There is no doubt that Orange County, California, is one of the centers of the overseas Vietnamese community in the USA. Doing business here gives our clients access to a healthy local market and offers undeniable access to international business opportunities. However, this unique cultural mix also presents our clients at Lan Quoc Nguyen & Associates with certain challenges.
Although things are changing here in Little Saigon, a large portion of our clients’ businesses are still cash-only — or at least heavily dependent on cash transactions. This is true both in business-to-business payments and everyday customer purchases. The cash system works well for most of our clients as long as there is a steady stream of commerce, but periods of rapid expansion or slow markets tend to upset the balance.
Whether a desperate stakeholder or an overworked accountant causes the mistakes, the onus to address errors, omissions and potential fraudulent acts tends to land squarely on our clients, the owners. As you probably know, fraud and oversight regarding financial records pose a serious issue that threatens the long-term viability of a business. Your ability to reconcile your books with your accounts would be further complicated in a situation where most transactions had taken place using cash.
We have found that most of our clients simply lose track of cash, a fact that causes problems during audits and leads to serious problems. Suggestions of fraud might hit you hard when you are trying to run an honest business, but an investigation into your records is often able to uncover the source of the misunderstanding. Please continue to read on at our main site to learn more.