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YesCFO Previous Newsletter

YesCFO Previous Newsletter

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Published by YesCFO
Please find previous newsletter for YesCFO, and for more information please visit our website, www.YesCFO.com
Please find previous newsletter for YesCFO, and for more information please visit our website, www.YesCFO.com

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Categories:Types, Business/Law
Published by: YesCFO on Dec 03, 2012
Copyright:Attribution Non-commercial


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YesCFO News
YesCFO, providing chief financial officers and operating executives that servein part-time or fractional roles.November, 2012
Welcome to this issue of the YesCFO newsletter. November finds us with a newaddress and some new faces at YesCFO. Our new address is:YesCFO991 Route 22 West, Suite 200Bridgewater, NJ 08807Tel: 800-706-0636Fax: 732-686-6481www.YesCFO.com Info@YesCFO.com 
Recent Team Additions:We are pleased to announce that Ed Lawner and Guyer McCracken both recently joined theYesCFO team as a Managing Directors.Ed Lawner is an accomplished chief financial officer who has more than 45 years' financial,operational, treasury management, human resource, information technology, facilitiesmanagement and administrative experience. In addition to holding CFO responsibilities at ahost of large and small businesses, Ed also did double duty as co-owner of Double E
Plating Corporation From 1981 to 1991, a specialty metal plating and polishing company,where he was responsible for overall operation of the business with particular emphasis onimproving efficiencies in the manufacturing process, financial controls and compliance issues.
Click here to contact Ed Lawner directly.Guyer McCracken is an accomplished chief financial officer who also has a background with
a strong operations focus. He has extensive experience leading finance and accountingfunctions, both domestic and international, primarily in consumer products, textiles, andmanufacturing companies. Guyer is known for his "dig into the details" approach that,combined with analytical, forecasting, and business modeling skills delivers profitable top linegrowth, improved margins via smart cost savings, and implementation of new systems toimprove cash flow. Guyer also did double duty when, prior to joining YesCFO, Guyer was theCFO and COO of TexStyle, LLC, a $ 20 million private label supplier of home textileproducts to major US retailers. In this role, he assisted a Chinese manufacturer in thepurchase of the business, including leading due diligence, legal review, and tax planning. Healso led execution of a Company restructuring, successfully taking the business in and out of Chapter 11 restructuring in six months, managing daily cash, cash forecasts, and bankrelationships during a critical liquidity period.Click here to contact Guyer McCracken directly.
Upcoming Events:
On Wednesday, Nov 14, Tim Anglim, CEO & Founder of YesCFO, will be leading adiscussion on "Financial Capacity for Nonprofits: An Essential Component to NonprofitSustainability". You may register at the following link and we look forward to seeing youthere.http://grantspace.org/Classroom/Training-Calendar/New-York/Financial-Capacity-for-
Disaster Relief
In the wake of Hurricane Sandy as well as Wednesday's Nor'easter snow event, we hope thisnewsletter finds you safe and in the positive but often difficult process of recovery. Whether directlyor indirectly, Sandy has impacted virtually everyone in our region. As a public service, listed beloware links to help you along this path to recovery:http://www.sba.gov/category/navigation-structure/loans-grants/small-business-loans/disaster-loans http://www.nyc.gov/html/sbs/nycbiz/html/home/home.shtml http://www.ready.nj.gov/plan/business-indust.html 
Disasters such as Sandy can present the obvious, immediate challenges. They also present theunexpected, unplanned-for issues down the road. Please contact us if you find yourself struggling inunchartered waters trying to either file for disaster relief or if you need assistance valuing a lostbusiness claim. Click here to contact YesCFO.Or call us at 1-800-706-0636. Team members are available to help in any way that we can.
Fraud 101
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~Business Fraud 101 - Are You Protecting Your Business ?Despite the high profile fraud cases of recent years, employee fraud continues togrow, and by some estimates represents 5-7 % of sales.Who commits fraud? The loyal employee, the new employee, the "I knew he was up to something"as well as the "I never would have suspected" employee - all may commit fraud against their employer. All they need is incentive - which may stem from any number of factors from their ownpersonal lives (most likely) to their feelings about the company - and opportunity - when thelikelihood of being caught is low due to a lack of processes within the company such as internalcontrols, monitoring of books and inadequate security.Lisa Epstein, in writing on financial fraud for  dummies.com, (http://www.dummies.com/how- to/content/basic-types-of-financial-fraud-in-businesses.html ), notes 4 basic types of financial fraud:
Embezzlement (larceny): the illegal use of funds by a person who controls those funds. "For example, a bookkeeper may use company money for his own personal needs. Many times,embezzlement stories don't make it into the paper because businesspeople are soembarrassed that they choose to keep the affair quiet instead. They usually settle privatelywith the embezzler rather than face public scrutiny."
Internal theft: stealing a company's assets, such as office supplies or products the companysells. "Internal theft is often the culprit behind inventory shrinkage."
Payoffs and kickbacks: "situations in which employees accept cash or other benefits inexchange for access to the company's business, often creating a scenario where thecompany that the employee works for pays more for the goods or products than necessary.That extra money finds its way into the employee's pocket who helped facilitate the access."This is, in effect, bribery, but is generally unreported or underreported by a company,although sometimes employees are fired. Epstein gives an example of this type of 

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