GAAP

GAAP vs. Tax-Basis: Which is Right for your Business?

Most businesses report financial performance using U.S. Generally Accepted Accounting Principles (GAAP). But the income-tax-basis format can save time and money for some private companies. Here’s information to help you choose the financial reporting framework that will work for your [...]

By |2019-11-13T14:03:32-05:00November 13th, 2019|Categories: Blog, Small Business Services, Tax|Tags: , |0 Comments

Private Companies: Have You Implemented the New Revenue Recognition Standard?

Private companies that follow U.S. Generally Accepted Accounting Principles (GAAP) must comply with the landmark new revenue recognition standard in 2019. Many private company CFOs and controllers report that they still have significant work to do to meet the [...]

By |2019-11-11T20:04:49-05:00February 1st, 2019|Categories: Blog, Tax|Tags: , |0 Comments

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 [...]

By |2019-03-11T20:06:52-04:00December 14th, 2018|Categories: Audit, Blog, Small Business Services, Tax|Tags: , |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 |2018-10-12T13:32:51-04:00October 12th, 2018|Categories: Audit, Blog, Small Business Services|Tags: , |0 Comments

What the New Lease Standard Means for the Food and Beverage Industry

As a business owner, you likely started your business because of a great product and a passion for your craft. Whether innovating the production of chocolate or sharing your family’s bread recipe with the world, analyzing accounting standards and [...]