Create a more agile F&A team with cross-training

The accounting profession continues to face a talent shortage. This trend — driven by retirements among experienced accountants and bookkeepers and a limited pipeline of new graduates with accounting degrees — is forcing many organizations to rethink how their finance and accounting (F&A) team operates. As businesses prioritize flexibility and continuity, cross-training is a practical, […]

What sets internal and external audits apart — and why it matters

Both internal and external audits play vital roles in safeguarding your organization’s financial integrity. They share the common goals of promoting reporting transparency and helping prevent errors and fraud, but they serve different functions and audiences. Here’s a closer look at some key distinctions to help your business develop a strategic audit approach. Why they’re […]

What if …? How stress testing can help your business prepare for economic uncertainty

Even financially sound businesses can be vulnerable to market volatility and unexpected disruptions. Many companies discover too late that their financial position, internal controls or contingency plans aren’t built to withstand sudden shocks, potentially leading to cash shortfalls, debt covenant violations and reduced profitability. A “stress test” models how your cash flow, liquidity and overall […]

Taking a strategic approach to price increases

Rising labor, materials and operating expenses continue to pressure margins across industries. To relieve that pressure, you might consider a price increase. The prices of your products and services should evolve with your business and market conditions while reflecting customer demand. Adjusting prices can protect profitability, but poorly timed or overly aggressive increases can erode […]

Cash vs. accrual: Choosing the right accounting method

Many small business owners start with simple accounting processes. But as their companies grow, the choice of accounting method can significantly impact taxes, financial reporting and access to financing. Understanding the differences between the cash and accrual methods — and when each makes sense — can help you make more informed decisions as your business […]

Common bank reconciliation pitfalls to watch for

Bank reconciliation is one of the simplest — and most effective — internal controls for private businesses. Done consistently and correctly, it helps ensure your financial records are reliable and free from errors or unauthorized transactions. With today’s increased use of automated bank feeds and tools backed by artificial intelligence (AI), bank reconciliation may feel […]

Want to speed up your month-end close? Here’s how

For many organizations, the end of the month brings added pressure to finalize financial records accurately and on time. This process often requires coordination across various departments, including finance and accounting (F&A), operations, sales and payroll. When handoffs aren’t well coordinated, the risk of financial reporting delays and errors increases. The good news is that […]

Want to speed up your month-end close? Here’s how

Business deductions for four-legged coworkers

Did you know that you can claim tax deductions for animals that serve a bona fide business purpose? This benefit extends beyond agricultural operations. Working animals in many sectors may qualify. Here are the details. Working animals vs. personal pets A working animal must provide a clear and direct business benefit. Common examples include: Dogs […]

The ins and outs of materiality

Materiality is a core concept that shapes the entire financial reporting process. In simple terms, materiality helps determine which financial information is significant enough to influence decisions — and which details likely won’t affect the overall picture. Understanding how experienced certified public accountants (CPAs) evaluate materiality can help you prepare reliable financial reports and avoid […]