New report identifies high-risk areas in financial reporting

  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. Internal accounting personnel and external auditors can use the PCAOB’s report to identify high-risk areas in financial reporting that may warrant [...]

2023-09-27T10:52:29-05:00September 7th, 2023|Accounting & Auditing Resources|

Overhead allocations: Rising costs require a fresh, disciplined mindset

  From utilities and interest expense to executive salaries and insurance, many overhead costs have skyrocketed over the last few years. Some companies have responded by passing along the increases to customers through higher prices of goods and services. Is this strategy right for your business? Before implementing price increases, it’s important to understand how [...]

2023-09-27T10:52:08-05:00September 7th, 2023|Accounting & Auditing Resources|

5 steps to track vehicle mileage in QuickBooks

  Your organization may need to track business miles to maximize its tax deductions, reimburse employees for personal vehicle use, and comply with IRS rules and regulations. Navigating this process can be administratively burdensome. Fortunately, QuickBooks® offers functionality that can make the process easier and more accurate. Here are five steps to streamline the bookkeeping [...]

2023-09-27T10:53:09-05:00August 28th, 2023|Accounting & Auditing Resources|

Overhead allocations: Rising costs require a fresh, disciplined mindset

  From utilities and interest expense to executive salaries and insurance, many overhead costs have skyrocketed over the last few years. Some companies have responded by passing along the increases to customers through higher prices of goods and services. Is this strategy right for your business? Before implementing price increases, it’s important to understand how [...]

2023-08-18T09:19:56-05:00August 18th, 2023|Accounting & Auditing Resources|

5 steps to track vehicle mileage in QuickBooks

  Your organization may need to track business miles to maximize its tax deductions, reimburse employees for personal vehicle use, and comply with IRS rules and regulations. Navigating this process can be administratively burdensome. Fortunately, QuickBooks® offers functionality that can make the process easier and more accurate. Here are five steps to streamline the bookkeeping [...]

2023-08-18T09:19:38-05:00August 18th, 2023|Accounting & Auditing Resources|

Reporting UTPs on your financial statements

  It can be difficult for business owners to navigate the tax code and monitor tax law developments. One area of special concern is financial reporting for uncertain tax positions (UTPs). Here’s some insight to help clarify matters. Recognition standard Companies that follow U.S. Generally Accepted Accounting Principles (GAAP) must identify, measure and disclose UTPs [...]

2023-08-18T09:19:19-05:00August 18th, 2023|Accounting & Auditing Resources|

Selecting a qualified auditor for your employee benefit plan

  Does your organization offer health care and retirement benefits for its employees? Benefit plans with 100 or more participants are generally required to have their annual reports audited under the Employee Retirement Income Security Act of 1974 (ERISA). Here’s some guidance to help plan administrators fulfill their fiduciary responsibilities for hiring independent qualified public [...]

2023-08-18T09:18:30-05:00August 10th, 2023|Accounting & Auditing Resources|

Receivables: Quality counts

  For many companies, a significant line item on the balance sheet is accounts receivable. But can you take the amount reported at face value, or could there be more to the story? It’s important to dig deeper to understand the quality of accounts receivable. Balances might include stale invoices, bad debts — and even [...]

2023-07-14T09:26:41-05:00July 14th, 2023|Accounting & Auditing Resources|

Supplement your financial statements with timely flash reports

  Timely financial information is critical to a successful business or nonprofit organization. In today’s dynamic marketplace, you may need to act fast to ward off potential threats and risks — and jump on new opportunities. But if you wait until your financial statements are released to react, you’ll likely miss out. Flash reports can [...]

2023-07-14T09:26:10-05:00July 14th, 2023|Accounting & Auditing Resources|
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