A business loan broker acts as an intermediary between a borrower and a lender to help secure business financing. Essentially, a broker utilizes your financing application to research and pair you with financing options applicable to your needs. With this, you can save time and money when shopping around for a lender. It’s worth noting…
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What Is the Fraud Triangle in Accounting?
The fraud triangle is a framework that outlines three coexisting conditions that typically lead to higher instances of occupational fraud: pressure, opportunity, and rationalization.
Designed by well-known criminologist Donald R. Cressey, the fraud triangle explains the reasons behind fraud and is a guide for small business owners and managers to assess the areas where fraud might exist. In the accounting process, we look at fraud as a causative factor for material misstatements in accounting records and financial statements. We…
What Is a Certificate of Beneficial Ownership Form?
A Certificate of Beneficial Ownership (CBO) form is a document required by financial institutions in which a legal entity discloses information and the identities of individuals considered to be beneficial owners? of the business. It is commonly used when obtaining financing and opening business bank accounts. It’s deemed necessary by the Financial Crimes Enforcement Network…
What is Workforce Development?
Learn about workforce development and how it can help your small business remain agile in the face of competition and a changing economy.
Workforce development definition Workforce development is all about helping employees improve their skills, education, and overall capabilities to meet the evolving demands of the job market. For small businesses like yours, this means providing current employees and jobseekers access to practical training, upskilling programs, certifications, and mentorship opportunities that can help your team grow and…
What Is an LLC Loan and How to Get One
An LLC loan is any type of small business loan issued to a business structured as a Limited Liability Corporation (LLC). An LLC is one of several legal tax structures a business can operate as, with examples of other options including sole proprietorships, partnerships, and S corporations. LLC loans can be used for many different…
When to Deduct Business Credit Card Payments for Taxes
The deductibility of business credit card payments depends on what kind of credit card charges the payments are covering. If only some of the credit card charges are deductible, then only the portion of the payment relating to the deductible expenses can be included on the tax return. The IRS lets you deduct “ordinary and…
Cash Disbursement Journal: Definition & Sample Entries
A cash disbursement journal (CDJ) is a specialized accounting journal used to record all cash payments in one place.
A CDJ helps bookkeepers track outgoing cash transactions efficiently, eliminating the need for repetitive entries in the general journal (GJ). Instead of posting each payment separately, it summarizes all disbursements at the end of the accounting period and records them as a single compound entry in the GJ. This process streamlines bookkeeping, reduces redundancy, and…
What Is FinCEN and How Does It Protect Business Accounts?
The Financial Crimes Enforcement Network (FinCEN) is a bureau that operates within the US Department of the Treasury (USDT) under the Secretary for Terrorism and Financial Intelligence. FinCEN safeguards and monitors the flow of money within the US and internationally. It collects and analyzes transactions from financial institutions and shares all criminal findings with law…