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...
Accounting for cloud computing fees paid by customers became simpler under an Accounting Standards Update. The accounting guidance previously provided by the generally accepted accounting principles (GAAP) didn’t provide the clarity customers desire for accounting for their fees to cloud service providers
To be deductible expenses, a business expense must be ordinary, necessary and reasonable in amount. The part of that three-pronged test that seems to give taxpayers the biggest problem is the reasonable amount.
It’s official! The House, Senate, and President passed the Protecting Americans from Tax Hikes Act of 2015 (PATH Act), which includes momentous tax breaks and incentives for taxpayers. Included in this legislation are over 20 vital permanent provisions that will benefit individuals and businesses alike, including a permanent R&D...
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