Small businesses: take a proactive approach to recordkeeping If you operate a small business, or you’re starting a new one, you probably know you need to keep records of your income and expenses. In particular, you should carefully record your expenses in order to claim the full amount of the tax deductions to which you’re [...]
During the novel coronavirus (COVID-19) pandemic, many people have been working from home, including most accounting professionals. These remote working conditions have altered the traditional audit process. Benefits of technology for remote auditing Fortunately, in recent years, many accounting firms have been transitioning to remote auditing for certain procedures. Specifically, they’ve invested in staff training [...]
During the novel coronavirus (COVID-19) crisis, financial institutions may be working with struggling borrowers on loan modifications. A group of financial institution regulatory agencies, after consulting with the Financial Accounting Standards Board (FASB), has issued a joint statement. The guidance confirms that, for borrowers that are current on their loan payments, short-term modifications due to [...]
Many people are currently working from home to help prevent the spread of the novel coronavirus (COVID-19). Your external auditors are no exception. Fortunately, in recent years, most audit firms have been investing in technology and training to facilitate remote audit procedures. These efforts have helped lower audit costs, enhance flexibility and minimize disruptions to [...]
CARES Act contains several tax-related provisions for businesses impacting financial statement reporting, changes aim to help improve operating cash flow.
Companies of all sizes in all industries are faced with disruptions to their supply chains and customers due to COVID-19, creating “going concern” issues.
The Coronavirus Aid, Relief and Economic Security (CARES) Act was signed into law on March 27. Among other economic relief measures, the new law allows large public banks to temporarily postpone the current expected credit loss (CECL) standard. Here are the details. Updated Standard The Financial Accounting Standards Board (FASB) issued Accounting Standards Update [...]
With almost any organization, your accounting function is important and should be reviewed regularly. I have seen the following six errors made by not-for-profits organizations. Make sure your finance department addresses each area.
Time flies when you’re busy running a business. But it’s important to occasionally pause and assess interim performance — otherwise you’re likely to be surprised by the year-end results. Midyear financial reports can be a great tool to assess where you are. When reviewing midyear financial reports, however, recognize their potential shortcomings. These reports might [...]
Even if your company offers strong growth potential, a business buyer may actually be more interested in something more tangible. For some buyers, an acquisition’s value lies in a specific set of assets, such as real estate, intellectual property, or ownership stakes in other businesses. Companies with valuable assets are in a strong position when [...]