Small business tips: accounting policies that prevent embezzlement

Internal Control over accounting procedures is one of the most important aspects of running a business. It helps to ensure that embezzlement and mistakes are detectable and the company’s money is correctly accounted for. The basic premise behind Internal Control in an accounting environment is to ensure that no one person is in a position to embezzle funds, no matter how trustworthy that person. At each stage of the accounting process, from original monetary transaction, incoming or outgoing, to documentation, to financial statements, a state of affairs prevails that ensures all procedures are monitored for validity. By segregating accounting duties, no one person is responsible for transactions that could be vulnerable to abuse.

Very small companies, of course, are not usually in a position to hire more than one bookkeeper; indeed, it would be impractical and wasteful to do so. Double entry bookkeeping is in itself a good tool for the prevention and tracking of mistakes. If the books balance and the cash account reconciles to the bank statement(s), it’s a good indication that things are running smoothly. An eye should be kept on actual money coming in and the disbursement of that money. Random checks and an annual audit by a reliable outside accounting firm will be of great value.

For larger companies, some procedures are in order for Internal Accounting Control:

1. No company should allow an employed bookkeeper or accountant to have total responsibility for all monetary transactions, or the recording of those transactions.

2. Actual Cash Receipts should be recorded on the books by someone other than the person who takes physical deposits to the bank.

3. Disbursed checks should require more than one signature, and should not be signed by the same person whose responsibility it is to prepare payments.

4. Documentation is of prime importance in an accounting department. The recording of void or destroyed invoices is as important as keeping track of void check numbers. Originals, or copies, of these papers should be kept on file, in numerical order, along with valid documents. If this is impossible (a check stub or invoice physically mangled in the printer, for example), then a sheet with the number, the date, and a clear explanation of what happened should be kept. Any case of a missing check, invoice, or voucher number in the files is cause for concern.

5. Payroll is a matter for confidentiality, but more than one person in the company should have access to payroll information. Payroll tax compliance is also an area that requires monitoring.

6. Petty Cash vouchers should be signed by more than one person (perhaps above a ceiling amount), and receipts should be matched to the vouchers, which should also be numbered and filed in numerical order.

7. The bank reconciliations(s) should be handled by someone other than the persons who deal with Cash Receipts and Cash Disbursements.

All this may seem overly-cautious, but it will preclude an employee stashing incoming checks in a draw to later stamp with their own personal bank account number. It will prevent a salesperson from using unrecorded invoices to sell goods for their own personal gain. Mistakes, too, are more readily uncovered and resolved with a reliable Internal Control system in place.

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How to Decode a Job Posting

It gives you much more valuable information than you may realize.

by Jerome Young, Forbes.com

During your job search you will review hundreds of job postings. Some will be very well written and provide quality information, while others will tell you little about the employer's needs. The majority of them have a similar format and characteristics, and they provide insight into what the employer wants--if you know what to look for.


As the founder of AttractJobsNow.com, I have conducted extensive research on the job market and the recruiting process employers use to find and choose candidates to fill open requisitions. In the process I've learned a lot about what you can divine from a simple job posting.

Postings can be written by a hiring manager or a recruiter, but it's usually the recruiter who receives and screens the applications. With this in mind you should be sure that your resume will make a recruiter feel confident that you are qualified. By making the most of the insight you can glean from the following three sections of a typical job posting, you can better position yourself to impress recruiters and get interviews:

The job title
Every job posting includes a job title. It is often what first piques your interest in the posting, and it's the first thing the hiring manager thought of when he or she decided to create the position. Most job seekers overlook the intelligence the job title provides and suffer for it. The job title gives you the most likely keywords that will be used to find qualified candidates for the job, and because of that you can use it to your advantage.

At AttractJobsNow.com we use the job title as our guide in creating effective customized resumes by ensuring that each candidate's summary statement and areas of expertise are in line with the job title. We ensure that the words in the job title appear prominently throughout the resume, so that our clients will appear at the top of candidate searches. As a result, more than 95 percent of our candidates succeed in getting job interviews at their companies of interest.

Responsibilities
The responsibilities section describes what will be expected of the employee in the position. You'll often find that there are five to 10 bullet points in this section, but in our research with recruiters and hiring managers we've found that the first three responsibilities are the most important. Job postings are usually based on a primary business need to which additional responsibilities are added to create a full-time position. Your resume should focus on your experience, results, and accomplishments in the tasks outlined in the first three bullets in the responsibilities section. Also you'll find keywords in those first three bullets that recruiters will use in searching for qualified candidates.

Qualifications
The qualifications section provides insight into the experience, skills, and education the hiring manager has in mind for the person they feel will be capable of excelling in the role. As in the responsibilities section, the first three qualifications are usually the most important. If you meet those top three qualifications, you should directly say so in the summary section at the top of your resume, to instantly inform the hirer that you're qualified and to persuade them to read the rest of your resume. If you don't meet the top three qualifications but have others strengths that qualify you to excel, definitely mention them in your summary section.

Taking the time to analyze job postings and customize your resume based on their job titles, responsibilities, and qualifications is often the difference between receiving interviews and being screened out of the recruiting process.

Jerome Young is the founder and president of AttractJobsNow.com, a job search and recruiting consulting firm.

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Medical Professionals Still Among Highest Paid in America

When it comes to earning power, having a medical degree still pays off.

by Joseph Pisani, CNBC.com

The highest-earning jobs in 2009 were mostly in the health care field, ranging from surgeons to pediatricians, according to the U.S. Bureau of Labor Statistics, which released its annual wages report Friday.

Specialists, in particular, earned the most. Surgeons took the lead spot, making an average of $219,770 last year, the highest average salary in the country, according to the government data.

Following them were anesthesiologists, who made an average of $211,750 last year; oral and maxillofacial surgeons, at $210,710; and orthodontists, at $206,190.

Obstetricians and gynecologists rounded out the top five, both raking in an average of $204,470 in 2009.

Pay cuts ahead?
Specialists, however, could see a pay drop in the next couple of years as the health care reform bill, signed into law this year, begins to kick in.

"The bill shifts the money from specialty to primary care," says Paul Keckley, the executive director of the Deloitte Center for Health Solutions. "The bill says that primary care has been underpaid, and money is being shifted towards them."

The changes may encourage more medical students to go into primary care instead of the more lucrative specialist fields, Keckley says.

While primary doctors will most likely see their pay rise, specialists and doctors with their own practices are likely to see about a 2 percent decline in their salary, Keckley says.

"It doesn't sound big, but if the costs increase like business costs at 3 percent or 5 percent a year, and Medicare pays them less, the doctor has to make that up with commercially insured patients or raise co-pays or find other sources of income, like wellness or nutrients, depending on their specialty," said Keckley.

Other High-Paying Fields
Outside of health care, the only job that cracked the top ten was chief executive, with an average salary of $167,280 last year.

Further down the list: lawyers, $129,020; petroleum engineers, $119,960; and engineering managers, $122,810.

Those with their eyes on the skies also made big bucks last year. Airline pilots, including copilots and flight engineers, earned $117,06, while air traffic controllers pulled in $106,990. Astronomers just made it into the six-figure range, with $102,740.

In case you are wondering, the lowest-paying jobs were all in the food service industry.

Food-preparation workers and servers earned the least in 2009, at just $18,120. Outpacing them were fast-food cooks, who earned $18,230, and dishwashers, at $18,330. All were way below the national average of $43,460.

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How to Find the Perfect Job

1. Step 1
   Take a career personality quiz to determine what job would be perfect for you. These tests aren't perfectly accurate, but it should put you in the right direction in terms of what fields you'd excel in.
   
2. Step 2
   Develop a cover letter and resume based on your perfect job. Highlight your strong points and experience. Make sure you get about three solid references who are in the field you're interested in.
   
3. Step 3
   Check the classifieds for openings of your perfect job. If you're in school, look at the career office's job board.
   
4. Step 4
   Talk to friends and family members to see if they are aware of any openings of jobs that pertain to your perfect job.
   
5. Step 5
   Contact a recruiter to help you find your perfect job. This is extremely helpful for careers that are of high pay and high profile.
   
6. Step 6
   Sign up on Internet career job listings that will email you when a job matches your profile.
   
7. Step 7
   Go to job fairs that pertain to your perfect job. Job fairs are a great way to meet potential employers face to face. Again, if you're in school, your campus will hold a job fair at least once a semester/quarter.
   

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The Number-One Way to Get Recruiters to Call

by Mike O'Brien, Climber.com

Recruiters just aren't picking up the phone anymore.

According to a recent poll of some of the nation's top recruiters, who network both through career-management sites and directly with job applicants, recruiting departments simply don't have the time to make personal connections the way they used to. For most of them, it's a simple matter of supply versus demand--the number of job applicants is, for many sectors, still far higher than the number of available positions.

In today's career market, recruiters can focus on a robust list of local candidates for any given job, rather than consider applicants from across the country. Candidates with master's degrees are now being hired at salaries that used to be for candidates with bachelor's degrees. And email communication has become the norm, further depersonalizing what used to be a high-touch, in-person process.

To stand out to recruiters, job seekers must take advantage of every connection opportunity:

Don't skimp on your resume: While highly qualified candidates are always going to get phone calls, they still have to present themselves effectively via their resumes. A clearly written, keyword-optimized resume that showcases your unique skills is critical. In addition, plan to target your resume to each specific job, highlighting relevant content and explaining how you're a clear match for the opportunity. (Read articles about crafting a great resume.)

Be everywhere: You've heard it before, but networking is a key skill for job seekers. If you can get personally referred to a recruiter, you will tremendously increase your chances of a personal callback. Whether you work with a career-management site or network via online tools or in-person events, those connections count.

Don't rule any job out: "Stretch" jobs (that is, jobs you might not be qualified for) are still worth seeking out, but don't necessarily expect a callback for your application. However, if you find a job that you love but that you feel overqualified for, don't be afraid to apply. Your passion for the position will come through, and you may at least gain a new contact.

And what's the number-one way to get a recruiter to call you? It's something you probably do every day with your business contacts but may not have thought of for your job search:

Be of service: Relationships with recruiters shouldn't be just about what they can do for you. Networking is critical to a recruiter, and most candidates know people who might be good fits for the types of positions a recruiter is trying to fill. Simply offering to refer friends, coworkers, or associates for these opportunities--particularly positions that aren't right for you--can help you make a meaningful, personal contact with a recruiter.

Part of what will make your search successful is realizing that the process doesn't end when you get your next position. For savvy job seekers, your next position is simply another step in building the career of your dreams. So take the time to get to know recruiters' needs, and how you can help them. By creating a win-win scenario where you both gain value from the relationship, you'll become a recruiter's go-to contact--both now and throughout your career.

Mike O'Brien is an innovative entrepreneur dedicated to helping others create breakthrough success, and is the founder and CEO of Climber.com, one of the nation's leading online career-management sites. For more information about how to find your perfect career, visit www.Climber.com, or connect with Mike on LinkedIn.

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How to Stretch an Entry-Level Salary

by Susan Johnston, PayScale.com

For the class of 2010, finding a job is only half the battle. In addition to competing with more-experienced workers who were laid off during the economic downturn, recent grads face the challenge of surviving on an entry-level salary. For instance, administrative assistants with one to two years of experience earn an average of $29,200, and teaching aides with the same experience earn around $17,800, according to online salary database PayScale.com.

Anya Kamenetz, a staff reporter for Fast Company and the author of "Generation Debt," says high unemployment and student loan debt add to these harsh financial realities. "Student loan debt is upwards of $22,500 dollars on average," she says, adding that "students may find themselves working part-time or short-term jobs or being asked to intern at low to no salary."

What's an overworked, underpaid worker to do? Get creative! Here's how to stretch that entry-level salary.

1. Adjust your housing expectations.
Forget what you saw on "Friends." Most recent grads who move to someplace like Manhattan don't land in spacious apartments. Many live with Mom and Dad, many settle in less-desirable neighborhoods, and some even take live-in jobs like nanny (average salary with one to two years' experience: $21,400) to cut housing costs. Others double or triple up with roommates.

2. Beg or borrow. Buy only if you must.
Need a new date outfit? Swap clothes with your roommate or ask to borrow one of her purses to punch up an outfit you already own. Instead of getting your own Costco membership, share one with your roommates, ask your parents to use theirs, or request membership as a birthday gift. Also ask for samples from the cosmetics counter or fill out online surveys so you can try out new products for free. And if you must buy something, make it last. For instance, Ryan Ribstein, a recent grad working as a communications account executive in Los Angeles, CA, says he mixes his conditioner with water to make it last.

3. Plan your meals.
Convenience foods like vending machine snacks or lunches from the corner deli will cost you, so if you learn to cook (or befriend someone who's a good cook), you'll save a lot. Alternatively, you could steal this strategy from Rachel Doyle, an Atlanta-based marketing coordinator who says she'll "go to supermarkets that offer samples (like Whole Foods) and walk up and down every aisle tasting a little bit of everything that is out there." By the time Doyle finishes her grocery shopping, she's filled up on samples.

4. Don't drink away your paycheck.
Alcohol certainly adds up, but so do other beverages like soda, juice, energy drinks, and bottled water. Consider cutting them out of your diet or ordering only when someone else offers to pay (company-sponsored happy hours, anyone?). David Roth, a bartender and musician in the Boston area, vowed to go from January 1 to March 1 without paying for alcohol, and it saved him a bundle. The recent grad adds that you can often score free food or drinks (not to mention entertainment) by attending art gallery openings or friends' music recitals.

5. Consider moonlighting.
There's only so far you can stretch $23,200 (average salary for bank tellers with one to two years' experience) or even $34,000 (average salary for lab technicians with one to two years' experience), so many recent grads work multiple jobs to make ends meet. Some do it out of necessity, and others have more-social reasons. As Kamenetz adds, you can sometimes "combine entertainment with work, for example by moonlighting as a bartender or event promoter, or volunteering at summer festivals." Check with your employer first to make sure they don't have a no-moonlighting policy.

Boston-based freelance writer Susan Johnston has covered career and business topics for The Boston Globe, Hispanic Executive Quarterly, WomenEntrepreneur.com, and other publications.

Source: All salary data is from PayScale.com, a leading online provider of employee compensation data. Unless otherwise noted, the salaries listed are median, annual salaries for full-time workers with five to eight years of experience and include any bonuses, commissions, or profit sharing.

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10 Well-Paid Nursing Niches

by Carol Tice, PayScale.com

Not all nurses work 12-hour shifts in hospitals. Once they're in the field, many nurses pursue additional training to become what's known as an advance practice nurse. In fact, after about five years, most nurses either leave the field or move up, says Michele Kunz, director of nursing education at Mercy Medical Center in Long Island, N.Y.

While median annual pay for experienced registered nurses is $56,100, according to online salary database PayScale.com, earning additional credentials often leads to higher salaries. And some of these specialties offer the added benefit of work outside of a hospital, such as in schools and emergency helicopters (or cruise ships). For all nurses, a bachelor's of science degree lays the groundwork for moving up, and a master's degree in their specialty usually follows. Overall, demand for nurses is forecast to rise 22 percent by 2018, according to the U.S. Bureau of Labor Statistics (BLS).

Here's a look at some of the best-paid nursing specialties:

Nurse anesthetist ($144,821): Nurses with critical-care experience may go back to school for this lucrative specialty, Kunz says. Nurse anesthetists combine nursing skills with knowledge of how to safely administer anesthetics.

Nurse practitioner ($86,774): With the ability to treat patients and prescribe medications, nurse practitioners work in pharmacies, doctors' offices, and emergency rooms, says Kunz.

Clinical nurse specialist ($82,117): Clinical nurses may care for patients or offer expert consultations in areas such as psychiatric health.

Nursing informatics analyst ($80,596): The economic stimulus bill passed last year requires that hospitals have the ability to share patient records online. As a result, Kunz says, "There's tons of opportunity" for nurses who can combine medical knowledge with computer training, in work for medical-records software vendors or hospitals' records departments.

Nurse educator ($71,292): Nurses need ongoing training throughout their careers, notes Kunz, and must re-certify regularly in some specialties. An emerging workplace for nurse educators is mobile simulation labs that tour hospitals to provide specialized training.

Nurse case manager ($68,032): "A lot of nurses who want to get away from the bedside get into case management," says California-based health care recruiting expert Nadia Gruzd. "Here, they're dealing with the families--someone could be running out of insurance, or they need a plan for who will pick the patient up. They're managing the patient's case." Some case managers also work for insurance companies.

Certified dialysis nurse ($63,500): Dialysis nurses love the 9-to-5 schedule they can work at dialysis clinics, says Gruzd--it's a breeze compared to hospital shifts. Dialysis nurses are also in demand on cruise ships--a far more desirable workplace than a hospital.

Flight or transport nurse ($63,246): In rural areas, a helicopter, small plane, or lengthy ambulance ride may be required to get patients to a hospital. A nurse needs to accompany the patient to see to their medical needs en route. Gruzd says some hospitals offer higher pay to transport nurses who work night or weekend hours, or who have Advanced Cardiac Life Support certification.

Certified legal nurse consultant ($62,100): This niche gets nurses out of the hospital and into lawyers' offices, where they provide medical expertise for legal cases.

Registered nurses looking for more pay can also forgo specialized training if they're willing to relocate--at least temporarily--to an area where their specialty is in short supply. Known as travel nursing, it's popular with younger nurses and nurses who don't have families they'd have to leave behind, Kunz says. Pay varies depending on the distance traveled and conditions where the nurses will work.

"You can go to Hawaii for a couple months and be a nurse," says Kunz, "plus get a great salary and room and board."

Business reporter Carol Tice contributes to several national and regional business publications.

Source: All salary data is from PayScale.com. The salaries listed are median, annual salaries for full-time workers with five to eight years of experience and include any bonuses, commissions, or profit sharing.

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