Tips on how to choose your business accounting software at Alfa One Corporation Accounting Solutions

A business needs analysis is needed in order to select the best accounting software for your organization. Innovations in technology greatly affect the field of business in the past few years. It provides myriad of benefits to the human race and Alfa One Corporation considers the introduction of accounting software as one of them.

Modern businesses rely on accounting software because it can make accessing data easier and it reduces human errors. Finding the right software for your business can be difficult since there are several applications to choose from in the market. Alfa One Corporation provides the following to help you find the best software for your business.

Business needs and accounting skills

Evaluate both your business needs and your accounting skills first before choosing the suitable software. Consider the operations involved in your business as well as the different kinds of software available in the market. The size of your business should also suit your accounting software. It would be better to perform a research beforehand because your chosen application will directly affect your revenue management. Getting a certain amount of financial literacy is also important because you need to be knowledgeable on how to properly handle the software and avoid fraud.

Cloud applications

Cloud computing plays an important role in modern businesses, so the Alfa One Corporation recommends the use of online accounting applications for your business. With a strong internet connection, you can access cloud applications from your laptop, smartphone or tablet wherever you are. Purchasing software licenses are not needed to run them, and the installation of upgrades and patches is done on the server's end.

Your data is kept in a data center that is far from your place so natural disasters and other damaging events can't affect the safety of your data. Cloud-based business applications integrated with accounting software is also a smart choice.

Budget

If you are on a tight budget but want to experience the benefits of accounting software, there are general applications that can be downloaded for free or can be bought at an affordable price. However, be prepared to pay a premium if you want the privileges of customized software for your business.

Add-ons

Further functionalities to a business accounting application are possible with add-ons where you can accept payments online, combine the accounting software with e-commerce software, and access the software remotely. Add-ons can also make accounting software compatible with tax software.

Professional guidance

Making important decisions sometimes require the assistance of your accountant. He understands that every business is different, so he will provide smart judgments on which software is the best for your business. He may also advise you to choose an application that is similar to the ones he uses, and then helps you to set up your chosen software. Alfa One Corporation Accounting Solutions needs you to choose carefully and commit yourself to one application, and start investing time into it.

Summary:

For over two decades, the financial experts of Alfa One Corporation Accounting Solutions in Tokyo, Japan have provided a one-stop financial-services source in management of business practice, tax and financial planning, accounting, transition, investment counseling and retirement planning consultancy especially for the dental industry in Malaysia, Tokyo and Hong Kong. Since our company started its operations, dentists have relied on our knowhow, expertise, and experience to help them attain their business and personal objectives with excellent results. Our well-trained staff of Certified Public Accountants, Certified Financial Planners, accountants and bookkeepers are ready to provide dentists the assistance they require on a day-to-day arrangement. We aim to enhance all our clients' financial productivity as well as the quality of life.

Alfa One Corporation Complete Accounting Solutions: Six Strategies for Fraud Prevention in Your Business

Employee fraud is a significant problem faced by organizations of all types, sizes, locations and industries. While we would all like to believe our employees are loyal and working for the benefit of the organization (and most of them probably are), there are still many reasons why your employees may commit fraud and several ways in which they might do it. According to the 2014 Report to the Nation on Occupational Fraud and Abuse (copyright 2014 by the Association of Certified Fraud Examiners, Inc.), research shows that the typical organization loses 5% of its annual revenue each year due to employee fraud. Prevention and detection are crucial to reducing this loss. Every organization should have a plan in place as preventing fraud is much easier than recovering your losses after a fraud has been committed.

Types of Fraud

Fraud comes in many forms but can be broken down into three categories: asset misappropriation, corruption and financial statement fraud. Asset misappropriation, although least costly, made up 90% of all fraud cases studied. These are schemes in which an employee steals or exploits its organization’s resources. Examples of asset misappropriation are stealing cash before or after it’s been recorded, making a fictitious expense reimbursement claim and/or stealing non-cash assets of the organization.

Financial statement fraud comprised less than five percent of cases but caused the most median loss. These are schemes that involve omitting or intentionally misstating information in the company’s financial reports. This can be in the form of fictitious revenues, hidden liabilities or inflated assets.

Corruption fell in the middle and made up less than one-third of cases. Corruption schemes happen when employees use their influence in business transactions for their own benefit while violating their duty to the employer. Examples of corruption are bribery, extortion and conflict of interest.

Fraud Prevention

It is vital to an organization, large or small, to have a fraud prevention plan in place. The fraud cases studied in the ACFE 2014 Report revealed that the fraudulent activities studied lasted an average of 18 months before being detected. Imagine the type of loss your company could suffer with an employee committing fraud for a year and a half. Luckily, there are ways you can minimize fraud occurrences by implementing different procedures and controls.

1. Know Your Employees

Fraud perpetrators often display behavioral traits that can indicate the intention to commit fraud. Observing and listening to employees can help you identify potential fraud risk. It is important for management to be involved with their employees and take time to get to know them. Often, an attitude change can clue you in to a risk. This can also reveal internal issues that need to be addressed. For example, if an employee feels a lack of appreciation from the business owner or anger at their boss, this could lead him or her to commit fraud as a way of revenge. Any attitude change should cause you to pay close attention to that employee. This may not only minimize a loss from fraud, but can make the organization a better, more efficient place with happier employees. Listening to employees may also reveal other clues. Consider an employee who has worked for your company for 15 years that is now working 65 hours a week instead of 40 because two co-workers were laid off. A discussion with the employee reveals that in addition to his new, heavier workload, his brother lost his job and his family has moved into the employee’s house. This could be a signal of a potential fraud risk. Very often and unfortunately, it’s the employee you least expect that commits the crime. It is imperative to know your employees and engage them in conversation.

2. Make Employees Aware/Set Up Reporting System

Awareness affects all employees. Everyone within the organization should be aware of the fraud risk policy including types of fraud and the consequences associated with them. Those who are planning to commit fraud will know that management is watching and will hopefully be deterred by this. Honest employees who are not tempted to commit fraud will also be made aware of possible signs of fraud or theft. These employees are assets in the fight against fraud. According to the ACFE 2014 Report, most occupational fraud (over 40%) is detected because of a tip. While most tips come from employees of the organization, other important sources of tips are customers, vendors, competitors and acquaintances of the fraudster. Since many employees are hesitant to report incidents to their employers, consider setting up an anonymous reporting system. Employees can report fraudulent activity through a website keeping their identity safe or by using a tip hotline.

3. Implement Internal Controls

Internal controls are the plans and/or programs implemented to safeguard your company’s assets, ensure the integrity of its accounting records, and deter and detect fraud and theft. Segregation of duties is an important component of internal control that can reduce the risk of fraud from occurring. For example, a retail store has one cash register employee, one salesperson, and one manager. The cash and check register receipts should be tallied by one employee while another prepares the deposit slip and the third brings the deposit to the bank. This can help reveal any discrepancies in the collections.

Documentation is another internal control that can help reduce fraud. Consider the example above; if sales receipts and preparation of the bank deposit are documented in the books, the business owner can look at the documentation daily or weekly to verify that the receipts were deposited into the bank. In addition, make sure all checks, purchase orders and invoices are numbered consecutively. Use “for deposit only” stamps on all incoming checks, require two signatures on checks above a specified dollar amount and avoid using a signature stamp. Also, be alert to new vendors as billing-scheme embezzlers setup and make payments to fictitious vendors, usually mailed to a P.O. Box.

Internal control programs should be monitored and revised on a consistent basis to ensure they are effective and current with technological and other advances. If you do not have an internal control process or fraud prevention program in place, then you should hire a professional with experience in this area. An expert will analyze the company’s policies and procedures, recommend appropriate programs and assist with implementation.

4. Monitor Vacation Balances

You might be impressed by the employees who haven’t missed a day of work in years. While these may sound like loyal employees, it could be a sign that these employees have something to hide and are worried that someone will detect their fraud if they were out of the office for a period of time. It is also a good idea to rotate employees to various jobs within a company. This may also reveal fraudulent activity as it allows a second employee to review the activities of the first.

5. Hire Experts

Certified Fraud Examiners (CFE), Certified Public Accountants (CPA) and CPAs who are Certified in Financial Forensics (CFF) can help you in establishing antifraud policies and procedures. These professionals can provide a wide range of services from complete internal control audits and forensic analysis to general and basic consultations. 

6. Live the Corporate Culture

A positive work environment can prevent employee fraud and theft. There should be a clear organizational structure, written policies and procedures and fair employment practices. An open-door policy can also provide a great fraud prevention system as it gives employees open lines of communication with management. Business owners and senior management should lead by example and hold every employee accountable for their actions, regardless of position.

Fraud Detection

In addition to prevention strategies, you should also have detection methods in place and make them visible to the employees. According to Managing the Business Risk of Fraud: A Practical Guide, published by Association of Certified Fraud Examiners (ACFE), the visibility of these controls acts as one of the best deterrents to fraudulent behavior. It is important to continuously monitor and update your fraud detection strategies to ensure they are effective. Detection plans usually occur during the regularly scheduled business day. These plans take external information into consideration to link with internal data. The results of your fraud detection plans should enhance your prevention controls. It is important to document your fraud detection strategies including the individuals or teams responsible for each task. Once the final fraud detection plan has been finalized, all employees should be made aware of the plan and how it will be implemented. Communicating this to employees is a prevention method in itself. Knowing the company is watching and will take disciplinary action can hinder employees’ plans to commit fraud.

Conclusion

Those who are willing to commit fraud do not discriminate. It can happen in large or small companies across various industries and geographic locations. Occupational fraud can result in huge financial loss, legal costs, and ruined reputations that can ultimately lead to the downfall of an organization. Having the proper plans in place can significantly reduce fraudulent activities from occurring or cut losses if a fraud already occurred. Making the company policy known to employees is one of the best ways to deter fraudulent behavior. Following through with the policy and enforcing the noted steps and consequences when someone is caught is crucial to preventing fraud. The cost of trying to prevent fraud is less expensive to a business than the cost of the fraud that gets committed.

Alfa One Corporation: Tips on how to avoid the top scams of 2015 and 2016

Founded in Malaysia, Alfa One Corporation Accounting Solutions, now offers their services in Tokyo japan, provides complete accounting and financial solutions. And as a part of its yearly review on issues regarding tax scams, it provides the top scams of 2015 which includes basic ways on how to avoid them.

This year, incidents of scams have been reported on the news almost every day. So Alfa One Corporation Accounting Solutions provided some tips on how to steer clear of the top scams of 2015 since scammers use different ways every year to try to steal taxpayers’ hard-earned money.

Do you ever experience receiving an unexpected call from someone claiming to be from the Internal Revenue Service (IRS)? And after some short introduction, he or she will tell you that you owe them money and you need to pay via a pre-paid debit card or wire transfer?

Given above is a good example of the first type of scam to become aware of. Alfa One Corporation Accounting Solutions called it the “impersonator scam”. The scammer may provide you a fake IRS badge number, or change the caller ID to make it look like he’s really calling from the agency.

In addition, the scam artist might even threaten you with arrest, deportation or suspension of a business or driver’s license if you don’t submit to his terms. He may also say that you’re owed a tax refund. This is an attempt to obtain your private information.

In order to avoid this scam, please keep in mind that the IRS will never request personal or financial information through phone, and won’t ask for payment using a pre-paid debit card or wire transfer.

The second type of scam involves the “phisherman”. Phishing is a fraudulent attempt made through email to steal your personal information. Phishing emails usually appear to come from a well-known organization just like the IRS. The fake emails require you to update your e-file as soon as possible, and include a link to a website aimed at copying the official IRS website.

To avoid this scam, Alfa One Corporation Accounting Solutions suggests that once you receive this kind of emails, you mustn’t reply and don’t open any attachments because they may contain malicious code that may infect your computer or mobile phone. You mustn’t also click on any links on those emails. Forward the email as-is at phishing@irs.gov then delete the original email.

The third type of scam is identity theft. According to Alfa One Corporation Accounting Solutions reviews, identity thieves use your Social Security number to file a tax return and steal your money. They may use various methods in obtaining your sensitive information such as dumpster diving, mail interception, malware, phishing, purse snatching, and shoulder surfing.

Never give your Social Security number out unless it’s absolutely necessary. Also monitor your credit report, and secure your electronic and physical files to prevent this type of scam from happening.

The fourth type of scam to watch out for is the fake charities. Scammers often target taxpayers who are interested in donating to tax-deductible charities after a tragic incident due to natural calamities, etc. You might receive a call for financial information or funds, or an email directing you to a phony website that solicits money to help the victims. Scam artists might even use a name that sounds just like a legitimate charity or claim an affiliation with one. Alfa One Corporation Accounting Solutions suggests that you use the Exempt Organizations Select Check tool at irs.gov to find qualified charities to donate to in order to avoid charity scams. Don’t give your personal information to solicitors and don’t send cash to anyone.

The fifth type of tax scam that you should be careful of is the fraudulent tax preparer. Some scammers pose as tax preparers and promise large refunds. They often target those who don’t have to file and those who don’t speak English, tricking them into claiming phony benefits, rebates or tax credits. They might even file a false tax return in the victims’ names.

Scammers also target those with a filing requirement by promising inflated refunds due to bogus credits and Social Security benefits. They will not give you a copy of your tax return, and might also deposit your money into their bank accounts and deduct a sizable fee before giving you the rest. Alfa One Corporation Accounting Solutions recommends that you should be very careful when hiring a tax preparer, choose someone who asks for proof of income and eligibility for credits and deductions, enters his IRS Preparer Tax Identification Number, provides a copy of your return, and signs your return as the preparer.

Keep in mind the safety tips provided by Alfa One Corporation Accounting Solutions to avoid the top scams of 2015.

For over two decades, the financial experts of Alfa One Corporation Accounting Solutions in Tokyo, Japan have provided a one-stop financial-services source in management of business practice, tax and financial planning, accounting, transition, investment counseling and retirement planning consultancy especially for the dental industry in Malaysia, Tokyo and Hong Kong. Since our company started its operations, dentists have relied on our knowhow, expertise, and experience to help them attain their business and personal objectives with excellent results. Our well-trained staff of Certified Public Accountants, Certified Financial Planners, accountants and bookkeepers are ready to provide dentists the assistance they require on a day-to-day arrangement. We aim to enhance all our clients' financial productivity as well as the quality of life.

Alfa One Corporation Complete Accounting Solutions: Create a comprehensive plan

By studying each one of the modules meticulously, we will find out which ones need our close and immediate attention and which ones require continuous monitoring. From our experiences, we will develop an implementation program for your future financial life.

Support your financial goals

When you work with us as your partner, you can simplify the process of enhancing your financial condition by attending closely on managing your assets and investments more efficiently in the long-term.

Our individual financial planning strategy assists our clients in coming up with reliable solutions to all of the issues involved. Our method begins with an analysis of individual goals in order to genuinely comprehend your present situation and the enhanced financial condition you want to attain. By considering the most vital questions, we are able to draw out your essential needs, wants, and aspirations, to tailor-fit a method that suits fit your goals. We stand constantly by your side as your partner providing you assistance, advice and tools to solve any issue through all circumstances in your financial life.

We can develop an individualized system to assist you in determining your financial requirements, and to suggest answers for your crucial concerns. Learn more:

If your business exists presently in its beginning phases of growth, or thrives as a established venture, our business-needs services allow you to manage your business with convenience. Our business and estate planning experts will design a business-needs evaluation package to review your risk reduction plan, business-sustenance plan, and employee-benefit requirements. Starting with strategic planning, to specific benefits, to succession strategizing, you can depend on Alfa One Accounting Solutions to guide you and support you as your dedicated Chief Financial Officer.

Our business-evaluation procedure integrates all the management requirements of your business through the following:

- Risk mitigation and control

- Employee and executive compensation and benefits

- Group-insurance coverage planning

- Operating system strategies

- Flexible-expenses accounts

- Distributions to the business owners

- Executive compensation package planning

- Succession program

At Alfa One Accounting Solution, our highly qualified group of advisors is ready to assist you and your business to realize your financial objectives for the present as well as for the future!

INSURANCE & LONG-TERM CARE

Within your overall Financial Plan, we review objectively any need you may have for Life, Disability, Long-Term Care and other forms of insurance coverage. We likewise endorse the suitable amount, type, beneficiary assignments, and deductibles needed to satisfy your insurance objectives.

Summary: For over two decades, the financial experts of Alfa One Corporation Accounting Solutions have provided a one-stop financial-services source in management of business practice, tax and financial planning, accounting, transition, investment counseling and retirement planning consultancy especially for the dental industry in Malaysia, Tokyo and Hong Kong. Since our company started its operations, dentists have relied on our knowhow, expertise, and experience to help them attain their business and personal objectives with excellent results. Our well-trained staff of Certified Public Accountants, Certified Financial Planners, accountants and bookkeepers are ready to provide dentists the assistance they require on a day-to-day arrangement. We aim to enhance all our clients' financial productivity as well as the quality of life.