Unlock the full potential of QuickBooks software

Many small and midsize businesses rely on QuickBooks® for day-to-day bookkeeping. But the platform also offers tools designed to improve efficiency and strengthen financial oversight. In recent years, QuickBooks has expanded its automation, reporting and integration capabilities, making it even more useful for growing businesses. Tapping into these capabilities can help you get more value […]

FAQs about CAMs

If you’ve ever skimmed the auditor’s report for a public company and noticed a section titled critical audit matters (CAMs), you may have wondered what it means and whether it’s relevant to you. CAMs highlight complex, high-judgment areas that drive audit inquiries and testing procedures. Even for private companies, understanding audit risks can be helpful, […]

Beware: Accounting missteps can trip up new businesses

Launching a start-up comes with no shortage of big decisions and fast-moving priorities. In the rush to grow, financial fundamentals can sometimes take a back seat — often with costly consequences. Some common accounting missteps that new business owners should avoid include: Overlooking day-to-day spending. Starting a new business is exciting, and it’s natural to […]

Remote auditing is here to stay: How it’s changing the audit process

Once considered a temporary workaround, remote auditing is now a permanent part of how audits are planned and performed. Technological advances and evolving workforce expectations have pushed audit firms to rethink traditional, fully on-site approaches. The question isn’t whether remote auditing will continue (it will), but how firms and clients can use it effectively while […]

Preparing your F&A team for leadership changes

At the start of the new year, your finance and accounting (F&A) department is under a microscope. Budgets, forecasts and strategic plans are top of mind, and internal staff may be working with your CPA to finalize year-end financial statements. This heightened attention often raises an important question: What would happen if your CFO suddenly […]

How auditors evaluate accounting estimates

Financial statements aren’t built solely on fixed numbers and historical facts. Many reported amounts rely on accounting estimates — management’s best judgments about uncertain future outcomes. Estimates are inherently subjective and can significantly affect reported results. How do external auditors evaluate whether amounts reported on financial statements seem reasonable? Understanding management’s assumptions and data External […]

What to look for on your balance sheet — and how to strengthen it

The balance sheet shows your company’s financial condition — its assets vs. liabilities — at a specific point in time. However, the balance sheet is more than a static report. It can also serve as a diagnostic tool for managers and other stakeholders to analyze historical performance and plan for future growth. Taking your balance […]

How auditors evaluate key person risks

From technical know-how to charisma and innovation, the skills and personal attributes of a company’s leaders are often critical to its success. But those same traits can become a source of risk if the business relies too heavily on its founder or another top manager. If a so-called “key person” becomes incapacitated, retires or unexpectedly […]

Business owners: You don’t need a crystal ball to see the future, just your CPA

Financial statements report historical financial performance. But sometimes management or external stakeholders want to evaluate how a business will perform in the future. Forward-looking estimates are critical when evaluating strategic decisions, such as debt and equity financing, capital improvement projects, shareholder buyouts, mergers, and reorganization plans. While company insiders may see the business through rose-colored […]

What’s the right inventory accounting method for your business?

Inventory is one of the most significant assets on a balance sheet for many businesses. If your business owns inventory, you have some flexibility in how it’s tracked and expensed under U.S. Generally Accepted Accounting Principles (GAAP). The method you use to report inventory can have a dramatic impact on your bottom line, tax obligations […]