In a recent study released by industry expert ACFE it was determined that small businesses are much more vulnerable to occupational fraud. With cases of check tampering, skimming, payroll and cash larceny schemes occurring more than twice as frequently in small businesses in comparison to larger organizations. Here are some cost effective solutions that will help you protect your business.
According to CCMA Magazine, internal controls may lag at smaller organisations as managers sacrifice them for the sake of service delivery, particularly at cost-conscious not-for-profits and start-up organisations.
With the popularity of high deductible health insurance plans spiking, medical practices are seeing increased difficulty collecting payments from their patients. Patients are confused over their owed amounts, and this leads them to delay payment on bills. Even when they agree on the amount they owe, many patients simply cannot afford deductible amounts that can quickly rise into the thousands of dollars. Some patients have access to credit instruments to satisfy their obligations, but many do not. This issue is reaching a critical level for many hospitals, doctor’s offices and other healthcare practices.
We are pleased to announce that Jack Daly, Provider Web Capital’s Chief Revenue Officer, was selected to be a contributing columnist for HomeCare magazine. With nearly four decades of publications under its belt, HomeCare magazine has established itself as a place where home health business owners go not only for industry news but for industry-leading content that is focused solely on helping business owners succeed. Needless to say, Mr. Daly was more than happy to share his unique financial expertise for small businesses in healthcare.
Regardless of your political leanings about the new Administration taking office soon, one fact that can’t be argued is that small business optimism is soaring. The National Federation of Independent Business’s (NFIB) index jumped 7.4 points last month to 105.8, the highest since the end of 2004.
Bloomberg reports, optimism among America’s small businesses soared in December by the most since 1980 as expectations about the economy’s prospects improved dramatically in the aftermath of the presidential election.
According to a recent article published in the American Banker, women are less likely to secure a loan through traditional banks. The article states, “Although women own a third of U.S. small businesses, they get less than 20% of the loans made through the bank-centric, federally backed system.” It goes on to say that “only 5.5% of women business owners obtain commercial loans of any kind from banks or other financial institutions to start or acquire their businesses, compared with 11.4% of male business owners.”
As reported by The Balance “Section 179 of the IRS Code was enacted to help small businesses by allowing them to take a depreciation deduction for certain assets (capital expenditures) in year one, rather than over a longer period of time. Taking a deduction on an asset in its first year is called a Section 179 deduction.”
According to an article published this week by Forbes Magazine, the holiday rush can be a stressful time for small businesses. Owners have to account for staffing issues, lack of capital, inventory, and insufficient personal time. And while 81% of the small businesses surveyed feel confident that this season will be a success for their business, only 27% reported not needing additional financing to get through the holidays. Forbes also noted,
According to Forbes, the holiday rush can be a stressful time for small business retailers. Owners have to account for staffing issues, lack of capital, inventory, opening another location, boosting advertising, and insufficient personal time. Amidst the shopping, box office blockbusters and holiday cheer, retailers with fewer than 100 employees were surveyed to gauge their outlook for the holiday season.