Cash Flow Management: The Life of Your Business
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1 Cash Flow Management: The Life of Your Business Brian S. Gottschalk CPA Partner GellerRagans Certified Public Accountants Advisors
2 Cash Flow- defined Movement of money received and spent: the pattern of income and expenses, and its consequences for how much money is available at a given time Company s money received and spent: the prediction or assessment of a company s income and expenditure over a period of time
3 Why is Cash Flow Important? Do I have enough cash in my bank account to cover my expenses Limits on using credits Positive cash flow is needed to ascertain credit Not the same as income statement
4 The Cash Flow Statement Snapshot of cash flow for the period of time covered Helps reconcile the income statement to balance sheet Shows cash flow in three categories
5 The Cash Flow Statement Starts with net income for the period Cash flow from operating activities Cash flow from investing activities Cash flow financing activities Net increase/decrease in cash Add beginning cash balance Agrees to ending cash balance Reconciled!
6 Cash flow from operating activities Measure of cash used in normal operation
7 Cash flow from investing activities Cash used or provided by the purchase and sale of income producing assets
8 Cash flow from financing activities Measures cash flow between the company and its owners and creditors
9 Managing Cash Flow Cash Inflows Cash Outflows Other Items to Consider
10 Cash Inflows Make it easy to pay (timely) Credit cards Terms Invoice as soon as possible Identify potential problems early Institute a credit and collections policy Stay on top of large clients to avoid problems
11 Cash Outflows Manage due dates and negotiate terms Take advantage of discounts; avoid late fees and interest Renegotiate long term debt Don t purchase unnecessary fixed assets Cut expenses Consider not selling slow moving inventory
12 Other Items Know your cash balance daily Maintain a working relationship with your bank Keep your accounting records updated
13 Conclusion Poorly management cash flow is one of the leading causes to business failure. Keep a constant vigilance on cash and don t become another statistic in failed cash management.
14 Occupational Fraud: The Enemy Within Kristin A. Bivona CPA, Cr.FA Partner GellerRagans Certified Public Accountants Advisors
15 Occupational Fraud and Abuse- defined The use of one s occupation for personal enrichment through the deliberate misuse or misapplication of the employing organization s resources or assets
16 Elements of Fraud A material false statement Knowledge that the statement was false when it was uttered Reliance on the false statement by the victim Damages resulting from the victim s reliance on the false statement
17 Fraud Triangle Opportunity Motivation Rationalization
18 Fraud Triangle (cont d) Opportunity is created when there are weaknesses in controls. Individuals think that they won t get caught because no one is looking, reviewing, or performing reconciliations or reviews
19 Fraud Triangle (cont d) Motivation or pressure may include financial problems or addictions such as: gambling, shopping or drugs. Pressure to show good performance or results, or just the thrill of being able to get away with something.
20 Fraud Triangle (cont d) Rationalization is when individuals think they are justified because of a specific reason: They are underpaid; or It s for their family; or They need it now but they ll pay it back before anyone notices.
21 Common Types of Fraud Misappropriation of assets Deposit tampering Fraudulent disbursements Payroll schemes Financial statement fraud
22 Common Types of Fraud (cont d) Misappropriation of assets: fraud which involves employees abusing their position to steal from an organization through fraudulent activity. Cash theft Skimming Cash larceny Inventory Physical assets Data and intelligence
23 Common Types of Fraud (cont d) Deposit tampering: information is changed or replaced before the intended party receives the information. Employees can make cash deposits into the bank account but withhold cash for themselves. If the deposits are solely checks, a less cash amount can be deducted and kept for themselves.
24 Common Types of Fraud (cont d) Fraudulent disbursements: Shell company schemes: a fictitious entity established by the employee to bill goods or services that the company never receives; the employee uses the payments for personal benefit. Employees can create a business which could reasonably be providing services to the company (i.e. consulting services, repair and maintenance services). Employee will then set up a bank account under their business name and invoice the company for payment and use those funds for personal gain.
25 Common Types of Fraud (cont d) Fraudulent disbursements (cont d): Pass-through schemes: a shell company is established by the employee to purchase goods or services for the employer. These items are then marked-up in price and sold to the company through the shell company. The marked-up proceeds are used for the employee s personal benefit.
26 Common Types of Fraud (cont d) Payroll schemes: common schemes among fraudsters includes ghost employees and falsification of hours or pay rates. Ghost employee schemes involve fictitious employees and having payroll deposits placed into the dishonest employee s bank account. Employees can falsify the amount of hours actually worked in order to increase their compensation. Employees with access to payroll records can alter their pay rates and/ or salary.
27 Common Types of Fraud (cont d) Financial statement fraud Cooking the books Fabricating revenue Timing differences Early revenue recognition Improper financial statement disclosures Omitting liabilities Improper asset valuation Inventory Accounts receivable
28 Prevention vs. Detection An ounce of prevention is better than a ton of treatment In order to prevent fraud there is a need to make your organization immune against fraud Reduce risk through prevention Hiring practices Education Culture Code of conduct Monitoring and evaluation An effective anti-fraud program can significantly reduce the risk of fraud and increase the likelihood that, if fraud does occur, it will be detected at an early stage
29 Prevention vs. Detection (cont d) Hiring practices- can I trust this person with my money and my reputation Conducting background investigations and credit checks on individuals being considered for employment or for promotion to a position of trust Thoroughly checking a candidate s education, employment history, and personal references Make the time to be involved
30 Prevention vs. Detection (cont d) Education- Certain conditions involving a lack of awareness and understanding can create a fertile environment for fraud Utilize a professional fraud examiner to educate your staff about what constitutes fraud Clearly communicate your expectations about ethical behavior Make employees aware of their options if they suspect fraud is occurring Anonymous tip line
31 Prevention vs. Detection (cont d) Culture: create and maintain a corporate culture of honesty and ethics Tone at the top Positive workplace environment Set achievable financial goals (not to create undue pressure) Recognition and reward systems that are in tandem with goals Team-oriented, collaborative decision making policies Professionally administered compensation programs
32 Prevention vs. Detection (cont d) Code of conduct: detailed policy demonstrating to your employees that your company takes the issue of ethics and dishonesty seriously Document must provide definitions and explanations of what is considered dishonest behavior and the associated consequences Include all applicable topics Distribute the document to all personnel and immediately upon hire of new employees Update regularly
33 Prevention vs. Detection (cont d) Monitoring Evaluate your internal controls regularly Staff changes New business areas Feedback from employees Implement changes
34 Response What do I do if fraud is detected? A thorough investigation of the incident should be conducted Appropriate and consistent actions should be taken against violator Relevant controls should be assessed and improved Communication and training should occur to reinforce the entity s values, code of conduct, and expectations
35 Who we are The world has changed dramatically over the last ten years. The only thing certain now is that it will change even more dramatically over the next ten. At GellerRagans, we understand your optimism as well as your anxiety. Change creates opportunity. It can also create chaos. As your business partner, we can help you navigate the turbulent waters and recognize opportunities when they arise. Our firm provides outstanding service to our clients because of our dedication to the three underlying principles of professionalism, responsiveness and quality. Professionalism Our firm is one of the leading firms in the area. By combining our expertise, experience and the energy of our staff, each client receives close personal and professional attention. Our high standards, service and specialized staff spell the difference between our outstanding performance, and other firms. We make sure that every client is served by the expertise of our whole firm. Responsiveness Our firm is responsive. Companies who choose our firm rely on competent advice and fast, accurate personnel. We provide total financial services to individuals, large and small businesses and other agencies. To see a listing of our services, please take a moment and look at our services page. Because we get new business from the people who know us best, client referrals have fueled our growth in the recent years. Through hard work, we have earned the respect of the business and financial communities. This respect illustrates our diverse talents, dedication and ability to respond quickly. Quality An accounting firm is known for the quality of its service. Our firm's reputation reflects the high standards we demand of ourselves. Our primary goal as a trusted advisor is to be available to provide insightful advice to enable our clients to make informed financial decisions. We do not accept anything less from ourselves and this is what we deliver to you. We feel it is extremely important to continually professionally educate ourselves to improve our technical expertise, financial knowledge and service to our clients. Our high service quality and "raving fan" clients are the result of our commitment to excellence. We will answer all of your questions, as they impact both your tax and financial situations. We welcome you to contact us anytime.
36 GellerRagans Certified Public Accountants Advisors 111 N. Orange Avenue Suite 1100 Orlando, FL (407)
37 Thank You
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