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Technology is transforming the accounting profession. When businesses moved from paper ledgers to spreadsheets, it improved the timeliness, accuracy and integrity of accounting-related data. Likewise, cloud computing and the ability to remotely...

Reconciling bank accounts is critical to ensuring the accuracy of your company’s accounting records. The primary purpose of a bank reconciliation is to confirm that the transactions recorded in your bank statement match those shown in your...

As year-end approaches, it’s time for some calendar-year businesses to perform physical inventory counts. This activity is more than a time-consuming chore; it’s an opportunity to improve your company’s operational...

On November 27, 2023, the Financial Accounting Standards Board (FASB) issued updated accounting rules on segment reporting. The guidance concludes several years of discussions aimed at providing investors with better information about a...

Is your business constantly replacing its tools and small equipment? Certain items that can fit in a backpack, pocket or even the armrest of a vehicle — such as power tools, hard hats, iPads and RFID readers — have a tendency to...

As year end nears, many businesses and nonprofits are planning for 2024. QuickBooks® provides budget and forecast features to help management make financial predictions, as well as assess “what if” scenarios to help make...

As companies explore hedging strategies in today’s uncertain economy, management might need to become familiar with the accounting rules for offsetting. Here are the basics, including what needs to be disclosed in your footnotes about these...

Effective negotiation skills are critical when hiring a CEO or salesperson who deals with major contracts on a regular basis. Yet these skills aren’t necessarily at the forefront when looking for a bookkeeper or controller to “count the...

Business merger and acquisition (M&A) transactions have significant financial reporting implications. Notably, the company’s balance sheet will look markedly different than it did before the business combination. Here’s some guidance...

Financial statement preparers and practitioners often find it a challenge to prepare and report on the statement of cash flows, especially when PP&E accounting enters the picture. > What is PP&E in Finance? – PP&E accounting...

Does your company struggle to close its books at the end of each month? The month-end close requires accounting personnel to round up data from across the organization. This process can strain internal resources, potentially leading to delayed...

From time to time, owners of closely held businesses might need to advance their companies money to bridge a temporary downturn or provide funds for an expansion or another major purchase. How should those advances be classified under U.S. Generally...

Every fall, CPAs are busy preparing for audit season, which generally runs from January to April each year. This includes meeting with clients, assigning staff and scheduling fieldwork. Likewise, organizations with calendar year ends should prepare...

On August 30, 2023, the Financial Accounting Standards Board (FASB) unanimously voted to finalize its proposed improvements to the disclosure rules for income taxes. Here’s what’s changing and when those changes are effective. Rate...

Phil Hann, CPA and Senior Audit Manager at the 415 Group, discusses Accounts Receivables and the quality of those receivables by utilizing the DSO ratio. This ratio can change each year depending on various factors, including client payments,...

QuickBooks® is a popular business accounting software program. There are also a number of marketing platforms that businesses can use to stay in touch with customers. Using these tools in tandem may allow your organization to synchronize...

On September 6, the Financial Accounting Standards Board (FASB) unanimously voted to finalize new accounting rules on cryptocurrency assets — less than five months after the proposed standard was issued for public comment. Here’s what...

Does your business work on projects that take longer than a year to complete? Recognizing revenue from long-term projects usually requires use of the “percentage-of-completion” method. Here’s an overview of when it’s required...

Financial statements tell investors information about an organization’s financial performance, helping to ensure corporate transparency and accountability. But they can also be used internally to help management make strategic decisions,...

In July 2023, the Public Company Accounting Oversight Board (PCAOB) published a report that highlights common areas of audit deficiencies for public companies. Private companies face similar challenges when reporting their financial results....