Dana McGuffin CPA Blog

Creating QuickBooks Online Reports

By Dana McGuffin | June 10, 2015 |

Reports are the payoff for all of your hard work entering records and transactions. They can give you the critical data you need to help you make better business decisions. Now that you’ve been using QuickBooks Online for your company’s accounting, it’s probably unimaginable to think about going back to manual bookkeeping. Those file folders…

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Life Insurance? Get the Tax Facts!

By Dana McGuffin | May 8, 2015 |

You may think of life insurance as income-replacement protection for your family in the event you or your spouse dies. But what are the tax implications of life insurance? Here are four rules to know. Death benefits. Normally, death benefits paid under a life insurance policy aren’t subject to income tax. But this isn’t a…

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Dana McGuffin CPA Best CPA 5 Years in a Row!

By Dana McGuffin | April 12, 2015 |

We are proud to announce that clients, friends of the firm, and Southlake Journal readers have voted Dana McGuffin CPA, PLLC the Best of the Best CPA in Southlake, Texas for the 5th year in a row! From the Southlake Journal March 25, 2015 Edition: When the Dana McGuffin CPA, PLLC accounting firm wanted to…

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My Big Why

By Dana McGuffin | April 2, 2015 |

My Big Why FREEDOM. Really, that’s what it all comes down to. It’s my BIG WHY. Freedom is why I got into business in the first place. I wanted freedom to run a business the way I saw fit. I wanted freedom from the “old” standard practices of accounting firms. I wanted freedom from being…

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How to Prevent Fraud in Your Business

Post 5 of 5: How to Prevent Fraud In Your Business

By Dana McGuffin | March 5, 2015 |

In our 4th post on fraud, we covered the opportunities for fraud in a business. After covering material that is negative in many ways, let’s discuss something positive: How to PREVENT fraud in your business! Separation of Duties Separation of duties is a cornerstone concept of accounting. In a small business, this critical separation can be…

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Opportunities for Fraud

Post 4 of 5: Opportunities for Fraud

By Dana McGuffin | February 5, 2015 |

In our 3rd post on fraud, we discussed 3 Key Elements of Fraud in any Business. To recap, the first two elements were: Pressure Rationalization Opportunity is the third element and what we are going to focus on today. Opportunity, or a favorable juncture of circumstances, is the element over which employers have the most control after the employee…

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Key Elements of Fraud

Post 3 of 5: The Key Elements of Fraud

By Dana McGuffin | January 5, 2015 |

Let’s continue our discussion on fraud. (For our 2nd Post on fraud with recent examples we’ve seen, click here.) FRAUD \ noun\ ‘fröd\ Definition of FRAUD 1a: DECEIT, TRICKERY; specifically : intentional perversion of truth in order to induce another to part with something of value or to surrender a legal right. In other words, fraud…

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Fraudulent Dispersement Schemes

Post 2 of 5: More Fraudulent Disbursement Schemes

By Dana McGuffin | December 5, 2014 |

Fraudulent disbursement schemes provide a unique opportunity for the fraudster. The company is essentially “tricked” into making a legitimate- looking disbursement. Unlike larceny or skimming schemes, the employee is not even physically required to take custody of the funds; the money can be converted indirectly by the employee through a third source, such as a shell…

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Recent Examples of Fraud

Post 1 of 5: Recent Examples of Fraud We Have Seen

By Dana McGuffin | November 11, 2014 |

Is An Employee Stealing From You?  Fraud presents itself in many ways in businesses! Over the years, we have seen dozens of examples of employee fraud. From buying personal gasoline and clothing on company credit cards to dispersing additional payroll checks to themselves, employees find creative ways to steal from their employers. We’ve had numerous…

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Lindsay Polyak Appointed to Southlake Chamber Board

Lindsay Polyak Appointed to Southlake Chamber Board of Directors

By Dana McGuffin | July 15, 2014 |

Dana McGuffin CPA, PLLC is proud to announce that Firm Manager Lindsay Polyak has been appointed to the Southlake Chamber’s Board of Directors. Lindsay has been actively involved in the Chamber since 2009, through the Ambassadors’ Committee, which she currently chairs. Lindsay will serve a 3-year term on the Board of Directors. The Board of…

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