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AcctTwo Blog

Church Accounting Basics - Part 4: Employee - To Be or Not to Be

Why does it have to be so complicated?

If your church is anything like mine, you are constantly trying to navigate the requirements of our nation’s employment laws. When researching the topic of “employee versus independent contractor,” what I find is consistently inconsistent. It’s easy to get lost in the lack of interpretation.

Topics: Blog Fraud internal controls Informational Featured Posts Church Accounting Basics Awareness Employee vs. Contractor Not-for-Profit and Faith-Based

Church Accounting Basics - Part 3: Internal Controls Keep Fraud at Bay

“What happens in accounting, stays in accounting.”

If your finance team’s motto goes something like this, you might have an internal controls problem.

Internal controls are put in place to clearly define proper procedures for finance and accounting team members, to minimize risk, and to alleviate suspicion. Even churches must mitigate risk and ensure that policies and procedures are in place and functioning as intended.

Topics: Blog Fraud internal controls Informational Featured Posts Church Accounting Basics Awareness Not-for-Profit and Faith-Based

Improve Data Security & Reduce Costs with Cloud Financial Management

In the final post from our series of videos with eCornell (see also post #1, post #2, and post #3), Clark Newby discusses the improved security and cost benefits of moving core business processes into the cloud. The business transition to the cloud has come in stages, starting with customer relationship management, then human resources, and now financials – the vital organ of your business. With such sensitive data, it's especially important to keep it secure.
Topics: Blog accounting software View from the Cloud Fraud Intacct Cloud Computing / SaaS Informational Audit and Internal Controls Consideration

Understanding the Effects of Employee Fraud on Your Accounting System

John Verver recently wrote an article posted on CFO.com about the top areas of concern with regards to employee fraud. It's a great article, which made us want to draw attention to it, and it also got us thinking about the subject when it comes to what we do here at AcctTwo. 

Topics: Blog outsourced accounting accounting software back office Fraud Intacct Outsourcing accounting outsourcing internal controls Cloud computing outsourced back office Audit and Internal Controls Accounting Featured Posts Accounts Payable Awareness

Here's a Head-Scratcher - The Value of Audited Financial Statements

I met with a banker yesterday from one of the top 3 big national banks. We were introducing him to AcctTwo and our business process outsourcing services for small and medium-sized companies. We thought he would appreciate knowing that his clients could use AcctTwo to generate more timely and accurate financial and management reports, and his bank would get their required financial statements and borrowing base covenant calculations much faster.

Topics: Blog outsourced accounting shared services back office management reporting Fraud FAO CFO Taxes F&A outsourcing Outsourcing accounting outsourcing controller outsourced finance and accounting outsourced back office Audit and Internal Controls Accounting bookkeeping

Preventing Fraud

Fraud at a Small Company

I talked to a company the other day about their experience with fraud. They are a small business whose revenues have ranged from $2.5 million to $5 million over the past several years. In the last 8 years, the owner has had 3 instances of fraud and embezzlement. He estimated that he had lost about $600,000 to fraud over this time. 

Topics: Blog accounting software Fraud CFO Outsourcing controller internal controls Audit and Internal Controls Accounting