• Spring cleaning in QuickBooks

    Have your company’s accounting records become cluttered with duplicate items and unused accounts? When you need to revise your QuickBooks® lists — such as the chart of accounts, customers and vendors — the software provides methods for deleting, inactivating and merging list entries. Here’s what you can do to help spruce things up. Deleting QuickBooks users are often concerned about botching up their accounting by [...]

    Published On: May 1, 2023Categories: Business, Featured
  • New-and-improved accounting rules for common control leases

    On March 27, 2023, the Financial Accounting Standards Board (FASB) published narrowly drawn amendments to the lease accounting rules. The updated guidance clarifies issues that are relevant to rental agreements between businesses that have the same owner. Written vs. verbal leases Accounting Standards Update (ASU) No. 2023-01, Leases (Topic 842) Common Control Arrangements, explains how related business entities that are controlled by the same owner [...]

    Published On: April 28, 2023Categories: Business, Featured
  • Going green could save greenbacks and more

    Nowadays many businesses are looking for creative ways to cut costs and preserve profits. As a bonus, some profit-enhancement initiatives can also be good for the environment. Here are some eco-friendly moves that may enable your business to cut costs — as well as build revenue and long-term value. Cost-cutting measures The most obvious way going green can save money is through reduced consumption of [...]

    Published On: March 24, 2023Categories: Business, Featured
  • Close-up on sources of substantive audit evidence

    Organizations that understand how auditors verify account balances and transactions can minimize disruptions during audit fieldwork and maximize the effectiveness of financial statement audits. Here’s a summary of the types of “substantive evidence” auditors gather to help them form opinions regarding your financial statements. Original source documents Auditors can verify an account balance or record by vouching (or comparing) it to third-party documentation. For example, [...]

    Published On: March 23, 2023Categories: Business, Featured
  • Tap into specialized functions in QuickBooks

    QuickBooks® provides an all-in-one solution that helps some small and medium-sized businesses manage their finances. While QuickBooks provides the accounting backbone for many companies, it has advanced features that go beyond basic bookkeeping tasks. For example, the time-tracking functionality in QuickBooks captures the hours spent on a specific project and makes it easier to bill clients in real-time. Additionally, third-party data feeds and integrations can [...]

    Published On: March 22, 2023Categories: Business, Featured
  • Use visual aids to enhance financial reporting

    Graphs, charts, tables and other data visualizations can be inserted in your financial statement disclosures to improve transparency and draw attention to key accomplishments. As your organization prepares its year-end or quarterly financials, consider presenting some information in a more user-friendly, visual format. Reimagine data presentation In business, the use of so-called “infographics” started with product marketing. By combining images with written text, these data [...]

    Published On: March 3, 2023Categories: Business, Featured
  • Now hiring: 10 questions to ask bookkeeper candidates

    Are you looking for someone to manage the books and records for your small business? Whether you’re operating a startup or an established business that recently lost its bookkeeper, hiring the right person for these tasks can be challenging. Selecting a candidate in today’s job market requires a rigorous process. It’s important not to be hasty or wing it during the interview. Give your job [...]

    Published On: February 21, 2023Categories: Business, Featured
  • Coming soon: 5 accounting rules that take effect in 2023

    It can be challenging to keep track of which accounting rules are changing, when the changes kick in and for which types of entities. Plus, implementing the necessary revisions to your organization’s procedures and systems often takes time and resources. Here are five updates that go live for certain entities this year. 1. Targeted improvements for long-term insurance contracts Accounting Standards Update (ASU) No. 2018-12, [...]

    Published On: February 15, 2023Categories: Business, Featured
  • Common accounting pitfalls for startups to avoid

    Accounting is a critical element when launching a successful business venture. Unfortunately, it’s also an area where startups tend to make mistakes. Here are some common (and avoidable) errors that entrepreneurs should watch out for. Failing to track expenses Starting a new business is exciting — and it’s natural to focus on generating revenue and building business relationships. But it’s essential to keep detailed records [...]

    Published On: February 14, 2023Categories: Business, Featured
  • Auditing accounting estimates

    When companies report financial results, they often rely on estimates made by management. Examples include the allowance for doubtful accounts, warranty obligations, costs of pending litigation, goodwill impairment and the fair values of acquired intangible assets. How do auditors evaluate whether amounts reported on the financial statements for these items seem reasonable? Inquiry and testing Accounting estimates may be based on subjective or objective information [...]

    Published On: February 8, 2023Categories: Business, Featured
  • New report shows a decrease in CAMs in 2022

    The Public Company Accounting Oversight Board (PCAOB) recently published its second post-implementation review on critical audit matters (CAMs). The report found that, while the proportion of auditor’s reports that have a single CAM has increased, the average number of CAMs has declined over time. Here’s what you should know. Defining CAMs Auditors of public companies started reporting CAMs in their audit opinions in 2019. The [...]

    Published On: February 7, 2023Categories: Business, Featured
  • 5 benefits of outsourcing your accounting needs

    CPA firms do more than audits and tax returns. They can also help you with everyday accounting-related tasks, such as bookkeeping, budgeting, payroll and sales tax filings. Should your organization outsource its accounting needs? Here are five potential advantages to consider when evaluating this decision. 1. Professional advice. Outsourcing to an experienced CPA firm provides access to professional guidance related to tax, legal and financial [...]

    Published On: January 23, 2023Categories: Business, Featured
  • Update on remote auditing

    Remote work became a buzz topic when the United States went into lockdown mode in 2020 to combat the effects of COVID-19. Like many companies, audit firms quickly shifted to remote auditing with video conferencing and drones. Now that the country has largely reopened, will auditors continue to work remotely? Remote auditing “definitely continues to be a hot topic today,” said Sara Lord, chair of [...]

    Published On: January 21, 2023Categories: Business, Featured
  • FAQs about QuickBooks

    Almost 40 years after its launch, QuickBooks® remains the leading accounting software program for small and medium-sized businesses. If you decide to use QuickBooks for your bookkeeping needs, you may have questions about implementation and using it to run your operations. Here are answers to some basic frequently asked questions (FAQs) to help you get started. What is QuickBooks? It’s a robust accounting software that [...]

    Published On: January 20, 2023Categories: Business, Featured