Review real-time data with flash reports
It usually takes between two and six weeks for management to prepare financial statements that comply with the accounting rules. The process takes longer if an outside accountant reviews or audits your reports. Timely information is critical to making informed […]
Read More Improve financial reporting with an effective audit committee
External auditors have primary responsibility for audit quality. However, the audit committee plays an important oversight role in the financial reporting process. Here are some best practices to consider when evaluating the composition of your company’s audit committee. Understanding the […]
Read More Bookkeeping provides a solid foundation for financial reporting
There are currently more than 33 million small businesses in the United States, according to the U.S. Chamber of Commerce. To succeed in today’s competitive markets, it’s essential for your business organization to have accurate books and records. Bookkeeping vs. […]
Read More Public policy organization reports increase in restatements
Accurate financial statements are essential to making informed business decisions. So, managers and other stakeholders may express concern when a company restates its financial results. Before jumping to premature conclusions, however, it’s important to dig deeper to evaluate what happened. […]
Read More What are AUP engagements — and does your business need one?
In certain circumstances, businesses may need to hire CPAs to perform agreed-upon procedures (AUPs) instead of (or in addition to) a review or an audit. According to the standards set forth by the American Institute of Certified Public Accountants, AUPs […]
Read More Auditing warehouse operations
When you hear the word “audit,” you might automatically associate it with financial reporting or the IRS. But auditing warehouse operations might also be beneficial for some businesses, such as manufacturers, distributors and retailers. Awkward or repetitive movements by employees, […]
Read More Best practices for expense reporting
When it comes to expense reporting, having rigorous financial controls is critical to operating a profitable business. You should monitor expenditures incurred by employees on behalf of the company. This enables your organization to track spending, control costs and maintain […]
Read More Why auditors monitor journal entries
With a median loss of $766,000, financial misstatement schemes are the costliest type of fraud, according to “Occupational Fraud 2024: A Report to the Nations,” a study published by the Association of Certified Fraud Examiners. Fortunately, auditors and forensic accountants […]
Read More What drives value for manufacturing companies?
Manufacturers are as varied as the products they make. They come in different sizes and specialties. So no universal formula applies when determining their value. Instead, a business valuator must fully understand the subject company’s operations to arrive at an […]
Read More A business valuator is a must-have when filing a business interruption claim
Meteorologists warn that the 2024 hurricane season could break records, possibly surpassing 2020, the worst hurricane season on record. Even if hurricanes aren’t a threat where your business operates, other natural disasters — such as floods, wildfires and tornadoes — […]
Read More Valuing a business for a dissenting or oppressed shareholder case
Shareholders who own a minority interest in a business may not always agree with key decisions made by controlling shareholders. For instance, a minority shareholder might object to a stock-for-stock or “squeeze-out” merger. Or, if a proposed transaction will reduce […]
Read More Business owners: Understanding value is key to updating your estate plan
Summer is a great time for business owners to review their estate plans. Maybe your kids are home for summer break, so they’re top of mind. Or perhaps you’re vacationing with relatives or getting together for a backyard BBQ. Whatever […]
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