Accounting and Auditing Archives

The Importance of Proper Inventory Management for Financial Stability

Proper inventory management is essential for sustaining your business’s financial health. Though it may not always be the most obvious focus, how you handle your inventory significantly impacts cash flow, profit margins, and long-term growth. This article will discuss how…

Cash Reserves and Business Stability: Building Financial Resilience

Written by: Todd Ellis, CPA, MST, CGMA Running a business is no easy feat. Every day, you’re juggling several different things—keeping customers happy, managing operations, thinking about growth—sometimes, it can feel like things are going great, and other times… not…

Internal Accounting Team or Outsourced Team: Which Is Right for Your Business?

Written by: Todd Ellis, CPA, MST, CGMA Every business, whether large or small, needs reliable accounting support to keep operations running smoothly—ensuring cash flow is managed, bills and employees are paid, and the business’s overall financial health is well understood.…

Navigating Financial Audits: A Comprehensive Guide

Navigating a financial audit can be daunting, but with the right preparation and understanding, it can become a manageable and beneficial process. Financial audits help ensure the accuracy of your financial records and compliance with regulations and can reveal areas…

Mastering Your Business Finances: A Deep Dive into the Profit & Loss Report

Written by: Todd Ellis, CPA, MST, CGMA As a business owner, the Profit & Loss (P&L) report is one of your most vital tools. This financial statement gives a window into your business, revealing how your money is generated and…

Empowering Your Business Through Strategic Financial Planning

Written By: Todd Ellis, CPA, MST, CGMA Navigating the complexities of business ownership requires a keen understanding of financial planning. A comprehensive financial plan is more than just a set of documents; it’s a roadmap that guides your business through…

CECL for Non-Financial Institutions: Navigating New Accounting Waters

The introduction of the Current Expected Credit Loss (CECL) model by the Financial Accounting Standards Board (FASB) in 2016 marks a significant evolution in accounting standards, with vast implications for how credit losses on financial assets are estimated. Implemented in…

New Accounting Standards Upcoming Effective Dates for Public and Private Companies

This publication summarizes the new accounting standards with mandatory effective dates in the first quarter of 2024 for public entities, as well as new standards that take effect in annual 2023 financial statements for nonpublic entities. Those effective dates reflect…

2023 Year-End Guide – Tax Accounting Methods

A taxpayer’s tax accounting methods determine when income is recognized and costs are deducted for income tax purposes. Strategically adopting or changing tax accounting methods can provide opportunities to drive tax savings and increase cash flow. However, the rules covering the…

6 Reasons Why Business Owners Should Opt for a Virtual Accounting Team

Written by: Todd Ellis, CPA, MST, CGMA In today’s rapidly changing business landscape, sourcing the right accounting team is a crucial decision faced by business owners, CEOs, and executive teams. Traditional hiring processes can feel like navigating a maze, especially when…

Category: Accounting and Auditing