Accurate bookkeeping is critical to successfully operating a small business. The problems created by inadequate bookkeeping practices can have significant, long-lasting consequences. Here are four common bookkeeping pitfalls — and
Audit committees act as gatekeepers over the accounting and financial reporting processes, including the effectiveness of the organization’s control environment. However, as the regulatory landscape becomes increasingly complex and organizations
Midyear checkups on financial reporting is an essential aspect to maintaining organizational success. When reviewing midyear financial reports, however, you should recognize their limitations. Without CPA preparation or agree-upon procedures
While many organizations prioritize increasing product and service sales to boost profit growth, focusing on sales volume alone doesn’t necessarily increase profits. In fact, pushing more sales through an inflated
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
