Internal controls are essential for every business. Internal controls are the operations and procedures that help to prevent or detect errors and misstatements in the financial records of a business, and consist of five components.

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This is the one question that I have heard more than any other in the past three months while preparing year-end financial statements for my construction contractors. Consider this: the bond agent is a salesman; the product that he is selling is the contractor's ability to successfully complete a contract; the buyer is the surety underwriter. In order for the bond agent to be successful, he has to be comfortable with the product that he is selling. One component of that product is the financial statements. The bond agent requests supplemental schedules to accompany the basic financial statements not only for the obvious information, but also for the meaning and indicators behind the numbers.

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The Internship Institute declares that it's "open season" for businesses and non-profit organizations to recruit interns and plan ahead to make summer programs successful.

Host organizations should heed the easily overlooked academic calendar and window of opportunity to reap the benefits of recruiting college students and other workforce talent and creating a successful internship program.

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The key to effective due diligence is to look beyond the numbers, and focus on the people and other forces that drive value. Here are six tips for successful acquisitions:

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  Timely Opportunities

Treat employees well, let them use their skills and give them a chance to learn. Those are the lessons for employers from a recent survey on job satisfaction. Here are the results, the top 20 most satisfying jobs, and some tips on retaining staff members.

 Click "Full Article" to get ready for Take Our Daughters and Sons to Work Day..
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  Business Valuation & Litigation Support

Donating property to a qualified charitable organization can result in a generous tax deduction. However, charitable contributions can result in disputes with the IRS over the valuation of the property. Click "Full Article" for an overview of the issues, and the details of how one company was able to avoid costly penalties after the IRS disagreed with its valuation of a donated property.
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  Management

Court battles with employees can be enormously costly in time and money, but your company can avoid much of that waste by asking employees to agree in advance to put grievances through arbitration. Click "Full Article" for guidelines on alternate dispute resolution programs where both sides can win.
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  Operations

Which of the following assets can your company not legally protect as a trade secret?

a. A customer list
b. Sales data
c. An innovation a third party develops on its own
d. Marketing strategies

Click "Full Article" for the Answer

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  Latest Business Headlines

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