here’s what you’re looking for: edward mendlowitz

special

tax review procedures are your quality control

six questions to ask yourself.

by ed mendlowitz
how to review tax returns: the field-tested update

the purpose of tax return reviews is to assure the quality of the return.

more: seven types of tax return reviews | how to turn tax returns into new business
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quality should be defined as an accurate product along with pertinent and applicable tax law benefits applied as well as planning opportunities identified so the client could maximize their financial wealth and security.
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management

forensic techniques can be fraud deterrence

businessman manager using tablet check and control for workers with modern trade warehouse global business commerce concept or import-export commercial logistic.bonus: 11 examples of “control culture” services.

by ed mendlowitz

trained forensic professionals investigate accounting and financial transactions that are, or will become, subject to legal proceedings. it is an early step in a potential war, and many times it is the first shot.

more: six benefits of an internal audit | the ten financial controls that’ll make you a hero | five cash reports you can’t live without | when an audit is a great thing
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attorneys and c-level executives are often not familiar with forensic techniques and see them as a means to quantify a loss. financial forensics also provides a means to deter and detect fraud. today, i share my views on the value of forensic techniques used to deter fraud and encourage cvas to consider attending the cti’s forensic accounting academy™ or fraud risk management courses offered through the maff programs.
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special

tax return prep: commodity or professional service?

two businessmen talking across a deskthink of where your value is added.

by ed mendlowitz
how to review tax returns: the field-tested update

question: are tax returns commodities or the result of a professional service?

more: seven types of tax return reviews | how to turn tax returns into new business
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answer re: commodity

if you believe tax returns are a commodity, then you will also believe there is no product differentiation and the business should go to the lowest cost provider. there is nothing wrong with you thinking this way and running your practice accordingly.  however, you should still want to provide a complete and error-free tax return.
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management

anatomy of a fraud

can you spot the five accounting weak points?

by ed mendlowitz
77 ways to wow!

in this fraud, ing, an extremely large and well-known financial services company, had approximately $8.5 million stolen from it by a single employee for a little more than four years.

more: six benefits of an internal audit | the hazards of poor internal controls | rule #1: start with cash | the priorities were backward | how to read a financial statement | 77 thoughts about client needs
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here’s how it worked:

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special

seven types of tax return reviews

businessman shaking hands with grim reaperit’s time for “tick and tie” to die.

by ed mendlowitz
how to review tax returns: the field-tested update

there are numerous ways to review tax returns. most reviewers have their own techniques, and some alter these based on

  • the type of or size of the return, or
  • who the preparer is or
  • who the partner in charge of that client is.

more: how to turn tax returns into new business
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there is nothing wrong with this as long as the reviewer is experienced and really knows their stuff.
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marketing & sales

how to turn tax returns into new business

how are you using your reviewers?

by edward mendlowitz and andy mendlowitz
how to review tax returns: the field-tested update

tax season is a microcosm of everything done in an accounting practice. one of the primary concerns of a business is having the proper processes and quality control procedures. choosing how to properly use the reviewers’ time and interface them with the staff can contribute immensely to a smooth tax season.

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management

six benefits of an internal audit

number 6plus the principal tasks.

by ed mendlowitz

every business has a system of internal controls. very small businesses likely rely on luck and the honesty of their one or two office staff. small businesses rely on their independent auditors to check their system once a year and large companies employ one or more internal auditors on their staff.

more: the ten financial controls that’ll make you a hero | rule #1: start with cash | organization minutes too often overlooked | five cash reports you can’t live without | the priorities were backward | the seven-minute financial statement
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this post explains the internal audit process that applies to every size business. businesses have voluminous transactions; multiple people involved, companywide; and assets that need protection.
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client service opportunities

the full cost of terrible service

this is not a question, but a story and comment.

by ed mendlowitz
202 questions and answers: managing an accounting practice

one sunday evening my wife and i went into a reasonably upscale restaurant and we had terrible service from everyone we interacted with.

more: how to offer family office services | why hiring out of school works | 15 tips for novice managers | what’s your ‘kg’ value? | when clients call you at home
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when we were seated, the table wobbled, and we asked if they could do something or move us to another table. ten minutes later, someone showed up with a wad of napkins that made it worse. five minutes later, they asked if we were ok and put us at another table. ten minutes after that, they took our order, but we asked for some drinks immediately, which we only got after complaining to the manager.
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management

the hazards of poor internal controls

businessman is analyzing through magnifying glass contract and prices

it doesn’t matter how great the system is.

by ed mendlowitz
77 ways to wow!

my last column addressed the importance of controls when trying to get a client. but it is also important to retain the client. a good system that is not monitored is a sure way to not only lose the client but be kept awake at night.

more: how to explain internal controls to clients | the ten financial controls that’ll make you a hero | five cash reports you can’t live without | when an audit is a great thing
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if you have been around long enough, you’ve experienced a theft at a business or not-for-profit organization. for nearly ever fraud i have seen, the slightest effort would have thwarted those frauds. nowadays the only frauds i encounter are new engagements, where i try to quantify what was taken.
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client service opportunities

how to offer family office services

bonus: sample letter.

by ed mendlowitz
101 questions and answers: managing an accounting practice, the complete 2-volume set

q: some of my clients are getting older and are becoming unable to handle their own financial affairs and i have been asked if i could assist them. what is involved and how do i charge for it?

more: why hiring out of school works | how to improve quality control | why no one listens to you | how to stop yourself | how to handle referrals with attorneys | why checklists?
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a: many large firms provide “family office” services. this is a complete one-stop financial service that helps clients manage their money, pay their bills, collect their dividends and interest, and make sure insurance isn’t cancelled; mortgage, car lease or condo fee payments aren’t skipped; and tax payments paid on time.
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management

how to explain internal controls to clients

man writing in notebookthen you have to use them.

by ed mendlowitz
77 ways to wow!

what are internal controls? auditors widely use this term. it also appears multiple times in engagement letters for audits of businesses and not-for-profits, but i do not believe many outside of the accounting profession really know or understand what internal controls are. i will try to explain it here.

more: the ten financial controls that’ll make you a hero | rule #1: start with cash | the priorities were backward | how to read a financial statement | 77 thoughts about client needs
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internal controls refer to an organization’s system of deterrence, oversight, checks and balances. an illustration is where someone in a business writes and mails the checks to pay a bill. if this same person then receives the bank statement and performs the reconciliation of that account, there would not be any control or oversight on that person and whether the payment was proper and not misdirected. they are checking their own work. this is how many frauds occur.
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checklist

the ten financial controls that’ll make you a hero

what clients need to know.

by ed mendlowitz
77 ways to wow!

if you want your business to grow, don’t focus on only the easy financial controls where you can see quick results – such as holding down petty cash expenditures or checking expense accounts for accuracy.

more: rule #1: start with cash | organization minutes too often overlooked | the seven-minute financial statement | the kpi an absentee manager needs
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instead, go for the tough steps that affect long-term profits and facilitate growth.

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