Budgeting basics for entrepreneurs

Starting a business can be rewarding, but the financial learning curve is often steep. The U.S. Bureau of Labor Statistics estimates that one in five new businesses will fail within one year of opening, roughly half will close within five years, and less than a third will survive for 10 years or longer. A common […]

The financial triple play: 3 reports to help you stay at the top of your game

In baseball, the triple play is a high-impact defensive feat that knocks the competition out of the inning. In business, you have your own version — three key financial statements that can give you a competitive edge by monitoring profitability, liquidity and solvency. First base: The income statement The income statement (also known as the […]

How to prepay expenses strategically and report them accurately

In accrual-basis accounting, timing is everything. One core principle of U.S. Generally Accepted Accounting Principles (GAAP) is the matching concept, which requires organizations to recognize expenses in the same period as the revenue they help generate. Prepaid expenses — payments made for goods or services before they’re used — must be handled carefully to conform […]

Footnotes: The narrative behind the numbers

Although footnote disclosures appear at the end of reviewed or audited financial statements, they’re far more than a regulatory formality. They provide critical insight into a company’s accounting policies, unusual transactions, contingent liabilities and post-reporting events. The Financial Accounting Standards Board’s conceptual framework says footnotes “are intended to amplify or explain items presented in the […]

QuickBooks users: It’s time for a mid-year review

Performing a mid-year QuickBooks® cleanup is a smart habit that small business owners and bookkeepers can adopt to stay ahead of their financial responsibilities. Waiting until year end to review your accounting records can lead to unnecessary stress, missed deductions and preventable errors. When you need to update your QuickBooks lists — such as the […]

Confirm this: Why your auditors contact third parties

If your company’s financial statements are audited, chances are your auditor will send out external confirmations. These information requests may be sent directly to your customers, vendors, banks, attorneys and benefit plan administrators. For your internal finance and accounting team, the confirmation process may feel intrusive or confusing, especially when third parties don’t respond immediately. […]

How to turn F&A turnover into a business opportunity

Turnover in finance and accounting (F&A) leadership is on the rise. In 2024, CFO turnover among Standard & Poor’s 500 companies hit 17.8%, tying a record high in 2021, according to the Russell Reynolds Global CFO Turnover Index. This trend isn’t limited to large corporations. Closely held businesses are also feeling the pinch, as competition […]

Risky business: How auditors help combat corporate fraud

In today’s volatile economic climate, organizations face mounting pressures that can increase the risk of fraudulent activities. Auditors play a pivotal role in identifying and mitigating these risks through comprehensive fraud risk assessments and tailored audit procedures. Fraud triangle Three elements are generally required for fraud to happen. First, perpetrators must experience some type of […]

M&A accounting: Identifying the acquirer in business combinations involving VIEs

On May 12, 2025, the Financial Accounting Standards Board (FASB) finalized new guidance that clarifies how to identify the acquirer in mergers and acquisitions (M&As) involving variable interest entities (VIEs). The updated guidance brings much-needed consistency and comparability to complex deals where equity interests are exchanged. Why the update matters Determining the “accounting acquirer” is more […]

Closing time: Mastering your monthly close with QuickBooks

The month-end close is a pain point for many small to midsize businesses. While internal accounting teams often aim to wrap up the close within three days, a recent survey found that half the respondents actually take six days or longer to close the books. What can your organization do to help streamline this process? […]