Having accurate, timely financial information is important in decision making for executives, board members, investors, and other stakeholders. But not everyone who reads your financial statements will understand the numbers
Inventory is a key balance sheet item for many organizations. Depending on the nature of your operations, inventory may include raw materials, work-in-progress (WIP) inventory, and finished goods. While you
External auditors dedicate significant time during fieldwork evaluating how organizations report work in progress (WIP) inventory. This focus is critical because accurately reporting WIP helps ensure transparency and reliability in
At Financial Executives International’s Corporate Financial Reporting Insights Conference last November, Securities and Exchange Commission (SEC) members expressed concerns related to the use of financial metrics that don’t follow the
In today’s unpredictable economic landscape, managing accounts receivable presents notable challenges. To maintain your organization’s financial well-being, it’s essential to periodically reassess your billing and collections procedures, striving for efficiency
Auditor independence is very important in the accounting profession. Auditors’ make a commitment to follow the standards set forth by the American Institute of Certified Public Accountants (AICPA), the Securities
Financial statements are critical to know how well your organization is doing financially. In addition to helping management make organizational decisions, end-of-year financial statements may be required by investor or
Have you finished your organization’s financial statements for the end of the year yet? Organizations that follow the calendar year release these statements by March of the next year. If
The first line on an income statement shows money earned, which is also known as revenue or sales, and getting this part right is crucial for making sure the financial
Amidst uncertainty in the marketplace, many companies are keeping extra money in their bank accounts, even if they don’t have immediate plans to use it. However, having too much saved
