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As a team of accounting experts with years of experience and passion beyond the numbers, we have seen how smart accounting practices can help a business thrive – and how lack of a financial management plan can destroy a business as well. Whether your business is a startup, an established enterprise, or a non-profit, take […]

As a team of accounting experts with years of experience and passion beyond the numbers, we have seen how smart accounting practices can help a business thrive – and how lack of a financial management plan can destroy a business as well.

Whether your business is a startup, an established enterprise, or a non-profit, take a moment to learn about Perry & Associates CPAs’ top 10 accounting practices to ensure profit success.

1. Identify Your Financial Goals

We’ve helped businesses in various stages of their financial journey throughout the years, and one thing remains clear; having clear financial goals helps business owners create a more realistic financial plan, reach financial targets, efficiently allocate resources, set budgets and discover opportunities to grow revenue. Without a plan, don’t expect profit to expand!

2. Establish a Chart of Accounts

A chart of accounts is a structured system that categorizes and organizes all the financial transactions of a business. Essentially, it’s a blueprint of your financial system. It typically includes a list of accounts representing assets, liabilities, equity, income and expenses. It helps business owners understand and track money coming in, money going out, what you own and what you owe. It also makes the financial reporting process much easier.

3. Budget and Forecast

Budgets provide a structured plan for how a business will allocate resources, manage spending and track progress toward financial goals. On the other hand, forecasting focuses on projecting future financial outcomes by analyzing past performance and current market trends. Both work hand in hand to help business owners make informed decisions and avoid overspending.

4. Regularly Review Financial Statements

Schedule monthly or quarterly reviews of your financial statements. This will help you identify trends or potential problems at your place of business. Three primary financial statements to analyze are income statement, balance sheet and cash flow statement.

5. Maintain Proper Internal Controls

Strong internal controls minimize the risk of fraud and financial errors, which is critical to ensuring profit success. Our forensic team, Perry Forensic, recommends implementing policies and procedures that are designed to protect assets, ensure accurate financial reporting, support regulatory compliance and keep all members of the team on the same page. Ways to do this include separating responsibilities among staff, implementing clear procedures and performing routine audits.

6. Use Automation to Streamline Accounts Payable and Receivable Processes

Streamlining accounts payable and receivable processes means automating and optimizing how a business manages incoming and outgoing payments to improve accuracy, speed and cash flow. It reduces manual work, minimizes errors and ensures timely billing and payments. As a forward-thinking and ever-innovating team, we have experts who know the ins-and-outs of accounting software that can provide support and the expertise needed to set up and manage these systems.

7. Stay Compliant With Tax Regulations

No accounting best practices list would be complete without reminding business owners to stay on top of their taxes! Maintaining tax compliance is vital to your business’s overall financial well-being, and involves keeping accurate financial records, staying informed about current tax laws and regulations and identifying key tax planning opportunities that minimize your tax liabilities. Sound overwhelming? Then contact our tax and accounting experts.

8. Conduct Regular Audits

Conducting regular audits is an opportunity to receive constructive feedback, improve processes, identify risks and become aware of financial reporting concerns. At Perry & Associates CPAs, our auditing services gives our clients an intensive review of their systems and records to provide the highest level of assurance.

9. Set Clear Profit Goals and Monitor KPIs

Set clear profit goals and monitor key performance indicators (KPIs) such as cash flow forecast, inventory turnover, customer retention and revenue growth rate to evaluate progress and guide strategic decision-making.

10. Work With Accounting Experts like Perry & Associates CPAs

Partnering with a professional accounting firm can streamline your operations by saving time, minimizing errors and ensuring regulatory compliance. We are invested in your success and have a deep commitment to providing services in a way that are always responsible, reliable and accurate.

Need guidance on putting these best practices into effect? Contact Perry Forensic. We’ll get you on the right track to profit success and personal satisfaction.

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At Perry & Associates CPAs, we recognize the growing importance of advanced technologies like AI in safeguarding the financial sector from fraud. According to recent insights from Feedzai’s report 2025 AI Trends in Fraud and Financial Crime Prevention, over 90% of financial institutions are now leveraging AI in some capacity to combat financial crime—with 30% […]

At Perry & Associates CPAs, we recognize the growing importance of advanced technologies like AI in safeguarding the financial sector from fraud. According to recent insights from Feedzai’s report 2025 AI Trends in Fraud and Financial Crime Prevention, over 90% of financial institutions are now leveraging AI in some capacity to combat financial crime—with 30% specifically using it for identity verification. However, this same technology is also enabling new threats, particularly through the misuse of generative AI in scams like voice cloning.

Financial institutions are actively applying AI in scam detection, transaction fraud monitoring, and automating AML processes. AI has also proven effective in reducing false positives, improving efficiency and accuracy in fraud prevention workflows. Despite these benefits, concerns remain around data privacy, algorithmic bias, and the high cost of implementation—issues that must be addressed with explainable and interpretable models to ensure regulatory compliance and public trust.

We also note a significant trend in the shift toward reusable, self-sovereign digital identities, as showcased at Money 20/20 Asia. Solutions like Sumsub’s SSI platform allow individuals to verify their identity once and use it across services, enhancing both user convenience and fraud resistance. With the projected cost of digital fraud expected to reach $107 billion by 2029, we believe financial institutions should closely monitor developments in AI and digital identity while adopting best practices in governance, compliance, and cybersecurity to stay ahead of evolving risks.

Check out the original article by Masha Borak here.

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mycurator News

At Perry & Associates CPAs, we often observe that non-corporate entities such as sole proprietorships, partnerships, and HUFs face recurring challenges in the preparation of reliable financial statements. Common issues include inadequate disclosure of accounting policies, failure to adhere to the accrual basis of accounting, incorrect inventory valuation, and premature or delayed revenue recognition. We […]

At Perry & Associates CPAs, we often observe that non-corporate entities such as sole proprietorships, partnerships, and HUFs face recurring challenges in the preparation of reliable financial statements. Common issues include inadequate disclosure of accounting policies, failure to adhere to the accrual basis of accounting, incorrect inventory valuation, and premature or delayed revenue recognition. We also find frequent errors in expense classification, depreciation accounting, and the treatment of provisions, contingent liabilities, and government grants. Additionally, personal expenses are sometimes inappropriately included in business accounts, and events after the balance sheet date are often overlooked. These errors compromise financial transparency and can lead to tax disallowances and compliance risks. Moreover, CAs must adhere to strict audit assignment limits—no more than 60 tax audits per CA under Section 44AB, and a cap on statutory audits as per the Companies Act and ICAI guidelines. At Perry & Associates, we stress the importance of following proper accounting standards and maintaining clarity in financial reporting to support informed decision-making and uphold stakeholder trust.

Check out the original article by CA.Sangam Aggarwal here.

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Overview When procedures, protocols and policies are abused by employees of an organization, it puts that organization at risk for fraud, financial loss, safety threats, and in worst case situations, total ruin. For government agencies that have a duty to the public, managing risks that could lead to corruption is especially important. Perry Forensic was […]

Overview

When procedures, protocols and policies are abused by employees of an organization, it puts that organization at risk for fraud, financial loss, safety threats, and in worst case situations, total ruin. For government agencies that have a duty to the public, managing risks that could lead to corruption is especially important. Perry Forensic was contacted by one of the largest counties in West Virginia to conduct an independent investigation into possible criminal and policy violations of a long tenured upper management employee.

As this case related to impropriety by a senior leader of the organization, accuracy and discretion were key. The investigation involved both forensic accounting and general investigation. Which revealed both criminal and administrative violations by the senior leader. Perry Forensic, a world leader in financial investigative services, immediately got to work.

Solution

The Perry Forensic team first helped the government entity identify gaps in policy that allowed for impropriety to occur, and provided assisted assistance in refining existing policies. Perry Forensic also helped the organization develop new policies based on the findings of the investigation that would help reduce the threat of impropriety or policy violation in the future. These results and solutions were provided to the county prosecutor for further review.

Results

The county was very pleased with the discreet method Perry Forensic conducted the investigation and the quality of the work product. While this is still an open investigation, they are confident that the areas of improvement identified, as well as the updated and new policies, will reduce the risk of future threats and protect the organization.

Do you suspect policy violations at your place of business?

Then contact Perry Forensic and let’s get to the bottom of any financial wrongdoing.

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Frontpage Article News

For business owners who have worked hard to make their dream of owning a business into a reality, business fraud can turn that dream into a nightmare. Fraud costs companies billions of dollars each year, and small businesses share heavily in those losses. In fact, a study conducted by Veriff showed that 90% of respondents […]

For business owners who have worked hard to make their dream of owning a business into a reality, business fraud can turn that dream into a nightmare. Fraud costs companies billions of dollars each year, and small businesses share heavily in those losses. In fact, a study conducted by Veriff showed that 90% of respondents reported as much as 9% of revenue lost as a result of fraud. At Perry & Associates CPAs, our talented forensic team is on a mission to detect fraud and help our clients take smart steps to not fall victim to fraud scams. Learn more about the top 10 types of business fraud and how to keep your business safe.

10 Most Common Business Fraud Cases

Payroll Fraud

Payroll fraud makes up about 9% of occupational fraud worldwide. Small businesses have a high risk of falling victim to payroll fraud if they do not have anti-fraud controls in place. There are also many ways that payroll fraud can occur. One example is when employees manipulate the payroll system by logging false hours, therefore getting paid for work they did not do. Another type of payroll fraud can occur when a commissioned employee reports false sales or orders. To prevent payroll fraud, we recommend implementing strong internal controls, regular audits and digital attendance systems. It’s also important to have supervisors or managers review timesheets on a regular basis.

Workman’s Compensation Fraud

Small businesses are required by law to provide workman’s compensation insurance for their employees’ benefit, however some employees have been known to cheat the system for profit. Examples of workman’s compensation fraud include exaggerating an injury (or completely fabricating an injury) or claiming an injury happened at work when it did not. To prevent this, make sure your employees work in a safe environment, educate your employees about the claims process and have strict disciplinary policies for fraudulent activity.

Wire Transfer Fraud

Wire transfer fraud takes place when fraudsters attempt to trick an organization into wiring funds into unauthorized or fake accounts. This can include impersonating a high-level executive at a company via email or pretending to be a supplier. Implement multi-step verification for all wire transfer requests, have team members verify that any requests are being sent by the alleged sender and begin integrating fraud detection software if necessary to prevent this form of fraud from happening at your business.

Check Tampering

Check tampering occurs when an employee manipulates company checks for personal gain. One of the most common forms of check tampering occurs when an employee writes checks to fake payees and then works with those businesses to get the money. Another example is when the payee name on a legitimate check is altered to redirect funds, or when someone forges the signature of an authorized check signer at a business. Protect yourself from check tampering fraud by having more than one person check the company’s finances and having the business owner sign each check personally.

Invoice Fraud

Invoice fraud is a type of business fraud that occurs when a scammer creates counterfeit invoices for goods or services that were never provided. In some cases, businesses pay these invoices without thinking or checking that the purchase was actually made. It also happens when vendors or employees inflate invoice amounts beyond what was agreed upon or submitting the same invoice multiple times to receive duplicate payments. Prevent invoice fraud by having  checking each invoice received very carefully and match up to products and services rendered,  requiring multiple approvals for high-value transactions, segregating duties so that no single person handles the entire invoice process and conducting regular audits.

Vendor Fraud

If your organization works with a variety of different vendors, you’ll want to stay on the alert for vendor fraud. Vendor fraud occurs when a vendor overcharges, or bills for services not rendered. It also happens when an employee creates a shell company and then pays their shell company with business checks from their workplace. Avoid vendor fraud by researching and vetting all vendors before signing a check and implementing a vendor management system, verify invoices and perform regular vendor reviews.

Asset Misappropriation

Asset misappropriation occurs when an employee steals or misuses company resources such as inventory, cash or equipment. Make sure you secure all valuable assets at your business and consistently monitor inventory to avoid this type of business fraud.

Bribery

Bribery occurs when an employee accepts offers or bribes to influence business decisions, such as accepting kickbacks from a supplier in exchange for a contract. Prevent this from happening at your business by establish a clear code of ethics and training employees on anti-bribery policies. Creating an anonymous reporting channel for anyone that notices this type of behavior is also an effective step.

Investment Fraud

Investment fraud is when an organization misrepresents itself in order to solicit funds from investors. Make sure to conduct thorough background checks on investment opportunities and verify regulatory compliance.

Revenue skimming

Revenue skimming is a type of fraud that most commonly takes place when cash is given by customers at a business. It occurs when customers pay cash for an item or service and the employee collects the cash from the customer and pockets it. One way to protect your business from revenue skimming is to segregate and rotate employee duties, implement surprise audits and use a point-of-sale (POS) systems that automatically track sales and issue receipts for all transactions.

Remember, it’s far safer and effective to prevent your business from fraud than to pick up the pieces after business fraud has occurred. If you suspect fraud at your organization, make sure to contact our forensic team as soon as possible, who have experience in identifying fraud in areas such as embezzlement, money laundering, illicit funds, hidden assets, bribery schemes and more. Protecting your organization is our passion!