3 Steps to a more efficient period close

When the end of the month rolls around, every accountant knows that it’s time to scramble. Closing out the previous month can be a hassle with filling out all the schedules, making the closing entries, correcting issues and checking to make sure nothing was missed. It can be a very time-consuming process, but there are …

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Bookkeeping services: when to hire a bookkeeper

Bookkeeping is the foundation for any successful company or business. However, for many business owners, it does not mean this task is any less mundane, confusing or time consuming and often, it is placed on the back burner behind other top priorities. While you may be thinking to yourself, “Yes, exactly!” – and understandably so …

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What can SOX do for nonpublic companies?

When you think about the Sarbanes-Oxley Act of 2002 – SOX – Section 404 what comes to mind? Large scale fraud that caused the act? Increased government regulation around financial reporting? Requirement of controls and the disclosure of the assessment of internal controls? One of the last words that might come to mind is efficiency. …

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Benford’s Law and the mysteries beneath the numbers

Accounting is centered on numbers. Every day accounting journal entries full of numbers are recorded, accumulating as each day passes. By year-end, the general ledger will contain hundreds of thousands of entries, if not millions. As we roll up our sleeves to perform the year-end close, we are tasked with making sense of it all …

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More than just taxes – what do accountants do?

Upon telling someone that I’m an accountant, the most common response I’ve received is, “Oh, so you do taxes?” I then explain that the only taxes I prepare are my own. There are several different areas of accounting and types of accountants, both internal and external. First, there are several types of internal accountants. An …

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Practical tips to prepare for the CPA exam

Since the CPA Exam is notoriously difficult, it is essential for CPA candidates to implement effective study habits as they prepare. As someone who has completed the exam recently, I would like to pass along some advice for those taking or planning to take the exam. Carefully choose your study materials Becker is the most …

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Revenue recognition: costs of obtaining contracts

By now most of us are experiencing information overload on the new revenue recognition standard and are contemplating to jump ship before the standard comes into effect. The Accounting Standard Codification introduces Topic 606 (too close to triple-six if you ask me), Revenue from Contracts with Customers, and it is effective to all nonpublic companies …

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Revenue recognition: manufacturing impact

The new revenue recognition standard is rapidly approaching with implementation only months away. If your distribution channels are simplistic in nature and your contracts are typically simplistic or generally simple purchase orders, you probably won’t have any significant impact. On the other hand, if any of these items apply, your accounting for revenue is likely …

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AZ Prop 206 and accounting for unused vacation, sick pay

In November 2016, Prop 206, the Fair Wages and Healthy Families Act was approved. The Act established a new state minimum wage effective January 1, 2017 and entitled employees to accrued earned paid sick time beginning July 1, 2017. This newly required accrued sick time may have an impact on your year-end accruals. A few …

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The importance of understanding your cash flow

Cash is King! That’s what we all learn in Accounting 101. And every business owner knows that cash is the heartbeat of the business. Profitable companies can go out of business because they do not have enough cash on hand to pay their debts. This makes it all the more important that you know exactly …

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