It’s not uncommon for the owner of a small business to assume the responsibility of tracking transactions or handling billing on their own. At the time, a bookkeeper may not seem crucial to keeping the business running. But in truth, a dedicated and experienced...
Recording goodwill impairment just got easier. With an unprecedented number of businesses negatively impacted by the COVID-19 pandemic, the Financial Accounting Standards Board (FASB), approved Accounting Standards Update 2021-03 (ASU) in March 2021 to help businesses...
The accounting cycle is a system of recording, processing, summarizing and communicating all financial transactions in a consistent way. It starts when a transaction occurs, and ends with its representation on financial statements. Once the cycle concludes, steps are...
As a business owner, you probably are already aware of cash basis vs. accrual basis accounting. Here, we’ll explain the differences between them and help you decide which one is right for your business. Finally, we’ll show you how to switch from one to the other....
Financial jargon can make simple concepts difficult to navigate. In this “Does My Business Need…” series, we define common job titles to help you determine what financial service is best for your business. In this post, we’ll explore what a financial controller is,...
The company was growing quickly, we needed better tools, we made fast decisions, and before you knew it, we had tried three different accounting platforms in two years. We learned the hard way. Let me walk you through what happened, so that you don’t have to. I...
