Does Convenience Cost More?

Does technology help you save money or does it encourage you to spend more? Because you can use different websites and apps to compare prices and shop for deals it’s logical to think that technology will help you save money.

A recent survey conducted by the AICPA  (Association of International Certified Professional Accountants) found that 95% of its survey respondents say they have used personal technology to make a purchase. Half of those respondents felt that using personal technology helps them better manage their time and save money because of being able to find special offers and compare prices.

However, Neal Stern, CPA and a member of the AICPA’s National CPA Financial Literacy Commission says that, “Personal electronics make you a constant target for marketing. Will that enticing email offering 30% off cause you to trade your money for one more item in the closet that you really don’t need?”

The National CPA Financial Literacy Commission offers tips for consumers about how to use personal technology, stay on budget and balance cost and convenience when making purchases:

  • Keep yourself accountable-people who struggle with impulse purchases should use cash
  • Create a budget and stick to it
  • Check out the AICPA’s Feed the Pig website; it’s full of creative apps to help you stay on track with your budget
  • Don’t store payment info on websites where you shop. The extra time and effort it takes to enter payment information when you shop can help curb impulse shopping

 

Source: 4 in 10 Americans say technology leads them to pay more for convenience by Samiha Khanna

http://www.journalofaccountancy.com/news/2017/apr/americans-proiritize-time-and-money-equally-201716478.html

Fear Not the Audit

For many people in the business world the word audit causes anxiety. After 30 years in business though, we have found more-often-than-not that audits bring about positive results for companies or special districts. Audits reveal vital financial information but they also offer insight about business processes and revenue generation ideas.

Recently, Deloitte conducted research finding that 91% of surveyed companies said that audits reveal opportunities to improve business performance. Additionally, 62% of respondents say that it was somewhat likely that they would have missed important insights if the audit had not occurred.

To insure maximum positive results, some prep work will be required. Here are a few tips about how to prepare for an audit:

  • Establish audit protocol and details with your CPA prior to scheduling the audit
  • Discuss special transactions or any accounting irregularities prior to the audit
  • Decide who will be on point at the office to assist with any needed information
  • Coordinate schedules with your executive team and bookkeepers so that everyone can be ready

We have conducted hundreds and hundreds of successful audits. Our clients have found the audit process to be very positive for their organization. Let us know if you have questions or if you would like to speak with some of our clients for insights about the audit process.