Why business owners should regularly upgrade their accounting software

Many business owners buy accounting software and, even if the installation goes well, eventually grow frustrated when they don’t get the return on investment they’d expected. There’s a simple reason for this: Stuff changes. Technological improvements are occurring at a breakneck speed. So yesterday’s cutting-edge system can quickly become today’s sluggishly performing albatross. And this […]

Less than 6 months until the new contract revenue guidance goes live!

The sweeping new revenue recognition standard goes into effect soon. But many companies are behind on implementing it. Whether your company is public or private, you can’t afford to delay the implementation process any longer. 5 steps Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers, requires companies following U.S. Generally Accepted Accounting […]

6 Ways to Prepare Now for Next Year’s Taxes

Tax season can feel like a tedious and stressful time for many. Even if you have a great CPA, the thought of compiling all of your information and even worse, preparing to write a check to the IRS if you owe, may make you want to crawl under a rock until mid-April. The truth is […]

Why nonprofits should be careful about doing business with board members

Your not-for-profit’s board members may be able to offer access to better deals or services than your organization could get on its own. However, there’s a fine line between a board member helping your nonprofit get fair pricing and the member receiving perceived or actual personal benefits. The latter can threaten your exempt status. Best […]

Transfer a family business in a tax-smart way

Is a family-owned business your primary source of wealth? If so, it’s critical to plan carefully for the transition of ownership from one generation to the next. The best approach depends on your particular circumstances. If your net worth is well within the estate tax exemption, you might focus on reducing income taxes. But if […]

Setting Sail Into The Global Market

For many of today’s companies, going global seems like a quick and trouble-free growth strategy. Technological advances and expansive supply chains make doing so easier than ever. But business owners who make this move impetuously may soon find themselves on stormy seas, taking on waves of debt and unanticipated expenses. Chart Your Course Carefully Globalization […]

3 Financial Statements You Should Know

Successful business people have a solid understanding of the three financial statements prepared under U.S. Generally Accepted Accounting Principles (GAAP). A complete set of financial statements helps stakeholders — including managers, investors and lenders — evaluate a company’s financial condition and results. Here’s an overview of each report. 1. Income Statement The income statement (also […]

Vacation home should keep families together, not tear them apart

A shared family vacation home can be a great place for family bonding. And a little estate planning can go a long way toward avoiding conflict and keeping the home in the family. Who owns it and how? All family members must understand who actually owns the home. Family members sharing the home will more […]

What is a business?

Differentiating the purchase of a business from the purchase of a group of assets is something that the Financial Accounting Standards Board (FASB) has been debating for years. In January 2017, the board finally published guidance to help financial executives and accountants define what a business is in the context of a business combination. Existing […]