episode 84: get unstuck: breaking down the affinity bias culture in your business

Your comfort zone is holding you back … and you might not even know it. While our comfort zones offer reassurance and stability, that’s the only benefit. If you’re not challenging yourself to try new things or meet new people, you’re never going to achieve the personal and professional growth you desire. The unconscious preference … Continued

Revenue Recognition Changes Are Coming

Don’t get too comfortable with your current process for recognizing your business’s revenue. Thanks to the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB), a principles-based standard on revenue recognition has been finalized. Under this new standard, companies in all industries will recognize revenue from customer contracts using a five-step model. This … Continued

Why An Audit Is Not Your Standard “20 Questions”

As you prepare for your next audit, you may feel overwhelmed by the document request list you receive from your auditors. And then just when you think you provided them with everything they have requested, an entire new list of requests appears in front of you. While this may be a bit frustrating, the fact … Continued

Bridging the “Gap” Between GAAP and Non-GAAP

Ever wonder who really cares about Generally Accepted Accounting Principles (GAAP) when performing audits or reviews? If you answered “yes,” then you’re definitely not alone. There are several reasons why it is important to pay attention to GAAP and to accurately report it. Private companies are often driven based upon non-GAAP tax ramifications or cash … Continued

Protecting Your Business

Would you hand over $1 million to an employee? How about a mere $160,000? If you don’t have good internal controls in place, someone who works for you could easily take this much. How protected are you? In its 2010 Report to the Nation on Occupational Fraud and Abuse, The Association of Certified Fraud Examiners … Continued

Why Businesses Report A Loss Due to Accounting Changes

Publicly traded entities are required by the Federal Trade Commission to release a quarterly earnings report for investors and the general public. In a nut shell, they will announce an accounting change to help investors and the public understand why the financial outcome may be different in this report from previous ones. The goal is … Continued

Spreadsheets: A High-Risk Tool for Financial Accounting Activities

The introduction of the electronic spreadsheet in the early 80’s was an immediate success – it greatly facilitated the expansion of personal computers into the business realm. However, errors are prevalent which may create risk for you. A recent article on AccountingWeb.com revealed that 92 percent of companies use spreadsheets for critical accounting activities like … Continued