Demystifying deferred taxes

  Deferred taxes are a confusing topic — and the accounting rules for reporting these items often seem to defy the logic of real-world economics. Here’s a brief overview to help clarify matters. What are deferred taxes? Companies pay income tax on IRS-defined taxable income. On their Generally Accepted Accounting Principles (GAAP) financial statements, however, [...]

2023-04-27T09:05:09-05:00April 1st, 2023|Accounting & Auditing Resources|

Going green could save greenbacks and more

  Nowadays many businesses are looking for creative ways to cut costs and preserve profits. As a bonus, some profit-enhancement initiatives can also be good for the environment. Here are some eco-friendly moves that may enable your business to cut costs — as well as build revenue and long-term value. Cost-cutting measures The most obvious [...]

2023-04-27T09:04:54-05:00April 1st, 2023|Accounting & Auditing Resources|

Close-up on sources of substantive audit evidence

  Organizations that understand how auditors verify account balances and transactions can minimize disruptions during audit fieldwork and maximize the effectiveness of financial statement audits. Here’s a summary of the types of “substantive evidence” auditors gather to help them form opinions regarding your financial statements. Original source documents Auditors can verify an account balance or [...]

2023-04-27T09:04:32-05:00April 1st, 2023|Accounting & Auditing Resources|

Tap into specialized functions in QuickBooks

  QuickBooks® provides an all-in-one solution that helps some small and medium-sized businesses manage their finances. While QuickBooks provides the accounting backbone for many companies, it has advanced features that go beyond basic bookkeeping tasks. For example, the time-tracking functionality in QuickBooks captures the hours spent on a specific project and makes it easier to [...]

2023-03-03T15:25:54-06:00March 3rd, 2023|Accounting & Auditing Resources|

Use visual aids to enhance financial reporting

  Graphs, charts, tables and other data visualizations can be inserted in your financial statement disclosures to improve transparency and draw attention to key accomplishments. As your organization prepares its year-end or quarterly financials, consider presenting some information in a more user-friendly, visual format. Reimagine data presentation In business, the use of so-called “infographics” started [...]

2023-03-03T15:25:42-06:00March 3rd, 2023|Accounting & Auditing Resources|

Now hiring: 10 questions to ask bookkeeper candidates

  Are you looking for someone to manage the books and records for your small business? Whether you’re operating a startup or an established business that recently lost its bookkeeper, hiring the right person for these tasks can be challenging. Selecting a candidate in today’s job market requires a rigorous process. It’s important not to [...]

2023-03-03T15:25:29-06:00March 3rd, 2023|Accounting & Auditing Resources|

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 [...]

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 [...]

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