Eric Gerard Ruiz, CPA

Cash controls are a crucial component of cash management because cash—being the most liquid of all assets—is highly susceptible to theft and misappropriation. Creating internal cash controls for small businesses involves setting policies for handling physical cash and checking accounts and delegating responsibilities in keeping them. To help you, we cover 20 best practices and…

ZipBooks and Wave are cloud-based accounting programs that offer free plans. ZipBooks is ideal for service firms billing clients by the hour, while Wave is the better choice for companies with transactions in multiple currencies. ZipBooks currently doesn’t have a mobile app but allows you to track time and track income and expenses by project….

A lapping scheme is usually caused by poor segregation of duties, nonexistent or inefficient internal controls, and inadequate supervision. Understanding how it is perpetrated in the business can help you detect it before your losses eat up your profits. We’ll teach you what preventive measures you can take against this fraudulent act, such as rotating…

Depreciation doesn’t impact cash flow because it is a noncash expense. However, depreciation has an effect on the cash flow statement when the indirect method is used in computing cash flows from operating activities. Understanding the impact of depreciation on cash flow in the operating activities section can help you plan out future cash flows…

The main challenge is finding a way to uncover vendor fraud since fraudulent acts are performed with the intent to conceal them. Businesses with weak or missing internal controls are at a high risk of this type of fraud. In this article, we’ll talk about the different kinds of vendor fraud and give you some…

Businesses with very relaxed or nonexistent internal controls over cash transactions are at a high risk of skimming fraud. The best way to detect and prevent cash skimming is to implement a robust internal control system with a strong emphasis on proper and adequate transaction documentation. In this article, we’ll talk about how cash skimming…

I’ll walk you through how to reconcile petty cash, which starts with computing the petty cash on hand and all the receipts in the lockbox. The custodian may uncover discrepancies, and they must deal with them accordingly. At the end of the reconciliation process, the custodian must request a petty cash replenishment to restore the…

The best fixed asset management software should let users compute financial and tax depreciation, track the status and condition of fixed assets, and manage all fixed asset details. On top of that, software asset tracking is a required feature for businesses with information technology (IT) assets. With that in mind, here are our top picks…

We prepared some of the best QuickBooks Online tips and tricks that can save you time by reducing repetitive tasks and minimizing scrolling for the data you need. Discover how to work more effectively by using keyboard shortcuts, automating some of your work, displaying data in different ways, and making your files more accessible. Productivity…

The best church accounting software should provide detailed transaction information and reports to key stakeholders, such as donors and the board of directors. Many churches can benefit from church management software that’s integrated with good accounting software. We evaluated the six best church accounting programs for churches: : Best overall church accounting software : Best…

A petty cash log (also called a petty cash register) is the official record of all petty cash transactions. The petty cash custodian is in charge of maintaining the petty cash log for all petty cash transactions that were taken out of the fund. We have prepared a free downloadable petty cash log template that…

The main objective of accounts payable internal controls is to reduce the risk of error and fraud that may proliferate in the accounting information system if not detected, prevented, and corrected on time. Having controls in place helps the A/P team deliver on their responsibilities and maintain independence in reviewing and approving all A/P transactions….