What Small-Business Owners Should Learn From Macy's Missing $50 Million

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[ Wed, Nov 27th 2024 ]: Bill Williamson

What Small-Business Owners Should Learn From Macy's Missing $50 Million

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What Small-Business Owners Should Learn From Macy's Missing $50 Million

//business-finance.news-articles.net/content/202 .. should-learn-from-macy-s-missing-50-million.html

Published in Business and Finance on Wednesday, November 27th 2024 at 11:00 GMT by Bill Williamson
^{🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source}

The department store chain had to delay its third quarter financial statements after uncovering 'erroneous accounting accrual entries' related to delivery expenses.

The article from MSN discusses the financial implications for small business owners, drawing lessons from Macy's recent financial misstep where they failed to account for $150 million in credit card revenue. This oversight led to a significant restatement of their financials, highlighting the critical need for meticulous financial management. The key takeaways for small business owners include the importance of accurate bookkeeping, the necessity of regular financial audits, and the potential pitfalls of relying heavily on a single revenue stream like credit card transactions. The article emphasizes that even large corporations can make substantial errors, underscoring the need for small businesses to implement robust financial controls, maintain transparency with stakeholders, and ensure that all revenue streams are accurately tracked and reported to avoid similar financial discrepancies.

Read the Full MSN Article at [ https://www.msn.com/en-us/money/other/what-small-business-owners-should-learn-from-macy-s-missing-150-million/ar-AA1uOsfC ]