Category

Audit & Accounting

Audit & Accounting
January 5, 2018

Make budgeting part of your New Year’s resolution

It’s important to resist the temptation to rely on gut instinct or take shortcuts when budgeting for 2018. Creating a solid budget that’s based on the three components of your company’s financial statements will help…
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Audit & Accounting
January 5, 2018

Got multiple locations? Expect auditors to keep a close eye on inventory

Do you remember the high-profile fraud that happened at drugstore chain Phar-Mor in the 1990s? Executives manipulated the company’s financial statements to hide approximately $500 million in losses. A key ploy that perpetrators used in…
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Audit & Accounting
January 5, 2018

Income statement items warrant your auditor’s attention

Today’s auditors spend significant time determining whether amounts claimed on the income statement capture the company’s financial performance during the reporting period. Here are some income statement categories that auditors focus on. Revenue Revenue recognition…
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Audit & Accounting
November 27, 2017

Do your financial statements contain hidden messages?

Over time, many business owners develop a sixth sense: They learn how to “read” a financial statement by computing financial ratios and comparing them to the company’s results over time and against those of competitors.…
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Audit & Accounting
November 27, 2017

Demystifying the audit process

Independent auditors provide many benefits to business owners and management: They can help uncover errors in your financials, identify material weaknesses in your internal controls, and increase the level of confidence lenders and other stakeholders…
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Audit & Accounting
November 27, 2017

How to prepare WIP reports for long-term contracts

Work-in-progress (WIP) is a major inventory account for manufacturers, media and film companies, construction contractors, and other entities that enter into long-term contracts. WIP reports help management gauge the profit on each long-term project. To…
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Audit & Accounting
November 27, 2017

Boardroom and management diversity adds value

Diversity in a company’s board of directors and its management team helps enhance corporate value. The Securities and Exchange Commission (SEC) already requires limited disclosures on boardroom diversity and has plans to expand these disclosures…
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AuditAudit & Accounting
November 27, 2017

4 questions to guide your prospective financial statements

CPAs don’t just offer assurance services on historical financial results. They can also prepare prospective financial statements that predict how the company will perform in the future. This list of questions can help you make…
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Audit & Accounting
October 20, 2017

How do your accounting estimates measure up?

Today’s businesses face unprecedented uncertainty — from geopolitical risks and cyberthreats to tax and regulatory reforms. So, management’s historical means of addressing uncertainty in accounting estimates may not pass muster in the coming audit season.…
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Audit & Accounting
October 20, 2017

Weigh your options for cashing in on outstanding invoices

How long will you take to collect the outstanding receivables that are reported on your balance sheet? Many companies take weeks or even months to collect invoices from customers. Fortunately, there are ways to convert…
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