CPAs Calculating the Latest in Audit + Accounting News

Utilization of service organizations

Service organizations exist to assist companies of all sizes in performing certain tasks that the company is not capable of performing or would rather outsource to a third-party. Examples of service organizations include: Payroll providers 401(k) record-keepers IT backup and cloud services And more But do companies understand and review the controls within the service …

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Selling your business? Here’s what to expect

We continue to see some of our clients looking to sell their business, whether to a strategic buyer or to a private equity group. For many of our clients this may be the one and only time that they sell a business. For any person looking to sell a business, there are some things to …

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Record retention guidelines – what should you keep?

Many businesses are unsure of how long their records need to be saved. Some save everything while others are quick to shred whenever they get the chance. With many businesses becoming paperless, it can be easy to dump those files in the recycle bin and empty it out in the blink of an eye. To …

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We’ve outgrown our accounting software! Now what?

Many small businesses begin with commercial accounting software, such as QuickBooks or Peachtree and find that, as their business grows, they may spend a considerable amount of time exporting data to create various management reports that can’t be generated within the current accounting system. In addition, they may see their chart of accounts rapidly growing …

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Nonprofit finance committee: to serve or not to serve

Many people reach a point in their lives where they ask how they can give back to their communities. Some people may respond to that by donating money to their favorite charity. Others arrive at a conclusion of serving on a nonprofit board of directors and donating their time and expertise (and often money, too!). …

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Cycle counting: an alternative to year-end physical inventory

With the close of 2016, did you question why you do a full physical count every year? Did you wonder if there was a better way to achieve the same result instead of having your employees come in early, stay late, and possibly closing your doors during regular business hours? If your company maintains inventory, …

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Prevent expense reimbursement abuse

Dishonest employees can see an opportunity to steal from the company through expense reimbursements. If you don’t have a strong travel and expenses policy that is routinely monitored and enforced, you open yourself up for the risk of expense reimbursement fraud. Some common examples of fraud schemes that impact everyday companies are: Double billing: seeking …

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Using Groupon for your business

Some businesses avoid running special promotions and discounts with the view that this will tarnish their brand or reduce the value of the product or service they have worked hard at creating. However, some businesses find that offering special promotions and discounts through a deal website, such as Groupon, are an effective method for advertising …

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Prior period adjustments

Nobody is destined to never make a mistake, and unfortunately every now and then, a company (and yes accountants, too) fall into that group as well. Even though CFOs, accountants and auditors do everything they can to avoid them, mistakes happen and steps have to be taken once found to correct those prior period errors. …

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FASB revises definition of a business

With its first Accounting Standards Update of 2017 (ASU 2017-01), the FASB revised the definition of a business under U.S. GAAP. This update was issued to provide more clarity to entities in determining whether transactions should be classified as an acquisition (or disposal) of assets or businesses. Stakeholders had communicated to the FASB that the …

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