Under U.S. Generally Accepted Accounting Principles (GAAP), a company’s financial reporting is based on the going concern assumption—unless management intends to liquidate the business. If there are doubts regarding the
For many businesses, accounts receivable (AR) is one of the largest assets on the balance sheet. It represents the cash you’ve earned but haven’t yet collected. Efficient AR management is
As year end approaches, many businesses will soon be preparing for their annual audits. One key consideration is ensuring there are no potential conflicts of interest that could compromise the
Today, many organizations rely on cloud-based tools to store and manage data. However, the costs to set up cloud computing services can be significant, and many business owners are unsure
Are your company’s financial statements keeping up with how people consume information today? We live in a world that scrolls, swipes, and scans. With information coming at us nonstop, most
QuickBooks® can be a powerful tool for managing your company’s accounting records, but like any software, it’s only as accurate as the information entered into it. If you’ve ever generated
Starting a business can be rewarding, but the financial learning curve is often steep. The U.S. Bureau of Labor Statistics estimates that one in five new businesses will fail within
In baseball, the triple play is a high-impact defensive feat that knocks the competition out of the inning. In business, you have your own version — three key financial statements
In accrual-basis accounting, timing is everything. One core principle of U.S. Generally Accepted Accounting Principles (GAAP) is the matching concept, which requires organizations to recognize expenses in the same period
Although footnote disclosures appear at the end of reviewed or audited financial statements, they’re far more than a regulatory formality. They provide critical insight into a company’s accounting policies, unusual
