- Our Team
December 27, 2019
– Reasons to Outsource Accounting –
A 2018 survey conducted by the Association of Certified Fraud Examiners found that internal control weaknesses were responsible for nearly half of frauds. Small organizations (less than 100 employees) experienced the greatest percentage of fraud and suffered the largest median loss when compared to larger organizations. This could be due to the fact that larger entities typically have more resources to invest in their internal controls and anti-fraud programs. For smaller businesses, the internal control may just be the owner overseeing everything themselves. Making just one change to your business structure could greatly lower the chance of experiencing theft losses. That one change is to outsource your accounting. By outsourcing your business’ accounting, you improve your segregation of duties, receive timely financials, and can spend more time focusing on the business, all at a cost that won’t break the bank.
Just as the government has checks and balances, so should your business. Segregation of duties ensures that at least two individuals are responsible for separate parts of any task. This reduces your risk for fraud as it prevents any single person from having too much power.
Outsourcing your accounting with Hobe and Lucas’ Client Accounting Services (CAS):
Hobe & Lucas is here to provide a cost effective way to help your business take care of business. Outsourcing your accounting with us will enhance your internal control structure by reducing your probability of fraud occurrences and increasing the efficiencies of your business overall. You will receive timely reconciliations and financials, giving you the ability to always know your financial position for better debt monitoring and tax projections. Putting your back office accounting services in our hands will free up your time to do all of the things that “there just aren’t enough hours in the day” for.
Questions? Ready to get started? Contact us for a quote today!
January 10, 2023
Is your hobby a business? It matters to the IRS. The agency says your hobby is a business if it operates to make a profit. But it’s not a simple determination. To start with, intent matters. Here are some factors the IRS offers to help you ascertain whether your hobby is a business: If the […]
December 13, 2022
Personal identifiable information is defined as the personal information of an individual that can be used to identify them. According to the Department of Labor, PII can be in the form of either direct or indirect information. Examples of direct forms of PII include the following: Examples of indirect forms of PII are as follows: […]