Outsourcing Your Accounting: Myths, Misunderstandings, and Modern Best Practices Let’s start out with a simple quiz: True or False: Outsourcing is only a short-term solution. You bring in an expert on a to perform accounting duties on an interim basis. True or False: You’ll pay a premium for outsourcing services. It’s better to hire in-house staff. True or False: Internal…
The Hidden Costs Your Startup Simply Cannot Afford As we enter the third decade of the 21st Century, there is still a prevalent tendency to default to 20th Century business models among today’s business leaders. It could manifest in the do-it-yourself model or the hiring of in-house personnel to handle all aspects of the business. Outsourcing often comes as an…
6 Reasons Why CEOs are Outsourcing Their Accounting – At first, the idea of outsourcing may seem uncomfortable, especially when it comes to something as sensitive as your company’s financial accounting. However, it might also be the best decision you make for your business. Increasingly outsourcing is becoming this century’s best practice among savvy leaders keen on protecting their company’s…
Is Your SaaS Company Ready for FASB ASC 606 Compliance Deadline? We are now less than six months from the 2019 deadline and the clock is ticking. “Don’t fall into the trap of underestimating the time required to implement changes to your financial systems and processes.” The impact of FASB ASC 606 necessitates changes to your tracking, processes, and internal…
The Challenge of Consolidation for Multi-Entity SaaS Companies – Few business segments have seen the explosive growth that has occurred within the SaaS space. New accounting compliance concerns and reporting requirements have coincided with SaaS industry growth. What hasn’t changed is the management desire to have better information faster. The Challenge of Consolidation for Multi-Entity SaaS Companies Whether your SaaS…
Edward Thomas Associates is happy to offer the eBook ‘Preparing Audit-Ready Financials: Best Practices to Avoid Common Pitfalls’. The eBooks covers an approach to well-documented transactions and balances; GAAP-compliant revenue accounting; the realizable value of receivables; handling the complexity of consolidation for multiple entities; and more. Here’s a snippet from the eBook: For public companies, [audits are] a statutory requirement…
Financial Management in the Cloud through Outsourcing – When you are in the midst of a fiercely competitive business landscape, you have to be prepared to act quickly. Maintaining a strong position requires speedy right action (preferably through data-driven decisions ) otherwise known as agility. The savvy business owner avoids situations that can sidetrack or bog her down. The agile…
If you began your business as a solopreneur or a small start-up, chances are bookkeeping was something you did in addition to your more pressing duty of running the business. Savvy executives and owners don’t want that kind of distraction and quickly embraced outsourcing to address accounting and other functions. Any departmental function that was outside the core competencies of…
Why do we keep mentioning the AICPA – Edward Thomas Associates uses Sage Intacct financial accounting solution on behalf of many of our clients. We do so, because those who know the most about accounting, including the AICPA, prefer Sage Intacct. But if you’re not life-long accountants, you may have no idea what the AICPA is or what it does.…
Nobody looks forward to the manual process of closing the books. It’s a labor-intensive, time-consuming – and often inaccurate – process. Wish you could close your books without those concerns? Online accounting system BlackLine is the answer. Used by over 100,000 users in over 100 countries, BlackLine is the most trusted solution for Finance Controls and Automation. BlackLine is…