Clear + Timely Financial Reporting

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.

The Challenges of Calculating Receivables For Medical Practices – A New Approach to Better, More Accurate Financial Statements

Accrual-based financial statements can be prepared for medical practices and, from a business point of view, it makes sense to do so. Even if the practice decides to stick with cash-based financial statements, they should consider this information when assessing the collectability of the receivables in order to capture a more accurate picture of their practice financials.

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).