Imagine, someone in sales closing a massive deal. It’s a new customer with a huge, custom order. Great! The production team works under the tight deadline. The new client is pleased that everything is shipped on time and comes back looking spectacular. But wait, did you get paid?
Many dealerships are riding the wave of an improved economy and the booming automobile industry, which experienced a record sales year in 2015. In the midst of these positive developments, however, there’s one potential risk dealerships should be aware of: internal fraud.
Traditionally, many stores have been susceptible to fraud due to their relatively small financial and accounting staffs, the large sums of cash kept on hand, a high volume of transactions, and their highly-marketable inventories. Growing sales and revenue can present even more opportunities for dishonest employees to embezzle funds.
Young adults entering the workforce may not consider factories and distribution facilities as the most glamorous places to begin a career. But owners of manufacturing companies know firsthand just how rewarding careers in this sector can be, both financially and intellectually. Some have found creative ways to breathe new life into their mature companies by enticing millennials—roughly defined as people born between 1980 and 2000—to join their workforces and take the first step into developing a career in the manufacturing sector.
Topics: Manufacturing & Distribution
As the Financial Accounting Standard Board (FASB) continues their focus on simplification, the Board voted in May of this year to finalize Simplifications on Subsequent Measurement of Inventory. The Board’s inventory measurement simplification objective is to reduce the cost and complexity of the subsequent measurement of inventory while maintaining, or improving, the usefulness of the information being reported.