Chemours accounting scandal prompts executive leave, stock plunge, spotlighting the need for better practices and outsourcing solutions like Remote Quality Bookkeeping.
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Late last week, publications from Compliance Week to The Wall Street Journal all shared the same news story of one of the United State’s largest chemical companies dealing with the aftermath of a significant accounting snafu. The company in question, Chemours, placed its chief financial officer, principal accounting officer, and chief executive officer on leave until the company has time to complete an internal review of financial reporting issues after the company postponed announcing its final quarter earnings for 2023.
The undisclosed "material weaknesses" that prompted the look at the books have already sent stocks plummeting by over 40%, and the end is not yet in sight. Accounting scandals like this have become familiar, if not common in the corporate world, with one 2023 study published in the publication Review of Accounting Studies estimating nearly four of every ten businesses commit accounting fraud at varying levels. A staff accountant usually manages the books for these companies once a certain level of trust is built to assume no one is “checking the books.”
Companies should strive for bookkeeping practices that ensure longevity and security, lest they risk becoming the next headline. Tilman Fertitta said, “Don’t ever let business get ahead of the financial side of your business… Know your numbers.” Achieving this requires top executives or business owners to keep a close eye on accounting and accurately represent books — a luxury most small-to-medium size businesses don’t have since the leadership is often wearing multiple hats.
Third-party accounting firms like Remote Quality Bookkeeping exist for this very reason: they take over the heavy lifting and burden placed on business executives by bookkeeping. Complete with internal systems and safeguards in place, these services offer whole teams of people to verify your accounting is done right, no ‘material weaknesses’ as it were.
In other words, one solution for businesses to avoid becoming embroiled in a corporate scandal and foster long-term success and sustainability is by outsourcing your accounting to a reputable service. While not anyone’s only solution, it is favored over becoming the next business to close their doors for poor financial practice.
For more information, please visit https://myrqb.com/
About Remote Quality Bookkeeping
Remote Quality Bookkeeping is an outsourced bookkeeping & payroll services company that provides cost-effective, efficient, and accurate bookkeeping services for small businesses and franchises throughout the United States.
Contact Info:
Name: Remote Quality Bookkeeping
Email: Send Email
Organization: Remote Quality Bookkeeping
Address: 12 Edgewood Rd Wells, ME 04090
Phone: 866-567-4258
Website: https://myrqb.com/
Release ID: 89123983
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