Is it time to update your accounting practices?
Have your accounting procedures and systems kept up with the times? Here are five tips to consider.
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News, views, and ideas shaping the future.
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Linden Bumpass
- 5 days ago
- 2 min
What to do if your CFO or controller leaves
Finding replacements for high-skill positions can be challenging. Here are four questions to ask if your accounting team leader leaves.
Kristen Mull
- Nov 14
- 3 min
Preparing for year-end inventory counts
A physical inventory count gives a snapshot of how much inventory your company has on hand at year end. Are you ready to start counting?
Chris Luckhaupt
- Oct 24
- 2 min
Manageable growth should be a strategic planning focus
Is significant growth a part of your company's strategic plan? Growing a business too quickly can lead to serious financial problems.
Charlie Halcomb
- Oct 10
- 3 min
SEC Chair Gensler warns about conflicts of interest
Here’s what you should know to protect the perceived reliability of your audited financial statements.
Nathan Oswald
- Sep 30
- 3 min
FASB proposes last-minute changes to lease accounting rules
Related-party leases continue to be a sticking point, but help may be coming soon.
Lydia Ritze
- Sep 16
- 2 min
Using agreed-upon procedures to target specific items of concern
If you want to know more about a specific account or nonfinancial matter, an agreed-upon procedures engagement may fit the bill.
Chris Luckhaupt
- Sep 7
- 2 min
Want to see into the future? Delve deeper into forecasting
Financial forecasting in action: If your business wants to see what’s ahead, historical data a expert opinion can help paint the picture.
Linden Bumpass
- Sep 2
- 3 min
Is your current bad debt allowance reasonable?
In light of a recent survey of audit partners, many companies are re-evaluating their allowances for uncollectible receivables.
Charlie Halcomb
- Aug 29
- 3 min
New law puts “book income” in the crosshairs
Accounting professionals are concerned that Inflation Reduction Act could compromise the perceived objectivity of US accounting rulemakers.
Joe Edwards
- Aug 24
- 2 min
Evaluating an ESOP from a succession planning perspective
Business owners: If combining an employee retirement plan with a succession planning vehicle intrigues you, check out an ESOP.
Stu Collopy
- Aug 8
- 2 min
How external confirmations are used during an audit
External confirmations are one of the simplest, but most effective, audit tools. Do you understand how they work?
Nathan Oswald
- Aug 8
- 3 min
Evaluating “going concern” concerns
Is your business struggling? Here's important information to review if you have "substantial doubt" about its ability to continue operations
Charlie Halcomb
- Jul 11
- 2 min
Last call for lease accounting
Private companies: Have you implemented the new lease accounting rules? If not, you can’t afford to procrastinate any longer.
Lydia Ritze
- Jul 5
- 2 min
Paying tribute to auditor independence
External auditors are supposed to be public watchdogs who are “independent” of their audit clients, but independence issues remain.
Linden Bumpass
- Jun 20
- 2 min
Warning for retailers and other businesses using the LIFO method
Retailers & other businesses that use LIFO could be hit with an unexpected tax bill if their inventory shrinks significantly due to issues.
Chris Luckhaupt
- Jun 10
- 2 min
Private business owners: Don’t wait until year end to evaluate financial performance
The year is almost half over. Is your business on track to meet its goals for 2022? Interim financial reporting can help gauge your progress
Joe Edwards
- Jun 8
- 2 min
Simple ways to make strategic planning a reality
Every business needs to regularly engage in productive strategic planning. But it’s easier said than done. Let’s take a step back & simplify
Nathan Oswald
- Jun 3
- 2 min
Dig deeper! Find hidden treasure in financial statement footnotes
Exploring financial statement footnotes can be a rewarding endeavor.
Lydia Ritze
- May 27
- 2 min
Contingent liabilities: To report or not to report?
Here’s a refresher on the accounting rules for disclosing and estimating expected losses.