read More »
In these economic times, many people have lost high paying jobs and are turning to entrepreneurship to replace that salary. As that happens, you have people who have a skill or talent, but may not know the ins and outs of managing the financial outcome of a business. Too many entrepreneurs today are heard saying “I’m working for free!” You wouldn’t work for some other company for free, so why work for your own company for free? If you work for free in the beginning, it makes it harder to work for pay later. Let’s talk about how to avoid this. The topics that I think help you avoid working for free are pricing, expenses, break-even point and profit. If you don’t know what these are, you can’t possibly make sound financial decisions.
Pricing is sometimes the last thing a business … Read More »
Small-business owners in Louisville can become consumed by the core financial functions of their business. As the owner of a small business, have you ever considered how much more profitable your business could be if you weren’t spending your time working on your own Accounting? Would your time be better spent on revenue generating projects? There are many benefits to handing off these tasks to a competent Accountant.
The most obvious benefit is increased time and focus for revenue-generating activities. Second, you get peace of mind because now you have a watchful eye covering your assets. Third, you benefit from more effective decision making because you have timely and accurate financial reports to rely on. Lastly, control – you get better control of your assets, internal controls and your life because you aren’t spread thin from doing it … Read More »