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Faq's

Frequently Asked Question

BPA FAQs

What can we do for you?

The firm has a team of professionals who handle all aspects of accounting and financial reporting. Additionally, they provide our clients with advice and support on a wide range of financial transactions and events, in compliance with new or revised accounting standards. Tax Planning Can Assist You In Building, Managing, And Protecting Your Wealth. Our Dedicated Tax Practice Can Assist You In Tax Preparation.

We Offer The Following Financial Accounting Services:-
Compliant Service
Fraud Detection
Taxation
Accounting & Payroll

What are the advantages of choosing Breakpoint Assurance Company as my outsourcing firm for finance and accounting services?

Breakpoint Assurance Company has been in the insurance business since 19XX and has extensive experience in servicing the needs of the customer, thus allowing a closer perspective of the problem. We are one of the Best Accounting firms in Edison.

I am highly concerned about the safety of my financial information. What is your data security policy?

Your confidentiality is a top priority for us. We respect your copy rights and ensure that any information pertaining to our clients is not published, distributed, sublicensed, sold, or disseminated to a third-party in any way. Furthermore, the client’s confidential data’s will also be handled with the highest degree of responsibility, so that there will be no leaks in the client’s personal data’s.

What is the level of expertise of your finance and accounting department?

I am glad to boldly proclaim that our company has the best talent on board, our people are experienced and skilled, having completed various levels of training, including accounting services, tax services, financial management, and implementing the newest software applications.

How can I keep my business and personal finances separate?

Running a small business and managing personal finances at the same time is a significant challenge for entrepreneurs. Not only can this result in a strain during tax season, but it could also lead to additional fines in the event the files are not properly maintained. An auditor should be consulted for more information.

Taxes FAQs

What are the three main types of taxes?

Taxes in the United States are classified into three main categories based on their nature: regressive, proportional, and progressive. There are two basic types of taxation that affect high- and low-income earners differently. Those with lower incomes are disproportionately affected by regressive taxes.

Why is taxation necessary?

The majority of governments derive their revenue from taxes. In addition to improving and maintaining public infrastructure, such as roads we use each day, and funding public services, such as schools, emergency services, and welfare programs, these funds are used for a variety of purposes.

What are the three basic principles of taxation?

Effective administration of tax laws must meet four general criteria: clarity, stability (or continuity), cost-effectiveness, and practicability.

Why is taxation important?

In order to achieve social objectives, taxes are crucial since they enable governments to collect money. It would be impossible for governments to provide health services without the revenues generated by taxes. In addition to funding health services such as social healthcare, medical research, and social security, taxes are also used to fund certain programs.

What are the steps of the taxation process?

The process of levying taxes consists of three phases: assessing, which involves determining the exact amount subject to taxation under the law; computing; and enforcing. Despite our best efforts to adhere to citation style, there may be a few discrepancies.

Compliant Service FAQs

How would you define a compliant Service?

An entity that is a compliant service provider is one that has been approved and registered by MasterCard and Visa as an authorized payment service provider who has been found to comply with all applicable Network data security policies and procedures.

How important is compliance?

Ensuring compliance is one of the best ways to prevent and detect rule violations, therefore helping protect your organization from damaging fines and lawsuits. It is important that compliance is an ongoing process. Many organizations establish compliance programs in order to ensure that their compliance policies are followed consistently and accurately over time.

What are the responsibilities of the compliance office?

Compliance departments identify the risks that an organization faces and provide advice regarding how best to avoid or minimize those risks … In order to comply with laws, regulations, and internal procedures, compliance officers offer a service in-house that supports the functioning of business areas.

How can compliance be defined?

As outlined in the previous answer, there are two types of compliance that indicate the original source of the framework, corporate and regulatory. A corporate compliance strategy consists of a set of rules, regulations, and practices that must be followed.

What exactly is regulatory compliance?

The annual ROC compliance reports contain information about the business operations of a company. Every registered company or LLP in India is required to submit these reports within the time frame prescribed in the Companies Act, 2013 and the Companies Regulations. Companies and limited liability partnerships must submit ROC forms without fail, otherwise a fine will be imposed.

Fraud Detection FAQs

How does fraud detection work?

In addition to the financial sector, fraud detection is utilized in other areas, including the insurance industry, medical industry, government agencies, and law enforcement, among others. The data mining techniques used to identify fraudulent patterns are applied to millions of transactions. Nowadays, fraud detection analytics are closely integrated with business systems, enabling fraud detection to become a preventative process rather than merely a detection one. Some of these solutions utilize a variety of advanced technologies, such as big data, advanced analytics and artificial intelligence (AI).

How does fraud detection benefit businesses?

Artificial Intelligence (AI) fraud detection solutions enable organizations to detect and prevent fraud while it is happening, whether it is a payment, a medical office visit, or an insurance claim. In addition to reducing loss and manual intervention costs, actual fraud can be detected in real-time.

What are the best practices for detecting and preventing fraud?

Fraud detection and prevention techniques based on data analysis

  1. Are used to identify fraud patterns.
  2. Fraud indicators may be found in transactional data.
  3. Auditing and monitoring should be conducted continuously to improve controls.
  4. Communication about monitoring activities should be spread throughout the organization.
What are the methods of detecting bank fraud?

 Detection of bank fraud

  1. Can be accomplished by identifying cash transactions just below the regulatory threshold for reporting.
  2. Determine whether a particular series of cash disbursements exceeds regulatory reporting thresholds.
  3. Determine whether a particular volume of cash transfers is statistically unusual.
What kind of software does the bank employ to detect fraud?

The most effective Fraud Detection Software includes Fraud Fighters, Kount, Sift Digital Trust & Safety Suite, Riskified, CGI HotScan360, and IBM Trusteer.