For calendar-year entities, audit season is just around the corner. Understanding the types of source documents your audit team might request can decrease disruptions during audit fieldwork and improve your
A chart of accounts is the foundation of accurate financial reporting, so it needs to be set up correctly. It can be difficult for management to evaluate financial performance and
An important metric that’s reported on your organization’s income statement is the pretax (accounting) profit. Lenders, investors, and other stakeholders rely on pretax profits to evaluate an organization’s financial performance.
Financial statements help managers, lenders, and investors evaluate an organization’s financial performance. However, they only tell part of the story, and they might not reveal financial distress until it’s too
Understanding how to present contingent liabilities accurately in financial statements is critical for business owners and managers. Under U.S. Generally Accepted Accounting Principles (GAAP), some contingent losses may be reported
Running a closely held business is challenging. Typically, owners prioritize core business operations such as managing employees, serving customers, and bringing in new sales over tedious bookkeeping tasks. In addition,
As calendar-year entities wrap up financial reporting for the year, their external auditors work behind the scenes to prepare for audit season. Here’s what you can do to help facilitate
In recent years, accounting rules have gone through significant changes, especially when it comes to standards for reporting revenue, leases, and credit losses. Many business owners and managers often find
Generally, when reviewing their income statements, business owners tend to focus on profits (or losses). However, focusing solely on the bottom line can lead to mismanagement and missed opportunities. Instead,
When it comes to financial reporting, entities have different needs depending on their size, stakeholders, and regulatory requirements. Choosing the right type of accounting engagement is crucial for making sure
