Are You Biased?

As auditors, we’ve been taught over and over again to maintain professional skepticism when performing our audits. But as the landscape of companies change, so does our audit approach. With the increased use of technology and longevity of our client base, we need ensure our eyes are open and we ask the right questions. Bias …

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Fixed Asset Tracking: Why Software is Important

It may seem relatively simple at first to track your assets using an Excel spreadsheet and a couple of formulas to calculate depreciation. How could this create issues down the road? As your business grows, and more assets are acquired, the accuracy of your asset valuation could be steadily decreasing. There are multiple vulnerabilities associated …

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Changes to Requirements for Reporting Discontinued Operations

In April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-08 Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity that changed the requirements for reporting discontinued operations. Under the new standards, a disposal of …

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Employee Vs. Independent Contractor

If you are a business owner and your business is growing you may be looking into hiring additional help.  The question then may be whether you should hire this person as an employee or as an independent contractor. Like most business owners, you will probably start by weighing those costs associated with each classification.  Hiring …

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Quickbooks – Tips to Reduce Errors

A significant portion of my career has been spent working with small or medium sized businesses that share two things in common.  They use QuickBooks for their accounting software and their accounting personnel are not trained on how to effectively use QuickBooks.  Without being trained on how to effectively use QuickBooks, the risk that errors …

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Pack Rat? Hoarder? Neat Freak? Record Retention Guidelines

If you are either quick to toss things, or are one who keeps things around until you run out of space, you might want to take a step back and reevaluate your system. While the “round file” may be the best place to immediately “file” junk mail and the like, when it comes to important …

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