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Article

How Does an Auditor Verify Account Balances and Transactions?

Audit season is just around the corner for calendar-year entities. Understanding the types of source documents your auditor might request can help minimize disruptions during audit fieldwork and maximize the effectiveness of your audit.
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Article

Thinking About an Audit? Here’s What You Need to Know First

Audits—the word alone creates an uneasy feeling for many business owners, but it doesn’t have to! In fact, an audit can be an incredibly valuable tool for your business, helping you gain insight into your company’s financial health, build trust with shareholders and enable access to various sources of capital.
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Article

IRS Audit Alert: Are You Making These Common Mistakes?

The Internal Revenue Service (IRS) conducts audits to ensure both individuals and businesses are complying with tax laws and accurately reporting their income and deductions. Although audits are relatively rare, certain income brackets and specific actions can draw the attention of the IRS.
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Article

Why Cash Flow Is the Cornerstone of Your Company’s Financial Stability

For many business owners, profitability is the ultimate indicator of success. But while it’s essential to earn more than you spend, the true heartbeat of your business lies in your cash flow.
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Article

What Your Nonprofit Should Know About Credit Loss Reporting Rules

The Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2016-13 seems like it would be old news. But the provision for accounting for current expected credit loss (CECL) went into effect for not-for-profits in calendar years ending in 2023 and fiscal years ending in 2024.
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Article

Accounting Services Outsourced: Transforming Financial Operations into Strategic Value

Outsourcing accounting services is no longer considered as a tactical cost-cutting measure; it has evolved into a strategic decision that allows organizations to obtain deeper financial insights, improve operational efficiency, and promote long-term growth.
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