FASB Votes to Delay Effective Dates on 3 Standards for Privately Held Companies, Including Leases

New deadlines were recently extended for private companies, not-for-profit organizations and certain small public companies. FASB issued the new standard to recognize leases on the balance sheet and provide more information about leasing arrangements so that users can assess the amount, timing, and uncertainty of cash flows from leases. Learn more about its impact to your management team, and how we can help you form a plan.

Taking a Long-Term Approach to Certain Insurance Documentation

After insurance policies expire, many businesses just throw away the paper copies and delete the digital files. But you may need to produce evidence of certain kinds of insurance even after the coverage period has expired. For this reason, it’s best to take a long-term approach to certain types of policies.

Tackling the Social Security Mismatch Problem

The Social Security Administration (SSA) has said it will restart its mismatch letter notification program to help reduce errors related to employees' Social Security Numbers (SSNs).

4 Invaluable Benefits of Benchmarking

Defined in the simplest terms, benchmarking is the process of identifying your company's strengths and weaknesses by comparing its performance metrics to those of similar companies. Here are a few of the ways it could change your business.

Revenue Recognition Is Changing—Are You Prepared?

The rumor is true: revenue recognition as we know it will soon undergo a major makeover. Although these changes won't officially take place until 2018, now is the time to prepare. Here are a few steps you can take to make sure you're ready.

Why Employee Benefit Plan Audits Shouldn’t Be Taken Lightly

It may be tempting to brush aside an audit of your employee benefit plan financial statements as "just another to-do item," but such nonchalance could prove exceptionally risky. After studies uncovered a relatively high level of deficiencies in these audits, the U.S. Department of Labor is cracking down—not necessarily on the auditors, but on those responsible for hiring them: the plan administrators.

Selecting an Auditor for Your Employee Benefit Plan

If your employee benefit plan is required to have an audit, one of the most important duties of the plan administrator is to hire an independent certified public accountant. Employee benefit plan audits have unique audit and reporting requirements and are different from other financial audits.

Construction Business: Keep Your Cash Flow From Going Down the Drain

There are many times when I have a client call and say “I have a strong bottom line, but I don’t have the cash to pay taxes on it, or where is all my cash then?” Bottom line isn’t equivalent to cash flow, and there are a number of preventable deficiencies that you can address which can help stop your cash flow from going down the drain.

IRS Mistakenly Sends Penalty Notices for Form 5500

Have you received a notice for late filing of the 5500, but you believe you filed timely? If so, it is possible you are part of a group that the IRS has admitted to mistakenly assessing penalties and sending notices to.

New Financial Reporting Framework for Small and Mid-sized Businesses

AICPA has issued a new Financial Reporting Framework for Small-and Medium-Sized Entities that is designed to deliver financial statements that provide useful, relevant information to owners of private companies and other stakeholders in a simplified, consistent, cost-effective way. If GAAP is becoming too complex for your entity, this is something for you to consider.

How Can I Prevent Fraud? Some Ways To Protect Your Business

In my previous post Fraud? Not At My Company! I discussed some of the surprising statistics and rationale behind even a trusted employees motivations for committing fraud. So, how can I prevent fraud? Nothing can be a 100% guarantee against fraud happening but the following are some ways...

Fraud? Not at My Company!

Think your Company is safe from fraud? Think again. Do you trust your employees? Unfortunately, trust is not an internal control that will protect you from situations you aren’t personally attending to. Consider these statistics from the 2012 Report to the Nations done by the Association of Certified Fraud Examiners, Inc (ACFE).