Understanding the different levels of service an accountant can provide related to an organization’s financial statements is important when determining what your company may need. Owners may automatically assume that they need an audit but that is not necessarily true. There are three levels of assurance an accountant can...
Companies will be able to capitalize or spread out the costs of, setting up pricey business systems that operate on cloud technology under an update to U.S. Generally Accepted Accounting Principles (GAAP).
Small businesses often use the cash-basis method of accounting. As businesses grow, they usually convert to accrual-basis reporting for federal tax purposes and to conform with the U.S. Generally Accepted Accounting Principles (GAAP). Starting this tax year, the Tax Cuts and Jobs Act (TCJA) has increased the threshold for...
Financial statements help investors and lenders monitor a company’s performance. However, financial statements may not provide a full picture of financial health. What’s undisclosed could be just as significant as the disclosures. Here’s how a CPA can help stakeholders identify unrecorded items either through external auditing procedures or by...
Business owners generally prefer to work with entities they know and trust. But related-party transactions can provide opportunities for individuals to act in a manner that’s inconsistent with the interests of shareholders. That’s why auditors take pains to identify and properly address related-party transactions.
Tips for choosing the right CPA for your business The right certified public accountant can make or break your business. Errors in accounting can lead to the horrors of bankruptcy and might even send you to court for unintentional tax evasion. Conversely, the right accountant can deliver smooth and...
What to Look for When You Need Professional Financial Services Your business is at stake. That is just the sole but significant reason why you must be very careful in choosing a firm that has a strong impact in your financial future. There are a number of professional financial...
In July of 2015, the Financial Accounting Standards Board (FASB) issued Update 2015-11 Inventory (Topic 330), which will amend guidance within Topic 330. If you are currently valuing your inventory using a method other than Last-in, First-out, (LIFO) or the retail inventory method, you need to make sure you...
Everyone has heard the saying… Cash is King. The point of this saying from an accounting perspective is that it is not enough for a business to be profitable in order to be successful. In addition to profitability, a business must be well capitalized and have proper cash management...
Operating a successful business is hard work. It takes sweat and planning and involves much more than making, marketing and selling your product or service. Have you and your executive team mapped out what success means to you in 2017, both operationally and financially? How does that picture differ...
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