About Sheila Harms

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So far Sheila Harms has created 317 blog entries.

Common accounting pitfalls for startups to avoid

  Accounting is a critical element when launching a successful business venture. Unfortunately, it’s also an area where startups tend to make mistakes. Here are some common (and avoidable) errors that entrepreneurs should watch out for. Failing to track expenses Starting a new business is exciting — and it’s natural to focus on generating revenue [...]

By |2023-02-03T10:43:20-06:00February 3rd, 2023|Accounting & Auditing Resources|

Auditing accounting estimates

  When companies report financial results, they often rely on estimates made by management. Examples include the allowance for doubtful accounts, warranty obligations, costs of pending litigation, goodwill impairment and the fair values of acquired intangible assets. How do auditors evaluate whether amounts reported on the financial statements for these items seem reasonable? Inquiry and [...]

By |2023-02-03T10:43:06-06:00February 3rd, 2023|Accounting & Auditing Resources|

New report shows a decrease in CAMs in 2022

  The Public Company Accounting Oversight Board (PCAOB) recently published its second post-implementation review on critical audit matters (CAMs). The report found that, while the proportion of auditor’s reports that have a single CAM has increased, the average number of CAMs has declined over time. Here’s what you should know. Defining CAMs Auditors of public [...]

By |2023-02-03T10:42:49-06:00February 3rd, 2023|Accounting & Auditing Resources|

5 benefits of outsourcing your accounting needs

  CPA firms do more than audits and tax returns. They can also help you with everyday accounting-related tasks, such as bookkeeping, budgeting, payroll and sales tax filings. Should your organization outsource its accounting needs? Here are five potential advantages to consider when evaluating this decision. 1. Professional advice. Outsourcing to an experienced CPA firm [...]

By |2023-01-13T16:10:58-06:00January 13th, 2023|Accounting & Auditing Resources|

Update on remote auditing

  Remote work became a buzz topic when the United States went into lockdown mode in 2020 to combat the effects of COVID-19. Like many companies, audit firms quickly shifted to remote auditing with video conferencing and drones. Now that the country has largely reopened, will auditors continue to work remotely? Remote auditing “definitely continues [...]

By |2023-01-13T16:10:43-06:00January 13th, 2023|Accounting & Auditing Resources|

FAQs about QuickBooks

  Almost 40 years after its launch, QuickBooks® remains the leading accounting software program for small and medium-sized businesses. If you decide to use QuickBooks for your bookkeeping needs, you may have questions about implementation and using it to run your operations. Here are answers to some basic frequently asked questions (FAQs) to help you [...]

By |2023-01-13T16:10:26-06:00January 13th, 2023|Accounting & Auditing Resources|
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