Posts by Mark Stein
Setting Financial Goals
The beginning of the new year is an ideal time to revisit your financial goals. Goals, financial or otherwise, set a road map for your future. Of course, working towards your financial goals is sometimes challenging and often takes momentary sacrifice. By definition, however, goals are motivating, spurring you on in your efforts. 5 Tips…
Read MoreHow to Create a Budget
As the year closes, business owners begin planning their budgets for the new year. A business budget is a future-focused, predictive plan providing fiscal structure for your company. Knowing where your money is, where it is going, and where it has been allows you the freedom to run your business more efficiently. A budget helps…
Read MoreAn Overview of Financial Accounting
Accounting is a broad field. However, there is a myriad of varying spheres within accounting. One of these is financial accounting, a specific accounting branch that gathers, prepares, and reports a company’s financial transactions. It involves a series of financial statements shared externally and used to determine an organization’s or company’s financial health. The creation…
Read MoreWhat is a Forensic Accountant? 
“You have an external auditor – that‘s like a guard dog. Maybe a bulldog,” he said. “An internal auditor is a seeing-eye dog. A forensic accountant is a bloodhound.” –Dr. Larry Crumbly, editor – “Journal of Forensic Accounting“ Forensic accountants hold a rather exciting role. They play the part of Sherlock Holmes or, as…
Read MoreHiring Veterans: Taking Advantage of the WOTC 
Veterans often struggle to re-enter civilian life. However, finding a meaningful place in the workforce is pivotal in helping them acclimate to life outside of the military. Employers recognize the benefits of bringing veterans onto their teams. Service members spend years learning the importance of duty, accountability, leadership, and a solid work ethic. These are…
Read MoreWhat Does a Financial Advisor Do? 
The accountant and finance field is diverse, and many different career choices are available to those seeking jobs in this industry. One option to consider is becoming a financial advisor. Financial advisors do more than manage investments — although this is a significant part of their job. Ultimately, they are a trusted consultant, educating their…
Read MorePublic Versus Private Accounting — Which Is Best for You?
Accounting and Finance is a diverse field with multiple career paths. One critical choice is whether you will enter private or public accounting. While these are two very different career paths, it is not abnormal for accountants to switch from one sector to the other during their careers. Both are stable and secure choices. Here’s…
Read MoreBecoming a Certified Internal Auditor
In many organizations, internal audits are far more critical than mere procedural necessity. Auditors not only verify the accuracy of financial records but also ensure legal compliance, detect fraud, and mitigate risk, making them key players in a company’s efforts to safeguard assets and determine strategic direction. As the significance and scope of audits grow,…
Read MoreThe Fraud Triangle – What Can You Do About It?
In 1953, Donald R. Cressey, an American penologist and criminologist, published Other People’s Money: A Study in the Social Psychology of Embezzlement. He hypothesized that: Trusted persons become trust violators when they – Conceive themselves as having a non-sharable financial problem Are aware that this problem can be secretly resolved (by violation of their…
Read MoreHow Do Accountants Deter Fraud?
The fall-out of business fraud is costly, and you should do everything possible to protect yourself and your company. According to the Association of Certified Fraud Examiners (ACFE), fraud causes a typical business an average of 5% revenue loss annually, equating to $4 million globally. Some of the standard types of business fraud include: Misappropriation of assets …
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