How to prepare for year-end physical inventory counts

As year end approaches, it’s time for calendar-year entities to perform physical inventory counts. This activity is more than a compliance chore. Proactive companies see it as an opportunity to improve operational efficiency. Inventory basics Under U.S. Generally Accepted Accounting [...]

By |2018-12-14T11:59:19+00:00December 14th, 2018|Categories: Audit, Blog, Small Business Services, Tax|Tags: , |0 Comments

Can a PTO contribution arrangement help your employees and your business?

As the year winds to a close, most businesses see employees taking a lot of vacation time. After all, it’s the holiday season, and workers want to enjoy it. Some businesses, however, find themselves particularly short-staffed in December because they [...]

By |2018-12-10T12:45:38+00:00December 10th, 2018|Categories: Audit, Blog, Small Business Services, Tax|Tags: |0 Comments

Accounting for overhead costs

Accurate overhead allocations are essential to understanding financial performance and making informed pricing decisions. Here’s guidance on how to estimate overhead rates to allocate these indirect costs to your products and how to adjust for variances that may occur. What’s [...]

By |2018-12-10T12:42:35+00:00December 10th, 2018|Categories: Audit, Blog, Small Business Services, Tax|Tags: |0 Comments

Why revenue matters in an audit

For many companies, revenue is one of the largest financial statement accounts. It’s also highly susceptible to financial misstatement. When it comes to revenue, auditors customarily watch for fictitious transactions and premature recognition ploys. Here’s a look at some [...]

By |2018-11-16T18:29:51+00:00November 16th, 2018|Categories: Audit, Blog|0 Comments

How auditors assess risk when preparing financial statements

Every year, your audit firm will conduct a fresh risk assessment before the start of fieldwork. Why? Because your auditor wants to mitigate the risk of expressing an incorrect opinion regarding the accuracy and integrity of the company’s financial [...]

By |2018-10-26T14:23:22+00:00October 26th, 2018|Categories: Audit, Blog, Small Business Services|0 Comments

Assessing the effectiveness of internal controls

Strong internal controls can help prevent and detect fraud. That’s why Section 404(a) of the Sarbanes-Oxley Act (SOX) requires a public company’s management to annually assess the effectiveness of internal controls over financial reporting. And Sec. 404(b) requires the company’s [...]

By |2018-10-19T13:45:52+00:00October 19th, 2018|Categories: Audit, Blog, Small Business Services, Tax|0 Comments

Audit opinions: How your financial statements measure up

Audit opinions differ depending on the information available, financial viability, errors discovered during audit procedures and other limiting factors. The type of opinion your auditor issues tells stakeholders whether you’re in compliance with accounting rules and likely to continue [...]

By |2018-10-12T13:32:51+00:00October 12th, 2018|Categories: Audit, Blog, Small Business Services|Tags: , |0 Comments

Should cloud computing setup costs be expensed or capitalized?

Companies will be able to capitalize, or spread out the costs of, setting up pricey business systems that operate on cloud technology under an update to U.S. Generally Accepted Accounting Principles (GAAP). Here are the details. FASB responds to business [...]

By |2018-10-05T12:43:32+00:00October 5th, 2018|Categories: Audit, Blog, Small Business Services, Tax|Tags: , |0 Comments