SMB Finance magazine recently published an article that grabbed my attention, and I'm sure it will do the same for you. They reported:

"According to the Association of Certified Fraud Examiners in their 2006 "Report to the Nation on Occupational Fraud and Abuse", the median loss due to fraud suffered by companies with fewer than 100 employees was $190,000."

That's right - $190,000.

Wondering if your business might be at risk of loss due to fraud? One of the primary ways fraud can occur is simply due to a lack of good accounting procedures and a related lack of internal controls.

In many businesses, the owner simply doesn't have the time (or the interest for that matter) to be bothered with the bookkeeping. They have a "trusted" employee handle their bank deposits, write the checks, and reconcile the bank statement each month. Sounds like a good plan, right? Wrong- there needs to be a separation of duties.

In many cases where fraud has been uncovered, it has been exactly this "trusted" employee that was found guilty of the crime. For any number of reasons, it simply became too easy for them to "take a little bit here, a little bit there". Nobody was double-checking their work, so nobody would know. These schemes sometimes go undetected for years.

As you look for ways to improve your business this year, make sure one of the items you review is the setup and controls in place with your accounting system. Enlist the help of an outside advisor if you want a second opinion on the strengths and weaknesses of what controls you have (or don't have).

Don't find out the hard way that you have been the victim of business fraud.

IN MY NEXT ISSUE - Taking advantage of the Audit Trail tool in QuickBooks.

Look inside the covers of "What the Heck is Undeposited Funds" right now.

Questions about the Undeposited Funds account in QuickBooks are the #2 source of confusion whenever I teach it (the number #1 source of confusion is if/when you should upgrade the software).

Using the Undeposited Funds account correctly is a critical step in the proper usage of QuickBooks software. Understanding why the account exists and what is actually happening with it as you process customer payments and make bank deposits is a key learning component you need to master.

"What the Heck is Undeposited Funds" provides in-depth commentary, many examples, and real world observations to help ensure you "get the hang" of what is going on with this account. Having this knowledge will shave countless hours off the time you spend reconciling your bank accounts in QuickBooks.

Download your copy of "What the Heck Is Undeposited Funds (and Why it is critical to your QuickBooks success) right now!

Save the Date!

On Thursday, January 31, 2008 from 9am until 12:30pm, join me for my QuickBooks Clinic at Lakeland Community College.

I'll provide insight and real-life examples about QuickBooks in the following areas:

• QuickBooks Tips and Shortcuts
• Customizing Reports
• 10 Key Tips for Better Business Profits
• Participant Q+A

Join your fellow QuickBooks users for a morning of insight and real-life QuickBooks advice.

The cost of the QuickBooks Clinic is just $89, and your investment will pay for itself many times over. To register, please call Lakeland Community College Community Learning at (440) 525-7116 and tell them you want to register for course # 80428!

Wish you had more insight on the payment habits of your customers? Now you can!

With the Customer Payment Analyzer tool from Karl Irvin, you can dig a lot deeper into your customer payment patterns than QuickBooks can. There is a free trial version of this software available for you to review. For more details on the Customer Payment Analyzer, click the link below.

Q: Why do customer accounts with $0.00 balances still show up in my A/R Aging Summary Report?

A: Well, the good news is that your customer doesn't owe you anything, since their balance is now $0. However, because this report is still showing a $0.00 balance due, QuickBooks is actually telling you that some additional work needs to be done.

To see what I'm talking about, take any customer showing in your report with a $0.00 balance and double click right on the total amount column for that particular customer. You have now "exploded" their account balance, and you will now see a + amount and a - amount for the exact same amounts showing up.

The net of these two amounts is $0.00, but because they are even showing up at all, you need to take one final step to make them completely disappear. For the customer in question, go to Receive Payments, choose the customer with a $0.00 balance, and then click the "Discounts and Credits" window.

From here, you can now take the + amount that was showing in the report, and offset it with the - amount in the report. Click Save and Close and revisit your A/R Aging report - the $0.00 customer has now completely vanished from the report, just as it should be!!

I am often asked this question as it relates to using QuickBooks, helping businesses improve their profits, and resolving technology issues. To help answer that question easily, I have put together a menu of services and products that I offer.

Don't wait another day! Download my menu of products and services today and get the help YOUR business has been looking for!

The "QuickBooks: News You Can Use" newsletter is written and distributed monthly by Scott Gregory. Scott is a:

• QuickBooks Specialist
• CPA
• Technology Consultant
• Charter Member of QuickBooks Enterprise Solution Provider Program
• Member, Intuit Speakers Bureau

Scott is also the president of Bottom Line Accounting Solutions, a firm that specializes in helping small businesses use QuickBooks effectively and profitably. Feel free to drop Scott an e-mail if you'd like to learn more about the services his company can provide.

QuickBooks is a registered trademark of Intuit. Bottom Line Accounting Solutions is not affiliated with Intuit in any way.

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