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RogerRossmeisl
MAY 5, 2023
The starting point for a business valuation is generally the subject company’s financial statements. Here’s an overview of how historical financial statements can serve as the basis for a valuation professional’s conclusion under the cost, income and market approaches.
Summit CPA
SEPTEMBER 5, 2024
Did you know there are hidden business levers in your financial statements? By fully understanding your financial statements inside and out, you can identify methods to alter your business cash flow. That’s right.
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Crafting Impact: Revenue Growth And Efficiency For Finance Professionals
Avoiding Lease Accounting Pitfalls in 2025: Lessons Learned from Spreadsheet Errors
Solve Your Firm's Automation Complexities Once and For All
Profit in the Details: Rethinking Spend for Monumental Impact
CPA Practice
JUNE 18, 2024
AI tools like ChatGPT can be used to streamline financial statement analysis and other client accounting service tasks. Here’s an example of what it can do with an income statement. This means stripping out the company name and any other identifying information.
Crafting Impact: Revenue Growth And Efficiency For Finance Professionals
Avoiding Lease Accounting Pitfalls in 2025: Lessons Learned from Spreadsheet Errors
Solve Your Firm's Automation Complexities Once and For All
Profit in the Details: Rethinking Spend for Monumental Impact
Randal DeHart
AUGUST 9, 2024
Understanding financial statements might sound daunting, but small business owners like you must stay on top of your game. Each financial report offers unique insights into your company's economic status. Let's look at the critical components of financial statements and why they matter to construction contractors.
RogerRossmeisl
JUNE 24, 2024
When valuing a business, experts often look beyond the company’s financial statements. This information shouldn’t be used as a substitute for a comprehensive valuation analysis, but it may identify discrepancies that need to be reconciled.
RogerRossmeisl
MAY 8, 2022
Many fraud investigations focus on financial statements. Because cash is the most commonly stolen business asset, fraud experts regularly scrutinize statements of cash flow for signs of misappropriation and fraudulent disbursements. Unusual changes Your statement of cash flows shows how cash changed during the year.
RogerRossmeisl
MAY 5, 2022
An experienced business valuation professional considers more than just a company’s financial statements when quantifying its value.
SMBAccountant
JULY 14, 2020
One of the most common errors made by executives in a small startup is assuming that the reporting basis for accurate financial statements can be changed by clicking the single button at the top of the QuickBooks report. It seems simple, but in reality entails much more. Most small businesses choose to keep their books on cash basis.
246 
Acterys
OCTOBER 20, 2024
To help you succeed, we’ve put together a list of FP&A reporting essentials to quickly analyze financial data, create financial reports, and distribute that information among stakeholders. Financial reporting provides a retrospective view of your company’s financial status.
Withum
DECEMBER 18, 2024
Finance teams planning for their year-end financial statement audit have an even longer list of things to think about at the end of the year, including income statements, balance sheets, and, finally, the income tax provisions and disclosures that must be presented in the financial statements.
122 
CPA Practice
JANUARY 11, 2024
The Governmental Accounting Standards Board has issued new guidance that requires state and local governments to disclose information about certain risks. GASB Statement No. This would allow users to make informed decisions about these and to evaluate accountability. Earlier application is encouraged.
Going Concern
JULY 23, 2024
Exactly what they said was: The PCAOB’s standard-setting agenda includes a research project to assess whether there is a need for guidance, changes to PCAOB standards, or other regulatory actions in light of the increased use of technology-based tools in the preparation and subsequent audit of financial statements.
118 
CPA Practice
JUNE 24, 2024
Here are some recommended forms and templates that can be valuable: Client Onboarding Form: To gather essential information from new clients, including contact details, business nature, and financial information.
124 
CPA Practice
NOVEMBER 7, 2024
7 released financial information and highlighted selected accomplishments and challenges in its fiscal year 2024 Financial Report. The IRS received an unmodified (clean) opinion on its financial statements for the 25th consecutive year from the Government Accountability Office. The IRS on Nov.
Acterys
DECEMBER 21, 2024
Financial reporting plays a crucial role in enabling organizations to make informed decisions. Microsoft Power BI addresses these challenges with its robust tools for data integration, modeling, and visualization, transforming financial data into valuable insights.
CPA Practice
OCTOBER 17, 2024
Recent GASB pronouncements like Statement Nos. 87, Leases , 94, Public-Private and Public-Public Partnerships and Availability Payment Arrangements , and 96, Subscription-Based Information Technology Arrangements , created certain types of capital assets, which are described as “right-to-use” assets.
Accounting Today
NOVEMBER 4, 2024
In response to demand from investors, public companies will be required to disclose more information about certain expenses in the notes to financial statements.
CPA Practice
NOVEMBER 4, 2024
A new standard requiring public companies to disclose, in interim and annual reporting periods, additional information about certain expenses in the notes to financial statements was finalized by the Financial Accounting Standards Board (FASB) on Nov.
Acterys
JULY 12, 2023
In the dynamic world of finance, where strategic decisions shape the course of businesses, mastering vertical analysis can help you simplify your statement, make critical financial decisions, and understand the underlying composition and trends that drive your business’ financial performance. Why Use Vertical Analysis?
VetCPA
JULY 19, 2022
Comparing a business’s key financial ratios with industry standards and with its own past results can highlight trends and identify strengths and weaknesses in the business. Financial statement information is most useful if owners and managers can use it to improve their company’s profitability, cash flow, and value.
CPA Practice
AUGUST 16, 2024
31, and the IRS will inform applicants if they’re accepted into the program in February 2025. Privately held applicants will be required to submit audited financial statements prepared in accordance with U.S. General program information and the 2025 application details are available on the CAP webpage.
105 
CPA Practice
DECEMBER 14, 2023
The Financial Accounting Standards Board ( FASB ) has issued an Accounting Standards Update (ASU) that addresses requests for improved income tax disclosures from investors, lenders, creditors, and other allocators of capital (collectively, “investors”) that use the financial statements to make capital allocation decisions.
110 
PASBA
SEPTEMBER 12, 2019
For example, a client might struggle to understand the various financial statement his or her business needs. Most will also require assistance at tax time to get W2 and 1099 forms delivered promptly and with the correct information.
188 
MyIRSRelief
JULY 12, 2024
The IRS Letter 725-B is sent to taxpayers to inform them that an RO – revenue officer will be handling their case. Required Documentation: The letter may also list the documents and information that the taxpayer needs to bring to the meeting. This could include past tax returns, financial statements, and other relevant records.
130 
Going Concern
JULY 11, 2023
WSJ: The widening shortage of accountants has begun showing up in financial statements. ” “In the course of completing the preparation of the quarterly financial statements for the Form 10-Q, the Company determined that it had a deficiency in the Companys internal control over financial reporting as of April 22, 2023.
139 
Cherry Bekaert
JANUARY 24, 2024
This accounting pronouncement is intended to streamline the reporting of accounting changes and error corrections and the related disclosures in governmental financial reporting. The standard clarifies what represents an accounting change or an error correction and guides how these changes should be presented in the financial statements.
Acterys
SEPTEMBER 25, 2023
However, there are simple ways to take advantage of Power BI’s financial reporting capabilities combined with a comprehensive suite of visuals and advanced features. Learn more about financial reporting with Power BI and how you can unlock the power of write-back Power BI planning, create financial statements and manage models effectively.
SMBAccountant
NOVEMBER 21, 2022
When clients start with us, they often question the amount of information that we request. “My My old bookkeeper didn’t ask for all this” is a statement we hear often. If no information is provided, but should have been, you also get garbage out. Financials statements and performance are no different. Permalink
130 
SMBAccountant
JUNE 2, 2020
A controller’s roll is to ensure financial statements are complete and accurate so that they can provide important financial data that allows owners to make the most informed decisions. What is a controller and how are they different from an accountant or bookkeeper? What is a controller?
160 
CPA Practice
NOVEMBER 27, 2023
The Financial Accounting Standards Board (FASB) on Monday approved new rules that are expected to improve disclosures about a public company’s reportable segments and provide more information to investors about a segment’s expenses. The changes outlined in Accounting Standards Update (ASU) No. 15, 2023.
SMBAccountant
MAY 17, 2024
Please be sure to consult your lawyer for information regarding your company’s legal structure (Yes, having a lawyer should be on your checklist). There is also a new requirement for businesses called the Beneficial Ownership Information Report (BOIR). Acquiring a business credit card is also a great way to make recurring payments.
Acterys
NOVEMBER 27, 2023
For FP&A teams to be most effective, they need powerful, easy-to-use tools that help them quickly analyze data, create financial reports and distribute that information among stakeholders. Learn more about the major types of FP&A reports and how to leverage them to monitor your business’ financial health and performance.
Going Concern
APRIL 22, 2024
Those of us who’ve worked or even simply seen behind the curtain of audit know the things he points out to be true — assurance is reasonable not absolute , financial statements are the responsibility of management not auditors, “finding fraud” is not the ultimate goal of audits — but do investors?
119 
Acterys
FEBRUARY 22, 2023
In this blog, we look at three main reporting types that FP&A teams must use to monitor the financial health and performance of a business. Type 1: Financial Statements Financial statements are a set of foundational reports that provide an overview of a company’s financial position and performance.
SMBAccountant
JUNE 21, 2023
When it comes to financial statements, two key documents play a vital role in providing insights into a company's financial health: the income statement and the balance sheet. While both are important in understanding a company's financial position, they serve different purposes and provide distinct information.
130 
CPA Practice
DECEMBER 22, 2023
One of the primary ways companies can protect against cash misappropriation is through establishing proper oversight of employees who have access to bank information, record sales, accept and deposit cash receipts, reconcile bank accounts and enter/approve new vendors. Furthermore, these policies and procedures should be regularly enforced.
MyIRSRelief
OCTOBER 2, 2023
This information is essential for making informed business decisions. With accurate financial information, you can make better decisions about everything from pricing your products or services to hiring new employees. Accounting is the process of recording, summarizing, and reporting financial transactions.
130 
Going Concern
DECEMBER 29, 2022
We also selected for review two reviews of interim financial information (“interim reviews”). For each issuer audit selected, we reviewed a portion of the audit. We also evaluated elements of the firm’s system of quality control.
135 
CPA Practice
NOVEMBER 25, 2024
The Post-Implementation Review (PIR) process is an important quality control mechanism built into the FASB’s standard-setting process to evaluate whether a standard is achieving its objective by providing investors and other financial statement users with relevant information in ways that justify the cost of providing it.
CPA Practice
APRIL 9, 2024
What tactics are ‘hot’ this season Phishing continues to be one of the main vectors for tax-related scams this year with malicious actors impersonating legitimate entities to trick CPA professionals into divulging sensitive information or downloading malicious software.
118 
CPA Practice
JULY 15, 2024
The Financial Accounting Standards Board (FASB) issued a new chapter of its Conceptual Framework related to the measurement of items recognized in financial statements on July 12, marking the end of this multiyear project.
CPA Practice
DECEMBER 22, 2023
The Financial Accounting Standards Board has issued a proposed new chapter of its Conceptual Framework related to the measurement of items recognized in financial statements. A Statement of Financial Accounting Concepts is nonauthoritative and does not establish or change generally accepted accounting principles.
ThomsonReuters
FEBRUARY 8, 2024
Accounting assumptions, along with accounting principles and concepts, provide professionals with the necessary framework for preparing financial statements. There are four fundamental accounting assumptions that form the foundation of financial statement preparation. What are the main accounting assumptions?
96 
CPA Practice
NOVEMBER 25, 2024
As a result, the project is designed to improve consistency in application of GASB literature, which should better meet the information needs of financial statement users, the GASB said. Comments on the exposure draft related to the implementation guide update should be sent to the GASB by Jan.
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