Audit opinions allow stakeholders to evaluate a company according to compliance with accounting rules and the likelihood of continuing to operate. Auditors consider many factors when issuing an audit opinion; these include, information available, financial viability, and errors found, as well as other limiting factors.
In August, the Financial Accounting Standards Board (FASB) published Accounting Standards Update (ASU) No. 2018-15, Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract.
Cutting back on inventory is one of the best ways for your company to save money. Here are some tips on cutting back without sacrificing customer service and revenue.
While financial statements can help the monitoring of a company’s performance, they may not provide enough information to determine financial health. Often, undisclosed liabilities and risks are important determinants. There are several ways a CPA can help stakeholders identify unrecorded items through either agreed upon procedures (AUPs) that target specific accounts or external auditing procedures.
This fall, new rules will go into effect that impact the services auditing firms can provide to businesses. Taking a look at your company’s audit provider now will give you time to comply with these additions before next year’s audit begins.
2018 has brought changes to 401(k) plan policy that will impact employees and their retirement funds. It is important that employers are aware of these changes and help educate their employees of the impacts brought with them.
All businesses go through periodic cash shortages. Owners commonly think they need to get out and sell more during these times. However, this approach can occasionally increase money troubles over the short run. Why is that? It’s because of a … Continued
Job cost reporting is the system used to code and earmark project expenses to maintain or improve financial efficiency and profitability. Custom work calls for continuous supervision because once you begin a contracted job, it’s easy to concentrate on finishing the project rather than monitoring depleting resources. From the architect drawing up blueprints to the general contractor constructing a medical plaza, you need to keep track of expenses to produce the best financial results.
Budgeting is no time for shortcuts. Instead of estimating your future needs and expenses, using the company’s financial statements to create a solid budget based on past actuals will help you more easily manage cash flow, debt and profits. 1. … Continued
When performing an audit of your firm’s financials, an auditor must verify account balances and transactions to arrive at an opinion regarding your financial statements. Understanding what to anticipate in terms of document requests and inquiries prior to the start … Continued