When thinking about the ways financial experts can uncover fraud, what usually comes to mind are data analysis and other forensic accounting techniques. Nevertheless, qualified experts also keep everyday managerial accounting practices in their fraud toolkit. Variance analysis After an organization finalizes its budget, management may perform a variance analysis, reviewing differences between actual and budgeted […]
Every business owner launches his or her company wanting to be successful. But once you get out there, it usually becomes apparent that you’re not alone. To reach any level of success, you’ve got to be competitive with other similar businesses in your market. When strategic planning, one important question to regularly ask is: Just […]
Time flies when you’re busy running a business. But it’s important to occasionally pause and assess interim performance — otherwise you’re likely to be surprised by the year-end results. When reviewing midyear financial reports, however, recognize their potential shortcomings. These reports might not be as reliable as year-end financials, unless a CPA prepares them or […]
Michael R. Torres has been appointed to serve as an accountant of record for the Cuban Exile History Museum, a proposed world-class museum in downtown Miami where visitors can embrace the significance of the Cuban exile story. Read Story