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|

Turning receivables into cash

  It’s common for high-growth and seasonal businesses to have occasional shortfalls in their checking accounts. The reason relates to the cash conversion cycle — that is, it takes time to collect on customer invoices. In the meantime, of course, employees and suppliers want to get paid. The “cash gap” is currently getting wider for [...]

2023-06-30T09:00:00-05:00June 30th, 2023|Accounting & Auditing Resources|

Why some small businesses are switching to tax-basis reporting

  Accrual-basis financial statements are considered by many to be the gold standard in financial reporting. But with the increasing cost and complexity of today’s accounting rules — in particular, the updated lease guidance that went into effect last year — some private companies are seeking a simpler alternative to U.S. Generally Accepted Accounting Principles [...]

2023-06-30T08:59:31-05:00June 30th, 2023|Accounting & Auditing Resources|

Why can’t my profitable business pay its bills?

  If your profitable business has trouble making ends meet, it’s not alone. Many business owners mistakenly equate profits with cash flow, leading to shortfalls in the checking account. The truth is that there are many reasons these numbers might differ. Fluctuations in working capital Profits (or pretax earnings) are closely related to taxable income. [...]

2023-06-30T08:59:01-05:00June 30th, 2023|Accounting & Auditing Resources|

Is QuickBooks right for your nonprofit?

  Not-for-profit organizations exist to achieve nonfinancial or philanthropic goals, not to make money or build value for investors. But they still need to monitor their financial health — that is, how much funding is coming in from donations and grants and how much the organization is spending on payroll, rent and other operating expenses. [...]

2023-06-21T15:41:46-05:00June 21st, 2023|Accounting & Auditing Resources|

Why can’t my profitable business pay its bills?

  If your profitable business has trouble making ends meet, it’s not alone. Many business owners mistakenly equate profits with cash flow, leading to shortfalls in the checking account. The truth is that there are many reasons these numbers might differ. Fluctuations in working capital Profits (or pretax earnings) are closely related to taxable income. [...]

2023-06-21T15:41:32-05:00June 21st, 2023|Accounting & Auditing Resources|

How to leverage AI in your accounting department

  Many people speculate that artificial intelligence (AI) will replace humans for certain work-related tasks in the future. But accounting and finance jobs may be safe — at least for now. Recent study Brigham Young University recently put AI to the test. Academic researchers administered an accounting exam, covering such topics as accounting information systems, [...]

2023-06-09T08:27:50-05:00June 9th, 2023|Accounting & Auditing Resources|

Overview of discontinued operations reporting

  Traditional business models in many sectors have been disrupted by the COVID-19 pandemic, geopolitical uncertainty, rising costs and falling consumer confidence. If your company is planning a major strategic shift this year, management may need to comply with the updated accounting rules for reporting discontinued operations that went into effect in 2015. Discontinued operations [...]

2023-06-09T08:29:51-05:00June 9th, 2023|Accounting & Auditing Resources|

FASB votes to exempt private companies from disaggregation of income statement project

Private companies can breathe a sigh of relief: The Financial Accounting Standards Board (FASB) and the Private Company Council have agreed to give them a pass on a coming proposal that, if approved, would require expanded footnote disclosures about expenses. The reason for the exemption is that the projected costs of complying with the proposal [...]

2023-06-09T08:29:32-05:00May 29th, 2023|Accounting & Auditing Resources|
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