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Preparing for Your First Financial Audit: A Checklist for Startups

Shay CPA

Accrual accounting can be somewhat complicated, especially for software as a service (SaaS) companies, so we have a guide to help you better understand it. Theres another similar component of GAAP thats relatively new and applies to many startups: lease accounting. As of 2022, all U.S. And this isnt just an audit-specific to-do.

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GAAP: What It Is and Why Your Investors Expect It

inDinero Accounting

The history of GAAP dates back to 1929 when the Committee on Accounting Procedure was founded by the American Institute of Accountants and tasked with developing uniform accounting standards. The components of GAAP can be broken down into two main categories: accounting procedures and reporting standards.

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Accounts payable vs. accounts receivable: What are the differences?

ThomsonReuters

GAAP for accounts payable and receivable The Generally Accepted Accounting Principles (GAAP) are a set of rules specific to the United States that are designed to provide oversight for accounting practices. Different people should execute these functions to ensure the risk of fraud is reduced.

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Additional IRS Guidance Surrounding 174 R&E Capitalization Requirements

Withum

However, the recent Notice provided a reasonable application of what expenditures would not be considered under IRC §174 R&E expenditures, including: General and administrative service department or function costs that only indirectly support or benefit R&E activities (e.g.,

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Staying Ahead of 2024: Essential Accounting Tips for Founders

Shay CPA

QuickBooks plans to stop selling the following desktop software on July 31, 2024: QuickBooks Desktop Pro Plus QuickBooks Desktop Premier Plus QuickBooks Desktop Mac Plus QuickBooks Desktop Enhanced Payroll Existing desktop users won’t lose access to their software overnight.

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Staying Ahead of 2025: Accounting Tips

Shay CPA

While there are absolutely some best practices all tech companies should deploy year after year, its also true that things change in the accounting world. As new regulation impacts taxes and new bookkeeping requirements get issued by the Financial Accounting Standards Board (FASB), for example, things shift.

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Friday Footnotes: Baker Tilly Did What!?; Internship Ranking Winner Same As Last Year; Pillar II to Be a PITA | 10.25.24

Going Concern

Portland schools to pay accounting firm $500,000 to resolve retirement plan issues [ WGME (Maine)] Portland Public Schools said this week it will spend half a million dollars to contract with an outside accounting firm to help resolve ongoing issues with payments to the state retirement system.