What are internal controls? Investopedia.com defines internal controls as “the mechanisms, rules, and procedures implemented by a company to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.” [1] In other words, internal control is systems put into place to help protect businesses. Internal controls include approvals, reconciliations, and segregation of duties. Having…
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Managing cash flow is one of the most critical components of running a successful business. Even the most innovative and promising enterprises can collapse if cash flow is not managed correctly. Research suggests that inadequate cash flow management is one of the leading causes of small business failure. As a result, whether you’re an entrepreneur or a…
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Have you ever sold an inventory item just to be told by the warehouse that the item is no longer in stock? Do you have unreliable financials due to large inventory count fluctuations consistently month after month? Does your inventory disappear, but sales aren’t reflected? If you answered “yes” to any of these questions, I…
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You may have had an experience like I had recently. I went to see a medical specialist several weeks ago. While I am not particularly dumb, I did not get as much from the conversation as I could have. Not because I did not care, it was just a world I did not operate in….
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Bookkeeping can be a daunting prospect for the uninitiated. Even for seasoned business owners, it’s easy to get overwhelmed with the various terms and concepts around bookkeeping. This is especially true when you consider the number of regulations, laws, and taxes that must be considered. However, understanding bookkeeping basics doesn’t have to be complicated or…
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The wine industry is a complex and competitive market where businesses must constantly innovate and optimize their operations to stay ahead. Effective financial planning is a crucial element for the success of any wine business. As with any business, financial planning is critical for success, but it’s necessary for the wine industry, where production cost,…
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