The New FASB Lease Standard Year-end finally feels like a distant memory, and you can breathe again. Do not get too comfortable though. As one door closes, another opens… the new lease standards. You remember hearing about the new lease…
Read MoreYear End Financial Check 2021
It’s that time of year again, and no, I’m not talking about holidays. It’s that time of year when you need to start thinking about closing the books, preparing annual financial statements, and filing tax returns. Year end is when…
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Allowability of Meals and Entertainment
Allowability of Meals and Entertainment As a government contractor, understanding the allowability of meals and entertainment is imperative to your business. You can recuperate costs from the government if they are allowable. How do you know though, which costs are…
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Government Contract Accounting FAQ
Government Contract Accounting FAQ There are government contract accounting questions that frequently come up during the course of recording transactions or bookkeeping. These questions seems to be popular among our clients and potential clients, no matter what the tenure. 1….
Read MoreCash Flow Statement
Cash Flow Statement Money is essential to any business. Many decisions a business makes often includes the topic of money and funding. Whether a business wants to expand and hire more personnel, or it wants to develop a new product,…
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Accounting Firm: Finding The One
Each year, as your business grows, management of accounting tasks gets trickier. Business priorities shift, whether due to outside factors or your own needs. Sometimes, it can feel like a great weight to handle everything on your own. When this…
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Accounting Reports You Should Review
Your small business is chugging along. You’re making sales, securing contracts, and keeping up with your day-to-day management. What you probably make less time for is reviewing your accounting reports. Of course, most business owners prefer to spend their time…
Read MoreTopics to Discuss with Your Business Accountant
As a small business owner, you have a million questions running through your mind each day—and typically, it’s up to you to answer them! However, having a business accountant comes in handy for those questions you can’t answer on your…
Read MoreIncome Statement
Understanding the Income Statement The income statement is one of the basic financial statements that disclose the financial performance of a company. Profit and loss statement (P&L), statement of income, and statement of earnings are other names for the income…
Read MoreAccrual Accounting Vs. Cash
Cash vs Accrual Accounting You have finally taken the leap and started the business you have always dreamt about. However, now you must make one more tough decision: what accounting method should your business follow: cash or accrual accounting? Accounting…
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