Resources - Novak Francella | Certified Public Accountants

Make your nonprofit’s accounting function more efficient

October 17, 2018

Improve nonprofit accounting efficiency: Set cutoff policies, reconcile monthly, batch processing, ensure oversight, maximize software use, and review processes. Regular evaluation and updates can streamline operations and enhance accuracy. Seek professional help for optimizing accounting functions.

When it comes to revenue, nonprofits need to think like auditors

October 11, 2018

Analyze nonprofit revenue sources: individual contributions, grants, service fees, and membership dues. Look for trends, reliance on single sources, and potential declines. Use insights for goal-setting and budgeting. Seek professional help to interpret data.

When should you reconsider a special event?

October 8, 2018

To boost special event success: Make a budget, estimating revenue and costs. Develop targeted marketing plan. Track all costs accurately. Evaluate results, comparing to budget and assessing unexpected expenses. Use insights to determine future viability. Seek professional help if needed.

Conducting a preliminary fraud interview

October 2, 2018

When suspecting employee fraud: Prepare for interviews, decide information needed, identify key people. Keep interviews informal, avoid threats or promises. Get written statements if necessary. Consult experts for full investigation.

Don’t become a victim of bankruptcy fraud

September 24, 2018

Beware of bankruptcy fraud schemes like "bust-outs" where fraudsters create fake companies to order goods without paying. Vet new businesses carefully. Watch for asset concealment in bankruptcies. Prevention is key; seek professional help if fraud is suspected.

Expense reimbursement fraud is common, but preventable

September 21, 2018

Expense reimbursement fraud is common. Prevent it with strict policies, supervisor accountability, credit card verification, and a fraud hotline. Enforce rules consistently, punish violators. Even small frauds can add up, especially from executives or frequent travelers.

Why employers are taking another look at life insurance as a fringe benefit

September 20, 2018

Group term life insurance is an affordable, tax-deductible benefit for employers. Employees value it for financial security. First $50,000 of coverage is tax-exempt for employees. Offer to all employees to meet IRS requirements. Can boost recruitment and retention.

What’s the difference between a plan document and an SPD?

September 13, 2018

ERISA requires plan documents and summary plan descriptions (SPDs) for health/welfare plans. Plan documents detail rights and benefits. SPDs summarize for participants. They can be combined if meeting all requirements. Failure to provide can result in penalties. SBCs also required for group health plans.

Train employees to help stamp out fraud

September 10, 2018

A forensic accountant can train employees to spot fraud. Topics may include payroll theft, cyberfraud, loan scams, and fraudulent solicitations. Tailor training to departments. Educating staff on fraud prevention protects your business and bottom line.

Preventing business identity theft: 5 tips

September 4, 2018

Protect business identity: Secure documents, shred unneeded ones, maintain online security, educate employees, and monitor bank accounts daily. Implement controls to prevent identity theft and potential financial losses. Seek expert help to establish safeguards.

Even voicemail is susceptible to fraud

September 4, 2018

Voicemail systems are vulnerable to hacking. Thieves guess passwords to authorize unauthorized calls or access confidential information. Prevent fraud by using unique, six-digit passwords, changing them regularly, and disabling certain features. Check greetings routinely.

Improving a struggling employee’s performance is a two-way street

September 4, 2018

When employees underperform, investigate before blaming. Define issues, check training, and provide feedback. Meet with employee, discuss concerns, and create improvement plan together. Follow up regularly. Helping struggling employees succeed can improve retention and productivity.

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