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 …

Keep Reading

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. …

Keep Reading

Internally developed software accounting implications

There are times companies may have to make a decision of whether they should purchase software from an outside party or develop software internally to meet their operational needs. If companies choose internally developed software, they should at least be aware of the accounting implications because, when you develop the software internally, some of these …

Keep Reading

Effective audit committee member habits

An audit committee is a crucial component of a company, whether it has to do with the company’s balance sheet, or their 401(k). They have the responsibility of keeping an objective point of view when it comes to the legal and compliance aspects of the financial statements. Recently, in an Accounting Today article, Dr. Lola …

Keep Reading

It’s audit time … HELP!

Is it that time again for the suits to show up at your front office asking for a conference room for two weeks and the lion’s share of your time to conduct your annual audit, while you’ve already spent hours compiling documents for their infamous “PBC List?” Well as one of those pesky auditors, I’m …

Keep Reading

The Accountant (the Movie) – True to Form?

I am an accountant. A CPA. So when we first started seeing the trailers for a movie starring Ben Affleck as an accountant, there was some buzz. Because Hollywood was not going to portray us in the same nerdy, stereotypical way. Excitement even! So as my family was winding down activities for Family Weekend at …

Keep Reading

Student Debt Impedes Ability to Buy a Home

The National Association of Realtors (NAR) recently polled student debt holders who had not defaulted on their loans. The majority of them graduated from a four-year public or private college. Below is a summary of some of the more interesting findings of the study. 43% of those polled had between $10,000 and $40,000 in student …

Keep Reading

Statement of Cash Flows Updates

On August 26, 2016, the FASB issued Accounting Standard Update 2016-15, Statement of Cash Flows (Topic 230). The new guidance is intended to reduce diversity in practice in how certain cash inflows and cash outflows are presented in the statement of cash flows. This update provides guidance on the following eight topics: Debt prepayment or …

Keep Reading

Fraud: 2016 Report to the Nations

Every two years the Association of Certified Fraud Examiners issues its bi-annual study known as the Report to the Nations on Occupational Fraud and Abuse. The study looks into the costs, schemes, perpetrators and victims of occupational fraud. According to the study, occupational fraud is “the use of one’s occupation for personal enrichment through the …

Keep Reading