You have to make sure you stay focused on accounting when running a small business. Your company will tumble down before it succeeds, if you don't manage debt, receivables, and marketing expenses accurately.

You can keep your company by putting into practice trouble-free bookkeeping approach.

Weigh the options very carefully of bookkeeper against DIY accounting. Despite the fact that entrepreneurs could feel ready to act as head of accounting, sales, and marketing at the same time to cut costs, it may help to hire a bookkeeper. It can assist you on knowing someone with experience and has the best understanding is working on your books. To begin, you can employ someone part time or maybe as a freelancer, therefore you are not paying a full time wage for these services. As an option, the U.S. Small Business Administration offers assistance with managing expenses on your own, while free accounting software from GnuCash.org lets you crunch the numbers on your own.

Continue accounts receivable payments apart from borrowed funds. Small business owners need financial backing and/or loans for startup capital, marketing campaigns, and other initial things in the early on first days. To be certain the loans won't appear in the receivables, make use of the software that separates income from borrowed funds. Don't mislay sight of what is yours and what needs paying back.

Remember not to permit clients to leave with not paying balances. Observing a large amount in the receivables column is a good thing, nevertheless the money doesn't really add up until it is in your bank account. Don't let clients keep away from regular payments. Stand firm and not take no for an answer if you receive payment for past orders before letting them have more materials or services. The receivables department is very important in maintaining your company buoyant.

So you can budget for the coming weeks, specify daily expenses. It's a good idea for business owners to carry records of everyday expenses they gain in the company. As an alternative of calculating expenses every two weeks for payroll purposes, center on every day or every week. This can lend a hand so you have a better idea of where finances are each week and how much money you'll need to budget for in the upcoming weeks.

Calculate a minimum monthly profit. When planning how much it takes to maintain a small business operating, the numbers can get complicated. Plan a precise system of expenses and regular obligations so you know accurately the minimum income you require every month. Because income can be the easiest to calculate, make an austere target you'll need to earn. Without that exactness, accounting becomes confusing and your business can be at risk.

Read more : http://deepbluegroup.org/blog/5-useful-accounting-tips-for-small-businesses/

According to Dutch bank Rabobank, it has agreed to pay fines of 774m euros ($1bn; £662m) imposed by US, UK and Dutch regulators over the Libor interest rate-fixing scandal.

The bank added that its chief executive, Piet Moerland, had stepped down.

To set trillions of dollars of financial contracts, Libor rates are used.

These comprise many car loans and mortgages, and this also includes complex financial transactions around the whole world.

From the time of the year 2012 in the wake of Barclays' £290m ($454m) fine by US and UK authorities, regulators have been investigating the exploitation of Libor inter-bank lending rates.

A thread of international banks has been concerned in the matter, while more than a few criminal charges have been conveyed in opposition to traders.

Tracey McDermott Director of enforcement and financial crime, FCA said "Traders and submitters treated Libor submissions as a possible method to make money, with no look upon for the truthfulness of the market."

'Extremely disappointing'

The UK's Financial Conduct Authority (FCA) said it had fined Rabobank £105m for "serious, prolonged and widespread misconduct relating to Libor".

The £105m fine is the third-highest on record by the FCA or its predecessor, the Financial Services Authority (FSA).

The FCA said the bank's "poor internal controls" encouraged collusion between its traders and Libor submitters and attempts at benchmark manipulation.

Rabobank did not fully address these failings until August 2012, despite assuring the regulator in March 2011 that "suitable arrangements" were in place, the FCA said.

Tracey McDermott, director of enforcement and financial crime at the FCA, said: "Traders and submitters treated Libor submissions as a potential way to make money, with no regard for the integrity of the market. This is unacceptable."

Ms McDermott added: "Rabobank's flawed assurances and failure to get a grip on what was going on in its business were extremely disappointing."

Royal Bank of Scotland (RBS) was fined £390m by UK and US regulators for its involvement in the Libor scandal in February 2013.

At the time, the FSA fined RBS £87.5m, at the same time as about £300m was paid to US regulators and the US Department of Justice.

UK broker ICAP was fined $87m for its part in the rate-fixing scandal last month.

Three of its former traders were charged in New York with several counts of wire fraud as well.

Read more: http://deepbluegroup.org/blog/rabobank-fined-1bn-over-libor/

I was a bit sated with tales about banksters from Cyprus. How about Deutsche Bank, the biggest bank of Europe, sweetheart of the German government and, Lehman style, "Chief Executive Officer Josef Ackermann, who has referred to plans to control bank size "misguided," and who will bequeath a balance sheet about 40 percent larger than in 2006, and over 80 percent as huge as Germany's economy, when he leaves his post in May. The bank is the second most-leveraged and third least-capitalized of Europe's 10 largest banks". A quick Google search on 'Deutsche Bank' and 'Fraud' revealed the next fifteen links:

1. The biggest criminal tax-fraud persecution in history

2. Deutsche bank expels unethical traders to re-establish its credibility, the unnamed employees were engaged in a profitable "tax carousel" trading system for carbon-emissions credits.

3. "Federal officials state that Deutsche Bank has complied with the payment of over $550 million to settle a federal tax shelter fraud inquiry."


4. Deutsche Bank, JP Morgan, UBS and Depfa Bank Plc were charged and sentenced by a Milan court for their part in supervising fraud by their employees in the sale of derivatives to the city of Milan.

5. Welcome to Deutsche Bank Fraud Exposed. Illegal foreclosures (and evictions) are widely known as being prevalent all over the nation.

6. Pakistani family files fraud case versus Deutsche Bank.

7. German police raids offices of Deutsche Bank in connection with tax fraud investigation.

8. Whistle-blowers accuse Deutsche Bank of massive fraud. "Three whistleblowers have stepped forward claiming that Deutsche Bank committed a $12 billion fraud to cover up the actual level of credit derivatives losses.

9. Foreclosure Theft Fraud - Deutsche Bank & Morgan Stanley Discovered in Hawaii.

10. A housing company swindle in the Netherlands: The CFO, the broker and the bank: Vestia derivative disaster appears instantly more than 'merely a case of megalomanic trading'.

11. Deutsche Bank Derivative Aided Monte Paschi to Cover Up Losses. "I don't comprehend why a financial firm would get involved in a practice like this for legitimate goals," said Frank Partnoy, a professor of law and finance at the University of San Diego (85090MF) who designed derivatives at Morgan Stanley and has gone over the files. "They should never do that."

12. India: "It is hard to imagine that a company such as Deutsche Bank would bare themselves quite unguarded against such frauds, and brags profusely about the checks and balances being undertaken, or the lack thereof."

13. An award-winning article (by Jesse Frederik and Eric Smit, Jesse being an infrequent writer in this blog) about a Deutsche Bank derivatives fraud which cost a financially-once-more-than-stable recycling company 209 million .

14. "Deutsche Bank's management and supervisory board were discussing provisions ranging from $300 million (247 million euros) to $1 billion, according to Handelsblatt, which cited sources in the sector."

15. Pforzheim, a German city, sues Deutsche Bank due to alleged swindle .

Source Link: http://rwer.wordpress.com/2013/03/23/deutsche-bank-fifty-shades-of-fraud/