News
Audit & Accounting
It’s almost time for a midyear checkup on your company’s financial health
5/10/2024
Interim financial reporting is essential to running a successful business. When reviewing midyear financial reports, however, you should recognize their potential shortcomings. These reports might not be as reliable as year-end financials, unless a...
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4 cost-cutting areas to help your business boost profits
5/3/2024
Many businesses focus on selling more products and services to boost profitability. But sales volume alone doesn’t necessarily raise profits. In fact, pushing more sales through a bloated expense structure can result in lower net...
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How to communicate accounting information to laypeople
4/26/2024
Accurate, timely financial information is key to making good decisions for executives, board members, investors and other stakeholders. But not everyone who reads your financial statements will really understand the numbers they receive and what...
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6 tips for lowering energy costs to boost profits
4/19/2024
Earth Day (April 22) is a good time to evaluate what your business can do to protect the planet’s natural resources for the next generation. “Green” initiatives can demonstrate your company’s commitment to responsible...
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Getting a handle on inventory
4/12/2024
Inventory is a key balance sheet item for many companies. Depending on the nature of your operations, inventory may include raw materials, work-in-progress (WIP) inventory and finished goods. While you need to have enough inventory on hand to meet...
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ESG audits: Navigating new frontiers in corporate responsibility
4/5/2024
Reporting on environmental, social and governance (ESG) matters is an increasingly crucial area of corporate compliance. While ESG reporting and disclosure apply primarily to public companies, there are efforts aimed at requiring private...
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Auditing WIP today
3/29/2024
External auditors spend a lot of time during fieldwork evaluating how businesses report work in progress (WIP) inventory. Here’s why this warrants special attention and how auditors evaluate whether WIP estimates seem reasonable.
Valuing...
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Mind the GAAP: How to ensure transparency when using non-GAAP metrics
3/22/2024
At Financial Executives International’s Corporate Financial Reporting Insights Conference last November, staff from the Securities and Exchange Commission (SEC) expressed concerns related to the use of financial metrics that don’t...
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How to minimize billing bottlenecks
3/15/2024
Managing accounts receivable can be challenging, especially in an uncertain economy. To keep your company financially fit, it’s a good idea to occasionally revisit your billing and collections processes to ensure they’re as efficient and...
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Mark Manwaring, CPA, Discusses the Importance of His Role for Our Outsourced Accounting Services
3/12/2024
Outsourced accounting allows companies to gain professional accounting services and support for roles they do not have in-house. The level of service can range from bookkeeping tasks all the way up to CFO or controller responsibilities.
415...
Includes insights from Mark T. Manwaring
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Spotlight on auditor independence
3/8/2024
Auditor independence is the cornerstone of the accounting profession. Auditors’ commitment to follow the standards set forth by the American Institute of Certified Public Accountants (AICPA), the Securities and Exchange Commission (SEC), and...
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Cash vs. accrual accounting: What’s the difference?
3/1/2024
Financial statements are critical to monitoring your business’s financial health. In addition to helping management make informed business decisions, year-end and interim financial statements may be required by lenders, investors and...
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Why it’s important to get your company’s financials done on time
2/23/2024
Have you completed your company’s year-end financial statements yet? Most calendar-year entities issue their year-end financials by March of the following year. Lenders and investors may think the worst if a company’s financial reports...
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Auditing revenue recognition
2/16/2024
The top line of an income statement for a for-profit business is revenue (or sales). Reporting this line item correctly is critical to producing accurate financial statements. Under U.S. Generally Accepted Accounting Principles (GAAP), revenue is...
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Liquidity overload: Why having too much cash may be bad for business
2/9/2024
In today’s uncertain marketplace, many businesses are stashing operating cash in their bank accounts, even though they might not have imminent plans to deploy their reserves. However, excessive “rainy day” funds could be an...
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Inventory management systems: What’s right for your business?
2/2/2024
If your business has significant inventory on its balance sheet, it can be costly. The carrying costs of inventory include warehousing, salaries, insurance, taxes, and transportation, as well as depreciation and shrinkage. Plus, tying up working...
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Solid financial reporting can help attract debt and equity financing
1/26/2024
Financial reporting plays a key role when a business needs funds for continued operations and strategic investment opportunities. Lenders and investors will generally want to review your company’s financial statements before they give it...
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KPIs: What are they, and which ones count?
1/24/2024
Management needs timely, accurate feedback to guide operating decisions, anticipate problems and take advantage of emerging opportunities. Unfortunately, comprehensive financial statements take a long time to generate. Reporting key performance...
Includes insights from Drew A. Bolog
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Best practices for M&A due diligence
1/19/2024
Engaging in a merger or acquisition (M&A) can help your business grow, but it also can be risky. Buyers must understand the strengths and weaknesses of their intended partners or acquisition targets before entering the transactions.
A robust...
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Auditing concepts: Close-up on materiality
1/12/2024
As audit season begins for calendar-year entities, it’s important to review issues that may arise during fieldwork. One common issue is materiality. This concept is used to determine what’s important enough to be included in — and...
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