It’s Fraud Week, everyone!

For the week of November 11 – 17, supporters around the globe are promoting anti-fraud awareness and education to minimize the impact of fraud.

There’s a lot of information and resources out there, but what is imperative to know about fraud, how to detect it and what to do if there is fraud happening? We’ve done a series of videos on this topic, as well as published articles and informative pieces, but here are five key things to always keep in mind:

  1. Small- and medium-sized businesses are particularly at risk, and what makes them susceptible is the struggle with having enough resources (cash, time, and/or expertise) to have traditional controls and segregation of duties. For more details, click HERE.
  2. Some common indicators of employee fraud include: overly close relationship with suppliers, vendors or customers; destruction of files without proper authorization, resistance to providing information to auditors; and much more. For more details to see if your company is a victim of fraud, click HERE.
  3. The hotline is the number one way for tips to be reported, and that is the number one method of detecting fraud. Having a hotline reduces the median loss for profit by about half. For more details, click HERE to watch this episode of Entrepreneur’s Playbook.
  4. One of the first steps to take when you detect fraud is, assuming you’re in the position to be the head of the company, you need to call your attorney first. Getting the attorney involved on the front end can help prevent missteps through the investigation process, which you can accidentally do illegal things as you investigate the fraud. For more details, click HERE to watch this episode of Entrepreneur’s Playbook.
  5. One of the most effective methodologies to reduce the risk of fraud, according to the ACFE, is having a proactive data monitoring process. That reduces your risk of median amount of loss, as well as the duration of the loss by over 50%. For more details, click HERE to watch this episode of Entrepreneur’s Playbook.

Stay committed to not commit fraud!

For more information, visit PKFTexas.com or contact me at dcheek@pkftexas.com.

This blog post contains general information only. Pannell Kerr Forster of Texas, P.C. (PKF Texas) is not rendering accounting, business, financial, investment, legal, tax or other professional advice or services. This blog post is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor. The views expressed are mine and mine alone and do not represent the views of PKF Texas. PKF Texas is not be responsible for any loss sustained by any person who relies on this blog post.

The Leading Edge Alliance (LEA Global) has officially launched its third annual National Manufacturing Outlook Survey! This year, LBMC is distributing the survey, along with PKF Texas, the Greater Houston Manufacturers Association, Economic Alliance Houston Port Region, BioHouston and many more partners.

The survey is conducted in association with leading accounting firms across the country, and the report is a benefit to clients as part of our efforts to help co-develop the client experience with us as trusted advisors.

Through October 30, 2018, the survey is available to manufacturers worldwide, with responses kept confidential. To access and complete the survey, click HERE.

The results from the survey aim to:

  • Provide insight to better serve manufactures
  • First-hand understand the goals and challenges in manufacturing
  • Provide regional results
  • Expand LEA member firm’s reputation and recognition

The final report is scheduled to be issued on Friday, December 14, 2018 with copies available to participants in January 2019.

For more information and to view reports from previous years, visit PKFTexas.com/Manufacturing.

Questions? Contact Karen Kehl-Rose at karen.kehl-rose@leaglobal.com.

 

Jen:  This is the PKF Texas Entrepreneur’s Playbook.  I’m Jen Lemanski, this week’s guest host, and I’m here with Ann Tanabe, Chief Executive Officer of BioHouston.  Welcome back to the Playbook Ann.

Ann:  Thanks for having me Jen.

Jen:  So we’ve talked about some of the innovation at the TMC and other programs here in Texas, what’s really driving that shift towards innovation?

Ann:  I think a lot of what we’re seeing today is a result of some of the leadership change that has happened within the Texas Medical Center in the last 3 to 5 years.  So folks like Bobby Robbins who came to run the TMC and the great vision and entrepreneur spirit that he brought; Ron DePinho who came to us from Boston to be the head of M.D. Anderson.  These gentlemen came with the vision of we’re going to do great academic research, which we’ve been known for, but let’s also couple that with translational research – innovation – to really give us the all around full package.

Jen:  And how does BioHouston fit in with that?

Ann:  We think of ourselves as kind of an integral piece of that.  When you have kind of the early researcher and the early startup company you also need to put around and alongside that some support services and some community building and that’s what we bring.  So we bring outside folks from people like PKF Texas and law firms as well as recruiters and talent to help support the whole process.

Jen:  And really helping foster some of that entrepreneurial spirit.

Ann:  That’s right, and I think the other piece that’s really great right now is from the student perspective.  So if you think about the young students coming either as Rice Undergrads or coming to do their PhD at Baylor College of Medicine, they’re all coming to get their great academic careers going, but they all want that Zuckerberg factor.  They too all want to be entrepreneurs.  So I think you get it at the top, you get it at the bottom, and all over all around I think we’re seeing tremendous growth.

Jen:  And do they partner with those MBA students too?

Ann:  Of course.  The Rice Business Plan Competition is a great example of that coming together.

Jen:  Exactly.  Perfect, that sounds fantastic.  We’ll get you back to talk some more.

Ann:  Sure, happy to do so.

Jen:  This has been another Thought Leader production brought to you by PKK Texas the Entrepreneur’s Playbook.  Tune in next week for another chapter.

Recently on the CPA Desk, we shared with you a series of the PKF Texas – Entrepreneur’s Playbook episodes that featured our friend Wilka Toppins of Toppins Law firm. She shared the upcoming changes in overtime rules put in place by the Department of Labor. The changes centered around raising the maximum salary needed to be eligible for overtime compensation from $23,000 annually to $47,476 annually. Basically, these rules said that if you make less than $47,476 a year you would be eligible for overtime pay. Originally set to go into effect on December 1, 2016, these rules are blocked for the time being.

Blocked? How?

Judge Honorary Amos Mazzant, Eastern District of Texas, entered a nationwide injunction that blocks the Dept. of Labor from implementing the new rules. After a series of lawsuits surrounding this topic, he determined the Dept. of Labor had no authority to determine salaries.

So, what now?

It is currently unknown whether the Dept. of Labor will appeal or not, so the change is on hold. There are no current action points for employers. You can find more information on these changes at the Society for Human Resource Management here.

 

Here at the CPA Desk, we strive to bring you the latest tax and accounting news that may affect you or your business. With this in mind, we want to offer our informative and understandable Post-Election Tax Policy Update to our readers. You can access this briefing here, or on our website at www.pkftexas.com/TaxNews/.

With Election Day behind us, and a new President in front of us, many of you may have questions regarding new tax policies and potential updates. In the tax briefing you will find the following:

  • What to expect from the President-elect’s first 100 days in office
  • Individual Taxation
  • Business Taxation
  • Healthcare Related Taxes
  • International
  • Lame-Duck Tax Legislation

At PKF Texas, our professionals are thoroughly familiar with upcoming tax laws and policies, and are eager to help you understand them. If you would like to connect with one of our tax professionals to discuss this and other tax matters, please contact us.

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Today on The CPA Desk, we reflect on the 2016 Cougar 100 Luncheon that was held on October 26. This annual event honors the 100 fastest growing Cougar owned and led businesses. We were so proud to serve as the official accountants for this event and loved seeing how far the University of Houston alumni have come in growing their businesses.

The number one spot went to Jennifer Keese, the owner of Concept Connections, due to a whopping 302.35% growth! Concept Connections helps individuals with autism by taking a holistic approach to applied behavior analysis therapy. They also offer one-on-one therapy in their Fort Worth and Dallas located offices and in family homes across the state. With a staff passionate about advocating for those affected by autism and a push to always be on the cutting edge of therapeutic services, we look forward to seeing where this company goes from here.

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Eight of the top ten spots on the list went to Houston companies like Nobilis Health; Hydra Offshore Construction, Inc.; Element Architects, LLC; Flite Banking Centers, LLC and Yellow Rose Distilling, LLC.

Congratulations to each end every company on this list and a special shout-out to the Houston companies that were honored. Thank you for helping to make Houston a great place to live and work!

The Association for Accounting Marketing and American Institute of Certified Public Accountants have teamed up for a five-part webinar series focused on growing your practices. The webinars feature insight and knowledge from the practice growth all-stars of the accounting industry.

Our own Director of Practice Growth, Karen Love, will appear in the November 30th installment of the “Growing Your Practice” webcast series, along with Michelle Golden River, Principal and Growth Leader, K-Coe Isom. Their session, entitled “Leveraging the Marketing Function Properly”, will give viewers a strong overview on success factors to help growth leaders maximize marketing investments.

Two webcasts have already aired, with three more on deck through the end of November. You can access the three remaining episodes in their specific links below.

Growing Your Practice Webinar Series:

  • September 21, 2016 – What Top Growth Leaders Do to Enhance Sustainability – Katie Tolin, President & Chief Growth Guide, CPA Growth Guides; Chuck Ludmer, Principal & Chief Marketing and Practice Development Officer, Cohn Reznick and Lori Colvin, Partner and Chief Marketing Officer, Armanino LLP.
  • September 28, 2016 – Clarifying the Viability of Business Development Pros in Your Firm – Jason Jobgen, Strategic Alliances, BKD LLP and Russ Molinar, Director, Global Markets, Ernst & Young LLP.
  • October 19, 2016 – Exploring Compensation Programs for Professional Sales Teams – Mitch Reno, Principal, Director of Client Experience, Rehmann and Jason Delles, Director of Sales, Moss Adams. (Access this Webinar Here)
  • November 9, 2016 – Building Growth Leadership Skills – Angie Grissom, Owner & President, The Rainmaker Companies and Scott Moore, Senior Vice President, The Rainmaker Companies. (Access this Webinar Here)
  • November 30, 2016 – Leveraging the Marketing Function Properly – Karen Love, Director of Practice Growth, PKF Texas and Michelle Golden River, Principal and Growth Leader, K-Coe Isom. (Access this Webinar Here)

This webcast series is designed for growth-minded CPAs who want to generate and sustain impactful growth in their firms and CPE credit will be given to viewers.

This all comes before the AICPA and AAM host their bi-annual joint conference, ENGAGE 2017, happening next June.

PKF Texas Tax Practice Leader and Director, Del Walker, is a confirmed panelist for the 2016 Family Wealth Alliance regional event on July, 14, 2016 in New York City.

Del will take part in the panel discussion Client Development: Lead Generation and Lead Conversation where attendees will learn from him and other panelists Gemma Leddy, PKF O’Connor Davies and John Jennings, St. Louis Trust Company.

PKF Texas has partnered with the Family Wealth Alliance in the past for multiple events including the Houston based Gulf Coast Regional Family Forum, which took place in March of this year. For more information on July’s event, click here.

The Rice Business Plan Competition, where start-ups from universities around the world compete for over $1 million in prizes, took place this past weekend. As the official accounting firm for the competition, PKF Texas handles the voting component during the weekend. Attendees learned about the innovative ideas that students around the world are bringing to life. The winners of the competition, Texas A&M’s TriFusion Devices, uses 3-D printing for healthcare and sports equipment. They were awarded over $300,000 in prizes along with the chance to ring the closing bell at the Nasdaq MarketSite in New York City.

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The PKF Texas team members involved with the Rice Business Plan Competiton
The PKF Texas team members involved with the Rice Business Plan Competiton

 

Bob Charlet, Publisher, Houston Business Journal and Kenneth Guidry, President, PKF Texas
Bob Charlet, Publisher, Houston Business Journal and Kenneth Guidry, President, PKF Texas