Message from Mayor Reed to the Wife of Congressman Lewis (Lillian Miles Lewis) who Died

On behalf of the people of the City of Atlanta, I extend my deepest condolences to the Lewis and Miles families on the passing of Lillian Miles Lewis. Mrs. Lewis was active in social justice movements across the country and was an articulate ambassador on behalf of her adopted home city of Atlanta. She was a strong and steadfast supporter of her husband, whom she married in 1968 at Ebenezer Baptist Church. She will be missed.

Financial Statement Report Can be Fraudulent

Huge cases of fraud have been seen in the accounting world. Although some of them happened decades ago, they are still remembered because of their intensity. You would not want such a big problem to rock your company and cause discrepancies in financial allotment. To make you less prone to fraud, you have to understand your financial statement report.

One way to falsify the financial statement is by not recording transactions accurately. There might be discrepancies in the funds allocated to a certain project, bloating the amount that goes out and diminishing the amount that gets in.

There are also instances where people of power use their authority to record estimates that are far from the true cost. This is easily done when there is no person to monitor the actions of people with high positions regarding non-routine transactions.

While management override can sometimes be used to correct problems with the financial transaction report, this could also be used to change the values and favor the person manipulating the data.

Without an internal auditing body to double check transactions, it would be easier to falsify documents. Furthermore, if one fraudster meets another, they could wreak more havoc that will be harder to detect.

The capacity of a business to continue operations is determined by its financial records. If there is too much money loss, the company will be bankrupt. How will you know that your business is doing good when fraudulent data shows that you are running out of funds?

This is exactly why many companies choose to have a separate accounting firm handling their finances. This way, inconsistencies will be minimized and a detailed report of where the funds go will be produced in a timely manner. 

Manage Business Accounting Online

Managing a business involves various responsibilities, once of which is accounting. What is accounting? It’s recording and categorizing the money that’s going in and out of the company. This job is often assigned to businessaccounting providers so that the management can focus on other tasks.

If you are managing a business that requires the help of business accountants, you need to evaluate your needs first. Businesses dealing with selling goods or services online do not need a complicated system or software to manage their accounts.

An inventory is important if your business involves buying things and gaining profit by selling them at a higher price. The quantity, cost per unit, and value need to be tracked in the inventory. This makes for more complicated accounting job. Business accounting becomes even more complicated if you are creating your own product.

There are web-based accounting software products that can help you deal with your accounting needs. The advantage of web-based accounting is it’s faster than desktop software products.

However, you need to be aware of the limitations of business accounting software options before choosing one. For instance, some of them focus on invoicing, while others are specific to tracking cash flow. There are some that will not let you create full financial statements because of the inability to import categorized transactions. Some options also do not have manual input functions.

When choosing online business accounting software, always look for the functionalities that you will need in managing the accounts of your business.