How to forecast smarter

  Forecasting key business metrics — such as sales demand, receivables, payables and working capital — can help you reduce excess inventory and other overhead, offer competitive prices, and keep your business on solid financial footing. Although historical financial statements are often the starting point for forecasts, you’ll need to do more than just multiply [...]

By |2022-01-14T14:16:10-06:00January 14th, 2022|Accounting & Auditing Resources|

Rolling forecasts provide flexibility in uncertain times

  Forecasting how your company is likely to perform over the next year can be challenging, especially when it’s unclear where the markets are heading. But accurate forecasts are critical when managing a business. For example, they may be used to order inventory, hire additional workers, apply for loans and credit lines, and evaluate investment [...]

By |2021-12-10T10:13:03-06:00December 10th, 2021|Accounting & Auditing Resources|

Look to the future with a QOE report

  Are you thinking about merging with or acquiring a business? CPA-prepared financial statements can provide valuable insight into historical financial results. But an independent quality of earnings (QOE) report can be another valuable tool in the due diligence process. It looks beyond the quantitative information provided by the seller’s financial statements. These reports can [...]

By |2021-12-03T11:04:37-06:00December 3rd, 2021|Accounting & Auditing Resources|

How to assess fraud risks today

  Auditing standards require external auditors to consider potential fraud risks by watching out for conditions that provide the opportunity to commit fraud. Unfortunately, conditions during the COVID-19 pandemic may have increased your company’s fraud risks. For example, more employees may be working remotely than ever before. And some workers may be experiencing personal financial [...]

By |2021-12-03T11:04:24-06:00December 3rd, 2021|Accounting & Auditing Resources|

FASB offers practical expedient for private companies that issue share-based awards

  On October 25, the Financial Accounting Standards Board (FASB) issued a simpler accounting option that will enable private companies to more easily measure certain types of shares they provide to both employees and nonemployees as part of compensation awards. Here are the details. Complex rules Many companies award stock options and other forms of share-based [...]

By |2021-12-03T11:00:47-06:00December 3rd, 2021|Accounting & Auditing Resources|

Data visualization: A picture is worth 1,000 words

  Graphs, performance dashboards and other visual aids can help managers, investors and lenders digest complex financial information. Likewise, auditors also use visual aids during a financial statement audit to quickly identify trends and anomalies that warrant attention. Powerful tool Your auditor uses many tools and techniques to validate the accuracy and integrity of your [...]

By |2021-12-03T11:00:15-06:00December 3rd, 2021|Accounting & Auditing Resources|

Demand mounts for ESG attestations

  Interest in environmental, social and governance (ESG) matters has grown significantly during the COVID-19 pandemic. And that momentum may continue under the Biden administration. Currently, about 90% of large public companies voluntarily publish so-called “sustainability reports” that communicate performance on ESG matters, according to a recent report published by the Center for Audit Quality [...]

By |2021-11-05T11:55:14-05:00November 5th, 2021|Accounting & Auditing Resources|

Flash reports: Real-time financial reporting

  Timely financial reporting is key to making informed business decisions. Managers need to know what’s in the pipeline to respond promptly and decisively. Unfortunately, it typically takes several weeks to prepare financial statements under U.S. Generally Accepted Accounting Principles (GAAP). And many companies only produce GAAP financials at the end of the quarter or [...]

By |2021-10-18T10:59:27-05:00October 18th, 2021|Accounting & Auditing Resources|

Is it time to upgrade your accounting system?

  Timely financial data is key to making informed business decisions. Unfortunately, it’s common for managers to struggle with their companies’ accounting systems to get the information they need, when they need it. Often, it takes multiple, confusing steps to enter and extract data specific to customers and/or projects. Businesses and accounting software solutions evolve [...]

By |2021-09-24T12:56:26-05:00September 24th, 2021|Accounting & Auditing Resources|

Related-party transactions draw attention from auditors

  Related-party transactions and financial connections are a normal part of operating a business. But these arrangements have gotten a bad rap because dishonest people sometimes use them to disguise poor performance or dishonest activities. So, identifying related parties and evaluating your interactions with them are important parts of the external audit process — especially [...]

By |2021-09-17T10:02:41-05:00September 17th, 2021|Accounting & Auditing Resources|