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One of the primary drivers of the new ASC 842 lease accounting standard is to provide more comparable, transparent, and reliable financial information to financial institutions. While the process of adopting ASC 842 is a painstaking endeavor, it should ultimately help bankers and financiers more accurately assess your company’s financial position when making lending and […]

When you think about costs associated with running a business, your mind probably jumps to monthly expenses, insurance, or long-term debt paydowns. You may not think about fraud as a cost, but it can have a tremendous negative impact if left undetected. According to the 2018 ACFE Fraud Report to the Nations, organizations lose five […]

One of the most significant accounting changes this decade is the introduction of a new accounting standard, ASC 842, that will affect how business leases are accounted for. The new lease accounting standard affects all types of businesses — publicly traded, privately held, and non-profits. Fortunately, the ASC 842 effective date has been extended to […]

Our CPA firm has been privileged to work with car dealerships that provide excellent service and value to their customers. Unfortunately, many great car dealerships are financially impacted by internal theft. According to a recent report by the Association of Certified Fraud Examiners (ACFE), the average time to identify theft or fraud is 18 months […]

Succession planning is increasingly more relevant for today’s U.S. businesses that are run by baby boomers. According to statistics published by this business brokers association: Retiring baby boomer business owners will sell or bequeath $10 trillion worth of assets over the next two decades. Assets are held in more than 12 million privately owned businesses. […]

Choosing the right CPA for your fabrication business is as important as choosing the right materials to complete the assembly of a product. You need to ensure that the CPA firm has relevant industry knowledge, understands the complete manufacturing process, and can accurately apply accounting practices to your business. How to Choose the Right CPA […]

QuickBooks Online (QBO) is the preferred method to keep track of your business activity for accounting purposes. However, there may be times when QuickBooks Online is down, will not load properly, or is not performing the tasks you expect. While those downtimes can be frustrating, especially if you are trying to accomplish several tasks in […]

Receiving an audit notice from the IRS is not the ideal interruption to your day running a small business. Fortunately, a small business CPA can protect you and make the process easier to fulfill the request from the IRS. Specifically, a CPA can represent your company in an audit. The IRS considers CPAs to be […]

Like any good partnership, both sides need to reach a mutual understanding of what each party brings to the table in order to achieve positive results. Mutual understanding can only be achieved, though, if both sides put in the effort to appreciate each party’s role, capabilities, and qualifications in the relationship. The same concept applies […]

Cybersecurity was a major issue for businesses in 2017, and continues to be an issue in 2018, specifically the Equifax security breach in September. With security threats and breaches becoming more prevalent as technology grows, businesses need to be more proactive protecting their financial records. Small businesses are especially vulnerable to threats without big budgets […]