Protect Your Business: 4 Strategies for Preventing Money Laundering

You’ve put in a lot of hard effort to make your business the successful profit-churning powerhouse that it is. The idea that someone could be ripping you off and laundering money from your hard work should be disgusting to you. However, it might even be happening right now with you completely unaware. To ensure that your business is protected from criminals looking to siphon off of your hard work, utilize these four strategies to help prevent money laundering. 

Appoint an Anti-Money Laundering Compliance Officer

Initially, you should create an anti-money laundering policy that is clear in its dictation and punishments. As a further safeguard, it’s also prudent to hire an Anti-Money Laundering (AML) Compliance Officer who will routinely check the accounts and ensure there’s no fraud taking place. If they notice anything odd, they can report it to you. Keep in mind that the AML Compliance Officer should have extensive experience and knowledge in terms of financial policy, procedure, and crime.

Utilize Software 

Besides just an employee looking over the books, it’s also a wise idea to have an impartial bit of software looking over your shoulder for you, too. One piece of software you might want to consider is one that provides name matching services. This can be used as an anti-money laundering process that ensures those you bring into the business and those you do business with are legitimate people without fraudulent claims attached to their names. 

Bolster Accounting And Cash Handling Processes 

Another strategy to prevent money laundering is to bolster the accounting and cash-handling processes so that it makes laundering a lot more difficult. Additional watchdogs can be set to overlook these processes. However, you should keep the number of people who handle the accounts and cash handling as minimal as possible. Not only does this decrease the chances of someone with questionable morals from accessing your accounts, but it also helps narrow down the suspects when laundering is suspected. 

Knowing The Deal 

It’s also a good strategy to be a part of all of the deals that are made in your business. Or, at least, to be able to observe them, so you can ensure you understand the exact terms and benefits of the deal. Most importantly, you should know who is benefiting from the deal, how, and why. You may be able to sniff out questionable parties and report them. 

Money laundering is a terrible way to lose hard-earned profits in your business. By following these four strategies, you can bolster the security of your business and prevent laundering from occurring.

Guest author, Lizzie Weakley is a freelance writer from Columbus, Ohio. She went to college at The Ohio State University where she studied communications. In her free time, she enjoys the outdoors and long walks in the park with her 3-year-old husky Snowball.  @LizzieWeakley

Getting Help with Your Finances

Most of us are in debt. We’ve got credit cards, loans, overdrafts, store cards, and car financing plans. Some of us even owe money to our utility providers and landlords. Even those of us that aren’t are cutting it fine. We want to save, we even open savings accounts, but find ourselves struggling to put any money in them. Many of us want to set up businesses and build home offices, but our financial situations won’t allow it.

But, just as many of us are doing nothing about it. We’re getting by paying the minimums back on our debts.We’re letting any savings that we do have just sit there, instead of finding ways to make them grow. We’re living paycheck to paycheck without taking the time to improve things.

This is often because we’re embarrassed. We don’t want to admit that we need help or that we’re in debt. We don’t want to ask for advice on how to save or make our money grow because we are ashamed to admit that we don’t know already or that we’ve been wasting our money up until this point. We are afraid of speaking to an accountant only to find that we’ve been recording our profits incorrectly and our small business accounts are in a mess. We bury our heads in the sand because we are embarrassed and afraid. But,there’s really no need to be. There’s plenty of help out there, and plenty of people that need it. You just have to make that first move. Here’s a look at some of your options.

Visit a Financial Advisor

If you’ve got debts, you might find that their repayments are crippling. That you’ve got very little disposable income each month because paying off your debts is eating it all up. It doesn’t need to be like this, but it’s so hard to see a way out when it’s your money.

A financial advisor can take a look at your situation and help you to find ways to improve it. They’ll look at your income and expenses and recommend consolidation loans or other options that could help. They can even help you to create a budget to manage your money.

Most banks offer a free financial advisor service. But, remember your bank is only likely to recommend their own products. You may have to pay to see an independent advisor, but you could be offered a wider range of options.

Get Help with Investments

Investing your money is a fantastic way to watch it grow. But, it’s complicated and confusing. If you’ve never invested,you might worry that you can’t because you don’t know enough. The good news is,you don’t even need to meet an advisor in person, read another option that’s great for beginners and novice traders.

Hire an Accountant

If you run your own business or work as a freelancer, you might try to manage your own finances to save money. But, it can be all too easy to make costly mistakes. Hiring an accountant can actually save you money. They’ll ensure you are claiming any tax deductibles that you are able, and they’ll make sure you don’t face a hefty fine because you’ve either missed your tax return deadlines or made a mistake in your working out.Read more about deducatbles at

Expect The Unexpected With Your Business Expenses

When you look at your small business, you probably do so with pride. It’s something that you’ve worked hard for, paid for, grafted for and are caring for as gently as you would a baby. Your business IS your baby, in fact, and when it comes to having children, you learn very quickly how expensive they can be. You don’t have to be financially minded to know how much it costs to keep your small business running smoothly. Increasing your profits isn’t always the easiest thing to do, especially when costs are always shifting, decreasing and increasing without much warning.

Typical expenses for your business are a long list. Inventory, supplies, utilities, rent if you’ve got office space; all of these are for you to keep up with every month and this can be fairly stressful! You don’t have to be in charge of the finances to know about the expenses that your business has, but you should be able to keep up with the unexpected ones as they crop up. There are some less obvious business expenses, and here some of them are below:

  • Building a business takes some time and protecting it as it grows is important. Insurance provides a shield for your business against legal issues and financial scares. As a business, you need to have liability insurance at the very least because you need to safeguard your business as much as possible. If you have drivers on your team, then you will need to insure their business vehicles, too.
  • Most businesses need to think about their permits with the state that their business resides. There are many different permits that a business could need, and you can read about those here.
  • Okay, this shouldn’t be a hidden expense; taxes are a given with a business. However, it is possible that if you’re not on top of your expenses you will need to be visiting to discuss paying an IRS debt. No one wants their business to owe money, least of all to the IRS.
  • When you’re gathering in supplies for your products to make them, you need to consider the costs of every element and account for the additional business equipment that you’ll be buying. Equipment can also add maintenance costs to your business as you ensure that they are kept up with.
  • Sending out invoices in a timely manner doesn’t always mean that they will be paid in the same way. Within your business, you have to ensure that you plan for invoices to remain unpaid for some time. Your cash flow will depend on customers paying invoices on time and if you don’t consider that they may not pay for service on time, then you could be missing out.

Your business is going to take more than a financial advisor on board to tell you all about the expenses that you will incur. It’s about doing your own research; don’t forget to do so.



Make Your #Retail #Business Easier To Manage With These Life-Changing Hacks!

Retail businesses can be one of the hardest business types to make a success of. The reason for this is simple – a lot of organization is required to have any chance of success. Although all businesses require organization, for retail companies, it’s even more important. Because, if you’re not organized you’ll end up forgetting to do something important, such as ordering new stock, for instance. So, with that in mind, below are some handy hacks to make managing your retail store and staying organized, that little bit easier.

Have a schedule in place


Photo from Pixabay

One of the most important things when it comes to making your retail business (or any business) easier to manage is having a schedule in place. This is because by having a list of tasks to complete each day, along with a time frame to do each task in, it’s easier to keep on top of what needs to be done. You know what needs to be done and when, so it’s just a case of doing it and ticking it off afterward. A daily schedule can be a great motivator because it gives you a clear idea of what has to be completed each day. This makes it less likely that you will put off doing the important things like reordering stock. This is because you’ll have your daily schedule to remind you of everything that needs doing. To learn about the best planners to use, resources like can be useful.

Invest in the right software

The right software can have a big impact on how easy to manage your store is, so it’s worth taking the time to research the best types to invest in. There are various options on offer; it’s just a case of determining what you could use help with. Integration software, for instance, can be highly beneficial for retail businesses. This is because sites like can offer various benefits for your business. For instance, this type of software can aid supplier on-boarding, making the process much quicker and easier. Some software might be a little pricey. However, it’s important to remember that it’s worth the investment if it makes running your business easier. After all, the easier you can make your business to run, the better.

Outsource tasks


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It’s important to remember that there are only so many hours in the day. This means that no matter how hard you work, the chances are that you’re not going to be able to do everything. If you’re not at a stage where you’re able to afford to hire some help, then your best option is outsourcing. By choosing to outsource tasks like your accounting, for example, you can ensure that they’re completed to a high quality. And also, that you’re not rushing to try and get everything done, and so, end up forgetting to do something important.

Running a retail business isn’t an easy task, as it takes a lot of time and effort to keep on top of everything that needs to be done. Hopefully, however, the handy hacks above will help to make the process of running your store, that little bit easier.

Are #Customers Taking Advantage of You?

You likely got in business recently or years ago in order to be your own boss, something millions of people likely wish they could do.

That being the case, you know that you have a lot of responsibilities on your plate in running a business.

accountspayableOne of those responsibilities is making sure that you have customers meeting their end of the bargain when doing business with you, notably paying you in a timely manner.

In the event some of your customers are late with their payments for products and/or services they purchase from you, it can throw your financial situation into chaos, something that can ultimately put your business success in danger of failing.

When it comes right down to it, do some of your customers take advantage of you?

Keeping a Healthy Financial Situation

So that you and your business can lessen the chances of running into financial difficulties, make your financial well-being a top priority.

While there are different ways to go about this, some should come to mind rather quickly.

First, make it clear to customers (current and potential ones) how your business operates.

Is it one where payment is necessary at the time of a purchase or can the individual be billed?

Two examples of how this can differentiate would be the following:

  • On-time payment – Customer makes a product or service purchase either in-person or online. It is then required of the customer that they pay either in cash or by credit/debit card for the purchase at that time;
  • Billing the individual – Customer agrees to a service and/or purchase, the business owner then bills them with understanding that payment should be made within reasonable amount of time (typically less than 30 days). If customer does not pay within the given time frame, they are usually billed again, perhaps a couple of times. If they still have not paid up by then, they may get a bill and notice noting that they could be passed along to a collection agency.

Where’s My Payment?

If your business is running into the problem of customers taking their good old time to getting around to paying you, another option you have is turning to an invoicing factoring company.

Simply put; such businesses are there to help those companies having trouble getting customer payments in a timely manner.

The invoicing factoring company will take on those troubled accounts receivables, in turn providing the business owner with the necessary funds to meet their own financial responsibilities.

For various businesses nationwide, factoring companies can be the solution, so don’t hesitate to check into them for your business needs.

Another important facet of on-time payments is making sure your invoicing needs don’t falter at any one point and time.

Yes, customers are responsible for making sure they pay you for any product and/or service you provide, but it is still your responsibility to be sure the invoicing is done in a timely manner for those purchases not requiring onsite payments.

If you are having trouble keeping up with your invoicing needs, this can easily lead to financial issues with you and customers.

Depending on the size of your business, you may or may not need to hire someone to oversee your billing duties.

For those running businesses on their own (be it out of their homes or a small office space), they may hire someone (typically part-time) to help them with their financial books.

If that scenario doesn’t work for you, you can always consider bringing on someone full-time to handle such needs.

Either way; making sure invoices are sent out on time, customers pay their bills on time, and all the numbers add up when it comes time to do your business taxes, these are three financial priorities that you can never take for granted.

Finally, going out of your way for your customers is perfectly fine (actually encouraged in many respects).

The key should always be making sure that your customers do not take advantage of the one-on-one relationships you have with each and every one of them.

Review your finances on a regular basis, looking to see if your business is coming up short.

As a business owner, how do you make sure that your customers pay you in a timely manner?

About the Author: Dave Thomas covers business topics on the web.

Put Money Into Your Accounting Efforts

accountIf you’re trying to keep your business’s revenue stream on track, then having the right accountant on hand is a must. With the right accounting professional in place, your business can remain financially healthy for the long haul.

With fit finances in mind, here are a few things to consider when hiring the right accountant:

Inside vs. Outside Accountants

Before you delve into the hiring process, you need to first decide if your business needs an inside accountant who’s full-time or an outside accountant, such as someone from an accounting firm.

Most small to medium-sized businesses choose inside accountants because they are able to handle general account maintenance and daily transactions.

In addition, because inside accountants are on staff, they’re usually better equipped to manage your business’s cash and payroll needs.

However, if your business doesn’t have room for a full-time accountant or you just need periodic financial assistance, an outside accountant might be the solution.

Outside accountants who work for accounting firms are trained in tax preparation and general income statements, which may be all your business really needs.

Do You Need a CPA or CMA?

There are two main professions in the accounting world: certified public accountants (CPA) and certified management accountants (CMA). CPAs are the most common accountants in business organizations and all of their actions are regulated by the state.

CMAs are similar to CPAs, except they don’t have the same training backgrounds and also aren’t state-regulated. Both professions have a solid understanding of income tax law, but CMAs usually have a more complete understanding of business accounting.

The article “Medical Accounting Professionals: Understanding the Value of Experience” mentions the importance of a strong talent pool when choosing an accountant. Once you decide between CPA or CMA, there are some other qualities to look for in the right accountant.


Many accountants simply handle the books and not much else. Although this is perfectly acceptable, you’ll want to choose a candidate who is comfortable solving problems in a professional manner.

During the hiring process, you should ask the candidate how he or she would handle a company audit or a situation where company funds go missing.

Balancing the books when everything is in order is great, but handling tricky financial situations professionally is ideal.


Whether you choose an inside CPA or an outside CMA, you need to make sure candidates can handle anything your business throws their way.

Bookkeeping is a must, but what about analyzing loan and financing transactions or managing company investments? A well-rounded accountant should be able to offer a number of accounting services.

Continuing Education

Accountants are required to keep up with financial reporting processes and tax law by attending continuing education courses. Before you choose a candidate, make sure he or she is up-to-date with all continuing education.

An accountant who is aware of all changes and updates in accounting procedures will be better equipped to handle your business’s financial needs.

Likewise, they’ll also be basing their accounting decisions on the latest legislation and accounting guidelines.

Before you hire an accountant for your business, keep in mind the pointers above and make the right move.

About the Author: Adam Groff is a freelance writer and creator of content. He writes on a variety of topics including budgeting and accounting.

Is Your Billing Software Accountable?

billingCreating invoices manually can be a big hassle. It is not only troublesome and time-consuming; it is also an error-prone process.

Fortunately, businesses can leverage technology to improve the efficiency and accuracy of their invoicing processes. Presently, there are many billing software products in the market that can be used to enhance the invoicing experiencing.

Below are some useful tips for choosing billing software.

Why Businesses Should Use Billing Software

Billing software can be beneficial to your business in many ways.

First of all, it can greatly reduce paperwork. Customer records, invoices and other types of paperwork can build up in a hurry, making it increasingly difficult for you to file, organize and store them.

Billing software can help you manage your invoice-related data in a more efficient and organized manner, as well as save space in your office.

Most billing software products can be integrated with the Internet, making it possible for you and your employees to gain access to customer information anytime, anywhere.

Another benefit of using billing software is that it can significantly reduce your costs.

If you are using billing software, you do not have to hire additional employees to do invoicing, and you can also save on office supplies.

Billing errors are likely to occur if you or your employees need to enter information into your computer system manually, and some of these errors can prove costly to your business.

For instance, it is not uncommon for healthcare businesses to have their profitability undermined by invoicing errors.

According to an article entitled “Will the Right Medical Billing Software Make Your Practice Profitable?”, many medical claim denials result from human errors, and billing software can help healthcare providers keep better track of patient and insurance information, so that they can minimize such errors.

How to Choose the Right Billing Software

Here are some of the things that you need to take into consideration when you are choosing a billing software product:

Cost: The cost of billing software can range from free to thousands of dollars, and some products may require you to pay monthly or annual subscriptions. Choose one that suits your budget.

Data: Make sure the billing software product you choose allows you to enter all the types of information you need to include in your invoices, such as customer and vendor information, invoices, inventory and others.

Documents: Your billing software should also enable you to prepare other types of documents besides invoices, such as quotes or estimates, credit notes, packing list or delivery orders.

Reports: It is important that your billing software can provide relevant reports such as sales, receipts, debtors and customer statements. You may want to choose a product that allows you to customize reports.

Search Features: As the amount of data you need to handle increases, you need to be able to locate invoices, customers, inventory items and other types of data easily. Select a billing software product that comes with good search features.

There may be other things that you want to add to your checklist for choosing a billing software product, such as user security, hardware requirements and support options.

The most important thing is to select a billing software product that can meet all your company’s invoicing needs.

About the Author: John McMalcolm is a freelance writer who writes on a wide range of subjects, from social media marketing to Cloud computing.